Depositing A Foreign Check Into Your Thai Bank Account.

[Jamaw]

Has anyone had difficult experiences with them? I recently had two cheques from a UK bank (yes bank not person) and when I went to my branch of Bangkok Bank I was told it would take 45 days to clear or 30 days if I paid $30! Now, I have been to 38 countries and worked and lived in Arab countries and even there with their notorious ineficiency can clear a cheque in 21 days and 3 to 5 days if I paid a little extra!

I was told by the bank manager (yes I demanded to see him) that it was the banks policy although I explained policies are made by people and customer service is not on the agenda! We are in the second decade of the 21st century yet here in Thailand they 'need' 45 days to clear a cheque. When I questioned the term 'need' he couldn't explain, I wondered if they strapped it on the back of an elephant or something but it seemed not. I was offered goodies, bags, pen sets etc but the little twat didn't seem to understand that all I wanted was MY money!
I've done a little research and of all the countries in the world, yes, you guessed it, only in Thailand do they have this to screw the farang. I even have a supporting letter from the sending bank in UK describing this as excessive!

[isanbirder]

Normal in all Thai banks.  A week would be plenty, but the bank wants the use of your money.

[Jamaw]

I know, that's what banks do but they are extracting the urine here! I cold accept it if the bank staff wore masks and had big sticks then I would know I was being robbed!

This is a deliberate and wilful act, if not a malicious one! We all accept we have to pay for a service, the better the service the more we pay, generally! But to have such a poor service with (deliberate) restrictive practices is devious!

It seems it is not the women in Thailand that are getting screwed most but the farangs!

[fox]

Normal in all Thai banks.  A week would be plenty, but the bank wants the use of your money.

Do you have another option? Check with other Thai banks and try to get used to the idea Thai banks are slow here and to change money takes more than 1 minute.
copy passport, check rate, sign here and there bla bla bla..... 
45 days are really over the top and shouldn't be so long,they are collecting their money while you are waiting. 

[Jamaw]

Yes, I am looking, but this is a substantial amount of money and I had plans for the next few weeks! I may have to accept the situation but I'm off to the Middle East in a month or so and I will open an off-shore account and keep the bare minimum in Thailand.

[nookiebear]

Krung Thai charge 610 service plus 3 baht per cheque,,,they always say 6 working weeks but mine are normally cleared within 2 weeks

[Vombatus]

Has anyone had difficult experiences with them? I recently had two cheques from a UK bank (yes bank not person) and when I went to my branch of Bangkok Bank I was told it would take 45 days to clear or 30 days if I paid $30! Now, I have been to 38 countries and worked and lived in Arab countries and even there with their notorious ineficiency can clear a cheque in 21 days and 3 to 5 days if I paid a little extra!

I was told by the bank manager (yes I demanded to see him) that it was the banks policy although I explained policies are made by people and customer service is not on the agenda! We are in the second decade of the 21st century yet here in Thailand they 'need' 45 days to clear a cheque. When I questioned the term 'need' he couldn't explain, I wondered if they strapped it on the back of an elephant or something but it seemed not. I was offered goodies, bags, pen sets etc but the little twat didn't seem to understand that all I wanted was MY money!
I've done a little research and of all the countries in the world, yes, you guessed it, only in Thailand do they have this to screw the farang. I even have a supporting letter from the sending bank in UK describing this as excessive!

This is a riduculous way to transact movement of funds.

The Thai bank are, I imagine, 'collecting' the proceeds of the cheque for you and 'standard' (International) timing is 4 to 6 weeks (although if any cheques come back later as unpaid they will simply debit your account). The banks could 'negotiate' (with recourse) the cheques for you. This means that if they trust you they will effectively  'clear' the cheques immediately and give you value immediately.

The whole point of this is that you had in your hands cheques drawn in Sterling on a bank in London. What an absolute waste of time where it is intended that the funds will end up in a Thai bank account in Baht.

Simplest advice is DO NOT TRANSACT this way unless there is genuinely no alternative (there are loads of alternatives).

[Really?]

The last time I paid a sterling cheque into a Thai bank, Siam Commercial, they quoted me 42 days. Same 6 weeks Nookiebear was talking about.

The real time was about 30 days. Not a major problem.

OP seems to think that the Thai banks are ripping him off and I feel his post was a bit strong. Siam Commercial charged me 200 baht for a regular service. The UK bank,Lloyds TSB charged me 25 pounds.

Who's ripping us off?

[Vombatus]

I agree with Really - the Thai banks are not ripping anybody off. Overall, (and with the exception the 150 Baht charge for overseas ATM withdrawals) Thai bank charges seem faim fair. It is ignorance of the system (exacerbated by the fact that communication will not be good by the banks in explaining it) that leads to such unfounded allegations.

[Jamaw]

There is a difference between can't do and won't do! If banks in other countries can clear it quickly why can't Thai banks? Answer is not the banks but the clearing system which is overseen by the Government. This is not unusual as the UK and USA also do this for money laundering purposes!

As I have stated, we live in an electronic age, we are in the second decade of the 21st century and it takes 30 to 45 days yet when I did a similar transaction 30 years ago....yes, it took 30 days!

I used to have HSBC when I was in Dubai, I will open an off-shore account when I go back there in a few months as I will not keep any money in Thailand anymore.

[Really?]

There is a difference between can't do and won't do! If banks in other countries can clear it quickly why can't Thai banks? Answer is not the banks but the clearing system which is overseen by the Government. This is not unusual as the UK and USA also do this for money laundering purposes!

As I have stated, we live in an electronic age, we are in the second decade of the 21st century and it takes 30 to 45 days yet when I did a similar transaction 30 years ago....yes, it took 30 days!

I used to have HSBC when I was in Dubai, I will open an off-shore account when I go back there in a few months as I will not keep any money in Thailand anymore.

So why are you using cheques?

[boloa]

I love Thai banks........got a new ATM card the other week,it took about 15 minutes..:-)
In the UK it would take about 6 weeks and then someone would steal it whilst being delivered and empty out our account  !!!!..:-(

[Vombatus]

There is a difference between can't do and won't do! If banks in other countries can clear it quickly why can't Thai banks? Answer is not the banks but the clearing system which is overseen by the Government. This is not unusual as the UK and USA also do this for money laundering purposes!

As I have stated, we live in an electronic age, we are in the second decade of the 21st century and it takes 30 to 45 days yet when I did a similar transaction 30 years ago....yes, it took 30 days!

I used to have HSBC when I was in Dubai, I will open an off-shore account when I go back there in a few months as I will not keep any money in Thailand anymore.

You are making comments based on flawed knowledge.

Where there is a 'foreign cheque' i.e. a cheque drawn in alien currency on a foreign bank (ie Sterling/London) the system is the same everywhere - the choice is collection or negotiation and the costs of each varies.

It is a manual operation and cannot be compared to the electronic capabilities of SWIFT, BACS, EFT, ATM or FPS (in the UK).

Nobody in their right mind would use this method of payment for the precise reason that it took 30+ days 30 years ago and will still take the same time now - probably longer to combat the increased incidence of general fraud.

The fact that the UK are going to abolish cheques speaks for itself.

It is stupid to say that you will not keep money in Thailand anymore - you are attacking the symptom and not the cause of your 'problem'. It is also likely to cost you more in the long-run.

If you don't understand the systems just ask a local (home) bank manager what the best method is for your circumstances - then check it on an internet forum. There is a very helpful Bangkok Bank guy on the Thai Visa forum and few of us ex-bank managers on Buriram Expats.

[boloa]

There is a very helpful Bangkok Bank guy on the Thai Visa forum and few of us ex-bank managers on Buriram Expats.

And the odd Bank Clerk.....:-)

[fox]

It is stupid to say that you will not keep money in Thailand anymore - you are attacking the symptom and not the cause of your 'problem'. It is also likely to cost you more in the long-run.

Really?