Social Security Benefits - Direct Deposit Or Check?

[ThaiWx]

We have done it both ways. Having the check mailed, it goes to the embassy in BKK and when they get around to it they forward it. We are in Cha Am and were receiving the checks (my wife and I) anywhere from the 10th to the 20th of the month. Then we had to take them into the bank to deposit them, a major pain in the but as the bank is in Hua Hin and the traffic and the bank were very slow.

A few months bank we arranged with BKK Bank to have the direct deposit. We now get it on the third of the month and have a short drive to deposit it. You can't have an ATM card with the account that the check goes into. So we opened another account and move it into that account so we can take it out with ATM as we need it.

So far BKK Bank has been very efficient when we deposit them and usually no waiting. Very different from the service we received at Ayudhya bank in HH. So we are glad we made the switch.

Hope this helps.

I agree - I have been using BKB (Kad Suan Kaew) that way for over two years and it works - after opening there is no charge but leave 200 or so baht in acct. After initial paperwork involved to open it takes only the usual withdrawal slip and passport in hand. (Take cash or redeposit into BKB savings acct.) People there have always been very professional, knowledgeable and courteous. From inception, however, it may up to take two month to complete and get rolling.

Using the BKK Bank New York route are there any monthly fees for US/TB exchange, direct deposit transactions, ATM international transaction withdrawl, etc.? (trying to think of anything else I get hit with the way I'm set now). I currently use a U.S. bank to have my retirement annuity deposited into and everytime I use an ATM here I'm seeing these fees show up. Just comparing what it would cost monthly if I go with BKK Bank New York and ATM from here. Thanks.

[ProThaiExpat]

I am about to do it and would appreciate hearing if anyone has had an existing direct deposit moved to Bkk Bank New York by the SSA office at the Embassy in Manila. They moved my direct deposit from a US bank to a bank in their jurisdiction, ie. Asia and between banks in Asia all by telephone, but I am wondering if they can move it back to a US bank?

Since my question was so limited in scope, I just finished calling the SSA office in the Manila Embassy and reached a very informative lady who specializes in BKK Bank matters.

She advised that she would mail me the correct form or I could get it from BKK bank, it is form #SF1199. She said once I have opened the requisite accounts, fill out the form and fax it to her in Manila. Call after faxing to her and she would take care of re-directing my direct deposit from my Australian bank to BKK New York.

Her name is BEA, pronounced phonetically BAYA, direct telephone number is 632 522 1514 fax is 632 304 2647.

I can't say if she can move direct deposits from US banks to BKK bank New York or not, but if you live in Thailand and want to do so, she may very well have jurisdiction as Thailand is clearly in their area of responsibility and the bank in question is a Thai bank.

Certainly worth the phone call to see, as the two month wait for the system to work through the Embassy in Thailand is problematic.

I called her on Skype for less than a dollar.

When I first came to Thailand 10 years ago, I tried twice to get this process done though BKK bank and the Embassy in BKK and finally gave up. Perhaps things are better now, but why do it if Manila can handle it.

Her fax number is 6325221514

Edited October 13, 2010 by ProThaiExpat

[Raiderz4Life]

Of course, having your Social Security being direct deposited to Bangkok Bank is the only way to go! Bangkok Bank does not charge any fees and you get a good exchange rate. Also you can set it up so that you receive an SMS message on your phone when the funds are deposited to you account. There is no charge for this service, but you do have to fill out a form at Bangkok Bank to receive it.

If you receive a check you have to pick it up at one of the Embassy locations. It cannot be mailed outside the US. Take then take it to a bank and have it deposited. You also have to wait for the check to clear. Years ago, this could take up to 45 days.

The only drawbacks to direct deposit are that; it can only be direct deposit to a special 'direct deposit' Bangkok Bank account in which an ATM card or on-line banking services cannot be used. You have to withdraw or transfer money from the account in person at any Bangkok Bank branch. A 'supervisor' has to be involved in the transaction so the process takes a little longer. This is done to minimize the change of fraud. The US Government requires this. I have another Bangkok Bank account which has an ATM card. Periodically, I go to a branch and transfer a small amount from the 'Direct Deposit' account to the ATM account.

Setting up the account is a little bit of a hassle, you have to go to both your local branch and to the head office of Bangkok Bank in Bangkok. When I set my account up, I first went to the Foreign Exchange Service section at the Headquarters Office of Bangkok Bank (on Silom road). They gave me a packet of documents, which I took to my local branch of Bangkok Bank for them to open the account. Bangkok Bank took care of all the documentation with the SSA. It took about 2 months before funds arrived via direct deposit.

I have been receiving my SS via direct deposit for over 7 years. I'm very happy with this procedure especially since they offer the SMS notification service! The SMS notification all lets you know the exchange rate that was applied. Prior to last year, it could take up to 6 days for the funds to be processed (depending on Thai Holidays). Now, it seems to take just a couple days for the funds to be processed.

Here are the current instructions from the American Embassy:

Only the Bangkok Bank of Thailand provides Direct Deposit service for persons who receive benefits from the following agencies: Social Security Administration (SSA), Veterans Administration (VA), and Civil Service.

1. Open "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 to clearly tell staff that this account is for receiving pension from SSA, or VA.

2. Sign up Form 1199: Please bring 3 completed forms sf1199 to a Head Quarter of Bangkok Bank. Bank will forward your completed Direct Deposit form (Form 1199 A) to 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

Where can I get Form 1199? Or is it sf1199? Available online? Do you have a link? Thanks!

[amexpat]

Using the BKK Bank New York route are there any monthly fees for US/TB exchange, direct deposit transactions, ATM international transaction withdrawl, etc.? (trying to think of anything else I get hit with the way I'm set now). I currently use a U.S. bank to have my retirement annuity deposited into Thanks.

Does your US bank allow domestic transfers? I'll bet they do.

Continue with the direct deposits to the US bank.

Open an ordinary Bangkok Bank savings acct here if you don't already have one. No need to mention direct deposits or anything - it's a regular acct.

Instruct your US bank (you can probably do it online) to transfer whatever amount you like, whenever you like, to Bangkok Bank NY using the BKK NY's SWIFT code and the acct number of the account you opened here.

The only fees will be those charged by your US bank. Mine is free and the exchange rate is good.

It's a domestic transfer to BKK NEW YORK. The money goes right into your account and you can access it with your ATM in a few days.

It's really that simple. I've been doing in for years.

[ThaiWx]

Using the BKK Bank New York route are there any monthly fees for US/TB exchange, direct deposit transactions, ATM international transaction withdrawl, etc.? (trying to think of anything else I get hit with the way I'm set now). I currently use a U.S. bank to have my retirement annuity deposited into Thanks.

Does your US bank allow domestic transfers? I'll bet they do.

Continue with the direct deposits to the US bank.

Open an ordinary Bangkok Bank savings acct here if you don't already have one. No need to mention direct deposits or anything - it's a regular acct.

Instruct your US bank (you can probably do it online) to transfer whatever amount you like, whenever you like, to Bangkok Bank NY using the BKK NY's SWIFT code and the acct number of the account you opened here.

The only fees will be those charged by your US bank. Mine is free and the exchange rate is good.

It's a domestic transfer to BKK NEW YORK. The money goes right into your account and you can access it with your ATM in a few days.

It's really that simple. I've been doing in for years.

Sounds like a plan, appreciate it! So if I understand you correctly, you have no fees charged from Bkk Bank converting the US dollar to Thai Baht or withdrawing it from the ATM?

Thanks

[amexpat]

Sounds like a plan, appreciate it! So if I understand you correctly, you have no fees charged from Bkk Bank converting the US dollar to Thai Baht or withdrawing it from the ATM?

Thanks

Correct. It takes my transfer 3-4 days to show up in my acct. No fees, good exchange rate. It's all good.

[ThaiWx]

Sounds like a plan, appreciate it! So if I understand you correctly, you have no fees charged from Bkk Bank converting the US dollar to Thai Baht or withdrawing it from the ATM?

Thanks

Correct. It takes my transfer 3-4 days to show up in my acct. No fees, good exchange rate. It's all good.

Well that's the best news I've heard about this and gives me a direction to head. Felt bad about letting go of the U.S. bank knowing how hard it may be to get it back from over here if needed. Your suggestion allows me to hang on to it but takes them out of the international part which costs me.

Thanks again!

[ProThaiExpat]

CORRECTION TO PREVIOUS POST: I don't know what happened but both numbers for the US Embassy Manila SSA office to reach BEA who handles Thailand and BKK Bank are WRONG. Here are the correct numbers Tele to BEA 63 2301 2647 Her fax is 63 2522 1514. Sorry for the mistake. I tried to edit my prior post twice but just couldn't get it done.

I just completed the paper work at BKK Huay Kaew (Central Mall) and while the staff was largely knowledgeable, there were a few hitches since no one evidently had ever faxed in their own 1199 form before. Having made two prior efforts to get the bank to do it and failed years ago, I was going to make sure SSA Manila got my request by sending it myself. It took a call by the staff to a number, probably BKK to confirm that she could fill out the bottom of 1199 which calls for the rep of the bank to verify the information you place at the top of the form regarding the account number and your personal details. BKK may do it routinely when the bank does all the processing and forwarding to the US via the Embassy.

I will call SSA Manila tomorrow to confirm that the fax arrived and all is well regarding the designation of BKK NY as my new bank for that purpose. I will report when all is done, but I suspect there are very few others, if not none, who have the same issue, ie. transfer in Asia of direct deposits from one bank to another in a different country.

[jayjay0]

I have my checks direct deposited in both Canada and the US. once a month I go to the bank and use my visa card to get the money I think is enough for the month. I then deposit into a account I have there at the Bank of Siam where I have a ATM card.

It cost me about $12 a month with the visa. I then transfer the money from my checking account to my visa. One visit a month to the bank and instantaneous money. If it was any cheaper else where I wouldn't bothered to make thee change. From what I have read here it cost more and can be a hassle direct deposit here.

[hml367]

Hello.

You should check directly with Bangkok Bank to find answers to your questions. You will find varied responses on forums. You can go into a Bangkok Bank and get information and you can check on their web site.

I believe there are small fees to exchange your funds from U.S. dollars to Thai baht. The fees are smaller using Bangkok Bank, New York. However, my personal experience is that the exchange rate is also lower than other methods.

MSPain

Using the BKK Bank New York route are there any monthly fees for US/TB exchange, direct deposit transactions, ATM international transaction withdrawl, etc.? (trying to think of anything else I get hit with the way I'm set now). I currently use a U.S. bank to have my retirement annuity deposited into Thanks.

Does your US bank allow domestic transfers? I'll bet they do.

Continue with the direct deposits to the US bank.

Open an ordinary Bangkok Bank savings acct here if you don't already have one. No need to mention direct deposits or anything - it's a regular acct.

Instruct your US bank (you can probably do it online) to transfer whatever amount you like, whenever you like, to Bangkok Bank NY using the BKK NY's SWIFT code and the acct number of the account you opened here.

The only fees will be those charged by your US bank. Mine is free and the exchange rate is good.

It's a domestic transfer to BKK NEW YORK. The money goes right into your account and you can access it with your ATM in a few days.

It's really that simple. I've been doing in for years.

Sounds like a plan, appreciate it! So if I understand you correctly, you have no fees charged from Bkk Bank converting the US dollar to Thai Baht or withdrawing it from the ATM?

Thanks

[ProThaiExpat]

I have my checks direct deposited in both Canada and the US. once a month I go to the bank and use my visa card to get the money I think is enough for the month. I then deposit into a account I have there at the Bank of Siam where I have a ATM card.

It cost me about $12 a month with the visa. I then transfer the money from my checking account to my visa. One visit a month to the bank and instantaneous money. If it was any cheaper else where I wouldn't bothered to make thee change. From what I have read here it cost more and can be a hassle direct deposit here.

I don't intend to quibble, but when we talk about the "cost" of transferring money from one countries institution to another countries institution, we look at the starting funds amount transferred and the net amount eventually deposited into the Thai bank account. Comparing that net amount to the forex published rate on that day or hour gets you close to your real cost. Granted the forex rate is not available to us to convert, but it is a reliable figure to judge against daily fluctuations.

I do know that Visa charges 3% for its card use overseas from the US and Canada and there is a charge for a "cash advance", then you have their conversion rate, while fair, is measurably lower than the forex conversion rate for the day. Then most Thai banks charge for processing overseas transfers.

Have you taken into account all of these hidden costs?

I have tried every method of transfer from the US and Australia and thought a wire transfer from my Australian Bank to my Thai Bank was the least expensive as they only charged $24 per transfer regardless of the amount. However, since you don't pay a wire transfer fee when your funds are direct deposited into BKK Bank NY, and BKK bank does publish its daily conversion rates which are competitive with my present Thai bank, I have concluded that the direct deposit method at BKK Bank NY may save me more than $20 a month from the way I am doing it now. If not, I will be the first to post otherwise once my first direct deposit by this method is completed.

There are also transfer time savings and since I visit the mall where there is a BKK bank located at least once a week, I am not inconvenienced by a bank visit once a month.

[hml367]

Hello.

Visa does not charge 3%.... your financial institution is charging that. Visa charges 0.8% and an additonal 0.2%. They allow the financial institutions to pass on this fee and the financial institution can charge more. My financial institution charges me just 0.8% for foreign transactions. This has been beat to death on another thread. You can verify this by going to the Visa Corporate web site and checking in the FAQ.

You are correct about the true cost. If someone wants to know the exact costs, they have to use exact amounts to make a comparison. There is an amount where one method improves on another.

Also in the other thread about moving money there was discussion about using AEON ATM machines because they do not charge the 150 baht transaction fee. I have found that to be true so far. And my financial institution still charge me only 0.8% currency conversion fee.

Bangkok Bank using the New York office method has a maximum amount that they charge. So if someone transfers larger sums it may become better. However, I have found that the Bangkok Bank exchange rates are lower than the Visa exchange rates.

As I mentioned, this can be posted all anyone wants on a forum..... asking Bangkok Bank in person will get more valid answers. Posters can only put their experiences.

As a sidenote, USAA bank refunds the currency conversion fees to active military personnel (of course it has to be U.S. military to qualify) to its customers up to a certain amount.

MSPain

I have my checks direct deposited in both Canada and the US. once a month I go to the bank and use my visa card to get the money I think is enough for the month. I then deposit into a account I have there at the Bank of Siam where I have a ATM card.

It cost me about $12 a month with the visa. I then transfer the money from my checking account to my visa. One visit a month to the bank and instantaneous money. If it was any cheaper else where I wouldn't bothered to make thee change. From what I have read here it cost more and can be a hassle direct deposit here.

I don't intend to quibble, but when we talk about the "cost" of transferring money from one countries institution to another countries institution, we look at the starting funds amount transferred and the net amount eventually deposited into the Thai bank account. Comparing that net amount to the forex published rate on that day or hour gets you close to your real cost. Granted the forex rate is not available to us to convert, but it is a reliable figure to judge against daily fluctuations.

I do know that Visa charges 3% for its card use overseas from the US and Canada and there is a charge for a "cash advance", then you have their conversion rate, while fair, is measurably lower than the forex conversion rate for the day. Then most Thai banks charge for processing overseas transfers.

Have you taken into account all of these hidden costs?

I have tried every method of transfer from the US and Australia and thought a wire transfer from my Australian Bank to my Thai Bank was the least expensive as they only charged $24 per transfer regardless of the amount. However, since you don't pay a wire transfer fee when your funds are direct deposited into BKK Bank NY, and BKK bank does publish its daily conversion rates which are competitive with my present Thai bank, I have concluded that the direct deposit method at BKK Bank NY may save me more than $20 a month from the way I am doing it now. If not, I will be the first to post otherwise once my first direct deposit by this method is completed.

There are also transfer time savings and since I visit the mall where there is a BKK bank located at least once a week, I am not inconvenienced by a bank visit once a month.

[ProThaiExpat]

Just got off the phone with Beya at SSA Manila and she advised that she would be able to handle any existing direct deposit shifts from any bank anywhere to BKK bank NY as long as the beneficiary is in Thailand. I previously posted her corrected telephone and fax numbers and one day service can't be beat. Changes to the direct deposit bank must be entered on her computer by the 11th of any month prior to the next payment.

For me a noon visit to BKK Bank Branch at Huay Kaew Central Mall and a late afternoon fax to Beya was all that was needed. My understanding is that if you let the bank handle everything, the route is local branch to head office in BKK then to US Embassy in BKK and then from Dept of State to SSA and then SSA enters it into their computer if they don't then send it to Manila for them to enter it. No wonder it takes two months if the bank does it. Make sure your branch fills out the bottom of the 1199 form and gives you the copy marked "Government Agency" for fax transmission to Beya.

[amexpat]

Hello.

You should check directly with Bangkok Bank to find answers to your questions. You will find varied responses on forums. You can go into a Bangkok Bank and get information and you can check on their web site.

I believe there are small fees to exchange your funds from U.S. dollars to Thai baht. The fees are smaller using Bangkok Bank, New York. However, my personal experience is that the exchange rate is also lower than other methods.

What other methods offer a better rate without incurring high transfer fees? My transfers show about the same rate posted on SCB, et, al, for travelers checks deposited.

If you check directly with Bangkok Bank about direct deposits you may be asking the wrong questions. They will show you how to jump through all the hoops to open a special account that is not needed if you transfer from your home bank to BKK NY.

----------------------------------------

Direct deposit to US bank

Transfer to BKK NY using your ordinary CM savings account number.

Done. As some other English speakers say: "Bob's your uncle".

Then use ATM or whatever method you like to withdraw from your BKK Bank acct.

-----------------------------------------

Or, if you prefer,

-----------------------------------------

Visit a branch and find someone who can open a "special" direct deposit account with no ATM or online service.

Then whenever you need access to your money,

Take your passport and passbook to the bank

Find an available supervisor to eventually help you withdraw or transfer your funds.

-----------------------------------------

Personally, I prefer to use the nearest ATM, but, "Horses for courses".

[ProThaiExpat]

Hello.

You should check directly with Bangkok Bank to find answers to your questions. You will find varied responses on forums. You can go into a Bangkok Bank and get information and you can check on their web site.

I believe there are small fees to exchange your funds from U.S. dollars to Thai baht. The fees are smaller using Bangkok Bank, New York. However, my personal experience is that the exchange rate is also lower than other methods.

What other methods offer a better rate without incurring high transfer fees? My transfers show about the same rate posted on SCB, et, al, for travelers checks deposited.

If you check directly with Bangkok Bank about direct deposits you may be asking the wrong questions. They will show you how to jump through all the hoops to open a special account that is not needed if you transfer from your home bank to BKK NY.

----------------------------------------

Direct deposit to US bank

Transfer to BKK NY using your ordinary CM savings account number.

Done. As some other English speakers say: "Bob's your uncle".

Then use ATM or whatever method you like to withdraw from your BKK Bank acct.

-----------------------------------------

Or, if you prefer,

-----------------------------------------

Visit a branch and find someone who can open a "special" direct deposit account with no ATM or online service.

Then whenever you need access to your money,

Take your passport and passbook to the bank

Find an available supervisor to eventually help you withdraw or transfer your funds.

-----------------------------------------

Personally, I prefer to use the nearest ATM, but, "Horses for courses".

Are interbank transfers in the US accomplished by wire transfer? If so, isn't there a fee for wire transfers?

[NancyL]

I would discourage any U.S. citizens from totally cutting their banking relationships in the U.S. We're very happy with Bangkok Bank and use it for direct deposit of Hubby's SS check. However, I'm really glad we kept our membership in the credit union of a Fortune 100 company that downsized us out of their workforce decades ago. We had a couple of small accounts there that we didn't bother to close when we moved from that town. When we decided decades later to sell off all our U.S. property and retire to Thailand, I investigated the services of the credit union and realized it would be perfect for our needs.

They're used to working with company employees in far-flung regions of the world, yet their customer service call center is small enough that I've gotten to know the ladies there. They have several types of Visa cards available and we selected one with no annual fee and just a 1% international transfer charge (vs. 3% for many bank-issued cards). Plus, each member gets an annual rebate based on the profits of the credit union and the member's activity level at the credit union. Our rebate has been about 1% of our annual visa card purchases, so effectively the card costs us nothing. They have an very good exchange rate, similar to the exchange rate we get from BKK for the direct deposit of Hubby's private pension.

We use the Visa card here for major purchases in reputable places where I can watch the card at all time -- Rim Ping, Tops, the big dept stores, the hospital. The transaction shows up immediately on the credit union's website and I check that site daily to make certain there isn't any unauthorized use of our card. Be sure the local merchants charge your purchase in Thai baht, not U.S. dollars. Their U.S. dollar exchange rate is lousy, they seem to be making 3% on it.

I'd much rather use a U.S.-issued credit card than one thru Bangkok Bank. There's better protection for unauthorized purchases and the U.S. credit union was a big help when we contested a charge from Nok Air for a cancelled flight. Right now, they're taking on the CMU charge for Hubby's CEP enrollment.

Hubby recently started to receive his SS benefit. The Manila office was great at walking him thru the steps to get it started. We decided to have that check deposited with our U.S. credit union. It should just about cover our Visa card bills every month. We'll keep his private pension check coming into BKK to cover our cash expenses here, like rent, dining out, shopping at Thai food markets, etc.

[hml367]

As I said, posting can only reflect a person's experience. I posted mine... you posted yours.

I have had my questions answered by Bangkok Bank.

MSPain

[amexpat]

As I said, posting can only reflect a person's experience. I posted mine... you posted yours.

I have had my questions answered by Bangkok Bank.

And I've had mine answered by several years of actual experience doing this.

No big deal - I'm sure you can meet some nice people sitting in the bank waiting area.

ProThiaExpat asked:

"Are interbank transfers in the US accomplished by wire transfer? If so, isn't there a fee for wire transfers? "

I don't use wire transfers ($20 domestic $35 international at my bank). I believe ACH automated clearing house is the term for the FREE transfer I use.

[hml367]

ThaiWx.

Send me a PM or email and I can tell you where the information is about the fees Bangkok Bank does charge for moving money through Bangkok Bank, New York. I can also direct you to the information on how to set the whole thing up.

I can also give you other information if you like.

MSPain

Using the BKK Bank New York route are there any monthly fees for US/TB exchange, direct deposit transactions, ATM international transaction withdrawl, etc.? (trying to think of anything else I get hit with the way I'm set now). I currently use a U.S. bank to have my retirement annuity deposited into Thanks.

Does your US bank allow domestic transfers? I'll bet they do.

Continue with the direct deposits to the US bank.

Open an ordinary Bangkok Bank savings acct here if you don't already have one. No need to mention direct deposits or anything - it's a regular acct.

Instruct your US bank (you can probably do it online) to transfer whatever amount you like, whenever you like, to Bangkok Bank NY using the BKK NY's SWIFT code and the acct number of the account you opened here.

The only fees will be those charged by your US bank. Mine is free and the exchange rate is good.

It's a domestic transfer to BKK NEW YORK. The money goes right into your account and you can access it with your ATM in a few days.

It's really that simple. I've been doing in for years.

Sounds like a plan, appreciate it! So if I understand you correctly, you have no fees charged from Bkk Bank converting the US dollar to Thai Baht or withdrawing it from the ATM?

Thanks

[amexpat]

ThaiWx.

Send me a PM or email and I can tell you where the information is about the fees Bangkok Bank does charge for moving money through Bangkok Bank, New York. I can also direct you to the information on how to set the whole thing up.

I can also give you other information if you like.

MSPain

Aha! According to the web site an ACH transfer of just under $2,000 costs a total of about 10 or 11 bucks. Frankly, I never even noticed that 1/2 percent. I was just happy to have a US bank that didn't charge $35 or so for transfers.

Also per the web site:

"Important Note

If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds."

hml367, how much can you save each transfer by "setting the whole thing up" and appearing at the bank when you want your money?

Never mind. It can't be enough to make it worth the trouble - for me, anyway.

But thanks for your research.

[amexpat]

Up 2 U of course but here are more points to ponder.

With ACH from a US bank you can chose how much and when you want to transfer here. If you think the baht is about to make a move against the dollar, you can play your hunch. Entertainment value!

If you are lucky enough to be getting better interest in the US, or whatever other reasons you want control, you lose that control with DD.

If you go to another country, USA for example, and end up staying for months do you want your checks being direct deposited to an account that you can only access in person in Thailand? What if you need to stay away for a long time? You can dive back into the bureaucracy and change it, I suppose. But the funds already in that account are going nowhere without a hassle. Is this true MSPain? You were correct about fees.

I'm just a minimum-restrictions kinda guy. I want easy access to all my funds meager though they be.

Maybe these things don't bother other people. Up 2 U.

[gotlost]

Side Note. Saw on the news that there will be NO INCREASE on SS until at least 2012.

[amexpat]

Side Note. Saw on the news that there will be NO INCREASE on SS until at least 2012.

Side note? No. Sad note.

[chiang mai]

A useful thread - I'm eighteen months away from starting to receive my US SS payments but this discussion has prompted some thought and a couple of questions:

1) Can I elect to take the payment in USD or must it be in the currency of the country in which I reside?

2) Similar to the above, can I elect to have the funds deposited in a bank in a country in which I do not reside?

I'm British, live in Thailand but would prefer to receive USD (not Pounds and not Baht) at a bank in offshore UK (IOM or Guernsey), is that possible? Thanks

[gotlost]

http://news.yahoo.com/s/ap/20101010/ap_on_bi_ge/us_social_security_no_cola

[hml367]

Amexpat your assumptions are wrong. Please don't reply to any of my posts.

For everyone's information I do not advocate having checks direct deposited to Bangkok Bank, New York. I suggest using a U.S. Bank as has been posted by others.

ThaiWx, my offer stands if you PM or email me.

MSPain

ThaiWx.

Send me a PM or email and I can tell you where the information is about the fees Bangkok Bank does charge for moving money through Bangkok Bank, New York. I can also direct you to the information on how to set the whole thing up.

I can also give you other information if you like.

MSPain

Aha! According to the web site an ACH transfer of just under $2,000 costs a total of about 10 or 11 bucks. Frankly, I never even noticed that 1/2 percent. I was just happy to have a US bank that didn't charge $35 or so for transfers.

Also per the web site:

"Important Note

If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds."

hml367, how much can you save each transfer by "setting the whole thing up" and appearing at the bank when you want your money?

Never mind. It can't be enough to make it worth the trouble - for me, anyway.

But thanks for your research.

Edited October 14, 2010 by hml367

[JimGant]

The fees for using BB NY are found here: FEES

Essentially, $5 to send $2000; $10 to send $2001 to $50000. Plus, .25% fee on the Thai end, min of 200bt, max of 500bt (same as with a SWIFT wire transfer).

Instruct your US bank (you can probably do it online) to transfer whatever amount you like, whenever you like, to Bangkok Bank NY using the BKK NY's SWIFT code and the acct number of the account you opened here.

No, you use BB NY's ABA number, since this is an ACH transfer to NY. BB NY will send your money (less the fee) to Thailand via SWIFT encoding. But that's all transparent to you, and need not be in the instructions.

FX rate received in Thailand will be the TT rate, which is the same as a SWIFT wire receives -- and is the best rate anyone reading this will receive (the interbank exchange rate is about 15 satang better, but is reserved for volume users).

The mechanics of all the above is found HERE

[NancyL]

How are bank accounts insured here in Thailand? Is there something similar to FDIC? We moved some substantial (for us) funds over when we came here in 2008 to meet the requirements of the retirement visa process. In retrospect, I wish we'd moved more into BKK bank because of the change in the exchange rate.

[hml367]

I just noticed that Mastercard now has a currency conversion tool on their web site.

MSPain

[chiang mai]

How are bank accounts insured here in Thailand? Is there something similar to FDIC? We moved some substantial (for us) funds over when we came here in 2008 to meet the requirements of the retirement visa process. In retrospect, I wish we'd moved more into BKK bank because of the change in the exchange rate.

My contribution to your question is that "resident" accounts are insured, "non-resident" accounts are not, don't know the limits or amounts involved.