Social Security Direct Deposit, Does Credit Advice Indicate Foreign?

[Mangotango]

If US social security is directly deposited to a Thai Bank, do the credit advices for these transfers indicate the transfer is from a foreign source for purposes of the retirement visa extension?  I am referring to the new direct deposit program to any Thai bank instituted around 2019.  
 

Thanks! 

[BritTim]

I believe that it should do so. As I understand the regulations, the credit advice is supposed to identity the original source of the funds, presumably in the US, even if the money arrives indirectly.

[KhunLA]

7 minutes ago, Mangotango said:

If US social security is directly deposited to a Thai Bank, do the credit advices for these transfers indicate the transfer is from a foreign source for purposes of the retirement visa extension?  I am referring to the new direct deposit program to any Thai bank instituted around 2019.  
 

Thanks! 

yes, and why required if going the DD route for extension.

May want to take a copy of below, as not all tellers understand what it is.

 

It shows the complete routing of funds:

 

[retarius]

The answer is yes, there is a code in your passbook. I haver never had any receipt like Khun LA shows and I have been receiving SS for 10years. Bangkok Bank appears to be the only bank that the Philippines will accept to pay into, presumably because they are the only bank that US authorities trust to comply with FACTA. I have to go through the tricky situation of moving the payments out of BB and move them some where else to avoid the new taxes that Thailand wish to impose.

[flexomike]

14 minutes ago, retarius said:

The answer is yes, there is a code in your passbook. I haver never had any receipt like Khun LA shows and I have been receiving SS for 10years. Bangkok Bank appears to be the only bank that the Philippines will accept to pay into, presumably because they are the only bank that US authorities trust to comply with FACTA. I have to go through the tricky situation of moving the payments out of BB and move them some where else to avoid the new taxes that Thailand wish to impose.

you can get your SS deposited into almost any Thailand Bank, I use BKK Bank wife uses Krungthai

[connda]

As of late mine shows as a foreign funds transfer to SCB and that is in my passport.
So I'm sure a Credit Advice will show the same.

Edited October 6, 2023 by connda

[KhunLA]

25 minutes ago, retarius said:

The answer is yes, there is a code in your passbook. I haver never had any receipt like Khun LA shows and I have been receiving SS for 10years. Bangkok Bank appears to be the only bank that the Philippines will accept to pay into, presumably because they are the only bank that US authorities trust to comply with FACTA. I have to go through the tricky situation of moving the payments out of BB and move them some where else to avoid the new taxes that Thailand wish to impose.

That credit advice (photo) is used for Imm purposes only, and required at Hua Hin Imm, for Marriage/Retirement extensions.  

[connda]

27 minutes ago, retarius said:

The answer is yes, there is a code in your passbook. I haver never had any receipt like Khun LA shows and I have been receiving SS for 10years. Bangkok Bank appears to be the only bank that the Philippines will accept to pay into

Again - that is not true.  You can Direct Deposit into any commercial bank in Thailand.

[KannikaP]

11 minutes ago, connda said:

As of late mine shows as a foreign funds transfer to SCB and that is in my passport.
So I'm sure a Credit Advice will show the same.

A Foreign Funds Transfer showing in your Passport? I think not.

[KhunLA]

5 minutes ago, KannikaP said:

A Foreign Funds Transfer showing in your Passport? I think not.

Pretty sure that was supposed to be 'passbook'.

[KannikaP]

8 minutes ago, KhunLA said:

Pretty sure that was supposed to be 'passbook'.

I just wish members would proof read what they have typed before Submitting.

Not much difference between Passport & Passbook,

[jaideedave]

2 hours ago, KannikaP said:

A Foreign Funds Transfer showing in your Passport? I think not.

Passbook?

[racyrick]

6 hours ago, KhunLA said:

yes, and why required if going the DD route for extension.

May want to take a copy of below, as not all tellers understand what it is.

 

It shows the complete routing of funds:

 

Thanks for the copy. Do you request this every month after your ssa deposit and do they give that to you right away at your local branch? Thanks

[bamnutsak]

Based on that Credit Advice Receipt It looks like SocSec  gets converted to THB before arriving in Thailand, maybe by Citi in Europe? Then to Citi in THL ( I thought they sold their local ops?), then transferred via BAHTNET to Bangkok Bank?

 

I think you'd need the CAR because this may not show in a  passbook or statement as FTT?

 

 

Hopefully banks won't be using that line "Other Charges" to withhold 20% Thai Tax. come 1 Jan 2024. ????

 

 

 

 

 

[KhunLA]

1 hour ago, racyrick said:

Thanks for the copy. Do you request this every month after your ssa deposit and do they give that to you right away at your local branch? Thanks

You can request it at your leisure, although, if they have to go back more than 6 months, they charge you 100 baht per page.  So if you ask for it at 4 month intervals, there shouldn't be any charge.  Then the charge for you account statement should be 100 baht.  BkkBank.   Wife actually just called the call center for that info today.

 

I usually just let my deposits pile up, to less than 300k, not to break the $10k USD FBAR requirement, and then make a withdrawal of most funds.  I don't like going to the bank.

Edited October 6, 2023 by KhunLA

[khunjeff]

16 hours ago, retarius said:

Bangkok Bank appears to be the only bank that the Philippines will accept to pay into, presumably because they are the only bank that US authorities trust to comply with FACTA.

All Thai banks are FATCA-compliant, since it's required by the Bank of Thailand. The Thai government signed a bilateral agreement with the US about this many years ago, so individual banks have no choice but to comply.

 

11 hours ago, bamnutsak said:

Based on that Credit Advice Receipt It looks like SocSec  gets converted to THB before arriving in Thailand, maybe by Citi in Europe?

The funds aren't converted. The US Treasury - which has holdings in pretty much every currency in the world - sends the payments in baht, using its own exchange rate to determine the THB amount.

[Guavaman]

17 hours ago, retarius said:

The answer is yes, there is a code in your passbook. I haver never had any receipt like Khun LA shows and I have been receiving SS for 10years. Bangkok Bank appears to be the only bank that the Philippines will accept to pay into, presumably because they are the only bank that US authorities trust to comply with FACTA. I have to go through the tricky situation of moving the payments out of BB and move them some where else to avoid the new taxes that Thailand wish to impose.

U.S. Social security is exempt from taxation by Thailand under the DTA.

 

ARTICLE 20

Pensions and Social Security Payments

      1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State.

      2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State.

[KhunLA]

1 hour ago, Guavaman said:

U.S. Social security is exempt from taxation by Thailand under the DTA.

 

ARTICLE 20

Pensions and Social Security Payments

      1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State.

      2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State.

Thanks

Source: https://www.irs.gov/pub/irs-trty/thailand.pdf

[KhunLA]

Those Yanks not using SS DD, (bank to bank or Wise) may want to change that.   As the Credit Advice  specifically notes that funds are from SS 

[Mangotango]

Thanks for all replies! Is everybody sure that if you do not use Bangkok bank and the old ACH system, but rather use the new IDD system, that the credit advices for the transfers will satisfy immigration that they are indeed foreign?  The attached recent post from another thread seems to indicate otherwise…..

 

Thx again!  

 

[BritTim]

42 minutes ago, Mangotango said:

Thanks for all replies! Is everybody sure that if you do not use Bangkok bank and the old ACH system, but rather use the new IDD system, that the credit advices for the transfers will satisfy immigration that they are indeed foreign?  The attached recent post from another thread seems to indicate otherwise…..

 

Thx again!  

 

Am I 100% sure? No. However, the prevailing regulations, as I understand them, is that all transfers into your account (whether from overseas or domestic) are supposed to be easily traceable back to their source. It is the responsibility of intermediate banks to ensure that is possible. Untraceable transfers make money laundering way too easy.

[Guavaman]

11 hours ago, BritTim said:

Am I 100% sure? No. However, the prevailing regulations, as I understand them, is that all transfers into your account (whether from overseas or domestic) are supposed to be easily traceable back to their source. It is the responsibility of intermediate banks to ensure that is possible. Untraceable transfers make money laundering way too easy.

As users of Wise have found out, when the international transfer appears as a domestic transfer from a local partner Thai bank, one can go to an international office of the other Thai bank and get credit advice from then that shows the details of the origination of the transfer and use this for immigration -- depending upon the office!

[bamnutsak]

17 hours ago, Mangotango said:

Thanks for all replies! Is everybody sure that if you do not use Bangkok bank and the old ACH system, but rather use the new IDD system, that the credit advices for the transfers will satisfy immigration that they are indeed foreign?  The attached recent post from another thread seems to indicate otherwise…..

 

Can you post a link to that thread, for context?

 

I think that with the Credit Advice Receipts, and some documentation from the SSA (annual benefit letter, for example - that's always available on the mySSA site), you should be ok at most Imm offices.

 

 

[Mangotango]

I do not know how to do that.  See the following 2 topics

 

“social security direct deposit, change from Bangkok bank to another bank”

 

and

 

”us social security directly deposited into Thailand bangkok bank fees”