Transfer USA Social Security to Bangkok Bank using International Direct Deposit

[bradiston]

I'm just an ignorant limey, but my Wise $ account is held in a New York bank. Does this help? I don't begin to understand the US banking system.

[sharot724]

On 2/28/2025 at 12:46 PM, BKK57 said:

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.

Ah yes. The US change took some time with BKB. It was a to protect recipiants. Simply why the change took plae was that accounts restricitive features were not origially enforced.

The change back was so a reciptiat's deposit account can only be transfer at the branch to a second spending account. easy peasy

 

 

[Luuk Chaai]

8 hours ago, bunnydrops said:

It was years ago, but the account that the government check was sent to at Bangkok Bank could only be accessed at the counter. Since I still have a US bank account I have it sent there now and use Wise for transfers.

..  and as someone else pointed out.  you have to fill out a form every year to show them you are still alive

I just have my SS deposited @ my US Chase Bank acct,   and when I need $$$ I send to my K bank acct thru Wise..  fast ,,  usually seconds..    and cheap enough !

[Pib]

6 hours ago, sharot724 said:

Ah yes. The US change took some time with BKB. It was a to protect recipiants. Simply why the change took plae was that accounts restricitive features were not origially enforced.

The change back was so a reciptiat's deposit account can only be transfer at the branch to a second spending account. easy peasy

 

 

The change took place in 2019 per a new US Treasury policy regarding the transfer of funds "out of the US" via ACH.  Use of the International ACH Transaction (IAT)  format was required instead of the Standard ACH format.     This was to better track funds flow outside of the US via ACH system, help stop transfers to bad guys, etc.  

 

Bangkok Bank did not change its policy regarding the need of a special, restricted account for US govt pensions sent via ACH thru the Bangkok Bank NY branch...doesn't matter whether the funds arrive via standard ACH format (some govt agencies still use this format) or the ACH "IAT" format.  

 

To implement the US Treasury policy Bangkok Bank NY branch just began enforcing the requirement for ACH IAT format unless it was coming from a govt agency that hadn't upgraded it's systems yet to use ACH IAT format.  The US Treasury gave this waiver for those standard ACH payments to be allow thru.  But if an ACH transfer is coming from a non-govt agency like a bank, brokerage, etc., then it must be in ACH IAT format or the Bangkok Bank NY branch will "not" relay it to the in-Thailand Bangkok Bank but reject the transfer  back to the sender. 

 

Standard ACH format and ACH IAT format are similar but different animals...both use the ACH system but the format/coding is different.   Kinda like comparing a Border Collie and a Chihuahua...they are both dogs but easy to tell they are different breeds of dog. 

 

And when it comes to IDD (SWIFT) transfers compared to ACH transfers....those are two completely different animals...have separate regulations/policies....like trying to compare a tiger to a horse.     SWIFT follows international rules while ACH follow US rules.  It's much easier for the US govt to claw back payments if required which are made via ACH than SWIFT due to this different rules.  

[OneManShow]

On 2/28/2025 at 5:41 PM, 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...

I have 2 questions for you:

1- Did you have to change your address to Thailand ?

2- Does this change of address will change "residence address" (US address) as well ?

 

[BKKKevin]

1 hour ago, OneManShow said:

I have 2 questions for you:

1- Did you have to change your address to Thailand ?

2- Does this change of address will change "residence address" (US address) as well ?

 

I read that you must inform (Update you residency address) with the Social Security Administration before submitting the SSA-1099 form… The address must match… I did so by logging into my online SSA account and changing my address…(Others have mentioned that you can also update your address by contacting/email SSA in Manila)

 

I also read that this could have ramifications as to the ability to obtain some Medicare Supplements/Advantage as they have access to the SS database… (But I’m not old enough to qualify for Medicare yet)…

This has not changed my “residency” as it pertains to my bank and some brokerage accounts which have my US mail forwarding address as my residence… I have not heard of any banks or private businesses having access to SS address information to be able to cross reference my residency…

 

[BKKKevin]

The whole residency issue is a bit of a black hole… Some institutions like the SSA have no problem but others have experienced bank/brokerage accounts being closed when they find out you live outside the US…

One of the driving reasons I switched to SS direct deposit to my Thai account was to have a stable money flow… Last year Wise sent me a email saying they were going to close my account because my residency address on file (my mail forwarding address of 10+ years) was not a acceptable residence address… I switched my address to a family member’s and that seem to placate them (for the time being)… But long term I just don’t think one can rely on Wise as one’s only way to get funds to Thailand…

[Thailand J]

15 hours ago, LivingNThailand said:

Costs me about $15 a month

First withdrawal of the month is free at Interactive Brokers and it can be International transfer.

No minimum to open a Lite account, no maintenance fee. It comes with a linked bank account that you can deposit SSA benefit into.

Thai address acceptable.

Request transfer online or set up auto monthly transfers.

 

 

There are other brokerage firms with free international transfers.

 

 

[sharot724]

5 hours ago, OneManShow said:

I have 2 questions for you:

1- Did you have to change your address to Thailand ?

2- Does this change of address will change "residence address" (US address) as well ?

 

When the SSA went and mandated the Banks address needing to be supplied, f I was screwed. They managed during the end of month missed the deposit by onw day. They declined my extention and I had to leave

[Arkie]

I was using Bangkok bank for my SS.   I tried to change from a restricted account so I would not be required to show up in person to move money to a debit card account.   They said no way so I moved from Bangkok  bank to Kbank.  No problems now.  Goes straight to debit card account 

[BKK57]

On 3/1/2025 at 1:13 AM, JohnnyBD said:

Just a word of caution. If you change your address at Fidelity to a non-US address, Fidelity may put restrictions on your account. I changed my address to Thailand a few years ago and Fidelity restricted my account, so I changed back to my US address.

Yes, I'm aware of this, Fidelity restricted my account a few years ago when I changed my legal address to Thailand to match the legal address on my USA tax returns.  The only restrictions are that I can't invest in mutual funds (no problems there). Can still buy stocks, ETFs, etc.

[BKK57]

35 minutes ago, Arkie said:

I was using Bangkok bank for my SS.   I tried to change from a restricted account so I would not be required to show up in person to move money to a debit card account.   They said no way so I moved from Bangkok  bank to Kbank.  No problems now.  Goes straight to debit card account 

Maybe time to talk to another bank. I have recently seend posts saying many banks won't set up an account for Americans because of the USA reporting requirements, too much paper work.

[BB1955]

I ve been doing this now 14 years , I send to my USA bank then transfer it here to Bangkok Bank . My branch is in Hangdong and when I went to change my social security to direct deposit I was told it had to go into a special account which could not be transfered online nor a debit card . To move the money I would have to come into the back each month and transfer it . I passed I have a pension that will not transfer international so I might as well transfer them both at the same time ...

[BKK57]

On 3/1/2025 at 9:27 PM, Pib said:

The change took place in 2019 per a new US Treasury policy regarding the transfer of funds "out of the US" via ACH.  Use of the International ACH Transaction (IAT)  format was required instead of the Standard ACH format.     This was to better track funds flow outside of the US via ACH system, help stop transfers to bad guys, etc.  

 

Bangkok Bank did not change its policy regarding the need of a special, restricted account for US govt pensions sent via ACH thru the Bangkok Bank NY branch...doesn't matter whether the funds arrive via standard ACH format (some govt agencies still use this format) or the ACH "IAT" format.  

 

To implement the US Treasury policy Bangkok Bank NY branch just began enforcing the requirement for ACH IAT format unless it was coming from a govt agency that hadn't upgraded it's systems yet to use ACH IAT format.  The US Treasury gave this waiver for those standard ACH payments to be allow thru.  But if an ACH transfer is coming from a non-govt agency like a bank, brokerage, etc., then it must be in ACH IAT format or the Bangkok Bank NY branch will "not" relay it to the in-Thailand Bangkok Bank but reject the transfer  back to the sender. 

 

Standard ACH format and ACH IAT format are similar but different animals...both use the ACH system but the format/coding is different.   Kinda like comparing a Border Collie and a Chihuahua...they are both dogs but easy to tell they are different breeds of dog. 

 

And when it comes to IDD (SWIFT) transfers compared to ACH transfers....those are two completely different animals...have separate regulations/policies....like trying to compare a tiger to a horse.     SWIFT follows international rules while ACH follow US rules.  It's much easier for the US govt to claw back payments if required which are made via ACH than SWIFT due to this different rules.  

OK, IAT... the letter I received from BKK when my ACH transfer was refused back a few years was that the transfer had to have the address information of the recipient and only IAT could provide that. In any case when I call Fidelity every month to send a wire, which by the way they do not charge for, it is always sent via a wire using the swift code BKKBTHBK. Crucially, the coding on the bank book is FTT, which I need to show my monthly transfers using 65,000/month method. I have considered changing to 800,000 in a bank account to side step this problem, but its like giving up 5-10% interest/dividends which I could realize by keeping it in the USA. That is about 80,000 baht a year, almost 2500 USD.

[statman78]

Regarding your last comment about being able to show that the money you transferred in is your SS money.  I filed my Thai taxes and all I needed to do is show that the money I transferred to Thailand was less than  or equal to my SS money.  I did this by submitting my 1099.  Since I have credit cards from US banks I leave some money in my US account to pay the bills.

[gamb00ler]

1 hour ago, BB1955 said:

I ve been doing this now 14 years , I send to my USA bank then transfer it here to Bangkok Bank . My branch is in Hangdong and when I went to change my social security to direct deposit I was told it had to go into a special account which could not be transfered online nor a debit card . To move the money I would have to come into the back each month and transfer it . I passed I have a pension that will not transfer international so I might as well transfer them both at the same time ...

Call the Bangkok bank support line (1333).  You will be able to speak with a representative in English.  The staff there are much more informed than a lot of the branches.

 

If you get pushback at a branch tell them you've called their support line and confirmed that what you wish is possible.  Ask them to call their support line.

 

To facilitate my conversation with Thai  employees I often prepare notes in English that I then translate to Thai with a good quality translation website (Voilà is one).  Keep your English sentences simple as best you can.

[WDSmart]

No. I just deposit my monthly SS retirement money in my USA bank account and then send it and any other monies to my Thai bank via a bank wire. It costs me $40. 

[bamnutsak]

1 hour ago, statman78 said:

I filed my Thai taxes and all I needed to do is show that the money I transferred to Thailand was less than  or equal to my SS money.

 

 

Thanks for this valuable nugget.

 

So your Thai RD office deemed the sum total of your transfers associated with your SSA benefit to be "NON-ACCESSIBLE" income? And therefore you or they did not include it on your tax return?

 

Example: monthly benefit $2,000, annual $24,000, transferred a total of $25,000.

 

And if I could ask you (or others) to speculate; if you had transferred more than the sum total of your SSA benefit - $25,000, would just that overage, $1,000 be considered "Accessible" Income? Or would any overage throw the total into the Accessible income bucket? I think know the answer, but I'm never sure here.

 

Yes, the $1,000 could be pre-2024 savings, and is obviously below the taxable thresholds.

 

A minor aside...Did RD look at your gross benefit (pre-tax) or net (post-tax) benefit total, if you had any withholding?

[statman78]

1 hour ago, bamnutsak said:

 

 

Thanks for this valuable nugget.

 

So your Thai RD office deemed the sum total of your transfers associated with your SSA benefit to be "NON-ACCESSIBLE" income? And therefore you or they did not include it on your tax return?

 

Example: monthly benefit $2,000, annual $24,000, transferred a total of $25,000.

 

And if I could ask you (or others) to speculate; if you had transferred more than the sum total of your SSA benefit - $25,000, would just that overage, $1,000 be considered "Accessible" Income? Or would any overage throw the total into the Accessible income bucket? I think know the answer, but I'm never sure here.

 

Yes, the $1,000 could be pre-2024 savings, and is obviously below the taxable thresholds.

 

A minor aside...Did RD look at your gross benefit (pre-tax) or net (post-tax) benefit total, if you had any withholding?

I did bring a little more than my SS benefits.  Only the amount over my SS benefit was considered taxable.  My overage was pre 2024 savings so was not taxed and, as you stated, it was below the taxable threshold.

 

I also received a 190,000 baht tax exemption for being 65 or older 

[bamnutsak]

7 minutes ago, statman78 said:

I did bring a little more than my SS benefits.

 

Thanks.

 

I'm wondering if anyone, not working in Thailand and 'affected' by this new rule/interpretation, has paid any tax?

 

I don't read every thread by 100 % of those I've read always result in zero tax paid.

 

 

[thailand49]

From my experience I never but my brother did but years back I showed him to use Wise.

Before the switch I map out the negatives particularly the basic rate he was getting by the time it got into his BB account by using Wise how much more baht he would get in doing so he would switch back his SS to his regular bank.

For myself I was having my SS put into my Charles Schwab Checking from there since they reimbursed me for ATM use but I wasn't getting the highest exchange rate.

Using Wise gave me the top rate so high even paying fee I was still ahead. Using Wise I just listed My CC checking by wire to my BB withdraw from BB ATM.

[thesetat]

On 2/28/2025 at 2:31 PM, timendres said:

@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.

Sorry. I make monthly transfers from my SS deposits sent to my US bank and then from the US to my Kbank and then do online transfers using their app to move the money already in thailand to my BBL.. I have never had a problem with this method.