# Travellers cheques Question! Help!!



## Cobrahugger

Hi all,

I'm looking to move over to Thailand soon and am in the process of aquairing a condo..

How does it work if I take over some funds in travellers cheques!?
Bangkok bank shouldn't have an issue placing them in my sisters account there right??

Never used travellers cheques in thai before.

Any advice appreciated!


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## Asian Spirit

Cobrahugger said:


> Hi all,
> 
> I'm looking to move over to Thailand soon and am in the process of aquairing a condo..
> 
> How does it work if I take over some funds in travellers cheques!?
> Bangkok bank shouldn't have an issue placing them in my sisters account there right??
> 
> Never used travellers cheques in thai before.
> 
> Any advice appreciated!


Hi Cobra-hugger,

I would not attempt travelers checks unless or until you get a few replies here and know -for sure- that they will be accepted.
We are in the Philippines and the use of travelers checks here in non existent. 



Best of luck and hope you get some solid information,

Jet Lag


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## Cobrahugger

Jet Lag said:


> Hi Cobra-hugger,
> 
> I would not attempt travelers checks unless or until you get a few replies here and know -for sure- that they will be accepted.
> We are in the Philippines and the use of travelers checks here in non existent.
> 
> 
> 
> Best of luck and hope you get some solid information,
> 
> Jet Lag


Cheers mate will wait for some more replies hopefully someone got some info :d


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## dhream

Travellers cheques to buy a condo or even put a deposit on one, is a good way to waste hundreds of pounds!

it is also positively archaic, like sending a telegram instead of an email or sms.

Why don't you just electronically send the funds from one account to another, you can do this yourself, but if you are not tech savvy your bank manager can help, again at a price... whatever you do avoid Western Union type companies, that's another rip off!

if i have misunderstood you, and you just need spending money, use your credit card at any Thai ATM just like at home. Check with your bank first and advise them you will be using your card in Thailand in case they freeze your account suspecting a scam.

By the way, UOB Bank ATMs allow you to take more than the double the usual limit out per day, which i think is set at B20,000 for most banks they allow B40,000 this is important because any size transaction cost a standard B200 across the board, so you may as well minimise bank charges with bigger withdrawals. However, take the cash straight back to your hotel and put the excess in your room safe. Carry only what you need.

But back to your forex transfer/TC query... The more you can handle the transaction yourself, the cheaper it will be. 

Google forex transfers, and get quotes before committing, for large sums you may well need the involvement of a forex broker but they basically just shepherd the deal through for you, they are the most cost effective way to go, but shop around. it's a little bit involved, but then again large sums of money do need to be handled with all the checks and balances in place, and its a one off thing to set up, after which you can do multiple deals through them.

They may contact you by phone to do this, having prearranged the transfer online, and should be able to answer all your questions as its probably beyond the scope of most of us here. I have moved large sums before, for retirement investments offshore, but not often enough that I could give you a blow by blow rundown. 

Good luck.


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## Cobrahugger

Heya mate,

Cheers for the reply, you see my funds are already in travellers cheques and thought it easier to take them over rather than messing about with my bank etc.. Bad credit etc..

Do you have experience in purchasing a condo in thai ? So if I take travellers cheques and cash them and put them into my thai account ready to pay condo ppl at later date. Do I just keep receipt of transfer as proof of foreign funds being transferred?

Reason being the condo ppl wish to see proof of funds coming from abroad..

And my thai ain't great and there English isn't amazing lol


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## dhream

If you have done it this way because of bad credit, then you're really going to have to just wing it, because there's no other option is there?
As I said I don't use them, and I'm not likely to ever buy property in Thailand. Good luck with it all!


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## Cobrahugger

dhream said:


> If you have done it this way because of bad credit, then you're really going to have to just wing it, because there's no other option is there?
> As I said I don't use them, and I'm not likely to ever buy property in Thailand. Good luck with it all!


Cheers


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## lakerman

Cobrahugger: This is my third trip to Thailand in the past 2 years. On each trip, I have brought Travelers checks with me and my wife. Most of the time, I have been able to cash them without any question at all. I use them sort of as a backup as I get most of my living expense money via an ATM machine. Sometimes, the bank will ask you for the name of the hotel you're staying at or the address, if not a hotel. I have even cached them at Suvarnabhumi late at night upon arrival in the country. The amounts that I have been cashing have been in the US $100-$1000 range, not enough to buy a condo. The brand of checks was American Express-- don't know much about other brands. Hope this helps.


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## Cobrahugger

lakerman said:


> Cobrahugger: This is my third trip to Thailand in the past 2 years. On each trip, I have brought Travelers checks with me and my wife. Most of the time, I have been able to cash them without any question at all. I use them sort of as a backup as I get most of my living expense money via an ATM machine. Sometimes, the bank will ask you for the name of the hotel you're staying at or the address, if not a hotel. I have even cached them at Suvarnabhumi late at night upon arrival in the country. The amounts that I have been cashing have been in the US $100-$1000 range, not enough to buy a condo. The brand of checks was American Express-- don't know much about other brands. Hope this helps.


Thanks mate that has actually helped a lot thank you very much for that.. So just like cash then? My concern was if they don't treat it as cash and make things complicated?

But sounds like it's just like cash to them..?

You get a normal receipt just like when you exchange cash right?


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## lakerman

You will get a receipt. There will be a fee for cashing them-it seems pretty small and you will need to show your passport each time you cash them. To cash about $500, in denomination of $100, the whole transaction should take about 10 minutes. One bank in Nong Bualamphu took 45 minutes because the employees were not used to travelers checks. It should not be an issue in a tourist area like Pattaya.


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## Cobrahugger

lakerman said:


> You will get a receipt. There will be a fee for cashing them-it seems pretty small and you will need to show your passport each time you cash them. To cash about $500, in denomination of $100, the whole transaction should take about 10 minutes. One bank in Nong Bualamphu took 45 minutes because the employees were not used to travelers checks. It should not be an issue in a tourist area like Pattaya.


Thanks mate you've helped a lot simple and to the point ..

The travellers cheques are in my brothers name , he said that shouldn't be an issue , you had any experience with that? As in wife cashed or any issues?


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## lakerman

Unless your brother is traveling with you, having the checks in his name might be a big issue. The bank will probably compare the signature, etc. with the passport you present. How would the bank know that you did not "steal" them? I have no experience in this regard. My wife and I each carry our own checks in our own names and use our own passport when cashing.


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## Cobrahugger

lakerman said:


> Unless your brother is traveling with you, having the checks in his name might be a big issue. The bank will probably compare the signature, etc. with the passport you present. How would the bank know that you did not "steal" them? I have no experience in this regard. My wife and I each carry our own checks in our own names and use our own passport when cashing.


Hmm I see we use them in the uk fine like that as in I sign them that's no issue here.. But it's just coming to use them abroad.. Hmm ok thanks mate will have to contact one the banks there I guess.. Cheers for all your help..


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## Newforestcat

Hiya

Maybe this will only be useful to you in the future...

I don't know about Travellers cheque but know that Banker's drafts get you a better exchange rate in Thailand comparing to cash & likely Travellers' cheque, too. 

If you can, try to send money to Thailand via UK regulated internet FX brokers such as Wordfirst or HIFX, it is safer, fast, and much more convenient as long as you have Thai and UK bank accounts plus the internet. Google them. I used Worldfirst when I transferred money to buy a plot of land (I am Thai) because they gave me the best rate comparing to Thai and UK banks and UK brokers. For smaller/regular transfers, I used HIFX. If I remember correctly, sending at least a few thousand Pouds each time gives you the same or a better rate comparing to Thai banks' rates! 

Bringing more than $100K in will slow down the transaction slightly, due to Bank of Thailand's money laundering regulations.


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## Cobrahugger

Newforestcat said:


> Hiya
> 
> Maybe this will only be useful to you in the future...
> 
> I don't know about Travellers cheque but know that Banker's drafts get you a better exchange rate in Thailand comparing to cash & likely Travellers' cheque, too.
> 
> If you can, try to send money to Thailand via UK regulated internet FX brokers such as Wordfirst or HIFX, it is safer, fast, and much more convenient as long as you have Thai and UK bank accounts plus the internet. Google them. I used Worldfirst when I transferred money to buy a plot of land (I am Thai) because they gave me the best rate comparing to Thai and UK banks and UK brokers. For smaller/regular transfers, I used HIFX. If I remember correctly, sending at least a few thousand Pouds each time gives you the same or a better rate comparing to Thai banks' rates!
> 
> Bringing more than $100K in will slow down the transaction slightly, due to Bank of Thailand's money laundering regulations.


Ahh I see cheers mate , when paying for a condo they wish to see that the funds are from a foreign account.. Do you know if placing travellers cheques in to a thai bank account ( £ to baht) now then paying at a later date is accepted?


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## Newforestcat

No idea. Sorry.


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## dhream

FYI,
You must declare any amount in any denomination (this would include travellers cheques) you are physically carrying over US$20,000.00

I have just come through Thai customs two days ago and that was what the sign said at the baggage collection point in Chiang Mai.


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## Cobrahugger

dhream said:


> FYI,
> You must declare any amount in any denomination (this would include travellers cheques) you are physically carrying over US$20,000.00
> 
> I have just come through Thai customs two days ago and that was what the sign said at the baggage collection point in Chiang Mai.


Appreciated thanks mate, how are things in thai? You stop over in Bangkok? Heard a lot of trouble..?


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## dhream

I was looking at the Thai immigration website yesterday to answer some unrelated query, and in their Q&A happened to notice that there is a clause whereby any Thai property agent (which is ALL agents in Thailand) is duty bound by law to report any transaction to immigration, including simply renting a place.

Any transaction of any significance involves presenting your passport, your visa page is also usually photocopied. 

The Immigration department is a branch of the Royal Thai Police, it even says so on their shoulder badge.

Anyone thinking of smuggling in currency in any form, undeclared, needs to accept that if they don't get you at the airport, they'll get you at the showrooms.

This place is not as 'chin-chai' as it used to be, if your transaction is not above board all the way, chances are you'll come undone, they'll size the funds -and you'll be in a world of hurt.


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## Cobrahugger

dhream said:


> I was looking at the Thai immigration website yesterday to answer some unrelated query, and in their Q&A happened to notice that there is a clause whereby any Thai property agent (which is ALL agents in Thailand) is duty bound by law to report any transaction to immigration, including simply renting a place.
> 
> Any transaction of any significance involves presenting your passport, your visa page is also usually photocopied.
> 
> The Immigration department is a branch of the Royal Thai Police, it even says so on their shoulder badge.
> 
> Anyone thinking of smuggling in currency in any form, undeclared, needs to accept that if they don't get you at the airport, they'll get you at the showrooms.
> 
> This place is not as 'chin-chai' as it used to be, if your transaction is not above board all the way, chances are you'll come undone, they'll size the funds -and you'll be in a world of hurt.


Heya appreciate the reply, I'm looking to do it exactly by the book , as I've heard you can't take cash back out of the country if done incorrectly .. Hence the questions lol I don't wanna end up with thai baht stuck in Thailand..


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## charles1949

if you are bringing traveler's checks to thailand to purchase a condo, you cannot do this...the money must be transferred in thru a financial instituation with the purpose of the transfer to buy condo in thailand....before you can buy the condo you must get a letter from the bank confirming the money was transferred to thailand for the purpose of buying a condo.....

a friend came over recently and had traverler's checks...he told me they wanted to charge him too much for each traverler's check he cashed....he has cashed checks here previously but they have increased the charge of cashing the checks.....

if you can you need to transfer the money to a thai bank after you arrive here with the stated purpose of buying a condo....

bring enough cash or traverler's checks for you to live for three months or so....be aware if you are going to live here you have to have a certain amount of money in a thai bank or be able to show thru a letter from your embassy that you have a monthly income in line with the thai immigration laws....


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