US bank "cashier's cheques" will not successfully deposit in Thai banks

Closed Thread
  1. #1

    Join Date
    Dec 2010
    Location
    rural Thailand
    Posts
    3

    US bank "cashier's cheques" will not successfully deposit in Thai banks

    My US bank advised me to carry funds with me for deposit into a new Thai bank account in the form of a "cashier's cheque" issued to me by my bank. I would have willing to carry cash but it was advised that airport security might be suspicious. So, for security reasons I accepted the cashier's cheque.

    As soon as I arrived to my new Thailand home, I opened a savings account with a Thai bank with a minimum require amount of cash and the cashier's cheque for a large amount. The bank manager sent the cheque to Bangkok for "clearing," a normal procedure.

    The cheque came back to the bank not cleared! We were told that the Thai bank industry's clearing system cannot process cashier's cheques! The two US banks having branches in Bangkok are doubtful. CitiBank has eligibilty regulations for new customers for which I do not quality (must be employed in Thailand). No reply from
    JPMorgan-Chase Bank. My US bank is resistant to taking the cheque back to be redeposited into my US bank account.

    A lesson and a warning to others!


  2. #2

    Join Date
    Dec 2009
    Posts
    6,714
    Quote Originally Posted by WComer:
    A lesson and a warning to others!
    You mean to US residents?

    Not quite sure what it has to do with this Hong Kong forum.

  3. #3

    Join Date
    May 2010
    Posts
    4,713

    could've just wired the money. who carries cash around?


  4. #4

    Join Date
    Dec 2010
    Location
    rural Thailand
    Posts
    3

    It IS a banking forum, is it not? Not a Hong Kong forum? And, isn't expat.com planning to expand it's service area to include Bangkok? And, since it is an expat website, the accuracy of posting here seems logical and clear to me.

    Granted, this issue would seem to only apply to US expats. But, if there are any other national banking systems that feature a "cashier's cheque" product it could be problematic for it's customers attempting to deposit funds in a Thai bank. Another reason, I decided to post here.

    So, euromixguy, if it is not of interest to you, and you do not want to think creatively with me about it, go your way and enjoy your life.

    Be well,
    Will

    Quote Originally Posted by euromixguy:
    You mean to US residents?

    Not quite sure what it has to do with this Hong Kong forum.

  5. #5

    Join Date
    Dec 2010
    Location
    rural Thailand
    Posts
    3

    Thank you, DD, that is excellent hindsight in my case. It was my bank that advised my method. Neither my bank staff nor I had a clue that the cheque might not fit this system. I think I could have carried large denomination in a money belt on my body with reasonable safety, but I would have been nervous, for sure!

    Now I am demanding my US bank nullify this cheque and redeposit my funds there. THEN, having a Thai bank account, I will have the funds wired to this account. A US bank support person's first response was negative, in that it ignored my demand request, and the recommendation offered suggests they'd rather not take responsibility with me toward resolution. Given that, I sent a message to the CEO of that bank to intervene.


  6. #6

    Join Date
    Feb 2009
    Posts
    8,280

    Telegraphic Transfer (wire transfer) is definitely the way to go. The other method is simply to use your US ATM card in a Thai ATM machine. I assume your US ATM card has CIRRUS, MAESTRO, PLUS or whatever logos printed on the back. Just find an ATM in Thailand with the same logo's.

    If the US bank doesnt nullify the cheque, then you just need to mail it back to them and they will deposit it back into your account. The only thing you lose is whatever fee they charged for the cheque in the first place.

    BTW, this is a Hong Kong forum. It is HK\Business\Banking. Not sure if there is a Thai version up and running.