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.

 

 

[BKKKevin]

As the poster said above...

I went online to the SSA website and changed my address to my Thai address... Completed Form SSA-1099, listing my Bangkok Bank account I've had for years (No special or restricted acvount needed) ... Had my BKK Bank branch sign and stamp the form... Mailed it to Manila via Thai Post... And now my monthly deposit appears on the 3rd of every month no problem...

[BKK57]

45 minutes ago, BKKKevin said:

As the poster said above...

I went online to the SSA website and changed my address to my Thai address... Completed Form SSA-1099, listing my Bangkok Bank account I've had for years (No special or restricted acvount needed) ... Had my BKK Bank branch sign and stamp the form... Mailed it to Manila via Thai Post... And now my monthly deposit appears on the 3rd of every month no problem...

Thanks for information. When you receive funds is FTT the code used in your bank book for the transfer? I ask because I would like a credit advice from the bank and you can only get that for transactions marked FTT. 

[BKK57]

Thanks for all the replies. Just to clarify, I did contact the bank, and made sure they understood I wanted to do a International Direct Deposit. They asked what country. I answered USA and told them I was going to submit a form to Social Security.  As I understand S.S. asks for a swift code,  so it is NOT the old ACH method. She checked with some one and came back and said you must setup a restricted account to do International Direct Deposit. I also asked if I would be able to get a credit advice if I did this. She said no,, sindce the code in the bank book is not FTT.  Perhaps I need to go to the Bangkok Bank in Silom and ask at the Global Payments desk. Currently I have my SS deposited into my investment account in the USA then send a wire transfer here to Thailand. I get a Credit Advice sent to my email for every transfer and I use those credit advices to show 65,000 each month for retirement visa. i have read post from a few years back saying that you can put a non-restricted account on the SSA-1199 and it may work for a few months, or even years until some one at the bank notices and then will refuse the deposit. I really don't want that happening.