Direct Deposit Us Social Security

[lopburi3]

Note that the US Embassy web site has this information in new FAQ:

I would like to Direct Deposit to a Thailand-Based Bank. What do I need to do?

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

[stoneman]

Note that the US Embassy web site has this information in new FAQ:

I would like to Direct Deposit to a Thailand-Based Bank. What do I need to do?

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

<{POST_SNAPBACK}>

But the only problem with this is the charges that Bangkok Bank applies for doing this transfer...Make sure you ask before you sign up...It is expensive

Stoneman

[lopburi3]

And could you tell us what the cost is by any chance?

[stoneman]

And could you tell us what the cost is by any chance?

<{POST_SNAPBACK}>

Lopburi..

Do not remember now...that was several years ago that I checked into it, but the bank charges seemed excessive...Any type of money transfer into a Thai bank is expensive

Stoneman

[lopburi3]

And could you tell us what the cost is by any chance?

<{POST_SNAPBACK}>

Lopburi..

Do not remember now...that was several years ago that I checked into it, but the bank charges seemed excessive...Any type of money transfer into a Thai bank is expensive

Stoneman

<{POST_SNAPBACK}>

Well I don't believe I have had to pay more than 1/4 of 1% to a Thai bank for incoming money transfer so I guess we have different ideas of expensive.

[buadhai]

I am a retired US Social Security Manager. I started setting up direct deposit into Bangkok Bank accounts years ago and posted the method in this forum about a year ago.

No one I've ever done this for has complained about excessive fees. In fact, one of my former customers told me that the exchange rate and fees were quite good -- no worse than if he had the money deposited in a US account and transferred or withdrew here.

Finally, the US Embassy information is incorrect. There is no need to complete the 1099 form for the bank. You just contact US Social Security and ask them to do the direct deposit. You use the US Routing Number (RTN) of the New York branch of Bangkok Bank and the local account number.

Also, I suspect that there is no need to set up a special "direct deposit" account. My experience was that the method worked for any Bangkok Bank account. Of course, I'm now retired and things may have changed. However, I am sure about there being no need for the 1099. If you contact SSA directly the change can be accomplished in a few days, not "a few months".

[lopburi3]

I am a retired US Social Security Manager. I started setting up direct deposit into Bangkok Bank accounts years ago and posted the method in this forum about a year ago.

No one I've ever done this for has complained about excessive fees. In fact, one of my former customers told me that the exchange rate and fees were quite good -- no worse than if he had the money deposited in a US account and transferred or withdrew here.

Finally, the US Embassy information is incorrect. There is no need to complete the 1099 form for the bank. You just contact US Social Security and ask them to do the direct deposit. You use the US Routing Number (RTN) of the New York branch of Bangkok Bank and the local account number.

Also, I suspect that there is no need to set up a special "direct deposit" account. My experience was that the method worked for any Bangkok Bank account. Of course, I'm now retired and things may have changed. However, I am sure about there being no need for the 1099. If you contact SSA directly the change can be accomplished in a few days, not "a few months".

<{POST_SNAPBACK}>

As it mentioned three pay systems perhaps the 1199 would be required for another?

Edited June 30, 2005 by lopburi3

[buadhai]

Lopburi3 -- It's possible. But, as far as I know, the US Treasury Department stopped using 1099's for direct deposit requests at least ten years ago. Since all of the payments mentioned are US Treasury payments I can't imagine the circumstances in which a 1099 would be required.

It's possible that Bangkok Bank wants the 1099 for their records.

But, as I noted, I've done many Bangkok Bank direct deposits without involving the bank at all. I would just input the routing number and account number into our system and the next payment would go into the Bangkok Bank account in Thailand.

[lopburi3]

After a quick Google believe the reason for 1199 is that bank is going to take care of the entire process rather than you. But did not download 1199 to check what it asks so maybe I am wrong.

[buadhai]

After a quick Google believe the reason for 1199 is that bank is going to take care of the entire process rather than you.  But did not download 1199 to check what it asks so maybe I am wrong.

<{POST_SNAPBACK}>

This is probably the case. Years ago we operated like this. The customer would fill out the 1099 and give it to the bank which would then forward it on to us. This hasn't been done for years. Now, the customer just calls or writes us with the bank name or routing number and account number and we input the direct deposit information immediately.

I suppose doing the 1099 is OK if you can wait several months for the change to get processed. If you want it done right away just contact the paying agency directly and then can do the input immediately.

[Boon Mee]

Lopburi3 -- It's possible. But, as far as I know, the US Treasury Department stopped using 1099's for direct deposit requests at least ten years ago. Since all of the payments mentioned are US Treasury payments I can't imagine the circumstances in which a 1099 would be required.

It's possible that Bangkok Bank wants the 1099 for their records.

But, as I noted, I've done many Bangkok Bank direct deposits without involving the bank at all. I would just input the routing number and account number into our system and the next payment would go into the Bangkok Bank account in Thailand.

buadhai~

When you talk about 'Bangkok Bank' and it's direct-deposit system I imagine that could be the same for Citi Bank or BofA as well?

Both have presence in Thailand but I happen to have a Citi account that I'd like to use for my SS when the time comes.

[buadhai]

As far as I know, any regular US Treasury payment (Social Security, VA Pension, Civil Service Pension, etc.) can be deposited via EFT (electronic funds transfer) to any financial institution with a US routing number. So, any US bank will work.

Bangkok Bank happens to work for Thai based accounts because their New York branch has a US routing number. I believe the Treasury funds are sent to the New York branch and then on to the Thai branch via SWIFT transfer.

[lomatopo]

As far as I know, any regular US Treasury payment (Social Security, VA Pension, Civil Service Pension, etc.) can be deposited via EFT (electronic funds transfer) to any financial institution with a US routing number. So, any US bank will work.

Bangkok Bank happens to work for Thai based accounts because their New York branch has a US routing number. I believe the Treasury funds are sent to the New York branch and then on to the Thai branch via SWIFT transfer.

<{POST_SNAPBACK}>

If it helps:

Intermediary Bank Information:

Bangkok Bank PLC

29 Broadway, 20th Floor

NY, NY 1006

Telephone: +1 212 422 8200

ABA Routing No. 026008691

Beneficiary Bank Information:

Bangkok Bank PCL

add branch address here

add account number here

SWIFT Code: BKKBTHBK

[Mali_in_CM]

As mentioned earlier, what constitutes "too much" expense is a matter of opinion.

I have my US pension DDed to a US bank and draw it anywhere from ATM. Cost is zero, which is about right.

Any xfer which involves a Thai bank will likely have delays, "fees", creative exchange rates, and maybe withdrawal restrictions.

[lopburi3]

As mentioned earlier, what constitutes "too much" expense is a matter of opinion.

I have my US pension DDed to a US bank and draw it anywhere from ATM.  Cost is zero, which is about right.

Any xfer which involves a Thai bank will likely have delays, "fees", creative exchange rates, and maybe withdrawal restrictions.

<{POST_SNAPBACK}>

The fee may be zero but what is the exchange rate? Creative exchange rates is must more likely from a US bank or clearance system than in Thailand in my experience.