U.S. social security direct deposit

[rodknock]

will any other banks have social security direct deposit other than Bangkok bank?

[ubonjoe]

There will be once the International Direct Deposits (IDD) for Thailand is set up by the SSA. For now there is no info about what banks will be doing it.

[rodknock]

thanks for the info.

i have to change to social security direct deposit as of april 1 Bangkok bank will not accept my transfers(chase bank), checked with them and they do not use the international ach transfer file format.

i then need to wire money back to my account in the U.S. to pay credit cards.

there is no Bangkok bank near me, i would like to see SCB go on the program as they are near me.

[SeaBorn13]

I have an account with Bangkok Bank.  I use their Internet Banking to transfer funds within Thailand.  If you are employed you can also transfer funds, i.e. salary to a US account.   If you are retired you do not have that option with Bangkok Bank.

[KhunKenAP]

I have the Direct Deposit Account with Bangkok Bank, for my US SS Check. Works OK, but I can't believe the restrictions they put on it. No ATM, no internet banking. Have to withdraw money only at the counter. I guess they do not appreciate the business and free money they make on exchange rates, e-transfer fee's etc.

 

Can anyone explain this?

 

If we every get an option, with other banks, they will feel the sucking wind as all their US SS customers leave.

[cmarshall]

9 minutes ago, KhunKenAP said:

I have the Direct Deposit Account with Bangkok Bank, for my US SS Check. Works OK, but I can't believe the restrictions they put on it. No ATM, no internet banking. Have to withdraw money only at the counter. I guess they do not appreciate the business and free money they make on exchange rates, e-transfer fee's etc.

 

Can anyone explain this?

 

If we every get an option, with other banks, they will feel the sucking wind as all their US SS customers leave.

Bangkok Bank must have a contractual obligation with the US govt. to verify that the SS beneficiary is still living.  Expat beneficiaries pose a special risk of fraud to the SSA, since in the US the funeral directors have the obligation to inform the SSA of every death.  There is no such reliable notification of death available in Thailand.

[KhunKenAP]

Thanks

 

Perhaps you are correct. However, US SS has an annual form that must be completed and sent in annually as Proof of Life.

 

I think it is just a Bangkok Bank ripoff as they are the only bank accepted by the US Social Security for Direct Deposit into Thailand.

[ubonjoe]

20 minutes ago, KhunKenAP said:

I think it is just a Bangkok Bank ripoff as they are the only bank accepted by the US Social Security for Direct Deposit into Thailand.

It is because Bangkok Bank is the only Thai bank with a branch in the US that can accept ACH transfers.

It is not a ripoff in anyway. Perhaps check the fees and you will find you cannot get your funds sent to here for less than the fee for New York is. It is typically $5 to $10 dollars for the transfer dependent upon the amount. Plus the .25% fee charged for all international transfers here.

Having to go to the bank once a month to withdraw or transfer the money is not all that difficult to do.

[Moon37]

On ‎2‎/‎7‎/‎2019 at 11:19 AM, cmarshall said:

Bangkok Bank must have a contractual obligation with the US govt. to verify that the SS beneficiary is still living.  Expat beneficiaries pose a special risk of fraud to the SSA, since in the US the funeral directors have the obligation to inform the SSA of every death.  There is no such reliable notification of death available in Thailand. 

Marshall: NEGATIVE, How about the body being repatriated with the US Embassy,

 

The requirement for IAT direct deposit has been around for quite a while.  Bangkok Bank just recently brushed off the books and want to be in compliance.   Bangkok Bank NYC is the only bank in the US that can process IAT transfers direct deposits from the US to Bangkok Bank BKK.  At first it sounds like one just has to switch income source to social security and make sure their Thai home address is on the receiver's information.   Well afer researching is much more involved, limiting access to your funds etc.

 

An International ACHH Transfer is not just a modified ACHT.  It'[s a system that validates point to point originator and receiver such that there is always a money trail. No US banks want to go through the extra effort to confirm that the originator Financial Institution is IAT compliant as well as the receivers'.  It's at least more than half as much manhours with the back and forth processing and confirmation.

 

Right now the USG/s departments are the only institution that conducts all financial transactions through the complete IAT system.   Bangkok Bank is only using  Social Security as a method that they've figured out.  But checkout the form and proces by searching "social security sf 1199a direct deposit form". and its https://www.rfmsonline.com/downloads/forms/sf1199.pdf applicationt to the USG for approval.  And one has to have s a direct deposit account different from savings and needs to get permission from the Ministry of Commerce.

 

How many ex-pat's  SS check are greater than $2100 approx. 65,000 THB),  So I ght to look at two iAT direct deposits per month :  SS and the DVA iAT DIrect Deposit process and searched DVA Direct Deposit Enrollment and at first found the DV Direct Deposit Enrollment  FM DVA 24-096 (Enrollment) Continue searching DFAS, CIVIAL SERVAT ETC ALL CAN HAVE IAT TRANSFERS THROUGT, if ONE WANTS.

 

BOTTOM  LINE:  Marshall you conspiracy theory is bunk.    BUT, I'm not going to have my financial hands tied. I'm going to pay a little more and use Swift.   I've already got the Bangkok Bank account and Bank of America has been transferrigng to BB NYC for over 5 years. Just got to get it going by the 1 March as 1 Apr could be how long it takes to validate the move.

 

Tough times ahead:  "Don't Fight it, just enjoy it!"

 

Moon

"Speed is Life, Life is Speed:

[Moon37]

Moon here with an update on several topics. .  WE currently have a  savings account and a debit card only.  Is that correct. See Thai Bangkok Bank web-reference:  1.  As of now Foreigners are prohibited from changing their savings account to a Direct Deposit Account.  When you go to the Bangkok Bank web-site and follow the

 

Services: ( https://ibanking.bangkokbank.com/workspace/09Service/wsp_Services_Menu.aspx)  It's at the bottom under "About this site"

 

And up pops a window titled "Bualuang iBanking -"What is the "New Transfer" function?.  It starts out hopeful.  You can transfer between your saving or current account (I'm assuming outside Thailand) to your saving, current or fixed accounts: (Again assuming in BangkokBank Thailand").  Now with a semi-colon instead of a period it comes down to interpretation. ; to a third party account with Bangkok Bank or to an account held at another bank.  (Good Luck finding a bank other than the Department of Treasury who funds Social Security, DFAS;MyPayk DVA eic as it is assumed that there are no other Banks in the CONUS that with go through the International ACH Transfer (IAT) -  Direct Deposit Account VFR Direct to Bangkok Bank in Thailand.  You can schedule a one-time immediate transfer, or make it future-dated.   

 

OK, sorry for the blow by blow interpretation, but it gets even more confusing. It really only addresses transactions between Thai Banks,  Bangkok Bank and Sinmaathaya Subthawee account (Department of Agriculture) and "having to add a "3rd Party account from another bank.  Can "Jai yen yen"  a bit because this section addresses out-bound transactions.

 

In the third paragraph I do not see any reference to an Financial Institution that does IATs.  It appears, after seeing all their problems with we Ex-Pats, they found a work-around that legally substitutes the IAT, but with a restricted process of having to use a third party in the transaction.  The list of banks provided are mostly Thai Banks.   Common sense would just let me stop the transfer at the third party bank as we still have to SWIFT our funds to them before it gets moved to Bangkok Bank..  I'm thinking that we're all going to have two Thai Bank accounts with Bangkok Bank as the funds retainer.  Somebody's got some pull.

 

Also, I told T that I would transfer directly from Bank of America to my savings bank in Bangkok Bank. It worked, however, the deposits I had made showed up as International Transfes while the direct SWIFT'/IBAN transfer from Bank of America showed up as BAHTNET.

It would be interesting if Immigration would accept BAHTNET as an International transfer world wide 

 

 

 

 

Speed is Life, Life is Speed

[billaaa777]

Quote

I have an account with Bangkok Bank.  I use their Internet Banking to transfer funds within Thailand.  If you are employed you can also transfer funds, i.e. salary to a US account.   If you are retired you do not have that option with Bangkok Bank.

 

Not true. You can transfer up to 800,000 a day if you say it is for "Family Support".

[jlwilliamsjr18]

I'm a US citizen and recently contacted the Manila Social Security Office to get information on new Direct Deposit rules.  I was happy to find out that I can set up D.Deposit with my main Thai Bank (SCB) so that I can use my ATM.  Manila even sent the form. I filled it out, got a van to BKK from Hua Hin, and went to my bank. A nice lady took my paperwork and studied it carefully, ask some questions and said her boss would sign it as the bank official in a few minutes.  Then she got a phone call and the boss told her he was refusing to sign it. I don't know why he refused and even refused to talk to me in person.  The nice lady at the desk was embarrassed and apologized.  It would be nice to have an ATM card, instead of having to go into (25K x 2) my bank every month. 

Any thoughts? 

I do wonder if Bangkok Bang (New York) will now issue ATM cards for S.S account holders. 

 

[marcusarelus]

35 minutes ago, jlwilliamsjr18 said:

I'm a US citizen and recently contacted the Manila Social Security Office to get information on new Direct Deposit rules.  I was happy to find out that I can set up D.Deposit with my main Thai Bank (SCB) so that I can use my ATM.  Manila even sent the form. I filled it out, got a van to BKK from Hua Hin, and went to my bank. A nice lady took my paperwork and studied it carefully, ask some questions and said her boss would sign it as the bank official in a few minutes.  Then she got a phone call and the boss told her he was refusing to sign it. I don't know why he refused and even refused to talk to me in person.  The nice lady at the desk was embarrassed and apologized.  It would be nice to have an ATM card, instead of having to go into (25K x 2) my bank every month. 

Any thoughts? 

I do wonder if Bangkok Bang (New York) will now issue ATM cards for S.S account holders. 

 

Did Manila SS office contact you by email, mail or phone?

[BertM]

1 hour ago, jlwilliamsjr18 said:

I'm a US citizen and recently contacted the Manila Social Security Office to get information on new Direct Deposit rules.

I was happy to find out that I can set up D.Deposit with my main Thai Bank (SCB) so that I can use my ATM.  Manila even sent the form. I filled it out, got a van to BKK from Hua Hin, and went to my bank. A nice lady took my paperwork and studied it carefully, ask some questions and said her boss would sign it as the bank official in a few minutes.  Then she got a phone call and the boss told her he was refusing to sign it. I don't know why he refused and even refused to talk to me in person.  The nice lady at the desk was embarrassed and apologized.  It would be nice to have an ATM card, instead of having to go into (25K x 2) my bank every month. 

Any thoughts? 

I do wonder if Bangkok Bang (New York) will now issue ATM cards for S.S account holders.

I read on this forum that you had to withdraw your SS monies in person. Maybe Ubonjoe can answer your question about why they do not give ATM cards for accounts with SS monies being deposited. I think it has something to do with fraud. Someone on the forum will know the answer...

Edited May 2, 2019 by BertM

[lopburi3]

14 minutes ago, BertM said:

Maybe Ubonjoe can answer your question about why they do not give ATM cards for accounts with SS monies being deposited. I think it has something to do with fraud. Someone on the forum will know the answer...

The bank is responsible to USG for any money disbursed after the death of annulant so Bangkok Bank felt prudent to make it a live process to obtain funds.  US banks do not.  As for notification of death Thai authorities immediately advise concerned Embassy so it would not likely be a serious problem in this country.   

[WeekendRaider]

27 minutes ago, lopburi3 said:

The bank is responsible to USG for any money disbursed after the death of annulant so Bangkok Bank felt prudent to make it a live process to obtain funds.  US banks do not.  As for notification of death Thai authorities immediately advise concerned Embassy so it would not likely be a serious problem in this country.   

they must, I always thought.  that's why the exclusive arrangement as well , just like an import agent. the carrot and stick is that exclusive arrangement, which makes it strange to me that all the other different color motif retail banks will soon have the same privilege.

any other arrangement no matter how clever, until all ATM's biometrics instead of PIN codes, will probably become increasingly problematic, as well as have lousy FX rates when investigated to several decimals.  simple.  800K in a bank account and use BBL direct deposit.  and you can get 100 Baht notes instead of those ridiculous 1000 Baht notes from a machine as well!  another little benefit.  

Edited May 2, 2019 by WeekendRaider

[ubonjoe]

2 hours ago, jlwilliamsjr18 said:

I do wonder if Bangkok Bang (New York) will now issue ATM cards for S.S account holders. 

Bangkok Bank in New York do not issue ATM cards or anything else. The only receive your SS payments and forward them ot Bangkok Bank here to be credited to your account here with the existing system for direct deposits.

It still unknown how Bangkok Bank or any other bank here will handle the new International Direct Deposit (IDD) to accounts. I suspect they will put some restrictions on the account.

I think it is also unknown whether banks are willing to complete and sign the IDD form now. It is still in the wait and see mode.

I have my SS payments direct deposited to Bangkok Bank now and will not be changing to IDD until others report their experience with it.

[jlwilliamsjr18]

3 hours ago, marcusarelus said:

Did Manila SS office contact you by email, mail or phone?

Email.

[rjwill01]

5 hours ago, jlwilliamsjr18 said:

I'm a US citizen and recently contacted the Manila Social Security Office to get information on new Direct Deposit rules.  I was happy to find out that I can set up D.Deposit with my main Thai Bank (SCB) so that I can use my ATM.  Manila even sent the form. I filled it out, got a van to BKK from Hua Hin, and went to my bank. A nice lady took my paperwork and studied it carefully, ask some questions and said her boss would sign it as the bank official in a few minutes.  Then she got a phone call and the boss told her he was refusing to sign it. I don't know why he refused and even refused to talk to me in person.  The nice lady at the desk was embarrassed and apologized.  It would be nice to have an ATM card, instead of having to go into (25K x 2) my bank every month. 

Any thoughts? 

I do wonder if Bangkok Bang (New York) will now issue ATM cards for S.S account holders. 

 

Same thing happened to me at Krungsri Bank. Nobody knows who the officer's are that can sign this form. I argued the point  that this is every Thai banks chance to get into the direct deposit money with the U.S. Social Security and also Veteran's direct deposits. That could mean a lot of money coming into the bank over a years period, that now only comes into Bangkok Bank NY. They didn't care. Just said, nobody can sign and told me to fill info out and send in. I told her I think that would be fraud on my part. Again she didn't care. Oh, the mentality. I did a little background on Krungsri, basically the new name for the Ayudhya Bank, now 77% owned by MUFG Bank in Japan. The M stands for Mitsubishi. MUFG, I find has many strong ties to U.S. Banks and many branches of it's own currently in many States. You would think if you connect all the dots, the Thai named bank Krungsri would be smart enough to capitalize on this new rule. The longer I m here, the more I see 3rd world country. 

[rjwill01]

1 hour ago, jlwilliamsjr18 said:

Email.

I did the same. I contacted SS in Manila by email and asked if it were true that any US bank can now do a direct deposit to any Thail Bank. I received an email response in two days that verified that an agreement has been made and it is now in effect. This is great for immigration and I am sure they had something to do with this along with US Embassy and Government SS and Veterans Departments. All for now if Thai Banks won't verify a very simple form. See my other response to jlwilliamsjr18. 

[ThaiBunny]

6 minutes ago, rjwill01 said:

I did the same. I contacted SS in Manila by email and asked if it were true that any US bank can now do a direct deposit to any Thail Bank. I received an email response in two days that verified that an agreement has been made and it is now in effect. This is great for immigration and I am sure they had something to do with this along with US Embassy and Government SS and Veterans Departments. All for now if Thai Banks won't verify a very simple form. See my other response to jlwilliamsjr18. 

Hasn't that always been the case - any US bank can choose to deposit to any Thai bank? What you seek is presumably that US Social Security can direct deposit to any Thai bank?

[WalkingOrders]

On 2/7/2019 at 11:05 AM, KhunKenAP said:

I have the Direct Deposit Account with Bangkok Bank, for my US SS Check. Works OK, but I can't believe the restrictions they put on it. No ATM, no internet banking. Have to withdraw money only at the counter. I guess they do not appreciate the business and free money they make on exchange rates, e-transfer fee's etc.

 

Can anyone explain this?

 

If we every get an option, with other banks, they will feel the sucking wind as all their US SS customers leave.

Are you still using Bangkok bank? Looking for someone who has found another bank for IDD of US treasury checks....tks

[tango sierra]

Changed to SCB last May, both SS and Military Retired pay, have not had a problem. One account and a MasterCard, to use in ATM.