Clearing a US check BKK Bank

[semperfiguy]

I have a USDollar Savings, Foreign Currency Deposit Account at Bangkok Bank. According to their website and confirmed through the clerk who helped me to open the account last year, the bank will only charge $10 to clear a check drawn on a US bank account, and normal handling time is around 3 weeks. So, I decided to try this method out a few days ago and was told that the bank had changed its policy and now charges not only the $10, but an added $40++(undeterminable) fee for the use of a "middle man" bank to clear the check. And, it would take 2-3 MONTHS before the money showed up in my local account. The attending officer whispered to my wife that the bank didn't like to process foreign checks and was trying to discourage the practice.

None of this makes sense to me since Bangkok Bank has it's own branch bank in New York and has no need to use a "middle man" bank. I have friends who use other local banks to clear US checks and have never had a problem such as this. I highly suspect that the officer simply didn't want to deal with it and made up this story.

Does anyone out there have any experience with clearing a US check through Bangkok Bank?

[dingdong]

Sorry I don't but I walked in with a check from the IRS (Unite States Government) and was told one to one and a half years to process. hahahahaha They also wanted to know which bank the US Government uses ?????????? They didn't understand when I said the Government is the Bank


Oh well

[Jello]

Sorry, I don't have a foreign currency account and haven't had to deposit a US check here in years. Last time I did it was a 300 baht fee and 30 day wait for it to clear. The exchange rate was calculated on the date that it cleared.

I believe you have a Capitol One account? They have a "mobile deposit" service where you can send them a photo of a check to be deposited. I've never tried it, but you may want to check that out.

Just curious, what's the benefit of having a Foreign Currency Deposit Account here?

[semperfiguy]

Sorry, I don't have a foreign currency account and haven't had to deposit a US check here in years. Last time I did it was a 300 baht fee and 30 day wait for it to clear. The exchange rate was calculated on the date that it cleared.

I believe you have a Capitol One account? They have a "mobile deposit" service where you can send them a photo of a check to be deposited. I've never tried it, but you may want to check that out.

Just curious, what's the benefit of having a Foreign Currency Deposit Account here?

Jello, I opened it up primarily to take advantage of a potentially favorable exchange rate with the US Dollar against the Baht. The Baht was trading at 36.60 to $1 when I first brought my dollars here. At that time there was strong speculation that the exchange rate would jump to 40 to $1 and I was going to change all my dollars to Baht if and when that happened. Unfortunately, it went in the other direction. However, these are retirement savings dollars that I have no intention of spending in the near future, so hopefully the US$ will recover in the future and I can trade them in for more Baht. It's all a big gamble either way isn't it?

[parrot]

15-20 years ago there were 3 or 4 retired GI expats here who were able to write checks at the Bangkok Bank and Siam Commercial Bank. They typically waited 30 or more days for the check to clear. After the 1997 Thaitanic (as I recall), the banks were reluctant to allow anyone else to do so. I cleared one through SCB around that time, but had to wait 45 days for it to clear. Once you gave the bank your check, all you could do was wait.....and wait.....and wait.....as the local bank had to wait until the check cleared all the hurdles, including the main offices in Bangkok. That was the last time I did so.
It so happened that around that time, expats realized you could transfer funds through the BBK of NY and get your money within a few days for a very reasonable fee......or just ATM your money here as there were no ATM fees back then (other than the 1% foreign transaction fee).

As for government checks.....a story: way back in the late 90's a youngish ex-GI expat, who received his first disability check from the US government, walked into the Bangkok Bank and tried to cash it. The bank refused. He called the VFW Post Commander who went to the bank and had to unscrew him from a ceiling light fixture. The post commander helped the individual set up a bank account with a credit union in the US and direct deposit for his monthly check.....along with an ATM card. The man had an affection for black cat whiskey which, along with his prescribed VA meds, rendered him pretty much incapable of leaving home. Not more than a few years after he moved here, he died after falling out of bed and hitting his head on the tiled floor.
I remember that story well, because I was still relatively new here and adjusting to the inconveniences that weren't second nature....and told myself that life wasn't worth getting all worked up over things we can't control. BP 110/75

[Armyvet]

My pension money goes to my CU in the states, I am fortunate enough to keep a large enough balance in my SCB accounts so when I cash a check I receive cash. The wait applies but it doesn't affect me. I would think maintaining the required amount for Imm would suffice for the bank to accept a check and give you cash at the time up to that limit of the Imm account. I have been doing this for years with no problem. A good rapport with the bank people may go a long way to solving this problem.

[Lone Star]

I've never had to be concerned with any checks over here from the very beginning of my visits and eventually living here. All I had to do is to hear the nightmarish 45+ days waiting periods for checks to clear, and I figured that there had to be an easier and better way.

ACH, wire transfers of large amounts to make the fee worthwhile and an ATM card with free international withdrawals has allowed me to handle my business effortlessly online.

[Charlieb]

Same as Lone Star. If I do happen to get an actual check I just send the check to my banker and ask her to deposit it. No sweat.

[UdonExpat]

I sometimes receive medical reimbursements from my health insurance plan. They are in US Dollars. Once I deposited one at my Bangkok Bank branch. It was 30+ days before it was credited to my account at an unfavorable exchange rate. I've not done so again. It's faster to mail the check to my credit union in the US.

[Jing Jing]

The easy solution is download the mobile banking app for your US bank account. This allows you to deposit US checks received in Thailand. You take a picture of the check using the app.

BB NYC is not a commercial bank.

[pal52]

Just put a cheque which was in my name and in GBP into my Kasikorn Bank account at Central Plaza today (account in Thai Baht).

Cost was 200 baht fee plus 3 baht stamp duty.

I was told it will take 5-6 weeks to clear & will get the exchange rate the day it clears.

[glalt]

I had a problem with Siam Commercial Bank. The US IRS sent me a tax refund check rather than directly depositing it into my US bank account. SCB simply refused to take the check even for deposit into my SCB bank account. The bank manager told me they no longer accept foreign checks. I ended up endorsing the check for deposit only to my US bank account. All it cost me was the postage.

[dingdong]

I was asked which Bank the US Government uses. I replied they are the bank to which they said to clear 1 1/2 years HAHAHAHAHHAHAAH