Do I need a special acct for US SSA direct deposit?

[BusNo8]

Hi

 

Bangkok Bank direct deposit via BBL NYC

 

Do I need to set up a special bank account to have social security deposits or can I use one I currently have?

 

Thanks

[retarius]

You used to need a special account (which has no debit card) AND a regular savings account at the same institution. But that was 2015 and may have changed now.  You have to do transactions and withdrawals in person.....so your wife or g/f cannot make withdrawals if you die. I keep a very low balance in this account so that my wife will not be in a position of try to get the cash out. 

[Etaoin Shrdlu]

If you choose to have your SS benefits paid to Bangkok Bank's New York branch for onward transmission to Thailand, you would need to set up a restricted account at Bangkok Bank here. You would have to go in person with your passport every time you wanted to withdraw funds. You would not receive an ATM card for this account and you could not transfer funds out using the BB app or website.

 

Your other option is to have SSA deposit your benefits directly to your bank account here in Thailand. You would not be restricted to Bangkok Bank, but instead could use an account at any Thai bank, either an existing or new account. You would be able to use your ATM card and the banking app or website to make transactions.

Edited April 30 by Etaoin Shrdlu

[BusNo8]

30 minutes ago, Etaoin Shrdlu said:

If you choose to have your SS benefits paid to Bangkok Bank's New York branch for onward transmission to Thailand, you would need to set up a restricted account at Bangkok Bank here. You would have to go in person with your passport every time you wanted to withdraw funds. You would not receive an ATM card for this account and you could not transfer funds out using the BB app or website.

 

Your other option is to have SSA deposit your benefits directly to your bank account here in Thailand. You would not be restricted to Bangkok Bank, but instead could use an account at any Thai bank, either an existing or new account. You would be able to use your ATM card and the banking app or website to make transactions.

 

Could you provide me with a bit more detail on this option please? How are the funds transfered (abroad). Cost? Issues?

 

 

[connda]

The answer is "No."  You can open a regular account with any Thai bank and then submit the Direct Deposit paperwork with SSA Manila. 

The Bangkok Bank "restricted account" that could only be withdrawn in person as the only option is a throwback to days I'd prefer to forget. 

[BusNo8]

Thank you all.

 

Manila:

 

Does anyone have a fax number?

 

They'd once asked me for a lot of confidential information via email. I thought this a bit sketchy.

 

Comments please.

[Etaoin Shrdlu]

1 minute ago, BusNo8 said:

 

Could you provide me with a bit more detail on this option please? How are the funds transfered (abroad). Cost? Issues?

 

 

 

The Social Security Administration will transfer funds directly to your Thai bank account. There is no transfer fee levied by the SSA, but your Thai bank may charge an inward remittance fee. The SSA uses Citibank in the US to transmit baht directly to the Thai bank account.

 

Here's a link to the SSA website that also has a link to the SSA-1199 form for use in Thailand along with instructions on how to file the form.

https://www.ssa.gov/forms/ssa-1199.html

[Etaoin Shrdlu]

26 minutes ago, BusNo8 said:

 

 

Manila:

 

Does anyone have a fax number?

 

 

 

Here:

https://ph.usembassy.gov/social-security-administration/#:~:text=Phone%3A %2B632-5301-,Email%3A FBU Inquiry Form

[amexpat]

Many of us have SS deposited to our US bank then xfer amount and time desired using WISE. 

[LivingNThailand]

In 2015 I was told by SS that I had to set up a direct deposit account with Bangkok Bank in Thailand and all SS funds would be funneled through Bangkok Bank New York Branch.  A fee  on both sides.  A big pain because I had to go to the bank every month personally and withdraw SS funds and then put into my regular bank account.   A few years ago an American neighbor told me that I could deposit directly into my regular savings account.  I called SS in the US and changed the account with no problem.  Now I can access the money via internet banking or my debit card.  However, I was under the impression that all SS money still is funneled through a contract with Bangkok Bank.  

 

Now it appears it has changed, for the better.   I guess I could go about changing banks and setting up new accounts, but a pain and not necessary.   The fees are minimal.  

Recently a friend of mine had some problems and contacted the SS in Manila.  They only have specific days that they will talk to you on the phone, but they were very helpful.

 

Reminder!  It is very important you fill out that letter they send every year to confirm some details or your SS money will be stopped.  Happened to my friend.  He finally got all his money, but not without some stress on his end.   Fill out the form and send it with some tracking.   Hope this helps.

[connda]

42 minutes ago, BusNo8 said:

Thank you all.

 

Manila:

 

Does anyone have a fax number?

 

They'd once asked me for a lot of confidential information via email. I thought this a bit sketchy.

 

Comments please.

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

https://ph.usembassy.gov/contact/#socialsecurity

[BusNo8]

6 hours ago, amexpat said:

Many of us have SS deposited to our US bank then xfer amount and time desired using WISE. 

 

I'd thought about this. It seems easiest option TBH.

 

I'm thinking with the Thai taxation issues... when incoming funds are marked as government pension it will obviously be taxed in States (in vast majority of our cases). Other than having to explain to large lump sums that are the equivalent of the monthly payments.

[BusNo8]

Thanks again everyone. Tremendously helpful.

[Etaoin Shrdlu]

14 minutes ago, BusNo8 said:

 

I'd thought about this. It seems easiest option TBH.

 

I'm thinking with the Thai taxation issues... when incoming funds are marked as government pension it will obviously be taxed in States (in vast majority of our cases). Other than having to explain to large lump sums that are the equivalent of the monthly payments.

 

Social Security benefits are only taxable by the US, not Thailand, as long as the recipient is a US citizen. If you keep the SS benefits in an account in the US prior to remitting them to Thailand, you may wish to keep them in a separate account to avoid commingling them with other funds that may be taxable by Thailand when remitted. 

 

My preference would be to have the funds remitted directly by SSA to Thailand and keep all documentation from the SSA as well as the SSA-1199 form that was used to set up the transfers. No question about commingling funds or the source of the funds.

 

Check what the SSA says about when you must use a foreign or US bank for benefits. 

Edited April 30 by Etaoin Shrdlu

[connda]

2 hours ago, BusNo8 said:

 

I'd thought about this. It seems easiest option TBH.

 

I'm thinking with the Thai taxation issues... when incoming funds are marked as government pension it will obviously be taxed in States (in vast majority of our cases). Other than having to explain to large lump sums that are the equivalent of the monthly payments.

There is no "Thai taxation issues" on SSA payment.  Social Security is covered under the US-Thai Dual-Taxation Agreement.  It's exempt.