What city in Thailand has the best weather?

[wallacern]

I am retired US military and have had my retirement funds direct deposited to my Bangkok Bank savings account here in the LOS for the past few years without any problems.

I have recently received a letter from Bangkok Bank stating that I must open a new "direct deposit" account or they will start rejecting the funds.

After I open this new "direct deposit" account I will have to come to the bank in person with passbook and ID every month and personaly transfer the funds to my regular savings account. The new direct deposit account is only accessable in person. No ATM card or other transfer method allowed.

Anyone else receive a letter like this?

SS or VA also?

Going to the bank in person every month is not a good option for me.

Advise or comments?

Thanks,

Mike

[skipvice]

Yes they did the same to me. So I stoped my allotment to the bank and now transfer money from my credit union in the States to my Bangkok bank savings account every month as needed.

[aurelius]

I met this too. I understand that the US Govt has imposed a requirement that the paying bank makes sure we're still alive else the bank is directly liable to pay back any funds picked up by the GF after I'm gone. So they do this by making you go face up at the branch do to the withdrawal.

[cigarchuck]

I am retired US military and have had my retirement funds direct deposited to my Bangkok Bank savings account here in the LOS for the past few years without any problems.

I have recently received a letter from Bangkok Bank stating that I must open a new "direct deposit" account or they will start rejecting the funds.

After I open this new "direct deposit" account I will have to come to the bank in person with passbook and ID every month and personaly transfer the funds to my regular savings account. The new direct deposit account is only accessable in person. No ATM card or other transfer method allowed.

Anyone else receive a letter like this?

SS or VA also?

Going to the bank in person every month is not a good option for me.

Advise or comments?

Thanks,

Mike

I have my ss pension sent to my bangkok bank[special account required by SS] and I can transfer to my atm bank account at any branch. Of course, only you can make transfer with proper ID.

[Just1Voice]

I had opened a joint account with my wife, and for about 3 months the direct deposits from VA and SS were not a problem. Then I received a phone call from my local branch and was asked to come see them. At that time they explained the "deposit only" account, with no internet access, no ATM card, and personal appearance. I thought it was stupid, but they explained that those were the "conditions" set by the U.S. Gvt. I came home and contacted the VA, and sure enough, that's the way it is.

There is an exception to the rule of you appearing in person each month, though. If you are sick, or hospitalized, notify the bank and they will actually send someone from the bank to verify it, as well as bring the withdraw/deposit forms for you to sign. While I don't like the system, I can see the reasons for it, and the people at my local branch are very accommodating and friendly, and seem to go out of their way to help in any way they can.

[longball53098]

If you are retired military I could suggest contacting the Service Officer of a VFW post for further info about this. The SSA has had a reg like this in place for years and it sounds like the VA and others are catching up.

I have my DFAS pension check and SSA direct deposited into a US bank account and transfer to my SCB account as needed. No hassles but it does cost me the service fees for the transfers. But its worth it for the peace of mind.

[lopburi3]

Below is the information from US Embassy web site - the reason is that no checks may be cashed after the persons death and for US banks the government can control it - but with foreign banks the US has no authority to prevent this so the requirement that only the account holder can access serves the purpose and allows direct deposit to Thailand.

Direct Deposit to a Thailand-Based Bank

Bangkok Bank is the only provider of Direct Deposit services for persons who receive benefits from the following agencies: Social Security Administration (SSA), Veterans Administration (VA), and Civil Service. Contact Bangkok Bank directly for terms and conditions.

What do you need to do?

Open a “Direct Deposit” Account at the Bangkok Bank branch nearest your home. The Bank will assist you in opening a Direct Deposit Account. We suggest you clearly tell the bank staff that this account is for receiving a pension from SSA, or VA.

Sign Form 1199: Please bring 3 completed forms sf1199 to the headquarters branch of Bangkok Bank. The bank will forward your completed Direct Deposit form (Form 1199 A) to the SSA in US. You will be able to access your benefits from the Bangkok Bank branch near your house after your request has been completely processed. This often takes a few months. For more information please contact:

Bangkok Bank Public Company Limited

Foreign Exchange Service Section

Retail Payment Services Department

333 Silom Road, Bkk. 10500

Tel: (02) 230-1322-3

If you are currently receiving benefits by Direct Deposit, they will continue to be deposited to your previous account until the new request has been completely processed.

If you are currently residing in Thailand, you can notify your agency of your new address through the Embassy’s American Citizen Services unit.

The American Citizen Services unit will also make a certified copy of your original passport if you bring it in. There is no fee for this service when it is being used for Social Security purposes.

Edited June 15, 2009 by lopburi3

[Curt1591]

Because of the new ATM fees, I was considering changing my non-government annuity direct deposit, from my credit union, to my Thai bank.

I am wondering if this new "safe guard" applies only to US government funded, or all US based annuities.

Also, I can make electronic transfers, from my credit union, to other institutions. My credit union does not charge. Would the Thai bank charge?

I will be checking with my banks, but any personal insights would be appreciated.

Edited June 15, 2009 by Curt1591

[Lost in LOS]

did you try to use the NY bangkok bank. i don't do direct deposits but i use my ameritrade account to deposit in the NY chapter and use their routing numbers with my account number here. it winds up here the next day, no problems and no Thai or American bureaucracy. ameritrade considers this an american bank since it is on american soil and thailand never mentioned it

i just started receiving ss and send it to an american bank for safety and ease

Edited June 15, 2009 by Lost in LOS

[lopburi3]

This is government pension rule. Thai banks don't do anything for free. Most people find having funds in home country bank to be useful so I would not advise sending all directly to Thailand (for most people).

[wallacern]

Thanks to all for the comments. I think I will change my direct deposit to my American bank and then transfer funds to Bangkok bank as needed. I am a VFW member, Did not think to call the post and ask about this.

I really like the old way where I didn't have to take any action. I wonder what is next from the US government? No SS if you are an expat? No more tri-care for expats? No reason to speculate we will find out soon enough.

Mike

[TGIR]

This brings up an interesting question I'm dealing with now. I switched my U.S. bank to Wells Fargo so I could combine my IRA and money management accounts, and at the same time set up a checking account for U.S. bill payments and transferring funds to LOS via wire transfer.

I'm having difficulties getting WFB to set up a recurring wire transfer because they want my physical presence at the branch before they will do it. My friend and stockbroker who talked me into this is trying to do an end run but so far I'm just waiting.

Longball and others, has it been an adventure setting up money transfers to LOS or did you do it while in the U.S.? Anyone do something other than wire transfer?

Thanks to Bin Laden I suppose.

I also direct deposit to my U.S. bank, and changing from my local bank to WFB took all of thirty seconds online......you would think setting up international wire transfers would be that simple but it isn't.

[Curt1591]

With the electronic automation, it would be quite easy for a Thai "wife" to simply milk the pension forever. Although retired, I still pay taxes. It's kind of nice that they look after their expenditures for a change. It is regrettable that this will inconvenience some with good intentions.

I checked with my Thai bank and found that they accept offshore transfers, up to 2,000,000 baht, for a 200 baht fee. If my CU doesn't charge, and I can do transfers to foreign accounts, my problem is solved.

[lopburi3]

My (limited) experience is that you must be physically present to set up a wire transfer agreement (you do not have to provide details but you need to sign the agreement in person so the bank is not liable). I did it on a visit home - until then if you have someone you can trust they could send to you.

[lopburi3]

With the electronic automation, it would be quite easy for a Thai "wife" to simply milk the pension forever. Although retired, I still pay taxes. It's kind of nice that they look after their expenditures for a change. It is regrettable that this will inconvenience some with good intentions.

I checked with my Thai bank and found that they accept offshore transfers, up to 2,000,000 baht, for a 200 baht fee. If my CU doesn't charge, and I can do transfers to foreign accounts, my problem is solved.

That would not be normal - the normal fee is 1/4 of one percent in the range 200-500 baht. 200 minimum and 500 maximum fee. You CU will have to SWIFT and there is likely to be a charge for that - pay through a third party (in US Chase or Bank of NY). They also take a small fee (Chase is $2 on $9,000 transfer). Then 500 baht at Thai bank.

[Lost in LOS]

My (limited) experience is that you must be physically present to set up a wire transfer agreement (you do not have to provide details but you need to sign the agreement in person so the bank is not liable). I did it on a visit home - until then if you have someone you can trust they could send to you.

i do wire transfers with bankamerica and ameritrade with a phone call and no previous physical paperwork. if i did the agreement in country before i could have done it all on the internet. just have to answer many questions and it has to go to a like named account