Social Security Direct Deposit

[FaFaHead]

Am I correct in thinking that Thailand is one of the few countries that don’t make Social Security deposits into Thai banks available? I found a list of countries listed on the SS site and Thailand wasn’t one of them. 

 

Any input put would be appreciated. 

[ProbPossConf]

You need a Bangkok Bank account and Social Security will direct deposit via ACH to the New York branch.

[Spaniel]

You are talking about USA social security, right?     What you must do is have your SS check sent by SSA direct to Bangkok Bank New York and they will then send it to your Bangkok Bank here in Thailand.    Go to Bangkok Bank and they can give you the details.      I do not use this system for my SS check so best to check with Bkk Bank.

[FaFaHead]

2 hours ago, ProbPossConf said:

You need a Bangkok Bank account and Social Security will direct deposit via ACH to the New York branch.

Thank you!

[FaFaHead]

2 hours ago, Spaniel said:

You are talking about USA social security, right?     What you must do is have your SS check sent by SSA direct to Bangkok Bank New York and they will then send it to your Bangkok Bank here in Thailand.    Go to Bangkok Bank and they can give you the details.      I do not use this system for my SS check so best to check with Bkk Bank.

Thank you. What system do you use if you don’t mind me asking?

2 hours ago, Spaniel said:

 

 

Edited July 5, 2018 by FaFaHead
Two

[FaFaHead]

2 hours ago, ProbPossConf said:

You need a Bangkok Bank account and Social Security will direct deposit via ACH to the New York branch.

Thank you very much!

[amexpat]

Unless things have changed.... 

 

The Bangkok Bank account must be one that is not accessible by ATM. You have to take your passbook and passport to make a personal appearance to withdraw funds.

 

MUCH better if you have SS deposited to a USA bank. Then you can log on and transfer as much or as little whenever you want. Transfer from USA bank to Bangkok Bank New York using your local BKK acct number - sometimes with no fee by the USA bank because it is a domestic transfer. Deposit hits your local acct in a couple days. I've been doing if for a decade with no problems at all.

[moontang]

1 hour ago, amexpat said:

Unless things have changed.... 

 

The Bangkok Bank account must be one that is not accessible by ATM. You have to take your passbook and passport to make a personal appearance to withdraw funds.

 

MUCH better if you have SS deposited to a USA bank. Then you can log on and transfer as much or as little whenever you want. Transfer from USA bank to Bangkok Bank New York using your local BKK acct number - sometimes with no fee by the USA bank because it is a domestic transfer. Deposit hits your local acct in a couple days. I've been doing if for a decade with no problems at all.

And if you only do it two or four times per year, you will save a few hundred dollars per year, and also have more flexibility in dealing with currency fluctuations...And any problems will be resolved by your US Bank and SSA....And you won't look like an idiot standing in line at Bangkok Bank to personally sign for your money.  Also, your g f or wife will have a few more options, if you croak.

Edited July 5, 2018 by moontang

[Spaniel]

2 hours ago, FaFaHead said:

Thank you. What system do you use if you don’t mind me asking?

 

I have my SS check direct deposited to my Fidelity brokerage account in the US.

Edited July 5, 2018 by Spaniel
Add info.

[MrBrad]

This link explains a lot: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[NancyL]

There are pros and cons to using Bangkok Bank vs. a U.S. bank for receiving your SS.  

 

Yes, if you set up a Bangkok Bank direct deposit account you have the hassle of going into a Bangkok Bank branch each month (any branch is OK, not just your home branch) and presenting your passport in order to withdraw the funds and move them to another account with ATM/internet access.  But, if you're suddenly incapacitated, Bangkok Bank will visit your hospital bed and get your thumbprint to release the funds to pay hospital bills.  If you're more conscious, but still can't make it to the hospital, they'll give you whatever you request to pay rent, give your GF her allowance, etc.  (They won't do this if you can't give consent, just pay the hospital bill without consent.)

 

If you have your SS direct deposited to a U.S. account it can be a joint account, with internet access and often it's very easy to move the money into Bangkok Bank using online ACH transfer. But, if you become incapacitated, no U.S. bank will release your funds unless a court-appointed guardian initiates the request and there is no easy way to set up a guardian for an incapacitated foreigner in Thailand.  So, if you're using the method of manually transferring money from the U.S. to Thailand, make sure you have the process documented so that someone could do it for you should you become incapacitated.

 

Right now, I'm assisting two people who played their cards close to the vest, moving money into Thailand every month via ACH transfers and are now incapacitated and in hospital unable to act for themselves.  Guys who had no documentation of passwords, etc. The prognosis isn't good.  If they'd had a few hundred thousand in a Thai bank with their pensions being regularly deposited to a Thai bank, they wouldn't be facing the prospect of sub-standard care in an amphur hospital.  And I know they've got good investments in the U.S., but no one can get to them.

[amexpat]

2 hours ago, NancyL said:

unable to act for themselves.  Guys who had no documentation of passwords, etc. 

This hints at a solution, doesn't it? 

[Jingthing]

I'm curious about some details about this Bangkok Bank direct deposit.

 

I currently have a BB account already set up for ACH transfers from one of my U.S. bank accounts, with ATM access of course.

 

I had thought to ask can I just ask BB to take away the ATM access but now I see there is an advantage to to have two accounts. One for incoming and one to transfer the monthly funds in.

 

I have experience setting up the ACH link from a U.S. bank account.

 

However I'm confused how is this done with a SS direct deposit to new non ATM access account?

 

For the U.S.account I needed to login to my U.S. bank and go through a test deposit process that took several days to fully complete.

 

How is that done via S.S.? I can't login to a S.S. bank account. Do they do they initial setup with test deposits themselves? 

 

More questions.

 

So the check comes in monthly so I'm assuming you need to physically withdrawal the cash and then take what you want and/or put it into another account.

 

Is there a problem if you don't show up monthly to do this from S.S.? In other words, do they know that and suspect you're dead? In other words, is there any need at all to show up monthly or can you do that at your leisure?

 

Thanks for any information and NancyL certainly pointed out an important advantage of using the Bangkok Bank direct deposit.

 

I can think of other reasons why there are downsides to depositing to the U.S.

 

For example, suppose your U.S. bank notices you are constantly transferring funds to Thailand. They might close or lock your account for living abroad. Also many of us eventually lose U.S. driver's licences to "fake" being a U.S. state resident in case we need to visit a bank in the U.S. to resolve something. If you don't have a license (for driving or just ID type), they are going to know you aren't a state resident. 

 

Many of you know that many or most states have transitioned to REAL I.D. (need to board domestic U.S. flights without passport). The requirements for this are harder than the old style licenses.

 

I can think of a number of pros and cons of depositing S.S. in the  U.S. vs. B.B., but thought I'd mention the above for a start. 

[NancyL]

JT, you need to set up a special direct deposit account with Bangkok Bank and tell them it's for SS (same account would also work for VA benefits).  They sent the paperwork to their head office in Bangkok who forwards it onto Manila.  You can't "convert" an existing Bangkok Bank account.  SS doesn't do "test deposits".  They have the relationship with Bangkok Bank figured out.

 

Yes, you have to go in person to claim your money each month, but you don't have to physically withdraw the money as cash.  You can just take you passport and your SS bankbook and regular bankbook to the teller and ask them to move XX,XXX baht from the SS account to your regular account.  You cannot add your SS account to your internet banking.  

 

There is no reason you have to withdraw the SS money each month.  It can stack up and no one notices.  By the same token, I don't know of anyone who has had their U.S. bank account closed because they make regular ACH transfers to a Bangkok Bank account.  Remember, they have a U.S. routing number.  Many people haven't had a U.S. driving license for years and still have U.S. bank accounts.

 

I suppose you could do ACH transfers into your Bangkok Bank SS account if you wanted to, but it doesn't make sense since you can't access that account online or with an ATM card.

[amexpat]

Jingthing,  IF I understand you correctly, maybe you'd like to do as I have done for the past 10 years: 

 

- Have your SS deposited to your US acct. I'm not aware of US residence being required. In fact USAA was set up for 

 the military who of course are all over the world. 

 

- One BK acct with ATM access, one without.  Most money stays in the one without.

- Transfer between the two with BK online banking.

- Transfer from US acct to one of the BK accts any time you want. 

 

As NancyL implied, leave passwords, etc with a completely trusted person or lawyer's safe. 

Or don't, whichever gives you more peace of mind. 

 

Good day

[moontang]

Fidelity knows you are living overseas, even if you use a US address, but you have the option of using your Thai address.  You just have to accept the terms for international customer, occasionally, when you log in.  Sharebuilder, OTOH, does not accomodate traders trading outside of the US, and froze my account from trading, and they acknowledged they just didn't understand their own rules.  You can always be a resident of the last State you lived in, and still not be required to file in that State.  Many military choose Texas..no State income tax, but they would vote there.

[amexpat]

To FaFaHead,

 

The takeaway seems to be: don't deposit SS to BK bank if you can use US bank.

 

My work here is done.

 

[NancyL]

Nowadays you have to change passwords frequently. Our credit union requires us to change them quarterly.  We have a special password booklet for all passwords that is 

rather innocent looking and kept in a place where most people wouldn't think to look, but a few trusted people do know.

 

[FaFaHead]

On 7/5/2018 at 1:35 AM, amexpat said:

Unless things have changed.... 

 

The Bangkok Bank account must be one that is not accessible by ATM. You have to take your passbook and passport to make a personal appearance to withdraw funds.

 

MUCH better if you have SS deposited to a USA bank. Then you can log on and transfer as much or as little whenever you want. Transfer from USA bank to Bangkok Bank New York using your local BKK acct number - sometimes with no fee by the USA bank because it is a domestic transfer. Deposit hits your local acct in a couple days. I've been doing if for a decade with no problems at all.

Thanks for the info!

[FaFaHead]

2 hours ago, amexpat said:

To FaFaHead,

 

The takeaway seems to be: don't deposit SS to BK bank if you can use US bank.

 

My work here is done.

 

Thanks!

[FaFaHead]

On 7/4/2018 at 10:42 PM, Spaniel said:

You are talking about USA social security, right?     What you must do is have your SS check sent by SSA direct to Bangkok Bank New York and they will then send it to your Bangkok Bank here in Thailand.    Go to Bangkok Bank and they can give you the details.      I do not use this system for my SS check so best to check with Bkk Bank.

Seems to be the way

[FaFaHead]

On 7/5/2018 at 9:35 AM, NancyL said:

There are pros and cons to using Bangkok Bank vs. a U.S. bank for receiving your SS.  

 

Yes, if you set up a Bangkok Bank direct deposit account you have the hassle of going into a Bangkok Bank branch each month (any branch is OK, not just your home branch) and presenting your passport in order to withdraw the funds and move them to another account with ATM/internet access.  But, if you're suddenly incapacitated, Bangkok Bank will visit your hospital bed and get your thumbprint to release the funds to pay hospital bills.  If you're more conscious, but still can't make it to the hospital, they'll give you whatever you request to pay rent, give your GF her allowance, etc.  (They won't do this if you can't give consent, just pay the hospital bill without consent.)

 

If you have your SS direct deposited to a U.S. account it can be a joint account, with internet access and often it's very easy to move the money into Bangkok Bank using online ACH transfer. But, if you become incapacitated, no U.S. bank will release your funds unless a court-appointed guardian initiates the request and there is no easy way to set up a guardian for an incapacitated foreigner in Thailand.  So, if you're using the method of manually transferring money from the U.S. to Thailand, make sure you have the process documented so that someone could do it for you should you become incapacitated.

 

Right now, I'm assisting two people who played their cards close to the vest, moving money into Thailand every month via ACH transfers and are now incapacitated and in hospital unable to act for themselves.  Guys who had no documentation of passwords, etc. The prognosis isn't good.  If they'd had a few hundred thousand in a Thai bank with their pensions being regularly deposited to a Thai bank, they wouldn't be facing the prospect of sub-standard care in an amphur hospital.  And I know they've got good investments in the U.S., but no one can get to them.

Thank you very much for the information!

[Pronto2]

18 hours ago, NancyL said:

I suppose you could do ACH transfers into your Bangkok Bank SS account if you wanted to, but it doesn't make sense since you can't access that account online or with an ATM card.

It is my understanding that this is not possible, that the Bangkok Bank SS account is only for incoming deposits from U.S. government sources.  You, yourself, cannot deposit into it.  If I'm remembering accurately (hopefully!), it was the nice fellow at the Kad Suan Kaew office who often works the 'foreign remittance' desk who explained that to me.  And, he was the one who did the paperwork to set-up the account for me.  Good service!

[FaFaHead]

On 7/5/2018 at 1:35 AM, amexpat said:

Unless things have changed.... 

 

The Bangkok Bank account must be one that is not accessible by ATM. You have to take your passbook and passport to make a personal appearance to withdraw funds.

 

MUCH better if you have SS deposited to a USA bank. Then you can log on and transfer as much or as little whenever you want. Transfer from USA bank to Bangkok Bank New York using your local BKK acct number - sometimes with no fee by the USA bank because it is a domestic transfer. Deposit hits your local acct in a couple days. I've been doing if for a decade with no problems at all.

Thanks!

[Peasandmash]

"Am I correct in thinking that Thailand is one of the few countries that don’t make Social Security deposits into Thai banks available? I found a list of countries listed on the SS site and Thailand wasn’t one of them. " 

 

So you go to the SS site where Thailand isn't listed and then you ask an unofficial source if the information is correct?

 

You are a very special person. That you've managed to make it through life to where you can now collect social security is not a reflection on you, your ability,  persistence or intelligence but on America's generosity, kindness and economic wealth. God Bless America, the greatest country in the history of world, and clearly God has blessed you already.

[chingmai331]

I like the USA  bank debit card to get cash from any Thai ATM. Have your SS money sent to your USA bank , then withdraw as needed.  Only kicker is that unless you choose the bank carefully, you will be dinged for each transaction.  Some banks reimburse all such fees so no money lost at all.

Going with Bangkok Bank USA and having that money sent here means some fee every time.

I use Chas Schwab bank, hooked to my brokerage account.  No ATM fees paid by me, ever. Perhaps a second problem is if you lose your debit card, then bad news for you.

[Dante99]

2 hours ago, chingmai331 said:

......

I use Chas Schwab bank, hooked to my brokerage account.  No ATM fees paid by me, ever. Perhaps a second problem is if you lose your debit card, then bad news for you.

If you loose it, they will send you a new one by Fedex or similar fast delivery service.  Not a big problem, just call them.

[FaFaHead]

On 7/5/2018 at 6:32 AM, MrBrad said:

This link explains a lot: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Thank you!

[Mapguy]

33 minutes ago, Dante99 said:

If you loose it, they will send you a new one by Fedex or similar fast delivery service.  Not a big problem, just call them.

Schwab is notable on this.  And you don;t have to be an American to have an account there. Any others?

[Mapguy]

5 hours ago, Peasandmash said:

"Am I correct in thinking that Thailand is one of the few countries that don’t make Social Security deposits into Thai banks available? I found a list of countries listed on the SS site and Thailand wasn’t one of them. " 

 

So you go to the SS site where Thailand isn't listed and then you ask an unofficial source if the information is correct?

 

You are a very special person. That you've managed to make it through life to where you can now collect social security is not a reflection on you, your ability,  persistence or intelligence but on America's generosity, kindness and economic wealth. God Bless America, the greatest country in the history of world, and clearly God has blessed you already.

This sounds more than a bit unnecessarily snide!