Retirement Visa

[chuckd]

Since the US will not deposit retirement checks in non us banks, have my check deposted in my US account back in the States. ATM money out each month for living expenses, then once a year wire transfer what ever amount I need to meet reqirements for extending my non immingrant O.

bkkharry,

Are we talking about SSA checks that the US won't deposit into non-US Banks? I had planned to have mine - when the time comes - deposited into KBank (ThaiFarmer)..that won't work?

Boon Mee:

Where's Huey_P when we need him?

Here is what I do. I either pick up my S/S checks at the BKK Embassy or have them mailed to my home in Pattaya. I then take them to my bank in Pattaya and deposit them to my account. I get immediate credit and away I go. I do have to pay a fee of 200 baht for the transaction but it is worth it to me. My bank does this for several retirees receiving S/S checks so it is not unique to me. Most banks in LOS will tell you the checks must be sent for collection, which can take 4-8 weeks to clear. My bank is the Krung Thai Bank on Central Road in Pattaya.

I have several friends that have the funds deposited to their account at BKK Bank in the US. My understanding is that this is the ONLY bank in Thailand that SSA will use for direct electronic transfers. Don't ask me why. My buddy tells me he opened the account strictly for this purpose, he did not get an ATM card and must present himself to withdraw all of his funds at one time. He then takes the cash to his bank for deposit and subsequent use.

I will continue to use Krung Thai and will probably just drive to BKK one day per month to get the checks I do not like BKK Bank for personal reasons.

Hope this helps.

[marios]

Dear Lopburi3

Thank you for your reply.

Indeed I am thinking of retirement in thailand and I believe I qualify as I am older than fifty and my modest means allow me to meet the financial requirements.

Of course the yearly sum is 800k and not 80k as inadvedently stated in my post.

Your idea of getting a Thai credit card and use it in the home country seems to be great and solves the problem of retrieving the the 800k, or the balance thereof, should I decide to leave the LOS.

Can I readily obtain an internationally valid credit card in Thailand as a retiree? According to Bangkok Bank site one can get an international credit card if he has the right visa plus a work permit. Have you dear Lodburi3, or any other who might read this post, heard of a retiree who got a credit card?

Thank you very much

Marios

[ProThaiExpat]

I had no difficulty getting a Bangkok Bank Visa credit card, the balances are paid monthly and automatically right out of my main baht account there, the one I use to qualify for my visa extentions. The amount of my credit limit is dependent on how much I have on deposit at the bank as I am retired and am not allowed to work or have a work permit.

[lopburi3]

Dear Lopburi3

Thank you for your reply.

Indeed I am thinking of retirement in thailand and I believe I qualify as I am older than fifty and my modest means allow me to meet the financial requirements.

Of course the yearly sum is 800k and not 80k as inadvedently stated in my post.

Your idea of getting a Thai credit card and use it in the home country seems to be great and solves the problem of retrieving the the 800k, or the balance thereof, should I decide to leave the LOS.

Can I readily obtain an internationally valid credit card in Thailand as a retiree? According to Bangkok Bank site one can get an international credit card if he has the right visa plus a work permit. Have you dear Lodburi3, or any other who might read this post, heard of a retiree who got a credit card?

Thank you very much

Marios

I was suggesting an ATM card that can be used overseas (cheap and believe all banks have this type as well as local only) or a debit card (also easily available to foreigner but not something I recommend as fraud protection may not be the same as other places).

Credit card would not likely be issued to retiree without a track record. Usually requires a work permit and local income etc.

[Boon Mee]

ProThaiExpat & chuckd

Thanks for the good information. I'm still confused w/regard to the direct deposit post from lopburi3 though, as I've had direct deposit payroll checks from the company I work for going straight to B of A in BKK in the past.

I've got to talk to SSA about this, plus, I'll have a company pension that I want direct deposited as well.

Thanks again!

[lopburi3]

ProThaiExpat & chuckd

Thanks for the good information.  I'm still confused w/regard to the direct deposit post from lopburi3 though, as I've had direct deposit payroll checks from the company I work for going straight to B of A in BKK in the past.

I've got to talk to SSA about this, plus, I'll have a company pension that I want direct deposited as well.

Thanks again!

SSA direct deposit is not made by check. It is electronic transfer.

[ProThaiExpat]

Keep in mind that if your still hung up on having direct deposit into Bank Bangkok, through their New York office, you will still be required to go in an withdraw the money personally.

The account that Bangkok Bank will establsih for you for your SSA check is known as a "depoistory account" and automatic transfers to other accounts is not permitted, nor is giving your bank book to a loved one for withdawal permitted.

Understandable, since SSA wants to know your still alive to properly draw the money, I guess, although no such requirement exists in the U.S.

The foregoing problems, the lack of control over currency conversions and the ease in having money wired or ATM'd to Thailand, persuaded me to leave my U.S. Bank as the depository for the SSA benefits, transferring money once a year sufficent to "top off" by account at extention time.

[Boon Mee]

ProThaiExpat & chuckd

Thanks for the good information.  I'm still confused w/regard to the direct deposit post from lopburi3 though, as I've had direct deposit payroll checks from the company I work for going straight to B of A in BKK in the past.

I've got to talk to SSA about this, plus, I'll have a company pension that I want direct deposited as well.

Thanks again!

SSA direct deposit is not made by check. It is electronic transfer.

As was my payroll check and this was as far back as 25 years ago to B of A. My company did a wire transfer.

With all the branches of KBank around now and a big one in LA, I would have thought Yanks would not be restricted to Bangkok Bank exclusively any more.

[Thaiquila]

ProThai:

Can you please clarify something about your Schwab account?

Assuming your are American, do you have a US Schwab account or a global Schwab account (they are actually separate companies)?

If you are using a US Schwab account, I am assuming you are using a US address because they will not accept a Thai residence address for a foreign account. Correct? If a US address, do you use a remailing service or a friend or relative?

When you say you have linked Schwab to your bank account, do you mean to your bank account in Thailand or an account in the US.

I called Schwab about some of these issues and they were very cagey about it. The gist of it what got out of my conversation was that I was better off opening and keeping a US account even if living abroad, and use some kind of US address (friend, relative, remailing service possibly) even though this is technically really against not only their rules, but US investment laws. They suggested that the global division did not offer any US based investments and also carried much higher fees for all services. You could open a US account and grandfather your US based investments to a global account though.

ProThai, I would appreciate it if you can shed some more light on Schwab.

Thanks.