Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[Pib]

24 minutes ago, how241 said:

Excellent post.  Thanks for the info.  Now I understand the difference but it is still disappointing as Bangkok Bank, in NY + Thailand, have my address and info and they could easily get whatever other info they need but I guess that would all be too much work. Mostly I used them for my social security payments and I might try what JohnK777  suggested.  I am a little afraid to 'rock-the-boat' , as the monthly payments have been coming in nicely to my USA bank.  I don't want to have problems and then have to try to call them and be put on hold for a long time.  I would like to get one more payment through the NY Bangkok Bank.  Has anyone very recently received their transfer ?   Will they still be doing transfers until June 30 ???   Thanks for all of your help. 

"All" ACH transfers, even non-IAT, are still getting thru no problem....whether it's a transfer a person initiates from their bank or its a U.S. govt direct deposit payment such as SS, mil retirement, VA, OPM, etc.   I expect that will continue thru 30 Jun 2019 as Bangkok Bank has stated they will try to do....I fully expect "try" means they "will" continue thru 30 Jun.  Based on my contact with a HQ Bangkok Bank rep on this issue Bangkok Bank NY requested an extension from the US Treasury OCC and got such till 30 June.  

 

If you want your SS pension payment to be direct deposited to your Bangkok Bank account after 30 Jun as you know it will need to arrive in ACH "IAT" format or via International Direct Deposit (IDD).  Two different methods....one is via the ACH system and IDD is via SWIFT.   

 

For your ACH payment to be sent in ACH IAT format you must have your foreign/Thailand address onfile with SSA as both your Residence/Mailing Address.    That is what triggers the payment to be in ACH "IAT" format.   If you have a U.S. Residence/Mailing address (even an APO address) onfile with SSA the payment will not be in IAT format....it will be in domestic format.

 

And sign-up for IDD, which is paid via SWIFT, you must have your foreign/Thailand address on file with SSA.  

 

So, if you want your SS payment to be direct deposited to Bangkok Bank you need to have your foreign/Thailand address onfile with the SSA....of course this means you will also start getting the annual "Are You Dead or Alive Letter" from the SSA....mailed to your foreign/Thailand address. 

 

 

[how241]

Thanks again for your info, Pib.  You are Extremely knowledgeable about this banking stuff... I certainly appreciate your help and I am sure many reading also appreciate it. Thanks also to JohnK777.  Lots of good info here.

Edited May 21, 2019 by how241

[JohnK777]

Thanks for all your info.  On a side note, I see Transferwise is very cheap for small transfers.  1000 dollars will cost less than what Bangkok Bank used to charge.  Anything more than 1300 will cost more than Bangkok Bank used to charge but that is not really relevant now that they have stopped. Bigger transfers are very expensive.  I have never used them yet.

My bank in the states navy federal has always charged $20 dollars per transfer no matter what the amount is. My Thai bank charges so little to receive it that I don’t even notice unless I look at the credit advice. But my international Direct Deposits will be totally free except for whatever pennies my local bank charges to receive it. I don’t think I’d want to use transferwise even if I kept doing my wire transfers because I’ve been paying $20 dollars a month for every international wire transfer no matter if it’s only $1,500 USD or $3,500 USD. I won’t even have to pay that anymore with these international Direct Deposits from now on.


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[how241]

19 minutes ago, Pib said:

of course this means you will also start getting the annual "Are You Dead or Alive Letter" from the SSA....mailed to your foreign/Thailand address. 

This is the part that worries me as I know of a person who lives in Thailand and didn't get the letter one year and had a lot of problems to get his ss payments sent again.  He eventually got all of his money but it took some time and a lot of phone calls/emails...Usually I find the Thai post to be very good but I do not get my True bills many months even though they have the correct address...Apparently, there is a similar address and they might be going there but that is no problem as I pay that online.  Hopefully,  the SS  office will allow you to sign that dead/alive letter electronically sometime in the near future. 

[how241]

10 minutes ago, JohnK777 said:

 

 

My bank in the states navy federal has always charged $20 dollars per transfer no matter what the amount is. My Thai bank charges so little to receive it that I don’t even notice unless I look at the credit advice. But my international Direct Deposits will be totally free except for whatever pennies my local bank charges to receive it. I don’t think I’d want to use transferwise even if I kept doing my wire transfers because I’ve been paying $20 dollars a month for every international wire transfer no matter if it’s only $1,500 USD or $3,500 USD. I won’t even have to pay that anymore with these international Direct Deposits from now on.


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That's the problem with Transwise and similar companies.  They charge more as the transfer amount increases when it should not cost them anymore regardless of the amount.  Thanks for your help !!!

[Sheryl]

27 minutes ago, Pib said:

 

....And sign-up for IDD, which is paid via SWIFT, you must have your foreign/Thailand address on file with SSA. 

 BUT we still have no info on which banks can be used, type of account etc?

 

2 emails by me to Manila still completely unanswered....

[JohnK777]

This is the part that worries me as I know of a person who lives in Thailand and didn't get the letter one year and had a lot of problems to get his ss payments sent again.  He eventually got all of his money but it took some time and a lot of phone calls/emails...Usually I find the Thai post to be very good but I do not get my True bills many months even though they have the correct address...Apparently, there is a similar address and they might be going there but that is no problem as I pay that online.  Hopefully,  the SS  office will allow you to sign that dead/alive letter electronically sometime in the near future. 

I never get “are you dead or alive” letters from the VA or DFAS. Probably because I use the insurance sometimes and because the VA can probably see me logging into eBenefits all the time so I leave an electronic signature that’s probably why I don’t get letters like that but Social Security is very different from military retirement and VA Disability pensions.


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[JohnK777]

That's the problem with Transwise and similar companies.  They charge more as the transfer amount increases when it should not cost them anymore regardless of the amount.  Thanks for your help !!!

Yeah I’ve never used transferwise before but I always thought it was probably a scam. I’ve had people recommend it to me before but I’ve never tried it.

[Pib]

2 minutes ago, Sheryl said:

 BUT we still have no info on which banks can be used, type of account etc?

 

Yeap...no info like something in the mail/email from the SSA...nothing from the banks.  Did you really expect anything different.   As mentioned earlier in this thread or a related one, I have a family member who sent in a SSA IDD enrollment form months ago to Manila...shortly after the form became available on the SSA website.  A recent email from the Manila rep said it was taken off hold and processed o/a 3 May--basically after the 3 May payment cycle had been completed and HQ SSA supposedly gave the final go-ahead for IDD for Thailand.  The member's 3 Jun payment is suppose to be via IDD vs ACH.  I'll believe it when I see it....member's 3 June payment will give the answer.

[Pib]

10 minutes ago, JohnK777 said:

I never get “are you dead or alive” letters from the VA or DFAS. Probably because I use the insurance sometimes and because the VA can probably see me logging into eBenefits all the time so I leave an electronic signature that’s probably why I don’t get letters like that but Social Security is very different from military retirement and VA Disability pensions.

You don't get Dead or Alive annual letters from DFAS, OPM, or VA regardless of having an overseas or U.S. address.  It's SSA that does Dead or Alive letters when you have an overseas address.   Different laws/rules govern different U.S. govt payments.

Edited May 21, 2019 by Pib

[JohnK777]

 BUT we still have no info on which banks can be used, type of account etc?
 
2 emails by me to Manila still completely unanswered....

Yeah that Manila Office sucks I know because my wife just started drawing Social Security and I helped her set it up. Their hq in Baltimore is even worse, long story. The trick is just keep flooding their email in Manila with the same email over and over again every hour every day and eventually you will get a response because they’ll see your messages constantly coming in flooding their inbox and eventually they just want it to stop. That’s how you get responses from the Manila Office. And sometimes they don’t take phone calls either so I called the main embassy phone number in Manila and I forced my way through to their ss office phone that way. You really have to stay on top of that Manila Office hard or you’ll be lucky to get an answer within two weeks.


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[Sheryl]

Just now, JohnK777 said:

 

 

Yeah that Manila Office sucks I know because my wife just started drawing Social Security and I helped her set it up. Their hq in Baltimore is even worse, long story. The trick is just keep flooding their email in Manila with the same email over and over again every hour every day and eventually you will get a response because they’ll see your messages constantly coming in flooding their inbox and eventually they just want it to stop. That’s how you get responses from the Manila Office. And sometimes they don’t take phone calls either so I called the main embassy phone number in Manila and I forced my way through to their ss office phone that way. You really have to stay on top of that Manila Office hard or you’ll be lucky to get an answer within two weeks.


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2 weeks?? I've been trying for over a month!!

 

 

[Pib]

5 minutes ago, JohnK777 said:

Yeah I’ve never used transferwise before but I always thought it was probably a scam. I’ve had people recommend it to me before but I’ve never tried it.

 

 

No scam...solid company....works good as long as you can get registered with them.  By "if you can get registered" with them is they do require ID verification and possibly address verification during sign-up or shortly thereafter.  Kinda like signing up for a new bank/credit card account, but not quite as strict.   But if they feel your ID or address is bogus/questionable they will reject or cancel your registration/account.

[JohnK777]

You don't get Dead or Alive annual letters from DFAS, OPM, or VA regardless of having an overseas or U.S. address.  It's SSA that does Dead or Alive letters when you have an overseas address.   Different laws/rules govern different U.S. govt payments.

I figured it was probably something like that but I’ll keep that in mind because my wife just started drawing Social Security and we live in Thailand and we have a Thai address. Although her Retirement Social Security pension benefit payments are just going to our bank in the states and we just save it along with my military retirement pay. I only use my VA Pension as income. But I’ll remember that for my wife’s Social Security payments. Thanks


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[JohnK777]

2 weeks?? I've been trying for over a month!!

 

 

 

 

Oh I understand I’ve dealt with that office for my wife’s Social Security and I hear you. They have learned to respond to me within at least a week because they know that I don’t put up with their BS. I’ve been dealing with them for a long time now for my wife it’s a long story but I finally got it taken care of. You have to really get on them like I did.

 

 

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[JohnK777]

2 weeks?? I've been trying for over a month!!
 
 

And remember the Manila Office is the only Social Security Office for all of Asia for this entire region. So imagine how busy they must be. The trick is to just keep on bugging them to the point where they will respond to you just to make you stop bothering them. That’s what I did for my wife’s Social Security. You have to seriously become a real pain in their ass like I did for my wife. I understand they are very difficult to deal with if my wife was on her own she would have given up.


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[JDGRUEN]

In these discussions of various ways to transfer one's Social Security... Monthly Payments to Thailand via Direct Deposit to a Thai Bank is touted by some (even by many).  At times statements are sometimes posted such as "Why would someone Not want a Direct Deposit of their S.S. funds to a Thai Bank"! (as can be done with the new IDD).

 

Well, I will tell you why I want personal control over the transfer of my SSA monthly funds. I am over age 70 and have a brother over age 80 and a sister age 78 both in the U.S. Due to their age and health status I could be called home on short notice.  Therefore needing living expense money in the U.S., I do not want to rely just on credit cards and an Bangkok Bank MasterCard ATM card. 

 

I am not wealthy, so being able to have my S.S. money in a place where it can be accessed for cash any time of the month is important to me.

 

I would imagine those of you who have three retirement fund sources and a Schwab Investment acccount cannot identify with this need. But for me having a solid way to access my S.S. cash is a must have situation.  I don't want to pay fees to use a Thai Bank ATM card in the U.S. And who knows if issues will arise with the financial stigma that some financial institutions place on Thailand (a place wrought with money laundering if one listens to the rumors).

 

Anyway, my monthly S.S. funds are parked automatically by Direct Deposit into a TransferWise Borderless Account. Using the TW App on my phone I can send all or part of that Balance to my Thai Bank or to my American Bank -without changing anything.  Then I can use an American ATM card at a low to no fee.

This same scenario would be useful if I had to return to the States for VA Clinic or Hospital services.

 

In such scenarios remember that changing the designated SSA Direct Deposit bank cannot be done quickly. The SSA website has a notice stating that one should change a designated Direct Deposit Bank before the 14th. of a given month if you want to get the D.D. at the new bank the next month. Otherwise it could take 1.5 to 2 months.

 

If anyone wants details about setting up a SSA Direct Deposit into a TransferWise Borderless Account - contact me, I already have it written up.

[Bubbha]

I also have a Transferwise borderless account. The account is based in the US (New York City). I use ACH at my US bank to send funds to my Transferwise borderless account. The funds arrive at my Transferwise borderless account 3 business days after initiating the ACH transfer (counting the day of transfer).  I then send the USD amount from my Transferwise borderless account to my bank in Thailand, which arrives the next business day. 

 

My bank in Thailand is one of the three Transferwise Thai banks. As I was setting up my account, I asked Transferwise to mark transfers to my account in Thailand as international transfers. This has worked without error so far. 

[JohnK777]

In these discussions of various ways to transfer one's Social Security... Monthly Payments to Thailand via Direct Deposit to a Thai Bank is touted by some (even by many).  At times statements are sometimes posted such as "Why would someone Not want a Direct Deposit of their S.S. funds to a Thai Bank"! (as can be done with the new IDD).
 
Well, I will tell you why I want personal control over the transfer of my SSA monthly funds. I am over age 70 and have a brother over age 80 and a sister age 78 both in the U.S. Due to their age and health status I could be called home on short notice.  Therefore needing living expense money in the U.S., I do not want to rely just on credit cards and an Bangkok Bank MasterCard ATM card. 
 
I am not wealthy, so being able to have my S.S. money in a place where it can be accessed for cash any time of the month is important to me.
 
I would imagine those of you who have three retirement fund sources and a Schwab Investment acccount cannot identify with this need. But for me having a solid way to access my S.S. cash is a must have situation.  I don't want to pay fees to use a Thai Bank ATM card in the U.S. And who knows if issues will arise with the financial stigma that some financial institutions place on Thailand (a place wrought with money laundering if one listens to the rumors).
 
Anyway, my monthly S.S. funds are parked automatically by Direct Deposit into a TransferWise Borderless Account. Using the TW App on my phone I can send all or part of that Balance to my Thai Bank or to my American Bank -without changing anything.  Then I can use an American ATM card at a low to no fee.
This same scenario would be useful if I had to return to the States for VA Clinic or Hospital services.
 
In such scenarios remember that changing the designated SSA Direct Deposit bank cannot be done quickly. The SSA website has a notice stating that one should change a designated Direct Deposit Bank before the 14th. of a given month if you want to get the D.D. at the new bank the next month. Otherwise it could take 1.5 to 2 months.
 
If anyone wants details about setting up a SSA Direct Deposit into a TransferWise Borderless Account - contact me, I already have it written up.

Yeah in your case if you’re not always going to be in Thailand you’re probably better off doing it that way and maybe doing monthly wire transfers to your Thai bank for immigration purposes and when you are in Thailand it is cheaper having a Thai bank account.

In my case I only have my VA pension Direct Deposited to my Thai bank and if I ever want to change it back to my US bank I can do that very easily online on my eBenefits account. Being rated at 100% disabled is more than enough income wise.

My wife’s separate Social Security and my separate Military Retirement Pay will always continue to be Direct Deposited to our US bank and we just save that money. And we still have easy access to it if necessary with our US Debit Cards. If I only had one source of income I’d probably be making the same decision you are.

Although Thai banks are pretty safe and they have close relations with the United States government these days. They are seriously cracking down on money laundering. When I opened my Thai bank account I had to fill out tons of forms including United States IRS forms so money in a Thai bank account is not out of reach of the IRS, they do that these days because of new anti money laundering laws in Thailand. At most Thai banks they even have signs up in English advertising anti money laundering laws that are in place now here. I actually felt more secure when opening my Thai bank account when they gave me United States forms to fill out because I had all the same concerns you do when I opened my Thai bank account about any foreign bank account. But it’s actually safer than you think.

I don’t know if I’d want to do Direct Deposits with Social Security either because it’s not as easy to change your Direct Deposit with Social Security as it is for my VA pension. I could change my VA Direct Deposit back to my US bank at the push of a button if I wanted to. Although I think I’m going to prefer international Direct Deposit of my VA pension over doing those international wire transfers every month and waiting two extra business days to have access to my funds every month like I’ve been doing since November.

My new international Direct Deposit to my Thai bank will begin next payday so I’ll see how it goes, according to the VA they very rarely ever have any problems with them and I asked them a lot of questions first before actually doing it. If I’m not happy with it I can always just switch back to my US bank easily. But I think it’ll be better because it’s free no fees from the US end except for the pennies that my Thai bank charges to receive it every month and no more calling my bank in the states anymore to have it done manually over the phone.

I started doing the international wire transfers in November when they first started talking about getting rid of income affidavits from the embassy, and that actually ended up turning out to be a good thing for me at least maybe not for everyone but I actually like the new procedures better because for me it actually makes the extension process easier. And I save money using a Thai bank. But like I said my wife and I still have income going to our bank in the states as well so for me this is a good option but it just depends on everyone’s personal situation. It’s not necessarily for everyone I can understand your situation and concerns. I used to have the same concerns you do about Thai banks but there’s no reason to fear using a good and reputable Thai bank. But I can definitely understand your concerns and especially your situation if you are still spending a lot of time back in the states with only one source of income what you’re saying makes sense and I’d probably do the same thing if I were in your shoes.


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[JohnK777]

In these discussions of various ways to transfer one's Social Security... Monthly Payments to Thailand via Direct Deposit to a Thai Bank is touted by some (even by many).  At times statements are sometimes posted such as "Why would someone Not want a Direct Deposit of their S.S. funds to a Thai Bank"! (as can be done with the new IDD).   Well, I will tell you why I want personal control over the transfer of my SSA monthly funds. I am over age 70 and have a brother over age 80 and a sister age 78 both in the U.S. Due to their age and health status I could be called home on short notice.  Therefore needing living expense money in the U.S., I do not want to rely just on credit cards and an Bangkok Bank MasterCard ATM card.   

I am not wealthy, so being able to have my S.S. money in a place where it can be accessed for cash any time of the month is important to me.

 

I would imagine those of you who have three retirement fund sources and a Schwab Investment acccount cannot identify with this need. But for me having a solid way to access my S.S. cash is a must have situation.  I don't want to pay fees to use a Thai Bank ATM card in the U.S. And who knows if issues will arise with the financial stigma that some financial institutions place on Thailand (a place wrought with money laundering if one listens to the rumors).

 

Anyway, my monthly S.S. funds are parked automatically by Direct Deposit into a TransferWise Borderless Account. Using the TW App on my phone I can send all or part of that Balance to my Thai Bank or to my American Bank -without changing anything.  Then I can use an American ATM card at a low to no fee.

This same scenario would be useful if I had to return to the States for VA Clinic or Hospital services.

 

In such scenarios remember that changing the designated SSA Direct Deposit bank cannot be done quickly. The SSA website has a notice stating that one should change a designated Direct Deposit Bank before the 14th. of a given month if you want to get the D.D. at the new bank the next month. Otherwise it could take 1.5 to 2 months.

 

If anyone wants details about setting up a SSA Direct Deposit into a TransferWise Borderless Account - contact me, I already have it written up.

 

 

 

  Actually if you are only concerned about being called back to the states on short notice for an emergency only I don’t that just depends on your situation that’s a tough call. I don’t know if you could afford to leave maybe some of your income in the states and only bring some of it into Thailand. That’s what we do but we have 3 separate sources of income my military retirement pay after 21 years of service, my wife’s Social Security, and my VA pension rated at 100% disabled. So we leave my military retirement pay and my wife’s Social Security in our US bank and save it and I only transfer my VA pension income into my Thai bank. But I don’t know about your situation if Social Security is your only source of income that’s a tough one to call. I originally read your post wrong I thought you spent a lot of time in the states but apparently you are concerned about having to go back home for a family emergency. I can still understand that concern vrs. income. I still have a lot of family back in the states as well and I worry about that as well having to go back on short notice for a family emergency.

 

Actually when I was in combat on my last tour in Iraq I missed a family emergency when my grandmother passed away. I couldn’t just leave because I had a special job that made it almost impossible for me to go home on emergency leave. I barely made it to my Grandfather’s funeral after he passed away and I was in the states when he died assigned to the Washington, D.C. area. I’m from Phoenix, Arizona originally, most of my family is there but I have family in Florida as well where I was born. Actually I also have a brother in Chicago who has a wife and a lot of kids.

 

 

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[JDGRUEN]

  
Actually if you are only concerned about being called back to the states on short notice for an emergency only I don’t that just depends on your situation that’s a tough call. I don’t know if you could afford to leave maybe some of your income in the states and only bring some of it into Thailand. That’s what we do but we have 3 separate sources of income my military retirement pay after 21 years of service, my wife’s Social Security, and my VA pension rated at 100% disabled. So we leave my military retirement pay and my wife’s Social Security in our US bank and save it and I only transfer my VA pension income into my Thai bank. But I don’t know about your situation if Social Security is your only source of income that’s a tough one to call. I originally read your post wrong I thought you spent a lot of time in the states but apparently you are concerned about having to go back home for a family emergency. I can still understand that concern vrs. income. I still have a lot of family back in the states as well and I worry about that as well having to go back on short notice for a family emergency.
 
Actually when I was in combat on my last tour in Iraq I missed a family emergency when my grandmother passed away. I couldn’t just leave because I had a special job that made it almost impossible for me to go home on emergency leave. I barely made it to my Grandfather’s funeral after he passed away and I was in the states when he died assigned to the Washington, D.C. area.
 
 
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As I said - not having three retirement accounts nor anything like a Schwab Investment account to call upon - means my S.S. funds must be handy - accessible from the U.S. or anywhere else I may end up.

With my money on the TransferWise Borderless Account each month my money is in effect in both the U.S. and Thailand at the same time. One can think of the TW-Borderless Account an "Internet Cloud Bank" - accessible from almost anywhere.

Hypothetical Example, I could move to Vietnam - open a bank account there - and designate my Vietnam bank Account as a TW Borderless "Recipient" bank and fetch my monthly S.S.funds immediately without changing my Direct Deposit Bank Designation with the Social Security Administration. My D.D. designation would remain with the TW Borderless Account.

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[JohnK777]

As I said - not having three retirement accounts nor anything like a Schwab Investment account to call upon - means my S.S. funds must be handy - accessible from the U.S. or anywhere else I may end up.

With my money on the TransferWise Borderless Account each month my money is in effect in both the U.S. and Thailand at the same time. One can think of the TW-Borderless Account an "Internet Cloud Bank" - accessible from almost anywhere.

Hypothetical Example, I could move to Vietnam - open a bank account there - and designate my Vietnam bank Account as a TW Borderless "Recipient" bank and fetch my monthly S.S.funds immediately without changing my Direct Deposit Bank Designation with the Social Security Administration. My D.D. designation would remain with the TW Borderless Account.

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I can definitely understand that. Although I have my own concerns about TransferWise but I don’t know I’ve never used it maybe it is as good as some people say it is. Like I said it depends on your situation in my situation I think what I’m doing is best but my situation is different than yours. That’s why topics like these are good because we can all compare notes and see what works best for each of our own situations.


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[JohnK777]

I actually learned something on this topic for my wife because she just started drawing Social Security. My wife’s Social Security just goes to our US bank only but we still have a Thailand address so I learned to make sure that my wife receives her “are you dead or alive” letters. Apparently if you don’t receive them or respond to them they stop your Social Security payments and I didn’t know that for my wife but I know now thanks to PIB.

We save my military retirement pay and my wife’s Social Security in the states. We only use my VA pension as income but that’s just my situation. You can actually learn a lot from some of these topics I know I actually did yesterday. So next year I’ll be on the look out for that letter for my wife’s Social Security, after her first year drawing Social Security.


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[Pib]

4 hours ago, JohnK777 said:

I actually learned something on this topic for my wife because she just started drawing Social Security. My wife’s Social Security just goes to our US bank only but we still have a Thailand address so I learned to make sure that my wife receives her “are you dead or alive” letters. Apparently if you don’t receive them or respond to them they stop your Social Security payments and I didn’t know that for my wife but I know now thanks to PIB.

We save my military retirement pay and my wife’s Social Security in the states. We only use my VA pension as income but that’s just my situation. You can actually learn a lot from some of these topics I know I actually did yesterday. So next year I’ll be on the look out for that letter for my wife’s Social Security, after her first year drawing Social Security.


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The wife will only get a Are You Dead Or Alive letter if she has her Thailand address onfile with SSA.  If by chance she has a U.S. address onfile she will not get such a letter as these letters are only for folks living outside the U.S. 

 

If living in Thailand you are required to have your Thailand address onfile with SSA but you can still have the payment sent to a US bank if desired.  

 

Each year the Dead or Alive letter get sent out in May/Jun....if SSA does not get your response within 60 day in Sep they mail a second letter with your response needed within 45 days.  If no response to the second letter in Jan they mail out a notice saying unless you respond immediately benefits payments will be suspended which means your 3 Feb payment and subsequent payments will be suspend until you get with SSA and prove you are still alive.  Once they are satisfied the person is still breathing they will  restart payments and also pay all payments that were suspended. 

 

[JDGRUEN]

On 5/22/2019 at 2:12 PM, JohnK777 said:

 

 

Yeah in your case if you’re not always going to be in Thailand you’re probably better off doing it that way and maybe doing monthly wire transfers to your Thai bank for immigration purposes and when you are in Thailand it is cheaper having a Thai bank account.

In my case I only have my VA pension Direct Deposited to my Thai bank and if I ever want to change it back to my US bank I can do that very easily online on my eBenefits account. Being rated at 100% disabled is more than enough income wise.

My wife’s separate Social Security and my separate Military Retirement Pay will always continue to be Direct Deposited to our US bank and we just save that money. And we still have easy access to it if necessary with our US Debit Cards. If I only had one source of income I’d probably be making the same decision you are.

Although Thai banks are pretty safe and they have close relations with the United States government these days. They are seriously cracking down on money laundering. When I opened my Thai bank account I had to fill out tons of forms including United States IRS forms so money in a Thai bank account is not out of reach of the IRS, they do that these days because of new anti money laundering laws in Thailand. At most Thai banks they even have signs up in English advertising anti money laundering laws that are in place now here. I actually felt more secure when opening my Thai bank account when they gave me United States forms to fill out because I had all the same concerns you do when I opened my Thai bank account about any foreign bank account. But it’s actually safer than you think.

I don’t know if I’d want to do Direct Deposits with Social Security either because it’s not as easy to change your Direct Deposit with Social Security as it is for my VA pension. I could change my VA Direct Deposit back to my US bank at the push of a button if I wanted to. Although I think I’m going to prefer international Direct Deposit of my VA pension over doing those international wire transfers every month and waiting two extra business days to have access to my funds every month like I’ve been doing since November.

My new international Direct Deposit to my Thai bank will begin next payday so I’ll see how it goes, according to the VA they very rarely ever have any problems with them and I asked them a lot of questions first before actually doing it. If I’m not happy with it I can always just switch back to my US bank easily. But I think it’ll be better because it’s free no fees from the US end except for the pennies that my Thai bank charges to receive it every month and no more calling my bank in the states anymore to have it done manually over the phone.

I started doing the international wire transfers in November when they first started talking about getting rid of income affidavits from the embassy, and that actually ended up turning out to be a good thing for me at least maybe not for everyone but I actually like the new procedures better because for me it actually makes the extension process easier. And I save money using a Thai bank. But like I said my wife and I still have income going to our bank in the states as well so for me this is a good option but it just depends on everyone’s personal situation. It’s not necessarily for everyone I can understand your situation and concerns. I used to have the same concerns you do about Thai banks but there’s no reason to fear using a good and reputable Thai bank. But I can definitely understand your concerns and especially your situation if you are still spending a lot of time back in the states with only one source of income what you’re saying makes sense and I’d probably do the same thing if I were in your shoes.


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I too have a Thai Bank account.. Perhaps that was missed in reading my post. I feel I have the best of both worlds with the TransferWise Borderless Account.. I can receive money into the TW-Borderless Account via a U.S. based Direct Deposit using ACH or SWIFT/WIRE. Or I can receive regular U.S. Bank funds Transfers via this Gateway/Portal Bank in NY associated with TransferWise Borderless. 

Once the funds are in the Borderless Account (which is quite fast) I can then move funds to any bank most anywhere.. The funds are held in the Borderless Account as USD. Every month I move funds to my B.B. Thailand account with very favorable exchange rates. 

This very flexible and reliable method with great transfer exchange rates and info / documentation feedback makes my life easier. 

 

The nice thing about our different choices we both have great upto date funds transfer methods. Mine is just tailored to allow use of my modest funds (in cash) where and when I need it... all done with no hassle (once I passed the initial enrollment ID check out). 

JD.

[onera1961]

7 hours ago, JDGRUEN said:

I too have a Thai Bank account.. Perhaps that was missed in reading my post. I feel I have the best of both worlds with the TransferWise Borderless Account.. I can receive money into the TW-Borderless Account via a U.S. based Direct Deposit using ACH or SWIFT/WIRE. Or I can receive regular U.S. Bank funds Transfers via this Gateway/Portal Bank in NY associated with TransferWise Borderless.

Can somebody illustrate the advantage of TW-Borderless. To me it appears to be a savings type account with no interest and they charge $1 (I only checked for $500 transfer) to move money from my 2.2% interest bearing account to Borderless. On top of that when I transfer to Bangkok Bank in Thailand and pay from Borderless, the fees are not zero compared to when I use ACH to pay for the transfer.

Edited May 30, 2019 by onera1961

[riclag]

I set up a international transfer using the BkkBTHBK swift through bank of america. My question is why does the swift # take me to the  silom rd. in Bangkok . My Bangkok bank branch is in sakon Nakhon. Is that going to be a problem? Will my money end up in Bangkok or Sakon Nakhon?

[Pib]

59 minutes ago, riclag said:

I set up a international transfer using the BkkBTHBK swift through bank of america. My question is why does the swift # take me to the  silom rd. in Bangkok . My Bangkok bank branch is in sakon Nakhon. Is that going to be a problem? Will my money end up in Bangkok or Sakon Nakhon?

That's normal....the Bangkok Bank SWIFT code address is tied to the HQ on Silom Rd.  That were the funds arrive and then HQ puts them in your account regardless of where you branch is located in Thailand.

[JDGRUEN]

On 5/30/2019 at 7:51 PM, onera1961 said:

Can somebody illustrate the advantage of TW-Borderless. To me it appears to be a savings type account with no interest and they charge $1 (I only checked for $500 transfer) to move money from my 2.2% interest bearing account to Borderless. On top of that when I transfer to Bangkok Bank in Thailand and pay from Borderless, the fees are not zero compared to when I use ACH to pay for the transfer.

You don't have to keep any money in the Borderless Account.  For me it serves as a very short term parking place in movement of money. I get a Direct Deposit from a U.S. entity (SSA) or a transfer from a U.S. Bank.  Currently, I quickly decide how much of the USD will go to an American bank and how much is transferred to my Thai Bank (exchanged from USD to THB in the process). The balance can be zeroed out or some left for another destination.  The Borderless Account is just regular TransferWise with a "way station" to allow a bit to time to determine how much goes where. I got 31.85 Baht per Dollar last time and a low fee compared to the size of transfer. This method works (is useful) for some people and maybe not for others. There are several other companies one can choose from... Or just use your U.S. bank with online features.

[onera1961]

12 minutes ago, JDGRUEN said:

You don't have to keep any money in the Borderless Account.  For me it serves as a very short term parking place in movement of money. I get a Direct Deposit from a U.S. entity (SSA) or a transfer from a U.S. Bank.  Currently, I quickly decide how much of the USD will go to an American bank and how much is transferred to my Thai Bank (exchanged from USD to THB in the process). The balance can be zeroed out or some left for another destination.  The Borderless Account is just regular TransferWise with a "way station" to allow a bit to time to determine how much goes where. I got 31.85 Baht per Dollar last time and a low fee compared to the size of transfer. This method works (is useful) for some people and maybe not for others. There are several other companies one can choose from... Or just use your U.S. bank with online features.

Here are my findings: I experimented with 500USD only. To transfer 500 from my US bank account to Borderless for $1 fee (I think it should be free because it is ACH). Then I funded the transfer from Borderless to Bangkok Bank (THB) and the fee was less than ACH transfer from US bank to Thaibank. Including the $1 fee, I guess it was around 0.50 savings. May be savings is greater for 25K transfer. I don't know. I have to experiment. One thing I noticed that the time for borderless is 5 hours compared to several days for ACH

Edited May 31, 2019 by onera1961