Social Security Deposits

[SailingHome]

US Social Security gets deposited into an account then each month the person must go in person to a branch to access the funds.

 

What to do if I travel for a month or two out of Thailand? I asked at the bank and called HQ and was told, "Don't know."

 

I use BKB.

[amexpat]

Don't do it. Even if you don't mind going to the bank to withdraw money, what if you have to leave TH and want to get the money out? Not easy. 

 

Have your SS deposited to a US account then use WISE to bring in as much as you want whenever you want. Fees are very low, exchange rate is good. 

 

If you don't have a US acct, there are some you can open online, USAA for example. I've used this and BKK for years. 

 

 

Edited February 1, 2022 by amexpat
clarity

[mtls2005]

5 hours ago, amexpat said:

Don't do it. Even if you don't mind going to the bank to withdraw money, what if you have to leave TH and want to get the money out? Not easy. 

 

Have your SS deposited to a US account then use WISE to bring in as much as you want whenever you want. Fees are very low, exchange rate is good. 

 

If you don't have a US acct, there are some you can open online, USAA for example. I've used this and BKK for years. 

 

 

 

Wisest advice an Americans can get. Never understood why anyone would DD SSA, but maybe it's easy for them, and they are nailed down in thl forever.

State Department Federal Credit Union is open to anyone, I have no experience with SDFCU. But many here have reported satisfaction with them

 

https://www.sdfcu.org/membership

 

 

9 hours ago, SailingHome said:

I asked at the bank and called HQ and was told, "Don't know."

Yeah, that's an unacceptable answer from a renowned and leading bank. A member here is an employee I think, and an unofficial ambassador of sorts. Perhaps they can help?

 

https://aseannow.com/topic/1248595-can-bangkok-banks-ny-branch-still-move-money-as-an-ach-to-thailand/#elControls_17156771_menu

 

See the third post, second reply, in that thread for contact/pm.

 

I'd also check in with SSA in Manila, and see what they say.

 

Maybe (other) banks here allow incoming transfers to be deposited and then cleared when you return?

 

 

 

 

Edited February 2, 2022 by mtls2005

[EVENKEEL]

My SS gets DD into Thai Bank. just got mine this morning. When I travel to US I use those funds in US Credit Union and US Credit Cards. 

 

I can go online and change back to US bank anytime.

[mtls2005]

6 minutes ago, EVENKEEL said:

My SS gets DD into Thai Bank. just got mine this morning. 

 

Do you have to visit your thai bank to clear the funds?

 

Which thai bank?

 

8 minutes ago, EVENKEEL said:

When I travel to US I use those funds in US Credit Union and US Credit Cards. 

Sorry, what does this mean?

 

7 minutes ago, EVENKEEL said:

I can go online and change back to US bank anytime.

Can you describe this process?

 

 

 

[mtls2005]

15 minutes ago, mtls2005 said:

 

24 minutes ago, EVENKEEL said:

I can go online and change back to US bank anytime.

Can you describe this process?

 

OK, I see this can done via mySSA, assuming people have created that account. It can be done from here using id.me.

 

https://www.ssa.gov/myaccount/direct-deposit.html

 

I never noticed this option on mySSA before. Thanks for highlighting it.

 

Nevermind, when you click throught o try and change your direct deposit details you get:

 

Need to update your Direct Deposit? contact us.

 

which leads to telephone contact details in the U.S.

 

 

 

 

Edited February 2, 2022 by mtls2005

[Etaoin Shrdlu]

If you use Bangkok Bank's New York branch to route your SS payments to your local Bangkok Bank account here in Thailand, you will indeed need to physically go to Bangkok Bank and withdraw the funds in person.

 

You can change to the direct deposit system and the SSA will wire your payment directly to an unrestricted account at the bank of your choice in Thailand. You will then no longer need to go in person to retrieve your funds. I believe you can then, depending upon your bank, authorize online international transfers so that you could send the funds back out at your convenience while you are away. This may require a visit to your branch to authorize.

[EVENKEEL]

1 hour ago, mtls2005 said:

 

Do you have to visit your thai bank to clear the funds?

 

Which thai bank?

 

Sorry, what does this mean?

 

Can you describe this process?

 

 

 

Bangkok Bank, I use ATM card for funds. It's been said those with a US home residence registered with SS you can change banks online like I did and if you have overseas address registered you get what you got, a number to call.

[mtls2005]

11 minutes ago, EVENKEEL said:

It's been said those with a US home residence registered with SS you can change banks online like I did

 

Yeah, not seeing this option on mySSA.

 

How did you change your SSA DD details? Please feel free to be very specific.

 

 

 

 

 

[SailingHome]

Thanks for all the feedback. I should be more specific:

 

To get a retirement visa, direct deposits every month are needed (not transfers or regular deposits.) Thus, a couple of years ago, I gave up my USA account and just let it come to Bangkok Bank so I qualify for my visa. 

 

No, you can't have SSA deposits to a regular account. They see it from the USA government and send it back. If you have never had it DD before, you may get away with it a few months.

 

Since I do not have a USA drivers license or physical address and every "open an account online" in the USA requires these (will not allow passport as ID), I can not open an account until I get there and can walk in to a branch. Since I am going to the Philippines first, 1 or 2 months pay will be stuck here in Thailand. (Foreigners can not open a bank account in the Philippines unless they have residency status.)

 

SSA also needs time to change accounts. I have had it take more than 30 days. 

 

Here are my 2 options:

* Find a way to access the frozen funds in Thailand based on the fact that I am out of the country so can not go to a branch

* Or, if someone knows a bank in USA that I can open an account with while in Thailand using my USA passport and Thai address (or family USA address) then I am better off... going back to that convenience is worth the extra visa fees of not having DD of SSA

[mtls2005]

5 hours ago, SailingHome said:

To get a retirement visa, direct deposits every month are needed (not transfers or regular deposits.)

This is not correct. Transfers or regular deposits are acceptable, as long as they are monthly and regular, and originate from outside of thailand.

 

5 hours ago, SailingHome said:

if someone knows a bank in USA that I can open an account with while in Thailand using my USA passport and Thai address (or family USA address)

Already mentioned above: https://www.sdfcu.org/membership

 

You may have to be part of an affiliate https://www.sdfcu.org/select-employee-groups  or join the American Consumer Council first (free). Plenty of reports here so a search would help you I think?

 

https://www.americanconsumercouncil.org/

 

You could then use WISE, or SDFCU SWIFT Wire Xfer (might be ~ $45 per month), to transfer funds.

 

 

Have you verified how long foreign-remitted funds can be held at BBL?

 

Can you manage for a few months without these funds?

 

Can the trip to the Philippines be postponed?

 

 

[SailingHome]

8 hours ago, mtls2005 said:

This is not correct. Transfers or regular deposits are acceptable, as long as they are monthly and regular, and originate from outside of thailand.

Yes. I just found this out. I applied with sdfcu and should know in a few days. I will simply have them transfer or wire to my regular BKB account the minimum visa amount each month and use ATM in the Philippines.

 

Also, Ian, the BKB executive at the NYC branch mentioned above, is having someone look in to an easier solution. It may be that with the right contact, one can email proof of being out of the country and they will route the funds to regular account. I will post a new thread with details about this when I know.

 

Thank you again!

[Pib]

Change to SSA International Direct Deposit (IDD) which can be sent to any Thai bank--to any type of Thai baht acct....like a regular Bangkok Bank savings account...no restrictions to include having a having debit card.  IDD uses the SWIFT system versus the standard SSA direct deposit which uses the U.S. ACH system (i.e., routing numbers). 

 

Below topic gives more info....such as comparing IDD vs ACH direct deposit.

 

[SailingHome]

On 2/7/2022 at 8:06 PM, Pib said:

Change to SSA International Direct Deposit (IDD) which can be sent to any Thai bank--to any type of Thai baht acct....like a regular Bangkok Bank savings account...no restrictions to include having a having debit card.  IDD uses the SWIFT system versus the standard SSA direct deposit which uses the U.S. ACH system (i.e., routing numbers). 

 

Below topic gives more info....such as comparing IDD vs ACH direct deposit.

 

This is amazing. The idea behind SSA having to go to a "locked" account accessible only by personal appearance is foreigners will die unreported to USA and someone keeps taking their payments. The banks were having to pay the USA back. Simply switching routing methods... amazing. Thank you for another amazing tip, Pib! 

[sirineou]

I have both my Social security and my job pension deposited to my US bank account,. I transfer funds as needed via Wise , very easy and inexpensive. Just make sure when transferring funds to chose from the drop down window at Wise the option "For long stay) that way it is indicated that the funds were transferred from outside the country , in case you need to use the income option for a one year visa extension based on marriage or Retirement. 

I think Keeping your funds in the US bank makes it easier to access such funds from anywhere in the world. now that covid seems to be ending and we could start traveling again.