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Anyone who has their US Social Security deposited directly into Bangkok Bank.....

 

Pros?

 

Cons?

I use my home town bank in USA and can draw it out w/an ATM or a couple of times a year I wire it here... 

I have my social security deposited to Chase Bank.  I then transfer in USD to Transferwise.  When the exchange rate is favorable, I exchange it into baht.  With direct deposit to a Thai bank whether that is Bangkok Bank or any other, you will get the exchange rate on the date that it is transferred which may not be very favorable.  Also the banks exchange rate is always less than the Transferwise exchange rate.  

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Yes, that's what I have been doing. My credit union charges a flat $30 for any international transfer, no matter the dollar amount.

 

But I understand that SS will direct deposit without a fee, if it is to Bangkok Bank.

 

That is what this thread is about.

21 minutes ago, HeijoshinCool said:

But I understand that SS will direct deposit without a fee, if it is to Bangkok Bank.

You can set up a direct deposit with Bangkok bank to have your SS payment sent to your account here via their branch in New York.  The fee is $5 up to $2000 and 10 for more than that. 

Info is here on their website. https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

I have been using it for several years now.

You can also have your SS payment to sent to any Thai bank by International Direct Deposit (IDP). It is transferred by the US Treasury Department in baht. Form to have it started. https://www.ssa.gov/forms/ssa-1199-op107.pdf

2 minutes ago, ubonjoe said:

You can set up a direct deposit with Bangkok bank to have your SS payment sent to your account here via their branch in New York.  The fee is $5 up to $2000 and 10 for more than that. 

Info is here on their website. https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

I have been using it for several years now.

You can also have your SS payment to sent to any Thai bank by International Direct Deposit (IDP). It is transferred by the US Treasury Department in baht. Form to have it started. https://www.ssa.gov/forms/ssa-1199-op107.pdf

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Thank you. That is the answer I was looking for.

 

Does your second action have a fee?

 

 

12 minutes ago, HeijoshinCool said:

Does your second action have a fee?

Your Thai bank my charge a small fee for it. You may not always get the best exchange rate since it is sent in Thai baht.

Edit: If using transfers to prove income for a extension of stay the Bangkok Bank option is best since it is shown as a international transfer.

The other way requires credit advices to prove the transfer came from abroad.

Edited October 16, 20214 yr by ubonjoe

Pros? ...  simple, easy, direct, automatic, no thought or planning needed, and provides all the banking / financial paperwork for visa extensions.

 

Cons? ... none

15 minutes ago, HeijoshinCool said:

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Thank you. That is the answer I was looking for.

 

Does your second action have a fee?

 

 

No longer needs to be done through NY branch.  Just go to BkkBank here, open an account, forward the info to Manilla Embassy / SS division, and it's done.

24 minutes ago, KhunLA said:

No longer needs to be done through NY branch.  Just go to BkkBank here, open an account, forward the info to Manilla Embassy / SS division, and it's done.

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Have had a BKK Bank account for years. I'll go do that as soon as I'm out of ASQ.

Below two year thread talks the pros and cons of receiving your SS payment via ACH (to Bangkok Bank) or IDD (to any Thai bank including Bangkok Bank).  Below link starts you off near the end of the thread....but you'll need to read other posts in the thread to get the full range of pros and cons.....the pros and cons will vary by individual.

 

 

I've used social security direct deposit to Bangkok Bank and it's easy. It takes one or two cycles to appear but has worked smoothly.