Transfer USA Social Security to Bangkok Bank using International Direct Deposit

[BKK57]

Has any one from America signed up for International Direct Deposit for monthly Social Security with the S.S. Admin? I know to start this process you need to send a SSA-1199 Form to FBU Manila. They require the account number and swift code of the bank. I have two plain vanilla savings account at Bangkok Bank. However, when calling Bangkok Bank, I am told that on Bank's side a special restricted account is required and I would have to appear in person to collect the funds. No Debit card or ability to transfer funds from this account is permitted. According to the USA S.S. this is a convenience... but it's NOT.  Has any one done this at Bangkok Bank with out a restricted account? From what I have seen on various posts if you try to send to a regular account eventually they will catch you and refuse the deposit. Until I was made aware of the restricted account I was thinking this might be the way to go so that I can easily prove I'm bringing in S.S. which is not assessable for tax purposes. Now, I just send a wire every month, but there is no specific designation that it is social security. Any feed back is greatly appreciated.

[gamb00ler]

I think Bangkok bank is trying to influence you to use their original method for receiving your SS benefits as a Direct Deposit.  What the bank employee told you is the rules for that old method.  That method involves Bangkok bank's NY office receiving the funds via an ACH in IAT format from SSA.  Then the bank subtracts their fee, exchanges US$ to Thai ฿ using the bank's TT rate and sends the result to the special savings account in Thailand.

 

SSA has since established IDD (International Direct Deposit) which uses SWIFT to transfer directly to almost any bank in Thailand and then to your normal savings account.  This method uses the TT exchange rate as above but the fees are structured differently.  @Pib calculated which of the two methods is best depending on the amount of your benefit.  Sorry, but I don't remember the details since I don't use either method.

 

I don't believe you need to contact Bangkok bank at all if you wish to use IDD.

[timendres]

@gamb00ler is correct. I opened a new account with BBL specifically for receiving my SS deposit. I did not obtain a debit card for the account, but I am able to make bank transfers via the online app, or the mobile app, to my KBank account with no problems. I did mention to the bank that I was using the account to receive my SS deposits, and they did not attempt to give me anything "special". It is just a regular bank account. Upon receiving my deposit, I transfer the amount of my monthly budget to my KBank account, which I use for daily transactions.

[mudcat]

I have my SSA benefit direct deposited into my Bangkok Bank account (plain vanilla with a debit card and iBanking).

 

This deposit is transferred from SSA's correspondent bank in Thailand to your account in Thai Baht using the local banking service BahtNet.  If you plan on using your benefit to qualify for a retirement extension there may be steps you need to take to have your local immigration office accept it as a foreign transfer. 

 

As far as convenience goes it it good to know the deposit will show up on the third of every month.

 

The form is SSA-1199-OP-107.  Fill out the top section and go to your branch with your bank book and passport.

 and have it signed and stamped.  I emailed mine but the may require mailed hard copy.