How to get my money to Thailand

[wijit]

I am a Thai citizen in the US as a PR.  I soon will be collecting US Social Security .  How do I get it to Thailand.

 

Does anyone know of a Bank that accepts direct deposits from SS to a US account and have ATM in Thailand using a Thai address.

 

Bangkok Bank may have a way but we cant get any straight answers, seems like you have to pick up the money in person every month.

 

I'd like to figure this out while I am still in the US.

 

The Big US Banks only do business, and others are very expensive like HSBC...... Anyone do this

[mania]

If your going to be living in Thailand...You start Social Security by contacting the Philippines Manila Branch

It is then direct deposited to Bangkok Bank

 

Search the forum as there are tons of posts & info on going about the process

Edited September 12, 2023 by mania

[EVENKEEL]

I started SS with a US bank and around 2020 switched to Bangkok Bank deposits.  I switched using my online SS account.

[Thailand J]

1 hour ago, wijit said:

Does anyone know of a Bank that accepts direct deposits from SS to a US account and have ATM in Thailand using a Thai address.

SSA can make international direct deposit into a Thai bank if you chose to.

 

Charles Schwab international brokerage account  and Interactive Brokers IB brokerage account can be opened with a Thai address. The brokerage accounts come with a bank account which can receive SS monthly benefits. Schwab will  give you an ATM card which you can use worldwide with the fees reimbursed. There is a $25,000 minimum to open a Schwab International account but they'll let you open the account without showing the money, which makes me think they are not serious about the minimum. Interactive Brokers account don't have ATM cards but you can transfer the money to a thai bank online, and use the ATM card of the thai bank. First transfer of the month on IB is free, after that $10 each.

 

 

Edited September 12, 2023 by Thailand J

[KannikaP]

Come on, be WISE about it!  555

[delgarcon]

I am a Brit living in Thailand and my UK pension is paid into a British bank account, which I have maintained and I bank with the Bangkok Bank in Thailand. I transfer sterling to WISE, who then transfer Thai baht to my account in Thailand at very good exchange rates and charge minimum fees. Check out their website at wise.com.

[KhunLA]

SS will ask you where you want your SS DD (direct deposit), simply give them your Thai BkkBank info.  Very simple process, and no need to go through NY branch of BkkBank.

 

I did it in TH, and as suggested, once account set up here, pass info bank gives you to SS department @ Manilla Embassy.  Very easy to do.  DD received first week of the month, usually on the 3rd or 4th of month, our time/TH.  Thai & USA holidays don't interfere with DD.

 

I would set up a Soc Sec online account while in the USA.  May come in handy.  As hard to do from TH.

 

Your 1099 for tax purposed will be sent to address on file.  Unless additional income, taxes shouldn't be an issue, especially since not a US citizen.  Unless you still got something, generating income, going on in USA.

Edited September 13, 2023 by KhunLA

[IAMHERE]

My Social Security is direct deposit into Bangkok Bank Routing Number 026008691 of Bangkok Bank's branch in New York . They forward into my Bangkok savings account where I withdraw using ATM or online bill paying. I even transfer some from Bangkok Bank to K-Bank.

Bangkok New York charges $5 off the top, then Bangkok bank charges .0025 baht per baht of what  left. I think the exchange rate isn't far off an acceptable rate.

I would not trust Schwab, they'll freeze or close your account if they think you live overseas.

 

Edited September 13, 2023 by IAMHERE
spelling

[flexomike]

7 hours ago, mania said:

If your going to be living in Thailand...You start Social Security by contacting the Philippines Manila Branch

It is then direct deposited to Bangkok Bank

 

Search the forum as there are tons of posts & info on going about the process

you can have it direct deposited to almost all Thai banks, and you can have a debit card with the account

 

[rwill]

If you move to Thailand full time with no US address you will have to let the social security unit at the US embassy in Manila know about it.  You can get your SS payments sent directly to a Thai bank.

 

Also there is a form they are supposed to mail to you every year if you live overseas.  You are required to fill it out and mail it back otherwise your payments will be stopped.  Sort of a proof of life thing I guess.

 

Here is a page where you can ask questions:  https://ph.usembassy.gov/services/fbu-inquiry-form/

(one of the drop down items is 'change of bank')

General information page:  https://ph.usembassy.gov/services/social-security/

Edited September 13, 2023 by rwill

[soisanuk]

Some US Expats here that do not have a US bank account set up a Wise (Wise.com) virtual account which provides an account number and ACH routing number (both needed by SS to set up direct deposit).  When they receive their deposit,  transfer all or part of the funds in the virtual account to their Thai bank account at their convenience.  But, a caution, the virtual account is not FDIC insured.  As mentioned, Wise has good exchange rates and fees are reasonable. Vist their website for details.

 

Edited September 13, 2023 by soisanuk

[khunPer]

10 hours ago, wijit said:

I am a Thai citizen in the US as a PR.  I soon will be collecting US Social Security .  How do I get it to Thailand.

 

Does anyone know of a Bank that accepts direct deposits from SS to a US account and have ATM in Thailand using a Thai address.

 

Bangkok Bank may have a way but we cant get any straight answers, seems like you have to pick up the money in person every month.

 

I'd like to figure this out while I am still in the US.

 

The Big US Banks only do business, and others are very expensive like HSBC...... Anyone do this

Bangkok Bank is excellent for foreign transfers – I believe they even still have an US branch that might be able to help you.

 

Most Europeans use instead transfer by Wise – I don't know if that works for US – where government pensions and other payouts are deposited in a home country bank account and you transfer to a Thai bank account via Wise, which is cheap and fairly to very fast; or by Internet banking. In that case you don't need to open a Thai bank account from abroad, but just keep your home country bank account and open a Thai bank account when you are here.

[The Theory]

4 hours ago, flexomike said:

you can have it direct deposited to almost all Thai banks,

Do you know which bank is the best ?
for exchange fees/rate ?

[The Theory]

10 hours ago, KhunLA said:

I would set up a Soc Sec online account while in the USA.  May come in handy.  As hard to do from TH.

I did too. Some years ago and I applied for my benefits a few days ago online by my SS online account. I just gave my US bank router/account # since I still have US address. You can change your bank account once you already receive your payments. I rather to use Wise since I don't need it to be deposited to my Thai account every month, but I will do it when I change my address to Thailand someday. 

[KannikaP]

11 hours ago, delgarcon said:

I am a Brit living in Thailand and my UK pension is paid into a British bank account, which I have maintained and I bank with the Bangkok Bank in Thailand. I transfer sterling to WISE, who then transfer Thai baht to my account in Thailand at very good exchange rates and charge minimum fees. Check out their website at wise.com.

Wow Garcon, have you never read the many many many many posts regarding Wise?

[KhunLA]

2 hours ago, khunPer said:

Bangkok Bank is excellent for foreign transfers – I believe they even still have an US branch that might be able to help you.

@wijit  Do NOT use the NY USA branch, as I believe that incurs unnecessary bank fees.  SS will DD to Thai BkkBank. and at the time I set it up, BkkBank was the only option.  Not sure if SS will DD to other Thai banks.

[D2Pipes]

11 hours ago, delgarcon said:

I am a Brit living in Thailand and my UK pension is paid into a British bank account, which I have maintained and I bank with the Bangkok Bank in Thailand. I transfer sterling to WISE, who then transfer Thai baht to my account in Thailand at very good exchange rates and charge minimum fees. Check out their website at wise.com.

Why don'r you open  a Thai £sterling account and transfer £sterling from your UK account to your Thai account?
My UK bank, Barclays, has no charge for International £sterling transfers to Thailand and the Thai bank charges a £12 receiving fee.

Doing this means I can transfer £sterling, whenever I want, from my Thai strerling bank account to my  Thai Baht bank account with no trnsfer charge. Bankok bank exchange rate lies between their buying and selling rate but I can't remember the term they use.

[KayDeeDee]

Lots of good information here 

[delgarcon]

3 hours ago, D2Pipes said:

Why don'r you open  a Thai £sterling account and transfer £sterling from your UK account to your Thai account?
My UK bank, Barclays, has no charge for International £sterling transfers to Thailand and the Thai bank charges a £12 receiving fee.

Doing this means I can transfer £sterling, whenever I want, from my Thai strerling bank account to my  Thai Baht bank account with no trnsfer charge. Bankok bank exchange rate lies between their buying and selling rate but I can't remember the term they use.

I too can transfer sterling whenever I like and Wise uses the commercial rate, which is far better than BB's rates. There is no receiving fee either. Next time you change currency, I suggest you have a look at what you would have saved with Wise, I reckon you'll have a big surprise.

[Rimmer]

A post also reply contravening our Community Standards has been removed.    

[flexomike]

14 hours ago, The Theory said:

Do you know which bank is the best ?
for exchange fees/rate ?

not sure, thinking they would all be about the same, I use Bangkok Bank, wife uses Krung Thai

[flexomike]

14 hours ago, KhunLA said:

@wijit  Do NOT use the NY USA branch, as I believe that incurs unnecessary bank fees.  SS will DD to Thai BkkBank. and at the time I set it up, BkkBank was the only option.  Not sure if SS will DD to other Thai banks.

I have Bangkok Bank for my SS deposit have used them for going on 8 years, was the only option at the time, it is sent through NY by SS as an ACH transfer, wife uses Krung Thai bank, her SS deposit is by IDD transfer, not much difference in the fees, all depends on how much you receive.

[D2Pipes]

17 hours ago, The Theory said:

Do you know which bank is the best ?
for exchange fees/rate ?

Try this url:-

http://bankexchangerates.daytodaydata.net/default.aspx

cheersD

[The Theory]

7 hours ago, D2Pipes said:

Try this url:-

http://bankexchangerates.daytodaydata.net/default.aspx

cheersD

I believe that chart is for cash exchange, not transfer bank to bank. The rate is different.