Any US Social security recipients out there doing direct deposits?

[Thailandbuckeye]

1 minute ago, Pib said:

 

Since you said your original DD form showed a "SWIFT" code that means you were signed up for DD via the International Direct Deposit (IDD) program which uses the SWIFT system (uses SWIFT codes to identify the bank); you were not signed up for the standard DD program that uses the Automated Clearing House (ACH) system which uses "routing numbers" to identify the bank.   Direct deposit via IDD and ACH are two completely separate funds transfer systems....two different animals....it like riding in a taxi vs a bus...riding a train vs a plane....two different funds transfer systems.

 

The SWIFT code for Bangkok Bank is:  BKKBTHBK "or" BKKBTHJBKXXX.   Either one works fine....the XXX is just an extended version of the basic code...either one works fine. Most people probably just use the basic code without the XXX added on.  

 

The ACH Routing Number for Bangkok Bank is: 026008681

 

 

 

Thanks, I agree but SSA in the U.S. does not. My deposits come in like clock work so Swift codes/routing numbers must be correct. My problem is as stated above that I can’t get by the security question. SSA shows a different routing number than Bangkok Bank and giving them the Swift code doesn’t help. 
 

I tend to think at this point the routing number they have in their system is a Citibank routing number and since Citibank has numerous routing numbers I am unsure which to try next.

 

 

[Thailandbuckeye]

Sorry forgot to mention that my bank book codes the deposits as BAHTNET.

[soisanuk]

The BAHTNET system is for funds sent through the Bank of Thailand's Bahtnet system.  Per Wise, their Swift code is  BOTHTHBPTS1  (https://wise.com/us/swift-codes/BOTHTHBPTS1)

[Pib]

17 minutes ago, soisanuk said:

The BAHTNET system is for funds sent through the Bank of Thailand's Bahtnet system.  Per Wise, their Swift code is  BOTHTHBPTS1  (https://wise.com/us/swift-codes/BOTHTHBPTS1)

For IDD the BAHTNET system is only used as the last leg of the SWIFT transfer to the Thai receiving bank which for Thailandbuckeye is Bangkok Bank whose SWIFT code is   BKKBTHBK.    Plus the Wise SWIFT code above is for sending money to Bank of Thailand in those cases where someone would need to send funds to the Bank of Thailand (probably for companies and other central banks).    Now "if" Thailandbuckeye is using the IDD system which means Citibank is handling the transfer as the US Treasury contractor bank for US govt payment to Thailand banks, then Citibank might be using the Bank of Thailand SWIFT as a "correspondent/intermediary bank" address on the way to its final destination at Bangkok. 

 

But that really neither here or there in Thailandbuckeye case and the issue he's having.   Assuming Thailandbuckeye is currently on the IDD system then he will probably "not" be able to change from the IDD system that uses the International SWIFT system to the U.S. ACH system that uses routing numbers because the SSA "interactive computerized" system is geared for making direct deposit changes between U.S. banks...that is, changing from one routing number to another.  Right now Thailandbuckeye if on the IDD system has a SWIFT code loaded as his bank identifier and does not have a U.S. bank routing number, therefore he could never pass the security question since the system is looking for a routing "number" (as is 0-9) vs a SWIFT code consisting of "letters."

 

 

 

 

[Pib]

3 hours ago, Thailandbuckeye said:

Sorry forgot to mention that my bank book codes the deposits as BAHTNET.

OK, that confirms your direct deposit is on the International Direct Deposit (IDD) funds transfer  system that uses the SWIFT system and therefore using SWIFT codes to identify the bank....codes consisting of "letters" and maybe occasionally a number or two mixed it..   The U.S. Automated Clearing House (ACH) uses routing "numbers"...a nine digit number.

 

So, assuming you are using the SSA Automated Phone System to try to change your DD bank....the automated system  expects your current US bank "routing number" that you are currently using for your DD (what loaded in your profile right now)....you will never get past that because you are "not" currently using an routing number...you are using a SWIFT code plus you are on the IDD system vs ACH system.

 

The SSA Automated Phone System is geared for changing from one U.S. bank to another US on the ACH system....it's routing number based.  You are currently on the IDD system trying to change over to the ACH system....trying to mix apples and oranges.  Seriously doubt the Automated System can accomplish the switch between IDD and ACH (or vice versa); instead you'll will have to talk to a "human" SSA representative who still may ask you to send in the ACH DD form since you are switching from IDD to ACH.  Probably best to just do that thru the Manila SSA....they can enroll you in the ACH or IDD system.

 

 

https://ph.usembassy.gov/services/social-security/faq/

Edited April 5 by Pib

[Thailandbuckeye]

I actually called SSA 3 times last night….all to a rep not an automated system. I agree that I need to go through Manila.

Thanks for the help.

 

I may get stuck with Bangkok Bank.

Edited April 5 by Thailandbuckeye

[Pib]

Just use Manila SSA to change your DD info....use the Manila SSA website inquiry form.  They have a specific inquiry heading/topic just for that purpose.

[Thailandbuckeye]

Just a follow up to changing my DD from Bangkok Bank to a U.S. Credit Assn. 

 

I submitted the change to Manila, two weeks later they responded that my bank info has been changed. A day or so later MySSA showed the new bank account as requested (shows only last few digits but enough to verify).

 

So bottom line is to change back to the US it’s best to go through Manila.

[Charlie D.]

My SS direct deposit should have arrived in Thailand 3 days ago and today is Sept. 6, 2024. This is a first for me so I do not know how many days it takes the Thai bank to clear a Direct Deposit and the money deposited into my account. Does anyone know how many days before I see the money in my account? Thanks for the reply back to me.

CD

[Pib]

9 minutes ago, Charlie D. said:

My SS direct deposit should have arrived in Thailand 3 days ago and today is Sept. 6, 2024. This is a first for me so I do not know how many days it takes the Thai bank to clear a Direct Deposit and the money deposited into my account. Does anyone know how many days before I see the money in my account? Thanks for the reply back to me.

CD

 

If your direct deposit was via "IDD" (i.e., uses the SWIFT system) it "typically posts on the 3rd of the month"....but sometimes it might be on the 1st to the 4th. And the SSA says it could be up to 3 days later depending on the policies of the receiving bank.   Like this month's IDD posting date occurred the morning of 4 Sep as my wife has been getting  her SS direct deposit via IDD for years now.    And a poster I sometimes message with also got his IDD direct deposit for September on 4 Sep.   But typically, it's the 3rd plus or minus a day or two if using IDD. 

 

Now if  your direct deposit was via "ACH" and depending on if you have your Thailand address or a U.S. address on-file with the SSA then the payment/payment date could be o/a the 3rd of the month (plus or minus a few days just like for IDD) if you have a Thailand address "or" later in the month depending on your date of birth during the month if you have a U.S. address.

 

 

[Pib]

@Charlie D.

    Which DD deposit method are you using?   ACH or IDD?      And have you been receiving SS payments for a while to another bank OR is this you first SSA pension payment.  If your first payment are you sure the payment was suppose to be made for this month?

 

 If IDD, the payment can go to "any" Thai bank and does "not" have to be a restricted account.   

 

But if using ACH the payment can only go to Bangkok Bank with a "special restricted" account specifically for U.S. govt reoccurring payments like SSA [pension.  Bangkok Bank is the only Thai bank with ACH receiving capability. 

 

If you are using ACH and trying to send it to a "unrestricted" Bangkok Bank acct then Bangkok Bank at some point will block the payment since it's not going into a restricted acct.  Sometimes Bangkok Bank will catch this attempt right off the bat and in some cases it could be months or years before they catch it.   I sure know over a decade ago when I attempted to have one of my govt pensions sent to  my "unrestricted/regular" Bangkok Bank saving acct via ACH my Bangkok Bank branch caught it on the 2nd payment and I got a letter from them they had the payment on-hold and I needed to come in and open a "restricted" acct to receive reoccurring U.S. govt payment via ACH.   

 

 

[Charlie D.]

My SS direct deposit should have arrived in Thailand 3 days ago and today is Sept. 6, 2024. This is a first for me so I do not know how many days it takes the Thai bank  

 

Pib, I will give you a reply with detail when I return home from the city of KamphangPhet.

[Charlie D.]

Pib, went to the bank to ask about the DD and had them to update my bank book, Yep the money was in my account on the 4th and was sent by SSA on the 3rd. I have a notice on my phone when there is any money taken out or on deposit and I did not have the money from SSA listed on my phone. This has never happened to me for 15 years using this notification from the bank. 

Good news from the Bank and good news from CAT working out my issues with the HP.

Sleep Good tonight.

Thanks for your replies back to me. I know who to come to if and when issues come up.

Charlie KP Provence.

[Charlie D.]

Does anyone know how much Kasikorn Bank charges to deposit my monthly SS money into my account? Is it a percent or a flat fee?

Thank you for your reply back to me.

 

C D

[PumpkinEater]

Charlie D,

I have a monthly WISE transfer from my US Bank account (SS) into my K bank account. 
Kasikorn charges 0.

There is a fee WDs from K bank though…

Cheers

[Charlie D.]

SS sends my monthly Direct Deposit payment using the SWIFT code for K-Bank.  The money is less than I expected in the deposit. Using XE.COM and knowing about the time of the transfer and seeing the amount from XE using the graph there is a money loss. I see a loss of 1500thb so that is the reason for this mail.

Any thoughts are appreciated.

Thanks for the assist.

CD

[PumpkinEater]

Charlie,

I too saw a large deduction when I had the SSA direct deposit to my K bank account. Every month I would lose close to $60 USD. This, as I traced the flow…was due to the SSA using banks in the USA to complete the transfer.

THEY are the ones skimming the USD before it hits your K bank account.

I subsequently switched from that method to my own transfer using WISE. I save roughly $40 USD per month cutting out the middle bank fruadsters!

 

Cheers!

[Etaoin Shrdlu]

3 hours ago, Charlie D. said:

SS sends my monthly Direct Deposit payment using the SWIFT code for K-Bank.  The money is less than I expected in the deposit. Using XE.COM and knowing about the time of the transfer and seeing the amount from XE using the graph there is a money loss. I see a loss of 1500thb so that is the reason for this mail.

Any thoughts are appreciated.

Thanks for the assist.

CD

 

SSA uses Citibank to transfer benefits to recipients overseas. Citibank remits Thai baht and not US dollars to banks in Thailand. Citibank uses a less favorable exchange rate than one would get if dollars were transferred to a Thai Bank. The blame lies with Citibank and perhaps also driven by the fact that the baht is not an extensively traded major currency.

[Pib]

3 hours ago, Charlie D. said:

SS sends my monthly Direct Deposit payment using the SWIFT code for K-Bank.  The money is less than I expected in the deposit. Using XE.COM and knowing about the time of the transfer and seeing the amount from XE using the graph there is a money loss. I see a loss of 1500thb so that is the reason for this mail.

Any thoughts are appreciated.

Thanks for the assist.

CD

You are using the IDD direct deposit method which as you said travels via the SWIFT system vs the ACH system.   You "can not" use exchange rates like at XE.com, Wise, etc., because the exchange rate is determined U.S. Treasury/its IDD contractor bank (currently Citibank Global for IDD to Thailand) several days before the actual transfer occurs.   And no, you can not look at the monthly exchange rate posted by US Treasury on their website as that rate is not being used....that's a rate used for different purposes like for tax purposes.

 

The only fee K-bank should be charging to receive the IDD Direct Deposit is Bt100 which is actually a BAHTNET receiving fee as the last leg of the IDD/SWIFT transfer occurs via the BAHTNET system which interfaces with the SWIFT system.   There are no other fees along the way....no fees like if you were using the "ACH" direct deposit method to a Bangkok Bank acct where a Bangkok Bank New York branch fee of $5 or $10 (depends on the amount of the transfer) is charged as the funds flow thru them onto your in-Thailand Bangkok Bank where a receiving fee of 0.25% (min Bt200, max Bt500) is charged.  Both of these ACH fees are "hidden" fees and do not appear on your bank statement/passbook.   And the IDD BAHTNET receiving fee of Bt100 is also a hidden fee.  

 

So, to determine the "IDD" exchange rate you need to know your SSA direct deposit "net" payment, repeat, "net" amount in dollars.   Net means after all deductions such as tax, Medicare, etc.,...this will be the amount converted to baht and then transmitted to your Thai bank.   Now look at the amount of baht that "posted" to your Thai bank acct and then add Bt100 (i.e., that BAHTNET fee) as that will be the total amount that initially arrived your Thai bank before K-bank applied their Bt100 fee......then divide that total amount by your SSA "net" dollars...you will now have the IDD exchange rate used.

 

The IDD exchange rate for the 3 Oct 2024 payment was Bt32.158 per USD.  If you had been using the ACH direct deposit method to a Bangkok Bank acct the exchange rate should have been Bt32.86 per USD (that's the Bangkok Bank 3 Oct 2024 0830hrs "TT Buying Rate" which would have been used for a incoming SSA payment via ACH.   

 

Although the Bangkok Bank Exchange rate is higher than the IDD rate the Bangkok Bank total ACH fees are higher so in doing a cost comparison be sure to consider exchange rate "and fees."  

 

My wife receives her SSA direct deposit via IDD...by looking at her 3 Oct payment and knowing her net SSA payment that's how I figured out the IDD exchange rate of 32.158.   She started using IDD when if first became available for Thailand in 2019.  I tracked/compared the exchange rate for 12 months during Jul 2019- Jun 2020.  Compared it to the "ACH" direct deposit method which included fees.   

 

See below spreadsheet snapshot from  June 2020 when the exchange rate was several baht lower compared to today....I stopped tracking at that point as I had the data/answer I wanted.   Note that around $1,125 and above net SSA payment is where using ACH would put a "little bit" more baht into your Bangkok Bank acct; below $1,125  IDD would put more.    But of course if using a Bangkok Bank bank acct for your ACH US govt reoccurring payment like SSA pension it will be a special restricted acct, whereas, US govt payment via IDD can go into any Thai bank regular unrestricted acct.

 

 

ACH and IDD Direct Deposit Cost Comparison 

 

 

 

[Pib]

@Charlie D.

 

And since you said you are using K-bank to receive your IDD payment depending on where your K-bank branch is located in Thailand there "may", repeat, may also be an "upcountry" BAHTNET fee which is in addition to the basic Bt100 BAHTNET fee. 

 

But if you K-bank branch is in Bangkok and surrounding provinces only the basic Bt100 BAHTNET fee applies.  And even if your K-bank branch is not in/around Bangkok the upcountry BAHTNET fee may not apply in the case of this particular incoming US govt payment.   Do the math as I described in my above post just using the Bt100 fee....if your baht payment is still a little off then crank-in the K-bank upcountry fee shown in their BAHTNET fee chart below.

 

https://www.kasikornbank.com/en/personal/services/payment/pages/bahtnet.aspx