From the US Embassy website Today April 18th

[marcusarelus]

3 minutes ago, Jingthing said:

I'm not going to dictate what you post and I ask that you don't demand what I post. My basic message is this in this historically perilous time for so many expat retirees in Thailand -- don't trust anything posted online. Nothing. Try to get the information DIRECTLY from the highest level person possible you can talk to in your office. I wouldn't normally suggest this in normal times. What's happened with these multiple changes put us into very abnormal times. Each of us is alone in this when we go in. Be as prepared as you possibly can for your own sake. If you don't you may be the next member here posting saying DENIED and being surprised you were denied. I don't care if this sounds paranoid. These times almost demand that.

Like you said, part of being prepared is knowing what your Immigration office is asking for.  It's only common courtesy when posting information to also post where the information was obtained. 

[Jingthing]

1 minute ago, marcusarelus said:

Like you said, part of being prepared is knowing what your Immigration office is asking for.  It's only common courtesy when posting information to also post where the information was obtained. 

You said that already. 

I already replied.

Please DESIST. 

Edited April 19, 2019 by Jingthing

[edwardflory]

A

19 hours ago, johnycash777 said:

If they're doing it in baht I'd rather stick with my monthly wire transfers.


Sent from my iPhone using Thaivisa Connect

A note about WIRE or SWIFT transfers from USA

 

I have posted this several times on a few places. [[ Some sentences EDITED April 5 to clarify ]]

IF you have a THAI BANK ACCOUNT and a AMERICAN Bank account the easiest way for ""ME"" to transfer money to Thailand is:

 

I go INSIDE the THAI bank where "" I"" have "" My"" THAI bank account, I go to a teller, I give them ""MY"" FOREIGN DEBIT or FOREIGN CREDIT card with instructions to deposit the monies DIRECTLY into ""MY”" BANK ACCOUNT - at my bank they enter the money as XXXXXXTHB in the card machine. ===>>>Take your passport also.<<<===

 

I have found this is the easiest way and most economical way for ""ME"". A few transfers ago, for example: At ""MY"" Thai bank I transfered 21000 THB from my US bank ( to buy a new TV ) to my "households" expense" account.

Note: I use XE Currency converter as my exchange GUIDELINE ONLY!!
XE QUOTE for 21,000THB $668.43USD ... Used as a rate comparison ONLY!!!.

MY COST for 21,000THB transfered, exchanged to THB and deposited ... $670.45USD.
This includes ==>>ALL<<== bank fees and exchange charges. ( done in under 5 minutes )

$2.02USD TOTAL charges. I have never had total charges exceed $5.00USD over the XE Exchange rate.

 

One minute later, went outside the bank and withdrew 17,500THB at the ATM. Now I am watching my new TV, and also used it as a Android box 55 inch monitor when I wrote this.

 

Note: I have a Senior Citizen checking account in the US, this ==> MIGHT <== be a factor. ( I don't get charged for anything except NSF checks )
Note: YOUR foreign bank might have a LIMIT on money transfers.

Note: SOME THAI BANKS might require you to do this at Customer Assistance, COULD be extra charges!!

 

DO A ....{{{{ TEST TRANSFER }}}}.... of 10,000THB ( suggested because it is a even number ) to compare ""YOUR"" charges at XE.  Remember, YOUR US / THAI bank MIGHT charge differently!!!!

OTHER countries give it a try.

[flbkk]

It does come down to the issue of needing to withdraw in person. I had my interview with SSA Manila recently, just starting to collect, she said only Bangkok bank, only if you go each month to sign fur the money, to make sure your girlfriend didn’t take it and that you didn’t die. That’s USA regulation not thai bank. If so I’ll keep with USA bank and pay for transfer. I use TransferWise, it’s cheaper than wire but not insubstantial. If it’s direct normal I’ll sign up.

[tlandtday]

They seriously need to make some changes at the us embassy.  I am talking from the top down.

[Mansell]

Went to transfer 6000 dollars US from my California bank and the charge with their horrible exchange rate was 6,500 baht, so I cancelled the transfer. I mentioned on here before that they won't transfer from a US bank in US dollars unless you have a US dollar account here. I checked with BKK bank and that is accurate.

[JDGRUEN]

There is something about the way the flow of accurate information and the rate of change relative to ACH IAT that has plodded along then I read this bulletin about IDD implementation that makes me think it will plod along too in regards to full implementation by Thai banks and to become fully working all round - from end to end.  Stretched out implementation of these changes could be a real problem to those 'Retired' Expats who need to start yesterday to set up a documentation system that will prove 65K Monthly Deposits in the coming year. (assuming their local Imm. Office will even allow it).  I have a friend who was not allowed to use the Monthly Income Method in the Krabi Imm. Office only last week.  But for those that will be allowed to use the 65K Monthly Income Method these changes (for some they have become disruptions) can cause loss of critical months of not being able to document 65K as being received and documented as International Transfers. I am glad that back in January with some help from a TVF member here, I devised a system to have my monthly S.S. Benefits Direct Deposited using the TransferWise Borderless Account.  If you haven't read my synopsis of this method then go to this Forum link...

 

 

 

[Pib]

1 hour ago, Mansell said:

Went to transfer 6000 dollars US from my California bank and the charge with their horrible exchange rate was 6,500 baht, so I cancelled the transfer. I mentioned on here before that they won't transfer from a US bank in US dollars unless you have a US dollar account here. I checked with BKK bank and that is accurate.

People (like me) transfer US dollars from their US banks to their Thai bank "Thai baht" accounts all the time....it's the norm.   

 

All the US govt payments each month like SSA, mil retirement, VA, etc., arrive in US dollars via ACH and the receiving banks convert to baht and deposit into Thai baht accounts....it's the norm.  Now with IDD the transfers will arrive in baht.

 

And never let your US bank do the exchange for you which is what you imply....their rate will probably be at least 3% lower than the Thai bank TT Buying Rate used for international transfers.   US banks "love" it when you allow them to accomplish the exchange....a bigger profit for them....but less baht for you...and the more fee-evil banks may even tell you that's the only way they will do a transfer.

[Fore Man]

Another question...can the SSA IDD be sent to a joint account in Thailand and/or one that is tied to an ATM card?  

 

The requirement to to physically visit the bank each month is a serious potential issue.  What happens if the recipient is ill, incapacitated or simply away on a trip elsewhere in Thailand or to an international destination?  With no immediate in-person visit to the bank, will the funds simply remain on deposit and a record made of their receipt on the holder’s account until he or she is able to physically come in?

[marcusarelus]

11 minutes ago, Fore Man said:

Another question...can the SSA IDD be sent to a joint account in Thailand and/or one that is tied to an ATM card?  

 

The requirement to to physically visit the bank each month is a serious potential issue.  What happens if the recipient is ill, incapacitated or simply away on a trip elsewhere in Thailand or to an international destination?  With no immediate in-person visit to the bank, will the funds simply remain on deposit and a record made of their receipt on the holder’s account until he or she is able to physically come in?

I have had 500,000 add up before I withdrew it with no problem.  If you are sick call the USA embassy and they will help you. 

[ubonjoe]

13 minutes ago, Fore Man said:

Another question...can the SSA IDD be sent to a joint account in Thailand and/or one that is tied to an ATM card?  

 

That is unknown at this time. But the form for direct deposits to Thai banks mentions joint accounts.

[Rick1812]

On 4/18/2019 at 5:03 PM, Pib said:

Well, I've just emailed the Manila SS Office asking if the IDD for Thailand has finally went operational.  In an early reply from the Manila SS Office where I asked the same question it was a "No, still in the testing phase."

 

And like others have already mentioned no details in the announcement about if all or some Thai banks are participating, what if any restrictions/special rules might apply, etc. 

 

And good ol' DFAS for military retirement is still not allowing IDD for Thailand.....each govt agency makes it own determination. 

 

Also, I'm  pretty sure DFAS uses the Federal Reserve Bank of New York for its payments where SSA, VA, and OPM use the Federal Reserve Bank of Kansas City.....this may be a factor in DFAS not adding Thailand to it's IDD list.

 

 

Not true.  Me and couple of friends get military retired pay direct deposited into special Bangkok bank account.  No ATM card.  Show up with passport, bank book, and get money. Usually before 3rd of month. 

[Pib]

15 minutes ago, Rick1812 said:

Not true.  Me and couple of friends get military retired pay direct deposited into special Bangkok bank account.  No ATM card.  Show up with passport, bank book, and get money. Usually before 3rd of month. 

Sure you and your friends do....that is, receive your mil retirement payment from DFAS to your Bangkok Bank special Direct Deposit account (I use to do that also for a short while years back), but it's "not" via IDD; it's via ACH "domestic" transfer or possibly ACH IAT.   IDD and ACH are two completely different programs/payment systems. 

 

I say possibly via ACH "IAT" because I don't remember seeing anyone receiving mil retirement pay say they have contacted Bangkok Bank to ask if their payment is arriving in ACH "IAT" or domestic format.  The ACH IAT format is the format Bangkok Bank will require in the near future; ACH domestic format will be rejected back to sender.   

 

Thailand is "not" on the DFAS IDD list of countries....that's why the US Embassy-Bangkok announcement did not include DFAS/military retirement pay.

 

DFAS IDD List of Countries.

https://www.dfas.mil/retiredmilitary/manage/idd.html

Edited April 19, 2019 by Pib

[TallGuyJohninBKK]

Hopefully, one of you guys here will eventually be able to get a hold of the SS staff in Manilla (once they're back from their national holidays), or one of the other federal agencies, and see what they're saying about WHAT, if any, Thai banks other than potentially BKKB are active RIGHT NOW for IDD....

 

That would be an interesting tidbit to hear....  something the U.S. Embassy announcement was totally lacking in any detail about.

Edited April 19, 2019 by TallGuyJohninBKK

[lopburi3]

5 hours ago, Pib said:

Now with IDD the transfers will arrive in baht.

Are we sure of that?  All I noted is funds will be paid into a baht account - not that the actual transfer will be in baht.

 

[Pib]

29 minutes ago, lopburi3 said:

Are we sure of that?  All I noted is funds will be paid into a baht account - not that the actual transfer will be in baht.

 

 

https://secure.ssa.gov/poms.nsf/lnx/0202402201

Quote

 

Background And Advantages Of International Direct Deposit (IDD) As A Service Joint Effort

International Direct Deposit (IDD) service is a joint effort between our agency and its fiscal agent, the Federal Reserve Bank of Kansas City (FRBKC). The process also involves the assistance of a processor financial institution (FI). This may be either the central FI of that country (e.g., the Bank of England) or a large commercial FI. Treasury deposits payments in the beneficiary's account at an FI in that country. IDD for foreign beneficiaries:

• •

  significantly reduces the Government's administrative expenses;

• •

  is more reliable than checks and allows beneficiaries to receive payments on time; and

• •

  saves the average beneficiary $7 - $30 per month in check cashing and currency conversion fees because Treasury usually makes payments in local currencies and deposits them directly in the beneficiary's account. In a few countries where the U.S. dollar is the usual currency or in general use, IDD is available for accounts in U.S. Dollars. For Canada, we offer a choice of Canadian dollars or U.S. dollars.

 

 

From the IDD for Thailand signup form

https://www.ssa.gov/forms/SSA-1199-OP107.pdf

•  

   

  The DFAS IDD webpage for military retirement sums it up good for payment via IDD....says your payment is converted to the local currency using a wholesale rate and then deposited in your account.  The exchange happens several days before actual depositing to your account.  Much different than using ACH where the funds are exchanged on the date posting to your account using your local bank's TT Buying Rate....a rate that varies from bank to bank.

  https://www.dfas.mil/retiredmilitary/manage/idd.html

  

Edited April 19, 2019 by Pib

[Sheryl]

For what very little (if anything) it is worth I too have sent off an email to Manila.

[Pib]

It may turn out the US Embassy-Bangkok announcement is just saying that the "US Treasury" is ready to begin IDD to Thailand but SSA, VA, and OPM are not quite ready yet.   Takes two to tango as SSA/VA/OPM are the ones who accomplish IDD signup, provide beneficiary payment instructions to the US Treasury (actually the Federal Reserve Bank of Kansas City).  And it may end up taking three to tango if Thai banks are not ready/aware.

 

 

 

[gamb00ler]

11 hours ago, Mansell said:

Went to transfer 6000 dollars US from my California bank and the charge with their horrible exchange rate was 6,500 baht, so I cancelled the transfer. I mentioned on here before that they won't transfer from a US bank in US dollars unless you have a US dollar account here. I checked with BKK bank and that is accurate.

Your post should contain a lot more details for it to be of assistance to others.

"Went to transfer" - where did you go to initiate the transfer?

charge was 6,500 Baht - how did you determine exactly what the charge would be?

"they won't transfer" - who is "they"?

"checked with BKK" - what was the exact question and who did you ask at Bangkok Bank?

 

My experience is pretty much the opposite of yours.  I have a transfer order pre-prepared and on file at Schwab.  I call them and request they transfer $xxxx.00 US dollars to my wife's Kasikorn account.  After passing their identity verification the transfer is processed very quickly.  It takes about 36 hours before the appropriate sum in Baht are available in Thailand.  My Schwab account shows exactly the requested amount being withdrawn for the transfer.  My wife receives the amount converted using the TT rate with the normal .25% fee being deducted.

[thailand49]

I got the message from the US Embassy, the message is a bit unclear to me at least.

Would it be correct if you currently have your Social Security sent to the New York Bangkok Bank and it is being ACH to your Bangkok Bank in Thailand and have a Thai address you need do nothing?  Does that mean ACH will now be converted to IDD for you?

[albertik]

18 minutes ago, thailand49 said:

I got the message from the US Embassy, the message is a bit unclear to me at least.

Would it be correct if you currently have your Social Security sent to the New York Bangkok Bank and it is being ACH to your Bangkok Bank in Thailand and have a Thai address you need do nothing?  Does that mean ACH will now be converted to IDD for you?

Yeah, I was wondering as well. I think you need to initiate a new Direct Deposit and forward it via your local bank to Manila, but that is still up for debate.

[ubonjoe]

20 minutes ago, thailand49 said:

I got the message from the US Embassy, the message is a bit unclear to me at least.

Would it be correct if you currently have your Social Security sent to the New York Bangkok Bank and it is being ACH to your Bangkok Bank in Thailand and have a Thai address you need do nothing?  Does that mean ACH will now be converted to IDD for you?

If you have it set up as a ACH transfer it will remain the same. You would have to file a new direct deposit sign-up form for it to be changed.

[Pib]

1 hour ago, thailand49 said:

I got the message from the US Embassy, the message is a bit unclear to me at least.

Would it be correct if you currently have your Social Security sent to the New York Bangkok Bank and it is being ACH to your Bangkok Bank in Thailand and have a Thai address you need do nothing?  Does that mean ACH will now be converted to IDD for you?

You must sign up for IDD separately; no automatic conversion from ACH to IDD.

 

And remember, if you have not confirmed with Bangkok Bank yet as to if your payment is being sent in ACH "IAT" format then you should.  If it not in ACH "IAT" format you are in danger of Bangkok Bank rejecting the payment once they implement their "rejection of ACH payments not in IAT format" rule that they have temporarily extended from 1 Apr 19.   .

[KhunFred]

Does this mean that ANY bank in THailand can receive Social Security payments, rather than only Bangkok Bank? Heretofore ONLY BB could receive SS payments and those could not be linked to any account with a debit card. I had heard that this was going to change, but had little information.

[ubonjoe]

4 minutes ago, KhunFred said:

Does this mean that ANY bank in THailand can receive Social Security payments, rather than only Bangkok Bank? Heretofore ONLY BB could receive SS payments and those could not be linked to any account with a debit card. I had heard that this was going to change, but had little information.

It should be possible at all banks. But a few banks do not receive SWIFT transfers directly which means they would go through an intermediary bank.

As stated earlier in this topic it has not been fully implemented yet for social security payments. Manila still states it is still in the testing phase.

[mosan]

22 hours ago, edwardflory said:

A

A note about WIRE or SWIFT transfers from USA

 

I have posted this several times on a few places. [[ Some sentences EDITED April 5 to clarify ]]

IF you have a THAI BANK ACCOUNT and a AMERICAN Bank account the easiest way for ""ME"" to transfer money to Thailand is:

 

I go INSIDE the THAI bank where "" I"" have "" My"" THAI bank account, I go to a teller, I give them ""MY"" FOREIGN DEBIT or FOREIGN CREDIT card with instructions to deposit the monies DIRECTLY into ""MY”" BANK ACCOUNT - at my bank they enter the money as XXXXXXTHB in the card machine. ===>>>Take your passport also.<<<===

 

I have found this is the easiest way and most economical way for ""ME"". A few transfers ago, for example: At ""MY"" Thai bank I transfered 21000 THB from my US bank ( to buy a new TV ) to my "households" expense" account.

Note: I use XE Currency converter as my exchange GUIDELINE ONLY!!
XE QUOTE for 21,000THB $668.43USD ... Used as a rate comparison ONLY!!!.

MY COST for 21,000THB transfered, exchanged to THB and deposited ... $670.45USD.
This includes ==>>ALL<<== bank fees and exchange charges. ( done in under 5 minutes )

$2.02USD TOTAL charges. I have never had total charges exceed $5.00USD over the XE Exchange rate.

 

One minute later, went outside the bank and withdrew 17,500THB at the ATM. Now I am watching my new TV, and also used it as a Android box 55 inch monitor when I wrote this.

 

Note: I have a Senior Citizen checking account in the US, this ==> MIGHT <== be a factor. ( I don't get charged for anything except NSF checks )
Note: YOUR foreign bank might have a LIMIT on money transfers.

Note: SOME THAI BANKS might require you to do this at Customer Assistance, COULD be extra charges!!

 

DO A ....{{{{ TEST TRANSFER }}}}.... of 10,000THB ( suggested because it is a even number ) to compare ""YOUR"" charges at XE.  Remember, YOUR US / THAI bank MIGHT charge differently!!!!

OTHER countries give it a try.

I know you had good intentions, but made it extremely difficult to read with all the brackets, arrows, etc.   Just do a test transfer using the exact same amount of money, say 10,000 Baht, using different methods, would have sufficed.

 

Cheers

[streetlite]

3 hours ago, Pib said:

You must sign up for IDD separately; no automatic conversion from ACH to IDD.

 

And remember, if you have not confirmed with Bangkok Bank yet as to if your payment is being sent in ACH "IAT" format then you should.  If it not in ACH "IAT" format you are in danger of Bangkok Bank rejecting the payment once they implement their "rejection of ACH payments not in IAT format" rule that they have temporarily extended from 1 Apr 19.   .

how do confirm the format with BKK?

 

[ubonjoe]

6 minutes ago, streetlite said:

how do confirm the format with BKK?

 

An easy way is to send an email to the New York branch and ask them to confirm your transfers are in IAT format. Include your name, account number, the date of your most recent transfer and the amount. Email to: [email protected]

[streetlite]

6 minutes ago, ubonjoe said:

An easy way is to send an email to the New York branch and ask them to confirm your transfers are in IAT format. Include your name, account number, the date of your most recent transfer and the amount. Email to: [email protected]

Thank you Joe

[mosan]

23 hours ago, Mansell said:

Went to transfer 6000 dollars US from my California bank and the charge with their horrible exchange rate was 6,500 baht, so I cancelled the transfer. I mentioned on here before that they won't transfer from a US bank in US dollars unless you have a US dollar account here. I checked with BKK bank and that is accurate.

You only need send US dollars to a "FOREIGN CURRENCY ACCOUNT" here if you want to "accumulate" dollars in Thailand "before" you exchange it into Baht--in order to take advantage of moving exchange rates. 

 

Most people send dollars directly to a Thai bank who exchange said dollars into Baht.

 

or 

 

If one is using the current Social Security setup, a Foreign Currency Account is required for such transactions. 

 

If your US bank told you they can't send US dollars to a regular Thai savings or current account, then they're grossly misinformed, or wanted to make money off you by charging currency conversion fees.

 

What Bangkok Bank told you was correct but I think you misunderstood the context of what they were telling you.