Usa Social Security

[lanny]

AFAIK Bangkok Bank is the only bank in Thailand that can receive direct deposits of Social Security benefits. I think that is because their New York office is a branch, not an affiliate.

Anyway, you have to open a special account but you choose the branch. Then, you go to the main office on Silom and arrange for the direct deposit. I opened my account at the main office and gave them the SS form for direct deposit all in one, rather extended, visit. Took a couple of hours but I never had to go to the Embassy.

It is important that you choose the branch carefully. The special account is very restricted -- no ATM card -- and you have to go to the branch that you have the account at to draw money. Go to the branch, with your passbook and your passport and withdraw everything. If you don't want to carry all the cash, put it in another account. The problem is that you, and only you, must do this in person, at the selected branch. You can't send someone and you can't go to another branch.

[Heng]

My folks both receive benefits by direct deposit to Compass Bank (Texas) and withdraw (or not) via atm to Thailand. I think Compass is in other states too and their atm withdrawals are free worldwide.

PeaceB, how often do those SSA surveys come out? I don't recall seeing my folks doing any surveys. Wouldn't want them to miss out on their benefits.

Heng, I don't know how often those surveys/questionnaires come out, because I never received mine. As ProThaiExpat says, they send at least a followup letter if they get no reply from the first, and I never got either. Perhaps one of the nice ladies at the Consular Services section at the embassy or consulate can send form 71-62 by email, and your folks can send it to PO Box 7162, Wilkesbarre PA 18767-7162.

PM me if you want more info.

Thanks for the info, PB. Will inquire when I go in next month to register Heng Jr's birth.

[klikster]

Thanks Kikster for reminding me of another of the reasons I abandoned the direct deposit method, the restricted deposit account.

No internet transfer, no atm etc. So how do you make such an arrangement convenient?

Do you go to your branch often, take money out in cash? Do you take your entire deposit out in cash and put it in another account?

For me it isn't convenient, but it was the lesser of evils. I have no US account. I go to the branch and withdraw the funds from DD account and deposit into my ATM/CC account.

Something totally bizarre, the woman at BKK Bank originally told me that I couldn't open a DD account in BKK, but had to open one near my home because I have to "withdraw my money every month". I asked somewhat sarcastically, "What happens if I don't withdraw it every month, does the bank keep it?" She looked perplexed, uncomfortable and remained oddly silent.

I shudder at the though of the administrative gyrations when I eventually move .. and have to do the whole thing all over again.

I still don't know if BKK Bank will do a normal deposit on a SS check without the DD account. That would be interesting to know.

My best friend's mother used to work at and retired from the US Embassy. They had the same problems with her retirement checks.

All that being said, the Embassy will forward (snail mail) your check.

[ProThaiExpat]

kirkster: I was told by BKK manager all that you were told about the special account for deposit of social security checks. I assumed at the time that requiring you to show up to get the money insured the bank that they were not allowing others to get your money, especially after you died. Perhaps they agreed to the restrictions to satisfy the SS from days when Thailand was a "wilder west"

You might explore Charles Schwab International Division in San Francisco that can get direct deposits from SS and will wire once a quarter free to a savings account in Thailand. Minimum deposit is 25k but they do have an excellent CD service that is paying 5.25 % at present.

They have many telephone numbers and prefer to deal with you over the phone. Just a thought.

[klikster]

kirkster: I was told by BKK manager all that you were told about the special account for deposit of social security checks. I assumed at the time that requiring you to show up to get the money insured the bank that they were not allowing others to get your money, especially after you died. Perhaps they agreed to the restrictions to satisfy the SS from days when Thailand was a "wilder west"

You might explore Charles Schwab International Division in San Francisco that can get direct deposits from SS and will wire once a quarter free to a savings account in Thailand. Minimum deposit is 25k but they do have an excellent CD service that is paying 5.25 % at present.

They have many telephone numbers and prefer to deal with you over the phone. Just a thought.

That's an interesting idea. I suppose they would accept a wire transfer from ETrade. Thanks for the heads up, PTE.