Need Your Opinion

[Jeffrey346]

My SSA address is my Thai address so that is no issue. What I don't want is to go to the bank every month to access the funds.

It is my understanding that BKK Bank is the only bank that has that requirement.

Using SCB should not be an issue.

 

Thanks everyone for your input..

[Pib]

13 minutes ago, Jeffrey346 said:

My SSA address is my Thai address so that is no issue. What I don't want is to go to the bank every month to access the funds.

It is my understanding that BKK Bank is the only bank that has that requirement.

Using SCB should not be an issue.

 

Thanks everyone for your input..

Up until SSA mid 2019 when a person was able to switch from ACH to IDD if desired, Bangkok Bank was the only Thai bank able to receive US govt payments like SSA because SSA could only do SSA "ACH" payments.  No other Thai bank can receive payment via ACH.

 

So, yes, if receiving your SSA payment via ACH (that is using the Bangkok Bank NY branch routing number) then Bangkok Bank had the restrictions you mention because they were the only bank able to receive the US govt payments via ACH.

 

But if a person signs up for IDD which does "not" use ACH but uses SWIFT (Bangkok Bank NY branch completely out of the picture) then a person can have their payment sent to any Thai bank...to a regular, unrestricted Thai baht saving acct.  Even have the IDD payment go to a regular Bangkok Bank saving acct with no restrictions.

 

Whether your are signed up for payment via ACH or IDD makes all the differences...two different animals...two different transfer systems....different rules for each.

 

 

 

 

 

 

[Jeffrey346]

3 minutes ago, Pib said:

Up until SSA mid 2019 when a person was able to switch from ACH to IDD if desired, Bangkok Bank was the only Thai bank able to receive US govt payments like SSA because SSA could only do SSA "ACH" payments.  No other Thai bank can receive payment via ACH.

 

So, yes, if receiving your SSA payment via ACH (that is using the Bangkok Bank NY branch routing number) then Bangkok Bank had the restrictions you mention because they were the only bank able to receive the US govt payments via ACH.

 

But if a person signs up for IDD which does "not" use ACH but uses SWIFT (Bangkok Bank NY branch completely out of the picture) then a person can have their payment sent to any Thai bank...to a regular, unrestricted Thai baht saving acct.  Even have the IDD payment go to a regular Bangkok Bank saving acct with no restrictions.

 

Whether your are signed up for payment via ACH or IDD makes all the differences...two different animals...two different transfer systems....different rules for each.

 

 

 

 

 

 

 Years ago BKK Bank told me that SSA DD had to be accessed in person.

The said the reason is due to the wife or GF of recipients who had passed was still using their ATM card to access the money.

If I use IDD and my BKK account I should have no issue using my debit card.

Is IDD currently available in Thailand?

[Suradit69]

6 hours ago, saengd said:

This is not about my definition of what constitutes earned income it's the Thai Revenue definition, their definition of "earned income" translates into the words "received income". 

 

https://msnagroup.com/tax-on-monthly-pension-in-thailand/

And yet you made a point of saying the  year they are earned, not the year they are received.

 

12 hours ago, saengd said:

Technically speaking, any funds that are remitted to Thailand in the year they are earned are subject to Thai income tax, for that reason alone I wouldn't consider a direct deposit system.

 

[saengd]

18 minutes ago, Suradit69 said:

And yet you made a point of saying the  year they are earned, not the year they are received.

 

 

"funds that are remitted to Thailand in the year they are earned"

 

The word remitted means effectively the same thing as received, given the dynamic nature of funds transfers these days. I wasn't trying to be mischievous or to mislead, it's just the way I happened to write the sentence.

[Morty T]

The downside with an US SSA direct deposit is time for changes. If you find yourself in a position where you cannot stay or wish to move; it takes up to 6 months to discontinue the direct deposit and redirect to a new bank. Best to keep your assets safe, and remember there is so FDIC in Thailand. 

[oobar]

3 hours ago, Shouldhaveknownbetter said:

I opened up a Bangkok bank account, gave SSA Bangkok bank NY routing and account number, SSA deposits the money in my Bangkok bank account. Been doing it for 5 years, never a problem.

Ditto for my wife and me, both Americans.  We did exactly the same with BKKBank (two separate accounts) and have had zero problems for six years now.  SS money arrives by the third day of the month, without fail.  Cannot imagine why anyone would pay the high fees for other types of international transfers.  If we need to access SS money more readily, we move it to our joint account, for which we have an ATM card.

[oobar]

54 minutes ago, Suradit69 said:

  13 hours ago, saengd said:

Technically speaking, any funds that are remitted to Thailand in the year they are earned are subject to Thai income tax, for that reason alone I wouldn't consider a direct deposit system.

Does anyone actually know someone who has had to pay any tax to Thailand for monthly SS income that arrives by direct deposit?  I don't.  It seems to be pretty much of a silly concern.

[saengd]

5 hours ago, oobar said:

Does anyone actually know someone who has had to pay any tax to Thailand for monthly SS income that arrives by direct deposit?  I don't.  It seems to be pretty much of a silly concern.

Thailand has a nasty habit of suddenly enforcing laws that have been on the books for years hence I think people ought to be aware of this one so they can make informed decisions.....just because a law is not enforced today doesn't mean it wont be enforced tomorrow.

[Jeffrey346]

9 hours ago, oobar said:

Does anyone actually know someone who has had to pay any tax to Thailand for monthly SS income that arrives by direct deposit?  I don't.  It seems to be pretty much of a silly concern.

My wife works for the Revenue Dept. Since she is fluent English, she handles foreigners that come to her office.

The rule is:

If you file taxes in your home country, you are NOT subject to file taxes in Thailand.  

[saengd]

20 minutes ago, Jeffrey346 said:

My wife works for the Revenue Dept. Since she is fluent English, she handles foreigners that come to her office.

The rule is:

If you file taxes in your home country, you are NOT subject to file taxes in Thailand.  

If you don't file a Thai tax return, how do you reclaim tax paid on say savings account interest, paid in Thailand? And how do you account to the Thai Revenue on rental income arising in Thailand?

Edited January 5, 2020 by saengd

[Jeffrey346]

2 minutes ago, saengd said:

How do you reclaim tax paid on say savings account interest, paid in Thailand?

My wife handles it, but I believe it gets deposited in a bank account.

[saengd]

Just now, Jeffrey346 said:

My wife handles it, but I believe it gets deposited in a bank account.

Sorry, I edited my post just as you replied.

 

There are plenty of circumstances that I can imagine where a person has to file a Thai tax return, I mentioned just two, the blanket rule of filing a tax return overseas can't really be viable.

[Jeffrey346]

Just now, saengd said:

Sorry, I edited my post just as you replied.

 

There are plenty of circumstances that I can imagine where a person has to file a Thai tax return, I mentioned just two, the blanket rule of filing a tax return overseas can't really be viable.

This is not about filing a Thai tax return. The question was:  are you subject to Thai tax on SSA DD. The answer is NO if you file a return in your home country.

If you earn monies here in Thailand you will have to declare it.

[ThaiBunny]

3 minutes ago, saengd said:

There are plenty of circumstances that I can imagine where a person has to file a Thai tax return, I mentioned just two, the blanket rule of filing a tax return overseas can't really be viable.

I took the post to mean that if your income was solely from overseas and you already lodge a tax return overseas then the Thais aren't interested in you lodging a Thai tax return

[Jeffrey346]

2 minutes ago, ThaiBunny said:

I took the post to mean that if your income was solely from overseas and you already lodge a tax return overseas then the Thais aren't interested in you lodging a Thai tax return

You actually have a choice.  You can file here or your home country. Example:

My friend is German. He files his taxes here in Thailand on all his income as Thai tax is lower than the German tax he would have to pay.

[Pib]

11 hours ago, Jeffrey346 said:

 Years ago BKK Bank told me that SSA DD had to be accessed in person.

The said the reason is due to the wife or GF of recipients who had passed was still using their ATM card to access the money.

If I use IDD and my BKK account I should have no issue using my debit card.

Is IDD currently available in Thailand?

All of that is true about SSA DD "if ACH was used"...that is, using the Bangkok Bank NY branch routing number.  But if using IDD none of that applies.  Two different animals...two different systems....two different set of rules/regulations as mentioned earlier.

 

As mentioned in my posts above and related ThaiVisa threads on IDD has been available for Thailand since mid 2019.  Actually SSA added Thailand to their approved IDD List in Nov 2018, began a pilot program with about 10 people to test the IDD for Thailand setup, and in mid 2019 fully opened IDD for Thailand.  As mentioned I have a household member enrolled in IDD since mid 2019....works great....payments are paid into a regular Bangkok Bank acct with zero restrictions...none of the restrictions like with their direct deposit acct for US govt payment made via ACH.

 

SSA over the last year or so has added a lot of countries to their IDD list....Thailand being just one of them.

[Jeffrey346]

1 minute ago, Pib said:

All of that is true about SSA DD "if ACH was used"...that is, using the Bangkok Bank NY branch routing number.  But if using IDD none of that applies.  Two different animals...two different systems....two different set of rules/regulations as mentioned earlier.

 

As mentioned in my posts above and related ThaiVisa threads on IDD has been available for Thailand since mid 2019.  Actually SSA added Thailand to their approved IDD List in Nov 2018, began a pilot program with about 10 people to test the IDD for Thailand setup, and in mid 2019 fully opened IDD for Thailand.  As mentioned I have a household member enrolled in IDD since mid 2019....works great....payments are paid into a regular Bangkok Bank acct with zero restrictions...none of the restrictions like with their direct deposit acct for US govt payment made via ACH.

 

SSA over the last year or so has added a lot of countries to their IDD list....Thailand being just one of them.

Thanks very much.. Good info.

[Jeffrey346]

6 minutes ago, Pib said:

All of that is true about SSA DD "if ACH was used"...that is, using the Bangkok Bank NY branch routing number.  But if using IDD none of that applies.  Two different animals...two different systems....two different set of rules/regulations as mentioned earlier.

 

As mentioned in my posts above and related ThaiVisa threads on IDD has been available for Thailand since mid 2019.  Actually SSA added Thailand to their approved IDD List in Nov 2018, began a pilot program with about 10 people to test the IDD for Thailand setup, and in mid 2019 fully opened IDD for Thailand.  As mentioned I have a household member enrolled in IDD since mid 2019....works great....payments are paid into a regular Bangkok Bank acct with zero restrictions...none of the restrictions like with their direct deposit acct for US govt payment made via ACH.

 

SSA over the last year or so has added a lot of countries to their IDD list....Thailand being just one of them.

Pib, can I call SSA or do I need to go through Manila to set up IDD?

[Pib]

1 hour ago, Jeffrey346 said:

Pib, can I call SSA or do I need to go through Manila to set up IDD?

Although SSA can technically accept direct deposit information via phone call, fax, email, letter, or direct deposit form, it's purely up to each office which method they will accept depending on the individual/situation.  For ACH DD signup they will usually accept the info via phone call....remember, ACH would be if using the Bangkok Bank NY routing number or some other US bank routing number.  But IDD does not use ACH; it uses the SWIFT funds transfer system.

 

The surest way (and what I recommend) is to provide a completed DD deposit which would be the IDD Direct for Thailand form below.  Complete the form and then mail....or scan & email to Manila.

 

Now, you may go to your Thai bank, especially if not a Bangkok Bank branch, and say I want this SAA-1199-OP107 for Thailand direct deposit form completed and they would give you a blank stare or a no-can-do response.  Remember, up until IDD for Thailand started last year Bangkok Bank was the only Thai bank for decades that could receive US govt payments like SSA, VA, etc.. via their NY branch routing number.  No other Thai banks like SCB, K-bank, Krungsri, etc., could receive US govt payments.

 

Heck, even if going to your Bangkok Bank branch where you had your US govt payment going to for many years to your restricted direct deposit acct and who may even had completed an ACH DD deposit form for you many years may give you a blank stare or no-can-do response when asking to to complete the IDD DD form for Thailand...but they'll say they can complete the regular ACH DD form (two completely different forms as one is for ACH and the other is for IDD).   Some Bangkok Bank branches may simply not know about IDD nor have the IDD form below loaded in their system.   

 

Now for my family member's IDD form, her Bangkok Bank bank branch which is the main branch in the HQ Bangkok Bank building on Silom Rd in Bangkok had no problem signing the form as they are aware of the form.  

 

Another note about Bangkok Bank branches is they may still try to steer you towards using the ACH DD form because then the funds still get routed thru their NY branch, the NY branch gets to collect a fee, and Bangkok Bank also receives a higher receiving fee than in comparison to IDD.  For IDD their NY branch is taken completely out of the picture and the receiving branch only receives the smaller Bahtnet fee.   So, if a Bangkok Bank branch plays dumb regarding the IDD form it could be because they are actually very aware of the form but know they lose fee money when a person switches from ACH to IDD payment method.

 

One thing about Thai banks, be it Bangkok Bank, SCB, etc., when it comes to asking them complete and "sign" a form they don't have loaded in their system, they may not complete it for you....nor sign it either.   

 

So, let's say "you" complete the form....even most of Section 3 of the IDD form which is for your bank to complete. By most of Section 3 I mean everything except the two blocks titled Print Name of Bank Official and Signature of Bank Official.  Completing the entire form yourself with the exception of those two blocks and sending it to SSA (like Manila) is fine.  Just include a signed note with the from that your Thai bank will not sign the form as they will only sign forms their system can produce. 

 

Really the whole purpose of the bank's section on a direct deposit form is the help reduce errors....where the customer is really clueless/unsure about routing numbers, SWIFT codes, and maybe his own account number. 

 

Others on ThaiVisa have already posted about their Thai bank giving them blank stares, no-can-do response to the IDD form, but the ThaiVisa members just completed all of the form minus the bank official's name and signature, included a separate memo saying the bank wouldn't/can't sign the form, and provided that to your SSA office...a few months later their payment started arriving via IDD.

 

When completing the form be durn sure to get the bank's SWIFT code and your account number correct (and of course other parts of the form) as that's what the SSA will enter for your payment and if you gave the wrong code or number, well, your payment goes into never-never land or into someone else's acct.  Same would be applicable if filling out a ACH DD deposit form.   If you don't get anything else right on the form get the SWIFT code and your account number correct.

 

And if you just use the same restricted Bangkok Bank direct deposit acct you have now on the IDD form, well, your SSA payment will switch from the ACH system to the IDD system, but since the payment is still flowing into a restricted acct you still have all the same restrictions. So, if sending to a Bangkok Bank acct be sure to provide a regular Thai baht savings acct number. 

 

Or, do what we did for my family member, have the Bangkok Bank restricted direct deposit acct switched to a regular acct.  Bangkok Bank does that by removing the "O restriction" they have coded against the acct....that O restriction is an internal Bangkok Bank coding thing which desginates the acct as a restricted DD acct..  Takes them about 15 minutes to do along with your signing a few pieces of paperwork....but usually better than opening a new acct where your branch may want to play the game of treating your like a brand new customer and want this-and-that extra paperwork from your to open a new acct.  Thai banks can be pain sometimes in an opening new acct even for a long time customer.

 

See below SSA weblinks for the IDD for Thailand policy and DD signup form.

SSA Policy Manual/Regulation for IDD for Thailand.  Provides policy and instructions to SSA offices.

https://secure.ssa.gov/poms.nsf/lnx/0202402419

 

IDD Direct Deposit for Thailand Form....SSA-1199-OP107

https://www.ssa.gov/forms/ssa-1199-op107.pdf

Edited January 5, 2020 by Pib

[Jeffrey346]

51 minutes ago, Pib said:

Although SSA can technically accept direct deposit information via phone call, fax, email, letter, or direct deposit form, it's purely up to each office which method they will accept depending on the individual/situation.  For ACH DD signup they will usually accept the info via phone call....remember, ACH would be if using the Bangkok Bank NY routing number or some other US bank routing number.  But IDD does not use ACH; it uses the SWIFT funds transfer system.

 

The surest way (and what I recommend) is to provide a completed DD deposit which would be the IDD Direct for Thailand form below.  Complete the form and then mail....or scan & email to Manila.

 

Now, you may go to your Thai bank, especially if not a Bangkok Bank branch, and say I want this SAA-1199-OP107 for Thailand direct deposit form completed and they would give you a blank stare or a no-can-do response.  Remember, up until IDD for Thailand started last year Bangkok Bank was the only Thai bank for decades that could receive US govt payments like SSA, VA, etc.. via their NY branch routing number.  No other Thai banks like SCB, K-bank, Krungsri, etc., could receive US govt payments.

 

Heck, even if going to your Bangkok Bank branch where you had your US govt payment going to for many years to your restricted direct deposit acct and who may even had completed an ACH DD deposit form for you many years may give you a blank stare or no-can-do response when asking to to complete the IDD DD form for Thailand...but they'll say they can complete the regular ACH DD form (two completely different forms as one is for ACH and the other is for IDD).   Some Bangkok Bank branches may simply not know about IDD nor have the IDD form below loaded in their system.   

 

Now for my family member's IDD form, her Bangkok Bank bank branch which is the main branch in the HQ Bangkok Bank building on Silom Rd in Bangkok had no problem signing the form as they are aware of the form.  

 

Another note about Bangkok Bank branches is they may still try to steer you towards using the ACH DD form because then the funds still get routed thru their NY branch, the NY branch gets to collect a fee, and Bangkok Bank also receives a higher receiving fee than in comparison to IDD.  For IDD their NY branch is taken completely out of the picture and the receiving branch only receives the smaller Bahtnet fee.   So, if a Bangkok Bank branch plays dumb regarding the IDD form it could be because they are actually very aware of the form but know they lose fee money when a person switches from ACH to IDD payment method.

 

One thing about Thai banks, be it Bangkok Bank, SCB, etc., when it comes to asking them complete and "sign" a form they don't have loaded in their system, they may not complete it for you....nor sign it either.   

 

So, let's say "you" complete the form....even most of Section 3 of the IDD form which is for your bank to complete. By most of Section 3 I mean everything except the two blocks titled Print Name of Bank Official and Signature of Bank Official.  Completing the entire form yourself with the exception of those two blocks and sending it to SSA (like Manila) is fine.  Just include a signed note with the from that your Thai bank will not sign the form as they will only sign forms their system can produce. 

 

Really the whole purpose of the bank's section on a direct deposit form is the help reduce errors....where the customer is really clueless/unsure about routing numbers, SWIFT codes, and maybe his own account number. 

 

Others on ThaiVisa have already posted about their Thai bank giving them blank stares, no-can-do response to the IDD form, but the ThaiVisa members just completed all of the form minus the bank official's name and signature, included a separate memo saying the bank wouldn't/can't sign the form, and provided that to your SSA office...a few months later their payment started arriving via IDD.

 

When completing the form be durn sure to get the bank's SWIFT code and your account number correct (and of course other parts of the form) as that's what the SSA will enter for your payment and if you gave the wrong code or number, well, your payment goes into never-never land or into someone else's acct.  Same would be applicable if filling out a ACH DD deposit form.   If you don't get anything else right on the form get the SWIFT code and your account number correct.

 

And if you just use the same restricted Bangkok Bank direct deposit acct you have now on the IDD form, well, your SSA payment will switch from the ACH system to the IDD system, but since the payment is still flowing into a restricted acct you still have all the same restrictions. So, if sending to a Bangkok Bank acct be sure to provide a regular Thai baht savings acct number. 

 

Or, do what we did for my family member, have the Bangkok Bank restricted direct deposit acct switched to a regular acct.  Bangkok Bank does that by removing the "O restriction" they have coded against the acct....that O restriction is an internal Bangkok Bank coding thing which desginates the acct as a restricted DD acct..  Takes them about 15 minutes to do along with your signing a few pieces of paperwork....but usually better than opening a new acct where your branch may want to play the game of treating your like a brand new customer and want this-and-that extra paperwork from your to open a new acct.  Thai banks can be pain sometimes in an opening new acct even for a long time customer.

 

See below SSA weblinks for the IDD for Thailand policy and DD signup form.

SSA Policy Manual/Regulation for IDD for Thailand.  Provides policy and instructions to SSA offices.

https://secure.ssa.gov/poms.nsf/lnx/0202402419

 

IDD Direct Deposit for Thailand Form....SSA-1199-OP107

https://www.ssa.gov/forms/ssa-1199-op107.pdf

Thanks very much Pib.. Awesome post.

I have the form filled out. I will take it to SCB tomorrow and let you know the result.

[mcl2504]

3 hours ago, saengd said:

If you don't file a Thai tax return, how do you reclaim tax paid on say savings account interest, paid in Thailand? And how do you account to the Thai Revenue on rental income arising in Thailand?

The treaty doesn't mean you get money free of taxation anywhere. Interest earned in Thailand is subject to US taxes, and taxes paid in Thailand (like you mention) are credits to the taxes owed in the US. I don't know of any other way of interpreting the tax laws of the US. (But I'm open to other opinions.)

[claynlr]

I have had a MySSA account that has a stateside address attached to it for a few years now and have retired to Thailand since July. I plan on starting SS in about 6 months. I want to have my SS payments deposited into my newly opened BKB account and sent IDD for the international coding. I have used TransferWise many times but don’t want to have to remember to transfer every month for immigration purposes (income method).

 

Can starting SS and a change of address to my current Thai address for it to be DD to my BKB account be done on the MySSA web site without involving Manila?

 

Just wondering if anyone has gone this route as a new SS recipient as it seems most posters are already receiving SS and trying to get the coding right for immigration on these threads.

[saengd]

1 hour ago, mcl2504 said:

The treaty doesn't mean you get money free of taxation anywhere. Interest earned in Thailand is subject to US taxes, and taxes paid in Thailand (like you mention) are credits to the taxes owed in the US. I don't know of any other way of interpreting the tax laws of the US. (But I'm open to other opinions.)

Yes of course. The point I challenged wa the supposed Thai tax rule that if you file a tax return in your home country you do not need to file one in Thailand, the core issue there is that you must file a tax return wherever income arises, I file tax returns in two countries each year and at one time in three countries.

Edited January 5, 2020 by saengd

[Pib]

1 hour ago, claynlr said:

Can starting SS and a change of address to my current Thai address for it to be DD to my BKB account be done on the MySSA web site without involving Manila?

You can not update your address to an international address on your MySSA.   You can only update a US address to another US address.   You will need to get SSA involved....like Manila.  SSA can manually update your address to reflect your foreign address on your MySSA.   Actually, SSA is just updating the address they have onfile for you and that automatically updates the address shown in your MySSA online acct.

 

You can start your SS pension by online submission and during that submission use your foreign address.  But that is a separate SSA weblink than your MySSA.

 

 

You will need to get SSA involved....like Manila

Edited January 5, 2020 by Pib

[claynlr]

21 minutes ago, Pib said:

You can not update your address to an international address on your MySSA.   You can only update a US address to another US address.   You will need to get SSA involved....like Manila.  SSA can manually update your address to reflect your foreign address on your MySSA.   Actually, SSA is just updating the address they have onfile for you and that automatically updates the address shown in your MySSA online acct.

 

You can start your SS pension by online submission and during that submission use your foreign address.  But that is a separate SSA weblink than your MySSA.

 

 

You will need to get SSA involved....like Manila

Thanks Pib!

[Jeffrey346]

On 1/5/2020 at 10:18 AM, Pib said:

Although SSA can technically accept direct deposit information via phone call, fax, email, letter, or direct deposit form, it's purely up to each office which method they will accept depending on the individual/situation.  For ACH DD signup they will usually accept the info via phone call....remember, ACH would be if using the Bangkok Bank NY routing number or some other US bank routing number.  But IDD does not use ACH; it uses the SWIFT funds transfer system.

 

The surest way (and what I recommend) is to provide a completed DD deposit which would be the IDD Direct for Thailand form below.  Complete the form and then mail....or scan & email to Manila.

 

Now, you may go to your Thai bank, especially if not a Bangkok Bank branch, and say I want this SAA-1199-OP107 for Thailand direct deposit form completed and they would give you a blank stare or a no-can-do response.  Remember, up until IDD for Thailand started last year Bangkok Bank was the only Thai bank for decades that could receive US govt payments like SSA, VA, etc.. via their NY branch routing number.  No other Thai banks like SCB, K-bank, Krungsri, etc., could receive US govt payments.

 

Heck, even if going to your Bangkok Bank branch where you had your US govt payment going to for many years to your restricted direct deposit acct and who may even had completed an ACH DD deposit form for you many years may give you a blank stare or no-can-do response when asking to to complete the IDD DD form for Thailand...but they'll say they can complete the regular ACH DD form (two completely different forms as one is for ACH and the other is for IDD).   Some Bangkok Bank branches may simply not know about IDD nor have the IDD form below loaded in their system.   

 

Now for my family member's IDD form, her Bangkok Bank bank branch which is the main branch in the HQ Bangkok Bank building on Silom Rd in Bangkok had no problem signing the form as they are aware of the form.  

 

Another note about Bangkok Bank branches is they may still try to steer you towards using the ACH DD form because then the funds still get routed thru their NY branch, the NY branch gets to collect a fee, and Bangkok Bank also receives a higher receiving fee than in comparison to IDD.  For IDD their NY branch is taken completely out of the picture and the receiving branch only receives the smaller Bahtnet fee.   So, if a Bangkok Bank branch plays dumb regarding the IDD form it could be because they are actually very aware of the form but know they lose fee money when a person switches from ACH to IDD payment method.

 

One thing about Thai banks, be it Bangkok Bank, SCB, etc., when it comes to asking them complete and "sign" a form they don't have loaded in their system, they may not complete it for you....nor sign it either.   

 

So, let's say "you" complete the form....even most of Section 3 of the IDD form which is for your bank to complete. By most of Section 3 I mean everything except the two blocks titled Print Name of Bank Official and Signature of Bank Official.  Completing the entire form yourself with the exception of those two blocks and sending it to SSA (like Manila) is fine.  Just include a signed note with the from that your Thai bank will not sign the form as they will only sign forms their system can produce. 

 

Really the whole purpose of the bank's section on a direct deposit form is the help reduce errors....where the customer is really clueless/unsure about routing numbers, SWIFT codes, and maybe his own account number. 

 

Others on ThaiVisa have already posted about their Thai bank giving them blank stares, no-can-do response to the IDD form, but the ThaiVisa members just completed all of the form minus the bank official's name and signature, included a separate memo saying the bank wouldn't/can't sign the form, and provided that to your SSA office...a few months later their payment started arriving via IDD.

 

When completing the form be durn sure to get the bank's SWIFT code and your account number correct (and of course other parts of the form) as that's what the SSA will enter for your payment and if you gave the wrong code or number, well, your payment goes into never-never land or into someone else's acct.  Same would be applicable if filling out a ACH DD deposit form.   If you don't get anything else right on the form get the SWIFT code and your account number correct.

 

And if you just use the same restricted Bangkok Bank direct deposit acct you have now on the IDD form, well, your SSA payment will switch from the ACH system to the IDD system, but since the payment is still flowing into a restricted acct you still have all the same restrictions. So, if sending to a Bangkok Bank acct be sure to provide a regular Thai baht savings acct number. 

 

Or, do what we did for my family member, have the Bangkok Bank restricted direct deposit acct switched to a regular acct.  Bangkok Bank does that by removing the "O restriction" they have coded against the acct....that O restriction is an internal Bangkok Bank coding thing which desginates the acct as a restricted DD acct..  Takes them about 15 minutes to do along with your signing a few pieces of paperwork....but usually better than opening a new acct where your branch may want to play the game of treating your like a brand new customer and want this-and-that extra paperwork from your to open a new acct.  Thai banks can be pain sometimes in an opening new acct even for a long time customer.

 

See below SSA weblinks for the IDD for Thailand policy and DD signup form.

SSA Policy Manual/Regulation for IDD for Thailand.  Provides policy and instructions to SSA offices.

https://secure.ssa.gov/poms.nsf/lnx/0202402419

 

IDD Direct Deposit for Thailand Form....SSA-1199-OP107

https://www.ssa.gov/forms/ssa-1199-op107.pdf

Went to SCB this morning and found then most willing to help. They filled out their secton of the SSA 1199, had the Branch Manager sign it added the official SCB stamp and off I went.

A totally delightful experience.

[Pib]

For those interested, as mentioned earlier in this thread and related IDD threads when receiving your US govt payment via IDD the exchange rate will be a little lower than the exchange rate you receive via ACH as the rates are determine by two different entities on two different dates.  You'll see in the snapshots I put at the bottom of this post but before jumping to the bottom please read the rest of my post. 

 

If you want to get the maximum amount of baht from your US govt payment stick with payment via ACH.  That is, using the Bangkok Bank NY branch routing number method....and the ACH method will ensure International Transfer/FTT coding on your Bangkok Bank acct which can be important to those using the monthly income method for extension of stay renewal purposes.  But of course you will have the restrictions associated with the Bangkok Bank direct deposit acct like you must physically visit a branch to withdraw funds, a debit card can not be issued against the acct, can not do ibanking transfers from the acct, etc.

 

But if wanting to have your SSA payment sent to "any Thai bank unrestricted regular savings acct...single owned or joint owned (including a Bangkok Bank unrestricted regular savings acct)", get a debit card, be able to outward transfers via ibanking, etc.,  but getting a little less baht in the transfer in most cases (not all) & not receiving the "International Transfer coding" since the final leg of the IDD transfer is via local/domestic Bahtnet system then IDD is for you.  Now you can still get a Credit Advice for each transfer (free) from your Thai bank for each IDD payment which will reflect the funds originated from the US...from Uncle Sam.  But some immigration offices might not want to deal with a bunch of credit advices as they just want one letter from your Thai bank and/or your passbook reflecting International Transfers  Policy varies from immigration office to office as This Is Thailand.  

 

The IDD exchange rate is determined by the US Treasury or their IDD contractor/processor bank (Citibank Global for Thailand IDD) and this rate is determined several business days before the actual payment date which is normally the 3rd of the month.  Now "fees" for IDD payment are less than for ACH payment so lower fees helps to offset the lower IDD exchange rate....in fact, completely offsetting the lower exchange rate for payments of around $1000 or less; but for higher amounts the lower fees don't fully offset the lower exchange rate.

 

I have a family member who has been receiving SSA payment via IDD now or seven months and I have been tracking the IDD exchange rate...and doing a comparison against ACH in a spreadsheet  No, there is not a website which posts the IDD rate....a person has to do math to determine the rate which I have been doing....it's easy to do based on the free SMS Remittance text Bangkok Bank provides for each posted payment and simply knowing what your monthly net dollar payment is.  I will not post the entire spreadsheet reflecting seven months of data/payments but I will post  one month of data as an example of various payments amounts via IDD and ACH....and also a summary of the seven months of data.  See the two snapshot below.

 

3 Dec 2019 Payment Example

  

 

 

Results/Average of "7 months of Payment Aug 2019 thru Jan 2020."  As a rule of thumb

a person can expect approx one-quarter of a baht per USD lower exchange rate which equates

to approx 0.9% lower exchange rate.  But remember, this is exchange rate only...the IDD fees
will be lower than ACH fees which helps to offset and/or completely offset the lower IDD

exchange rate as show is above Dec payment example.

 

 

Edited January 6, 2020 by Pib