Retirement Pension transfers

[saipanusa]

My California state teacher Retirement System deposits into my US bank...but they say that if my full amount is then forwarded overseas then they will stop the ACH zdeposits and issue a paper check instead...which clearly would make a problem....they also cannot tell me why etc...so I am wondering if there are any CaLSTRS recipients in Thailand and what’s up?...I really don’t want to just keep withdrawing funds overseas every week and redepositing them into my Bangkok Bank 

[scammed]

i transfer money myself from bank to bank,

i login into my scandinavia bank, select overseas payment,

and once written down in my bank details on bkk bank,

and sign with my phone and bank ID app.

until you got it setup, bkk bank atm allow 25k per extraction

Edited September 26, 2020 by scammed

[Tracyb]

I’m with CalPERS.  They deposit to my SchoolsFirst credit union then I use Transferwise to move funds here.  Message me if you want to discuss further;-)

[ehs818]

I'm not sure how the State of CA would even know how much or when you choose to move some money out of the account. They don't have access to that info. If you end up with a retirement visa, you'll need to keep 800,000 baht in the account for several months prior to renewal date each year, plus a good bit afterwards too. I am from CA and move over money once or twice a year, depending on the exchange rate at the time I need additional money. I use Citibank and Kasikorn. Works smoothly online and each transfer costs about $40 USD. Good luck.

[Jeffrey346]

For $2.99 you can use your Bank Debit Card and transfer to Bangkok Bank.  You need to open a US Western Union Account not a Thai Western Union Account.

[kiteman9]

I have my US veterans pension deposited into the Bank of Bangkok branch in New York every month and you have to go into a branch in Thailand to withdraw the funds.   https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[Max69xl]

On 9/27/2020 at 2:30 AM, scammed said:

i transfer money myself from bank to bank,

i login into my scandinavia bank, select overseas payment,

and once written down in my bank details on bkk bank,

and sign with my phone and bank ID app.

until you got it setup, bkk bank atm allow 25k per extraction

OP is from the US. 

[Max69xl]

1 hour ago, ehs818 said:

I'm not sure how the State of CA would even know how much or when you choose to move some money out of the account. They don't have access to that info. If you end up with a retirement visa, you'll need to keep 800,000 baht in the account for several months prior to renewal date each year, plus a good bit afterwards too. I am from CA and move over money once or twice a year, depending on the exchange rate at the time I need additional money. I use Citibank and Kasikorn. Works smoothly online and each transfer costs about $40 USD. Good luck.

It's 2 months prior to the 1 year extension and 3 months after if using the money in the bank method. 

[Makoshark]

I am 70 on a retirement visa. 

 

I wire $4000. on the 1st of every month from my stock account at Charles Schwab for FREE. 

 

This way I have proof when I go to immigration for my 1 year renewal, I am totally compliant with the rules. My sure you get "credit advice" paperwork every month from your Bank.  I use KBANK, FREE

[AAArdvark]

Depending on which method you use to show income, you may have to prove that the income comes from abroad.  If you use the Income method, immigration will want proof that your monthly income is > 65,000 baht and comes from overseas.  It is proven by a code on your Thai bank account deposits.  Research that before setting anything up. 

[Lacessit]

If you can afford to do so, it's best to let the money accumulate in the US account, then transfer as lump sums once or twice a year via an international telegraphic transfer. DO NOT transfer as baht, transfer as US dollars.

[Autonuaq]

I am using the service of transferwire. it is very cheap has a lot of extra above all is it seen as a national bank to national bank account transfer when you transfer money national. international Wiretransfer You can have several accounts and the best of all is US account or Euro Account or THB account all keep track of. Mostly transfer is done is 10 minutes from the European or US account into the Thai account, as in from for example my european account into for example your Thai account. you can be used also for business.

 

i am not an affiliate do appreciate if you use the link just get a one time small reward when you have setup and use the account

https://transferwise.com/invite/u/bernardusw5

[khunPer]

@saipanusa, a number os us retired expats use Internet banking, and transfer retirement pension ourselves.

 

In my Internet banking I can do a budget wire-transfer that takes about 3-4 bank days for a small fixed fee, and I can have it to be repeated monthly; if your pension is same amount every month. Transfer in your home country's currency and let Bangkok Bank do the exchange; it's said to be a better exchange rate, but anyway that's how to do it if you are placing transfers for a year. Pay only fees in your end, and let Bangkok Bank charge fees in their end, they would still charge some fees, even the sender pays all fees.

 

Another method, which a lot are using now – I however don't know if it's available from USA – is Transferwise. It's better exchange rate that is guaranteed from the moment you transfer, lower fees, and fast; money is in your Thai bank account next bank day. I'm now transferering to Bangkok Bank via Transferwise. You can select/thick that the money is for "retirement", so the transfer has the correct foreign-transfer code in your Bangkok Bank bank-book/statements...????

[thailand49]

3 hours ago, ehs818 said:

I'm not sure how the State of CA would even know how much or when you choose to move some money out of the account. They don't have access to that info. If you end up with a retirement visa, you'll need to keep 800,000 baht in the account for several months prior to renewal date each year, plus a good bit afterwards too. I am from CA and move over money once or twice a year, depending on the exchange rate at the time I need additional money. I use Citibank and Kasikorn. Works smoothly online and each transfer costs about $40 USD. Good luck.

I agree with you " how would they know " to be honest I think the ops is not explaining the situation correctly? From what I can see they are currently depositing his pension into his U.S. bank then he wants his bank to wire the same amount to his Thai bank.

 

Here is how I think the less people know the better the reason they can't explain it to them is because they have no idea majority of U.S. Citizens never traveled further than Hawaii in fact when they do they think they actually left the U.S. what is it something like 10% of Americans actually have a passport.

 

The less they know the better I live here and from time to time I need to contact banks, government people and when I talk they are clueless the less you say the better.

 

My best suggestion is the answer from poster #3,  just set up a account with Transferwise push of a button he can transfer money to his Thai baht even get it under FTT noted as a foreigner transfer if he plans to get a retirement extension.  The rates are very good!

 

I just did one last week U.S.A to my Bangkok Bank,  Transferwise 6000.00 ACH from one of my checking account rate was 31.32 good for 36 hours it took a day and a half.

Edited September 28, 2020 by thailand49

[James26]

If you are even able to direct your CalPERS deposit to an overseas account, you better check their policy about federal withholding tax. Most US based pension plans will withhold 30% when they deposit your pension into an overseas account. I have used all the methods discussed by the other respondents. The best option is to set up a premier account at Schwab, Chase or HSBC that allows you to move funds with no fee between the accounts you have in the US and abroad. The minimum deposit you must maintain can be high (between $25K-$50K USD). Transferwise is not that cheap. You can check the rates online by registering an account and doing a dummy transaction (meaning, cancel after you view the rates, but do not execute the transfer). I find it acceptable just to hit up the AEON ATMs and take cash withdrawals. You can pull out 20K baht for a 150 baht service fee. That's 600 baht/80K. Deposit in your local account. If you are here on a retirement visa, you can use the 65K minimum monthly income method versus seeding 800K in a local account. Immigration will accept your banking advice as it will correlate with your withdrawal from your US account. 

[srowndedbyh2o]

On 9/26/2020 at 5:31 AM, saipanusa said:

...but they say that if my full amount is then forwarded overseas then they will stop the ACH zdeposits and issue a paper check instead...

This may just be a case of miscommunication.

Maybe you should contact your retirement system to clarify.

What they are probably trying to communicate to you is that they cannot do a direct deposit to a bank outside the U.S., so if you do not want your pension direct deposited to a U.S. bank, the only other option is for them to issue you a paper check.

If you continue with direct deposit to your U.S. bank, they more than likely could care less what you do with the funds once they are deposited in your U.S. bank.

Just continue to have your pension direct deposited into the U.S. bank of your choice, and then use one of the transfer methods other posters have mentioned to get your funds to your Thai bank.

Rather than do weekly transfers, you could always let funds build up in your U.S. bank and transfer once a month, or whatever frequency is most convenient for you.

Just FYI, last Monday I did a Transferwise transfer from my Schwab account to BKK Bank Thailand and it took all of 4 seconds for the transaction to complete!

[Pib]

19 hours ago, kiteman9 said:

I have my US veterans pension deposited into the Bank of Bangkok branch in New York every month and you have to go into a branch in Thailand to withdraw the funds.   https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

You do "not" have it deposited into the Bangkok Bank NY branch (you do not have an acct with the NY branch); instead, you are simply using the NY branch routing number for them to route/pass the pension payment to your in-Thailand Bangkok Bank branch.   The NY branch is simply acting as a relay/pass-thru. 

[Postmaster]

Khun Per.  Not quite correct.  From the drop down menu on Transferwise select the last option 'International transfer' to get the FTT code in your Thai bank book.  There is no difference in the rate Transferwise levy. I think I am correct?