Putting UK Cheque into Thai Bank Account.

[NoshowJones]

I am expecting a cheque from the UK. Can I pay it straight into my Bangkok Bank account?

If so what will the charge be?

[chiang mai]

There'll be two fees, one charge for asking Bangkok Bank to collect on the cheque and that could take up to six weeks,. The second charge will be the currency conversion cost at whatever the rate is at that time.

[sotsira]

I've done this with Kasikorn & SCB both banks charged 10 US Dollars equivalent 

in to Thai Baht so 350bt.

Took 3 weeks to clear and got the cash exchange rate  not the better TT rate.

[dick dasterdly]

2 hours ago, sotsira said:

I've done this with Kasikorn & SCB both banks charged 10 US Dollars equivalent 

in to Thai Baht so 350bt.

Took 3 weeks to clear and got the cash exchange rate  not the better TT rate.

My account is with SCB and the separate TT rate is always lower than both the 'D/D and T/T' rate and the cash rate of exchange.

 

I've always assumed that the separate TT rate is the rate given on sterling transfers from my UK account, so two (OK, three) questions:-

 

1) What is the 'D/D and T/T rate' as opposed to the separate rate shown for the TT rate and

 

2) having received a tax rebate cheque for 26 sterling  , does anyone know how much SCB would charge for 'collecting' on the cheque and would they also charge the standard 500 bht fee for changing the money from sterling to bht?

 

Yes, I know that I could ask the staff in my local SCB, but experience tells me that they probably don't know the correct answer and may well give me the wrong answer.

 

 

Edited October 17, 2016 by dick dasterdly

[paulbj2]

I haven't tried to do this here in Thailand but I did have this issue when I was in Luxembourg. My bank there said "Yes, we can do it BUT it will be very slow and very expensive. Can you not persuade the person sending you the money to transfer it to you by digital transfer directly into your bank account here?". Thjat would be my advice to you, therefore, contact the Inland Revenue and ask them to transfer it directly into your bank account!

[dick dasterdly]

1 minute ago, paulbj2 said:

I haven't tried to do this here in Thailand but I did have this issue when I was in Luxembourg. My bank there said "Yes, we can do it BUT it will be very slow and very expensive. Can you not persuade the person sending you the money to transfer it to you by digital transfer directly into your bank account here?". Thjat would be my advice to you, therefore, contact the Inland Revenue and ask them to transfer it directly into your bank account!

Assuming you're replying to me (?), the sterling/bht exchange rate given by UK banks used to be quite a lot lower than that given by the receiving Thai bank account.  But perhaps things have changed?  Have to admit that I haven't checked, and so always make sterling transfers to my SCB account.

 

Embarrassing that I haven't bothered to check whether things are still the same, and time to check the exchange rate given by SCB for sterling transfers, compared to the rate given by NatWest.

 

Even so, I'd be interested to get an answer to my previous post re. the meaning of the various SCB exchange rate categories and their charge for 'collecting' on a sterling cheque paid into my SCB account.

[kingstonkid]

Check with your bank  For instance Kasikorn is no longer accepting international cheques

 

[loong]

41 minutes ago, kingstonkid said:

Check with your bank  For instance Kasikorn is no longer accepting international cheques

 

Since when?

Admittedly the last time that I paid a UK cheque into Kasikorn was in March, so I have no idea if policy has changed since then.

I have experienced Kasikorn staff telling me that they do not accept foreign personal cheques, but this has been because the staff member that I have been talking to does not know how to process the cheque. It was accepted and processed in the end, but I had to go to a local main branch and have them telephone my branch to tell them how to do it.

[dick dasterdly]

11 minutes ago, loong said:

Since when?

Admittedly the last time that I paid a UK cheque into Kasikorn was in March, so I have no idea if policy has changed since then.

I have experienced Kasikorn staff telling me that they do not accept foreign personal cheques, but this has been because the staff member that I have been talking to does not know how to process the cheque. It was accepted and processed in the end, but I had to go to a local main branch and have them telephone my branch to tell them how to do it.

Exactly.  A good example of why I've given up on asking the local bank staff for info. re. 'unusual' things.

[NoshowJones]

7 hours ago, chiang mai said:

There'll be two fees, one charge for asking Bangkok Bank to collect on the cheque and that could take up to six weeks,. The second charge will be the currency conversion cost at whatever the rate is at that time.

Thank you.

[dick dasterdly]

A bit off topic, but I 'phoned NatWest to ask about their sterling/thai bht exchange rate and, a few hours ago, it was 42.25450 - whereas at the time the SCB TT exchange rate was 42.39.  The difference is far less than I expected.

 

BUT, NatWest charge 15 sterling for international transfers, whilst SCB charge 500 bht for making the exchange.

 

It would still be interesting to find out (if anyone knows) how much SCB charge for 'collecting' on a sterling cheque.

 

I'd be even more interested to know the difference between the quoted "D/D and TT" rate, as opposed to the quoted "TT" rate.

[dick dasterdly]

Just now, dick dasterdly said:

A bit off topic, but I 'phoned NatWest to ask about their sterling/thai bht exchange rate and, a few hours ago, it was 42.25450 - whereas at the time the SCB TT exchange rate was 42.39.  The difference is far less than I expected.

 

BUT, NatWest charge a minimum of 15 sterling for international transfers (even if in sterling), whilst SCB charge 500 bht for making the exchange if received in sterling - but presumably don't make this charge if received in bht.

 

It would still be interesting to find out (if anyone knows) how much SCB charge for 'collecting' on a sterling cheque.

 

I'd be even more interested to know the difference between the quoted "D/D and TT" rate, as opposed to the quoted "TT" rate.

 

[kingstonkid]

47 minutes ago, loong said:

Since when?

Admittedly the last time that I paid a UK cheque into Kasikorn was in March, so I have no idea if policy has changed since then.

I have experienced Kasikorn staff telling me that they do not accept foreign personal cheques, but this has been because the staff member that I have been talking to does not know how to process the cheque. It was accepted and processed in the end, but I had to go to a local main branch and have them telephone my branch to tell them how to do it.

 

 

I went in about a month ago they told me that it was temporary.  As to it being the staff.  I had the same thought spoke with the manager who showed me a letter dated may this year.  Also talked to a service center rep who said no.  I have been cashing the same quarterly cheque at the bank for 3 years no issues until this one.

[misterphil]

Transferwise will charge you £272 on £26K

 

Takes about a week from the UK

 

 

[sotsira]

4 hours ago, dick dasterdly said:

My account is with SCB and the separate TT rate is always lower than both the 'D/D and T/T' rate and the cash rate of exchange.

 

I've always assumed that the separate TT rate is the rate given on sterling transfers from my UK account, so two (OK, three) questions:-

 

1) What is the 'D/D and T/T rate' as opposed to the separate rate shown for the TT rate and

 

2) having received a tax rebate cheque for 26 sterling  , does anyone know how much SCB would charge for 'collecting' on the cheque and would they also charge the standard 500 bht fee for changing the money from sterling to bht?

 

Yes, I know that I could ask the staff in my local SCB, but experience tells me that they probably don't know the correct answer and may well give me the wrong answer.

 

 

 

The answer to your question 1:

The D/D and T/T Rate is the Bank Selling Rate which means for buying foreign currency using Thai Baht.

 

The separate T/T Rate is the Bank Buying Rate which means for buying Thai Baht 

using Foreign Currency.

 

The answer to your question 2:

The bank charges 10 US Dollars for any foreign currency cheque clearance irrelevant 

of the amount on the cheque, so on todays rate it would be 351.3bt.

They wouldn't charge the 500bt fee cos that is a T/T transfer fee, whereas the cheque is considered as a cash transfer from sterling to baht hence why you will get the cash transfer rate and not the T/T rate. 

 

[natway09]

Cleared an AUD  Govt cheque through BBK no dramas. Took 17 days & total cost 465 Bht

[nongsangcity]

On 17/10/2559 at 6:04 PM, dick dasterdly said:

Exactly.  A good example of why I've given up on asking the local bank staff for info. re. 'unusual' things.

Thailand to a T.....if they dont know how to do things they just say No It Carnt Be Done.....I had to talk through the situation at my bank to a person who said no it carnt be done....after hours of talking she managed to get me a formal statement from the head office to allow me to go to Immigration and apply for an visa extension....at the end i asked her to say thank you to me ???? she said what for ??? i said you have learnt a new skill and you can now ask your head branch to process a simple task....

[dick dasterdly]

On 10/17/2016 at 9:23 PM, sotsira said:

 

The answer to your question 1:

The D/D and T/T Rate is the Bank Selling Rate which means for buying foreign currency using Thai Baht.

 

The separate T/T Rate is the Bank Buying Rate which means for buying Thai Baht 

using Foreign Currency.

 

The answer to your question 2:

The bank charges 10 US Dollars for any foreign currency cheque clearance irrelevant 

of the amount on the cheque, so on todays rate it would be 351.3bt.

They wouldn't charge the 500bt fee cos that is a T/T transfer fee, whereas the cheque is considered as a cash transfer from sterling to baht hence why you will get the cash transfer rate and not the T/T rate. 

 

Thank you.

[dick dasterdly]

One final question - if I transfer money from my UK bank to my Thai bank in sterling, would my SCB account impose any charges?

[Fithman]

3 minutes ago, dick dasterdly said:

One final question - if I transfer money from my UK bank to my Thai bank in sterling, would my SCB account impose any charges?

 

Yes most banks charge up to a max of approx 500 Bht.

[Pib]

Regarding the exchange rate you will get for a cheque, it would be the Sight Bill/Cheque Buying Rate which is just a little lower than the TT Buying Rate using for incoming wire transfers.   Some Thai banks lump the Sight Bill/Cheque together (i.e., same rate) but SCB has a separate Sight Bill and Cheque/Travelers Cheque Rates.

http://www.scb.co.th/scb_api/index.jsp

 

There should be no receiving fee, that is the 0.25% Bt200 min, Bt 500 max fee as the transaction was initiated within Thailand for cashing a cheque; however, if a transaction is initiated outside of Thailand like an incoming wire/SWIFT transfer  then the receiving fee is charge whether the arriving funds are already in baht or in a foreign currency.

[OJAS]

On 10/17/2016 at 4:13 PM, paulbj2 said:

I haven't tried to do this here in Thailand but I did have this issue when I was in Luxembourg. My bank there said "Yes, we can do it BUT it will be very slow and very expensive. Can you not persuade the person sending you the money to transfer it to you by digital transfer directly into your bank account here?". Thjat would be my advice to you, therefore, contact the Inland Revenue and ask them to transfer it directly into your bank account!

HMRC will only make electronic transfers into UK accounts.