Kasikorn bank not accepting US dollar cheques

[piiguy]

I tried to deposit a cheque denominated in US dollars as I have done a number of times in the past and was told that Kasikorn bank is no long accepting cheques in US dollars or Euros.

Anyone know anything about this?

[bkk6060]

I know a bunch of new rules and policies have come out with the banks recently.

I am keeping all my money out of country at this point.

[Boon Mee]

KBank is the least friendly bank this poster has ever encountered.

[chiang mai]

Almost certainly tax and/or money laundering related.

[bluesofa]

Have you tried another bank?

I know you want dollars, the only thing I can suggest is SCB, I paid in a UK sterling cheque a few weeks back, Apart from the usual look of panic on the cashier's face to see something not in Baht, they sent me to the business desk who just did the paperwork and the cheque was credited a month later.

(Better than 25 years ago, when it took three months to do the same.)

[01322521959]

I had to state I was not from the USA when I opened my KK bank account. I blame your country for the bloody hoops I had to jump through to open an account here.

Glad I'm British ...

[01322521959]

KBank is the least friendly bank this poster has ever encountered.

They were the most accommodating in my oppinion

[geriatrickid]

I had to state I was not from the USA when I opened my KK bank account. I blame your country for the bloody hoops I had to jump through to open an account here.

Glad I'm British ...

The rules are in place because Thailand has a problem with money laundering. Thailand isn't alone. Certain banks in the EU, particularly the UK and Luxembourg, Macau, Malta, Switzerland and Qatar have been implicated in serious allegations of money laundering and sanctions busting. For example, Macau was notorious for its North Korean fronting. At one time Caribbean branches of Canadian banks were the place for drug traffickers to launder their money. Why would you blame the USA for cracking down on tax cheats, war criminals etc? Did you miss the criminal activities that HSBC and UBS had engaged in? There wouldn't be need of these rules if the very wealthy bankers had not engaged in illegal and unethical activities. How do you think Pol Pot's regime financed its genocide? The money it obtained from wildlife poaching, gem trading and deforestation was processed through which country? Hint: It wasn't China or Vietnam.

[moe666]

I had to state I was not from the USA when I opened my KK bank account. I blame your country for the bloody hoops I had to jump through to open an account here.

Glad I'm British ...

Your post holds no water as I am from USA and have account with KK Bank, some folks just are not happy where ever they go

Edited June 12, 2016 by moe666

[IMA_FARANG]

I take it you are not a U.S. citizen?

A similar topic has been discussed before.

Many times.

The foreign (Thai) banks are now required by U.S. law to report accounts opened by U.S. citizens in a Thai bank to the U.S. banking regulatory authorities.

Failure to do this can be interpreted u the U.S. as a criminal activity, and may result in sanctions for a foreign bank.

Thai banks are not exempt from this requirement.

Failure to properly report the names and account details of dollar deposits by U.S. citizens can be a serious problem for a Thai bank.

Many of us U.S. citizens are not exactly happy with such laws, but they are the law, passed by our Congress.

As I have posted before....everything has it's pros and cons.

In the U.S. we have some laws that help our country PRO gress.

And then we also have some laws passed by our CON gress.

And for the previous posters....I am also a U.S. citizen, and have 2 Bangkok Bank accounts.

Edited June 12, 2016 by IMA_FARANG

[Ireland32]

I had to state I was not from the USA when I opened my KK bank account. I blame your country for the bloody hoops I had to jump through to open an account here.

Glad I'm British ...

. So are We...

[GinBoy2]

The dirty rotten truth is that even though FACTA is a US requirement, other governments, and I strongly suspect the UK is top of the list, rather like all the information being gathered, and shared. All while keeping their hands 'lily white' don't you know, damm Americans! <ahem>

The two last paragraphs of this WSJ article say it all

http://www.wsj.com/articles/irs-begins-sending-individual-account-information-to-foreign-countries-1443810584

[piiguy]

I also tried to deposit the cheque with KTB bank and they could not accept it. Finally Thai Military Bank said they could deposit it for me but it would cost $50 per cheque. The price increased from $10 per cheque about a month ago.

I think the US banks are putting a squeeze on Thai banks for higher fees. Anyway I decided to open an account with Payoneer so I can receive US dollar payments in a US bank account and then transfer the money here in baht.