US SS account

[zlodnick]

What kind of account do I need to receive US SS direct deposits. Will a fixed account do?

[gamb00ler]

If you are sending to Bangkok bank you have two options.

 

The original direct deposit method for SS to Thailand was through Bangkok bank's New York office and the receiving account had extra restrictions on accessing the funds on deposit.  Withdrawals from this account could only be done in person by the account holder.

 

A few years ago SS created another direct deposit method (IDD) that could utilize a regular savings account at most Thai banks.  The funds in these accounts can normally be accessed the same as most savings accounts.

 

The two methods use different exchange rates and fee structures.  A member of AN compared the two methods and posted which one is best based on the amounts transferred.   Read the posts by @Pib on the first page of this thread:

https://aseannow.com/topic/1259608-us-social-security-deposit-in-bangkok-bank-new-york-questions/

 

[mudcat]

The form to submit to the Federal Benefits Bureau FBU in Manila is 

SA-1199-OP107 (03-2020) search for the file name as this the one I used.

 

If you are using it to qualify for your extension be advised that the deposit will be coded Bahtnet as it is a local transfer for all Thai banks from their correspondent bank.  There are steps to have it show as a foreign remittance.  Comes in like clockwork on the third of every month.