USA pension

[1happykamper]

Is Bangkok Bank the only bank that I can tell Social security admin to direct deposit too in Thailand? It used to be free via the ACH system.

 

If I use Wise can I transfer about 2.5k usd in one transaction to Krungsri? 

 

Thanks 

[flexomike]

Using International Direct Deposit you can use any Thai bank, ACH is only for Bangkok Bank. I use ACH, wife using IDD, wife uses Krungthai Bank

[Pib]

Pretty much a ditto to flexomike post. 

 

If you want to use ACH where you use the Bangkok Bank NY branch ACH/ABA routing number you can only use Bangkok Bank.  Bangkok Bank is the only Thai bank with ACH receiving capability.   This has to be a special/restricted acct to receive reoccurring U.S. govt payments like a social security pension.  You will receiving International Transfer/FTT coding for each payment if this is important to you like maybe using the monthly transfer method to meet the income requirement for a retirement extension of stay renewal.    You will have to physically visit any Bangkok Bank branch to withdrawal/transfer fund (transfer-outs not allowed via ibanking/mbanking), no debit card, has to be in your name only.    And this transfer method is not free....never has been as Bangkok Bank NY branch takes a fee-slice as it flows thru them on to Thailand...and your in-Thailand Bangkok Bank branch also charges a receiving fee....neither of these fees will appear anywhere on your account as they are applied "before" posting to your account....this fools some people into thinking no fees were applied but indeed they were.

 

 But if using International Direct Deposit (IDD) which does not use the ACH system but the SWIFT system then you can use any Thai bank to include Bangkok Bank....but this will be a normal acct....no restrictions.  It can also be a joint acct, no restrictions....can have a debit card, no need to physically visit a branch to withdraw/transfer funds, can do online ibanking/mbanking transfer-outs, etc.   You will "not" receive International Transfer coding but domestic transfer coding as the last leg of the SWIFT transfer uses a Thai system called BAHTNET which results in the transfer appearing as any other transfer from across the soi....this may cause issues if using the monthly income method for a retirement extension of stay renewal.  Additionally, if  your monthly payment is approx $1,125 or higher you will received slightly less baht to your acct after all the exchange rate & fee dust settles....;if less than approx $1,125 then using IDD will result in slightly more baht......all of this is due to different exchange rates & fees being used between the ACH and IDD payment methods.   The only IDD fee is approx a Bt100 BAHTNET receiving fee at your Thai bank....no intermediary bank fees. 

 

 

 

Edited March 7, 2023 by Pib

[Pib]

Deleted...duplicate post.

Edited March 7, 2023 by Pib

[1happykamper]

Thank you for your kind replies. So the ACH and bkk bank is still the only method to get social security into a Thailand bank with the important intl transfer thingy. 

 

 

[lopburi3]

17 minutes ago, 1happykamper said:

Thank you for your kind replies. So the ACH and bkk bank is still the only method to get social security into a Thailand bank with the important intl transfer thingy. 

 

 

No it is not - the FTT is unique to Bangkok Bank and you can use Wise to pull from US account or directly deposit to a Wise account and have your account tagged to use Bangkok Bank as paying bank in Thailand and that will get the FTT.  But other banks can be used without FTT - just additional paperwork trail may be required.

[bkk6060]

I would never have money deposited directly into a foreign bank account.  No flexibility and possible issues with future access.

I just wire transfer to Bankok bank.

[Pib]

1 hour ago, 1happykamper said:

Thank you for your kind replies. So the ACH and bkk bank is still the only method to get social security into a Thailand bank with the important intl transfer thingy. 

For U.S. govt pensions like SS there are "two" methods:  (1)  ACH which must go only to a Bangkok Bank special/restricted acct and (2) International Direct Deposit (IDD) which uses SWIFT and can go to a regular/unrestricted acct at any Thai bank.   Don't confuse the ACH and IDD methods as they are different funds transfer systems.

[KhunLA]

I set up my DD with SS & BkkBank here, and NY branch not involved.  Did it via Manila US Embassy, I think.  IDD rings a bell, as required by SS when informed about.

https://th.usembassy.gov/u-s-citizen-services/federal-benefits/