U.S. Social Security Deposit In Bangkok Bank New York Questions

[bunnydrops]

On 5/14/2022 at 2:16 AM, thailand49 said:

My brother was doing such for years Bangkok Bank in New York for his S. S. He was also using ATM in Thailand to access money from his private bank for his pension. 

 

Last year I showed him how to use Wise set up account showed him how much he was paying,  what he is too gain from the higher rate even after paying the fee put into his Bangkok Bank account.  In the end each month sent his pension over and now his S. S.  With the higher rate and exchange today well over 10,000 baht extra each month.  

Told him also reason " living expense " so far so good transfer listed as FTT each time. 

Be careful with that. I was doing the same "living expense" and getting it posted as international. That ended almost a year ago and now shows as local transfer.

[thailand49]

10 hours ago, bunnydrops said:

Be careful with that. I was doing the same "living expense" and getting it posted as international. That ended almost a year ago and now shows as local transfer.

Not in my case I also use Wise to ship money over twice a month normal but I don't use income for immigration.  Been doing and consistently check out of curiosity, click living expenses each time register on book each time for a year FTT

[Skeptic7]

13 hours ago, TravelerEastWest said:

Is Wise better than using a bank/ stock broker? I pay a flat $15 plus the local Thai bank fee, about $4.50... I send Dollars which are converted here in Thailand.

If you have a US bank account that MoneyGram accepts, MoneyGram is best. Better than Wise for Americans. Bank account ACH transfer is only a .99 cent fee (was FREE previously) with MG and their exchange rates are excellent. Sometimes can get better than market rate, as they are slow to update their rates. Otherwise, Wise is the next best option. Of course this depends on myriad circumstances such as the amount and frequency of transfers. But definitely check out MoneyGram. I used Wise (TransferWise) for years before stumbling on MG last year. Haven't used Wise since. I have 3 US bank accounts and only 1 of them was in the MG system, but definitely worth a look for us Americanos. ???? 

[TravelerEastWest]

Monogram does have low fees but their conversion rates was not the best checking just now July 8th. Also they are very slow - the estimate was by July 20th or 12 days... plus they have a limit of $10,000.

 

So seems like they are good for small amounts that are needed quickly - sound correct?

[Skeptic7]

1 hour ago, TravelerEastWest said:

Monogram does have low fees but their conversion rates was not the best checking just now July 8th. Also they are very slow - the estimate was by July 20th or 12 days... plus they have a limit of $10,000.

 

So seems like they are good for small amounts that are needed quickly - sound correct?

Yes.

 

They are slow. Usually 5 business days, but never taken more than 6 business days in my experience. Wise is FAST. Same day sometimes or 2-3 days max. MG rates have always been same or better than Wise and lower fee, but must check often as they are slow to update rates up and down.  Limit is $10,000 but believe can do 2 per day. Not perfect but suits my needs and best value at .99 cents per transaction. 

[TravelerEastWest]

Meant to say not quickly - the edit function seems to disappear...

[Sheryl]

Now that US SS has IDD in Thailand, little reason to use Wise etc unless needing to transfer in more than your SS.

 

I get my SS directly deposited into my Thai Kasikorn bank account each month. Very fast and only 178 baht fee.

[TravelerEastWest]

3 hours ago, Sheryl said:

Now that US SS has IDD in Thailand, little reason to use Wise etc unless needing to transfer in more than your SS.

 

I get my SS directly deposited into my Thai Kasikorn bank account each month. Very fast and only 178 baht fee.

That's a good fee I wonder what your exchange rate is.

 

I ask as when I set up a SS direct deposit the amount that I received in Thai baht seemed a bit low the fees were not separately stated.

 

I need to send money to Thailand regularly for school fees etc for my kids so I am already paying a flat $15 fee so for me it is better to have SS sent to my American bank account and then send everything at once.

[Sheryl]

9 minutes ago, TravelerEastWest said:

That's a good fee I wonder what your exchange rate is.

 

I ask as when I set up a SS direct deposit the amount that I received in Thai baht seemed a bit low the fees were not separately stated.

 

I need to send money to Thailand regularly for school fees etc for my kids so I am already paying a flat $15 fee so for me it is better to have SS sent to my American bank account and then send everything at once.

exchange rates and fees were:

 

June 6 2022  33.896     fee 176.44 baht

 

July 1 2022   34.721       fee  178.30  baht

[Pib]

4 hours ago, Sheryl said:

exchange rates and fees were:

 

June 6 2022  33.896     fee 176.44 baht

 

July 1 2022   34.721       fee  178.30  baht

The wife has her SS pension sent via IDD also....goes to her regular Bangkok Bank acct at a branch in Bangkok.  The exchange rate she gets matches yours above, however, there is only a Bt100 fee which is the basic BAHTNET fee since BAHTNET is used for the last leg of the SSA IDD SWIFT transfer.  

 

I expect the additional 76 to 78 baht you are seeing is due to some "inter-regional" BAHTNET transfer fee on top of the basic 100 baht fee since I think you live and probably  bank in up-county Thailand vs Bangkok.

[TravelerEastWest]

The exchange rate information is helpful - thank you!

 

Interestingly I never see it when I login to my account - I wonder if I am looking in the wrong place? I look at my normal account summary page for Bangkok bank.

 

 

[Sheryl]

12 hours ago, Pib said:

The wife has her SS pension sent via IDD also....goes to her regular Bangkok Bank acct at a branch in Bangkok.  The exchange rate she gets matches yours above, however, there is only a Bt100 fee which is the basic BAHTNET fee since BAHTNET is used for the last leg of the SSA IDD SWIFT transfer.  

 

I expect the additional 76 to 78 baht you are seeing is due to some "inter-regional" BAHTNET transfer fee on top of the basic 100 baht fee since I think you live and probably  bank in up-county Thailand vs Bangkok.

Yes, I do.

[Sheryl]

10 hours ago, TravelerEastWest said:

The exchange rate information is helpful - thank you!

 

Interestingly I never see it when I login to my account - I wonder if I am looking in the wrong place? I look at my normal account summary page for Bangkok bank.

 

 

This information appears on something called a "credit advice" which also shows the point of origin of the funds. A good idea to get one for every international transfer. With my bank it is possible to subscribe to  (free) notification service that  will automatically send it by email...or one can go to the bank and request it ea h time.  Very useful document to have both for immigration (if using income method) and tax authorities (2 out iof the past 3 years I needed it to show Prov tax office as my application for refund of withheld  tax on  bank 8nterest led to lengthy interrogations about my source of income). Might also come in handy should you in future want to export large sum of money out of Thailand or need to 9rove property was purchased with funds from abroad.

[mania]

18 hours ago, Sheryl said:

exchange rates and fees were:

 

June 6 2022  33.896     fee 176.44 baht

 

July 1 2022   34.721       fee  178.30  baht

Its too bad cannot you use Wise

 

I sent on

June 22th  2022 rate was 35.33  fee $6.14

July 3rd 2022   rate 35.6  fee  $8.20 (wise rates went up) 

But money was transferred from my US bank to Thailand in 4 second

 

Edited July 9, 2022 by mania

[TravelerEastWest]

49 minutes ago, Sheryl said:

This information appears on something called a "credit advice" which also shows the point of origin of the funds. A good idea to get one for every international transfer. With my bank it is possible to subscribe to  (free) notification service that  will automatically send it by email...or one can go to the bank and request it ea h time.  Very useful document to have both for immigration (if using income method) and tax authorities (2 out iof the past 3 years I needed it to show Prov tax office as my application for refund of withheld  tax on  bank 8nterest led to lengthy interrogations about my source of income). Might also come in handy should you in future want to export large sum of money out of Thailand or need to 9rove property was purchased with funds from abroad.

Your advice is good for most people.

 

I rarely visit my bank especially during COVID times so I will have to do without for now.

 

Will check the notification service...

[cnx1204]

On 7/7/2022 at 5:40 PM, Reposed said:

All I have to say is the people working at Manilla are retarded. Hence, worthless. They don't have any idea how to deal with any issue other than run around it. My senator is now involved.

 

I am in the process of switching back to my US institution, and using Wise every quarter or so to transfer here. Much better control of the exchange rate, too.

 

 

I have worked with SSA Manila office for the last 12+ years helping Americans, Thai/Americans, and Thais collect SS benefits either to be deposited in a U.S. bank or a Thai bank.  I find the agents there are completely professional and competent in every way.   Only occasionally does the agent I am working with misunderstand the situation.  I think that only at the most 5 times over the 12 years have I had to elevate the issue to the Manila SSA Director.   

 

 

[TravelerEastWest]

2 hours ago, cnx1204 said:

I have worked with SSA Manila office for the last 12+ years helping Americans, Thai/Americans, and Thais collect SS benefits either to be deposited in a U.S. bank or a Thai bank.  I find the agents there are completely professional and competent in every way.   Only occasionally does the agent I am working with misunderstand the situation.  I think that only at the most 5 times over the 12 years have I had to elevate the issue to the Manila SSA Director.   

 

 

Not the same experience.

 

I found the staff very slow to respond and the letters they send out have address mistakes etc very careless. Possibly they are overworked?

 

Basically they know what they are doing but don't do a professional job.

 

They do seem to care but again they seem to be over worked?

Edited July 11, 2022 by TravelerEastWest