What options do DTV holders have for cashing dividend checks without a Thai bank account?

Question

Hello everyone. My question is not related to the DTV itself, but I am a DTV holder and I’m hoping someone here has a solution to my problem.

I had a Thai bank account back when DTV holders were allowed to open one. At the same time, I also opened a stock trading account with Bualuang and traded actively. My bank account was later closed, but my trading account remained open, and since then I have accumulated quite a number of dividend checks.

I didn’t try to cash them until recently, when I found out that I cannot cash them because I no longer have a Thai bank account, nor can I sign them over to a Thai friend. So far, I’ve only tried cashing them at Bangkok Bank. The Bualuang representative suggested I try other banks, but before going down that route, I thought I’d ask here to see if anyone already knows the solution.

Thanks in advance.

Ask Thailand · Answer

An expat DTV holder seeks advice on cashing accumulated dividend checks after losing their Thai bank account. Responses suggest various solutions, including opening a new bank account or a brokerage account that allows transferring assets. Some commenters share personal experiences with similar banking issues, while others recommend contacting a lawyer or the brokerage for assistance.

Tomasz ******** · Answer

Can you withdraw cash at brokerage?

MysticalP********** · Answer

Tragic . This happened with many the Thai government should solve this issue. No one can help you

Muri ***** · Answer

I don't know today, but a transfer of shares( if not suspended) , could bevdone by a share Transfer Form. I long time away from the market but maybe possible today before it was possible

IntelligentG************* · Answer

Open a Thai Wise account. Or convert an old one Wise account.

Thai Wise is fully fledged Thai bank if I'm not mistaken.

Local Prompt Pay 🎉

Christopher ****** · Answer

Yeah.. wow... super unique problem.. However you didn't question how you were going to move the money if it was linked to your Thai account?

Talk to the exchange.. see if you can add another account.

Ric ****** · Answer

Sounds like a very tricky situation.

Unless you get a new Thai bank account one way or the other, I have an alternative suggestion:

Get a brokerage account with IBKR US, make sure you have only assets in your current broker that can transfer there (may need to sell/buy respectively), and transfer the positions to IBKR. From there, you can send money to most global bank accounts.

Note that selling assets within the Thai account may have tax implications in Thailand. You probably cannot transfer the balance, but you can buy ETFs and transfer those.

If you feel like waiting it out: once you have a retirement visa, you can just get a bank account again.

DTV_Pag******* · Answer

Contact a lawyer.

John ********** · Answer

Do you have physical paper checks and an alternative bank account in Thailand? I doubt it, so can you pay them into a overseas account in your name? My UK bank allows me to scan cheques up to a certain amount, but they will likely want to wait until the cheques clear before crediting your account.

LongTimeLivi************ · Answer

You should talk to whichever security exchange company is brokering for you. Guessing it's TISCO.

Greg ******** · Answer

Thai banking is crazy. I hope you can find a solution. I once got a tax rebate, but I had to open a new bank account at a specific bank to cash the rebate. When I said cash the rebate, they gave me an ATM card with the exact amount of the rebate on it. I had another classic last week too, but that's enough for now. Hope you get it sorted.

What options do DTV holders have for cashing dividend checks without a Thai bank account?

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