Us Military International Direct Deposite

[richard10365]

If this service was avaliable in Thailand, how many retired US Military would have their pension deposited in a Thai bank automatically every month?

Here is the info and link

http://www.defenselink.mil/dfas/money/retired/iddfaqs.htm

1. What is International Direct Deposit?

Answer: Like direct deposit to stateside financial institutions, IDD electronically transfers your retired or annuitant pay directly into your bank on the day it is due without relying on mail and paper checks.

TOP

2. What countries is IDD available in?

Answer: Beginning on August 1, 2005, IDD is available to retirees and annuitants receiving pay and living in Canada, France, the United Kingdom, germany and Australia.

TOP

3. I don't live in one of the IDD-capable countries. Will it become available in other countries in the future?

Answer: A total of 43 countries (see following list) are currently eligible for IDD enrollment. IDD will be made available to eligible retirees and annuitants receiving pay and residing in one of the remaining 38 countries in the very near future. As more countries become eligible for IDD, affected retirees and annuitants will be notified: Anguilla Italy

Antigua & Barbuda Jamaica

Australia Malta

Austria Mexico

Bahamas Netherlands

Barbados Netherlands Antilles

Belgium New Zealand

British Virgin Islands Norway

Canada Panama

Cayman Islands Poland

Cyprus Portugal

Denmark South Africa

Dominican Republic Spain

Finland St. Kitts

France St. Lucia

Germany St. Vincent & Grenadines

Greece Sweden

Grenada Switzerland

Haiti Trinidad & Tobago

Hong Kong Hungary

Ireland United Kingdon

Israel

TOP

4. What are the benefits of IDD?

Answer: Retirees and annuitants living and paid outside the United States have always had problems such as slower delivery of their pay and the expense of converting U.S. dollars to their local currency. In addition, retirees and annuitants who have their pay sent to a stateside financial institution often have to pay wire transfer fees. IDD is the electronic transfer of funds from DFAS to your bank via the Federal Reserve Bank. It happens normally on the first business day of the month and your funds become available as soon as your bank posts them to your account. No more waiting on the mail or dealing with wire transfer fees. Your pay is also deposited in the official currency of the country in which you live, saving you the fees of cashing and converting your paper check.

TOP

5. How secure is IDD?

Answer: Nations chosen for IDD eligibility have met the financial responsibility and system requirements of the Federal Reserve Bank. Simply put, the banks and other financial institutions in those countries provide secure and trustworthy services and have systems compatible with transferring funds from the U.S. to your account. In many ways, IDD is much more secure than receiving your pay by check. Mailed checks can be subject to loss, misrouting or even theft. Funds transferred through IDD are sent encrypted and arrive safely at your bank.

TOP

6. How do I sign up for IDD?

Answer: Every retiree and annuitants receiving pay and living in eligible countries will be mailed an enrollment package with eligible retirees and annuitants in the Australia, Canada, France, Germany and the UK receiving their packages first by August 1. This package explains the IDD program and includes an enrollment form. If you don’t receive an enrollment package, you can still get the form online at http://www.dtic.mil/whs/directives/infomgt...rms/of1199i.pdf. Make sure you fill out the form accurately and completely. Your bank representative must complete and sign Section C. MAKE SURE YOU SIGN SECTIONS D and E (as appropriate). Then mail your application using the return envelope provided to: Federal Reserve Bank of New York International Treasury Services E. Rutherford Oper. Ctr, 1st Floor 100 Orchard Street East Rutherford, NJ 07073 USA .

TOP

7. How long does it take for my enrollment form to be processed?

Answer: Although the DFAS IDD program is new, we expect the processing time to take approximately three (3) weeks from the time you complete the form. .

TOP

8. After I complete the form, how long before I receive my pay by IDD?

Answer: The month you begin receiving pay via IDD will depend on when processing is completed. For forms processed before the 19th of the month, pay will begin IDD on the following payday. Forms processed after the 19th will transfer funds on payday in two (2) months. For instance, if your application was processed on or before October 19, 2005, you will begin IDD transfer delivery on the November 1, 2005 pay day. Applications processed after October 20th will begin IDD on the December 1, 2005 payday. Because of this delay, if you currently have your pay sent to a stateside financial institution, do NOT close that account until you have verified receipt at your local IDD bank. Otherwise, your pay will be returned to DFAS, causing you additional delays. .

[richard10365]

The Retirement Services Office (RSO) in Bangkok at JUSMAGTHAI (Joint US Military Advisors Group Thailand) told me there are over 500 US military retiries living in Thailand.

If they all sent their retirement pension to a Thai bank, calculated at my present pay for an E-7 that would be at a minimum 26 million baht a month to Thailand or 312,000,000 baht a year. Is this something that would be of interest to Thai bankers?

[lopburi3]

Most people with US pensions can do direct deposit into a local Bangkok Bank account now via there New York office as per this on the US Embassy Web Site:

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

[richard10365]

Most people with US pensions can do direct deposit into a local Bangkok Bank account now via there New York office as per this on the US Embassy Web Site:

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}>

This is true, however, from what I was told, this process does not put the money in the account on the day you get paid. It auctually takes a few days to transfer. Currently, my money is avaliable on payday using an ATM and this is an option I like. I do not like the $5 ATM fees and the almost $4 conversion fees.

Recently, I did a transfer from BOA to Bangkok Bank and there was money lost in the transfer. The transfer did go thru the New York office and I have BOA doing a trace now to find where the funds were lost.

According to DFAS, if the countries qualify, this service will ensure your money arrives at its destination as well as being avaliable for withdrawl on pay day. This will eliminate transfer fees and the only conversion fees will be from 200 to 500 baht. There will still be ATM fees, but only 20 baht as opposed to 200 baht from BOA.

With all that in mind, I was wondering, from the 500 or so US military retireies here in Thailand, who would do direct deposite to a Thai bank in Thailand? For the Thai banks, there is a possibility of having more than 300,000,000 baht arriving a year from US military retiries. Maybe that is not enough money for them to be interested in.

And most important, DFAS is not part of the VA, SSA, or civil service so the information you provided dosent apply. But thank you anyway for responding.

Edited September 13, 2005 by richard10365

[mouse]

Let us work out something with ThaiVisa for these monthly deposits! What do you say George, anyone interested? Then we could also approach PayPal themselves. After all 500 people drawing such a monthly sum should have some say. A Thai Bank ????? Me thinks not!

[sriracha john]

It's rather a sad comment on the state of Thailand banking that they haven't been put on the list of eligible countries... but then again, Hong Kong is the ONLY Asian destination listed... so obviously there's more to it then that. If they could, I would do it particularly since my USA bank has raised ATM fees from a reasonable $3 to $20 per 20,000 baht withdrawal transaction.

Shame the VA et al can do it now, but not DFAS...

interesting not even Japan is listed... as for numbers, I'd imagine the # of retirees between there and the Philippines would be in the thousands.

Edited September 13, 2005 by sriracha john

[richard10365]

I am not sure who to ask. I emailed 5 or 6 people with the Bank of Thailand this information but not sure if that is the right people to send it to. Anyone have any ideas?

[sriracha john]

That would be a good choice. I would also recommend the 2 biggest banks in Thailand, Bangkok Bank and Krung Thai Bank... and also to the other end, I am emailing DFAS to ask about getting Thailand in with the group.

Hope we are successful at some point. It would make things easier and less expensive.

[richard10365]

That would be a good choice. I would also recommend the 2 biggest banks in Thailand, Bangkok Bank and Krung Thai Bank... and also to the other end, I am emailing DFAS to ask about getting Thailand in with the group.

Hope we are successful at some point. It would make things easier and less expensive.

<{POST_SNAPBACK}>

You know, I think offering Thai banks 300 million baht would be something to get their attention. I havent gotten an email back yet from the Bank of Thailand. I even mailed their webmaster. Maybe they can't read english.

[lomatopo]

richard10365, Could you update your recent BofA experiences in your BofA thread. I am certainly curious as to the details. Thanks.

[Khun ?]

You may want to check into a money market account with a debit card.

It could depend on the amount of money your intial deposit is but I pay $1

each ATM withdrawl and get a better rate than the bank will give you if you walk in with cash dollars to exchange.... Interest rates are over 3% an rising on money market accounts. Thai banks will pay you 1% less than inflation rates.

keeping your money at home where it won't get lost so easy is the best option

in my opinion. Check Citibank for starters..........

[Mali_in_CM]

I never bank where I live.

And I wouldn't send my military retirement to a Thai Bank in any case.

[richard10365]

I never bank where I live.

And I wouldn't send my military retirement to a Thai Bank in any case.

<{POST_SNAPBACK}>

If I can accomplish all my banking needs in Thailand then I really don't mind depositing my military retirement check in a Thai bank.

I don't plan on going back to the USA anyway. I got what I needed out of that country. An early pension. I don't miss anything else.

[sriracha john]

I don't plan on going back to the USA anyway. I got what I needed out of that country. An early pension. I don't miss anything else.

<{POST_SNAPBACK}>

Awww....C'mon now... Admit it... You do miss S.O.S. for breakfast in the field mess tent, right???

[Smokin Joe]

Strange that the Phillipines wasn't mentioned in the DFAS info. US military retirees have been getting direct deposit to local banks there for years. I used to have a US$ account with a PI bank that was recommended because it was authorized for IDD.

[richard10365]

I don't plan on going back to the USA anyway. I got what I needed out of that country. An early pension. I don't miss anything else.

<{POST_SNAPBACK}>

Awww....C'mon now... Admit it... You do miss S.O.S. for breakfast in the field mess tent, right???

<{POST_SNAPBACK}>

Those Army breakfast's were pretty good. French toast...bacon, grits, omlet, fruit, juice, coffee, milk

Then trading contents of MREs during lunch while gossiping about a million different things.

I have to admit, those are some of my fonder memories of soldier life.

I am glad that chapter in my life is over.....now is the retirement phase.

[Kringle]

Didn't read the whole thread but I'm not going to send my money here direct as I feel safer with it going to the US bank account. Did it once in OZ and it got screwed up for 3 months and no funds until it was cleared up, never again.

[minbari357]

I have not heard any mention of Navy Federal Credit Union (NCFU), based in Merrivale(?) VA on this forum. It has Member Service Centers based worldwide, the closest ones to Thailand are in Japan, Singapore, and the Philippines. An explaination for the lack of DFAS services in the Philippines is probably because many of the Filipino retirees use NCFU as their U.S. based financial institution for Direct Deposit, and the banking system there is not the safest. ATM fees are cheaper than any conventional bank, and money is available via Western Union. A clear alternative that I have used in my world travels.

[richard10365]

I think if NCFU had an office in Thailand people would talk about it. Since it's overseas, it's no better than my Bank of America account in California.

[Storekeeper]

I'm retiring from the Navy in 2007 and have talked with "John" at the RAO office in Bangkok. Based on those conversations and experience in Thailand I'm not going to elect DDS of my retainer into the Bangkok Bank (via New York) method. I'm going to establish an account for the spousal retirement visa, but other than that I'm going with multiple ATM cards. And NFCU only charges $1.00 per transaction. So the WF card and it's $5.00 fee per transaction will be the emergency back-up.

Edited October 17, 2005 by Storekeeper

[richard10365]

I'm retiring from the Navy in 2007 and have talked with "John" at the RAO office in Bangkok. Based on those conversations and experience in Thailand I'm not going to elect DDS of my retainer into the Bangkok Bank (via New York) method. I'm going to establish an account for the spousal retirement visa, but other than that I'm going with multiple ATM cards. And NFCU only charges $1.00 per transaction. So the WF card and it's $5.00 fee per transaction will be the emergency back-up.

<{POST_SNAPBACK}>

I just started transfering $1000/month from Bank of America to Bangkok Bank. It goes through the New York office to my account in Bangkok. The cost of that is $3.

I am still considering setting up direct deposit via Bangkok Bank in New York.

[Storekeeper]

I'm retiring from the Navy in 2007 and have talked with "John" at the RAO office in Bangkok. Based on those conversations and experience in Thailand I'm not going to elect DDS of my retainer into the Bangkok Bank (via New York) method. I'm going to establish an account for the spousal retirement visa, but other than that I'm going with multiple ATM cards. And NFCU only charges $1.00 per transaction. So the WF card and it's $5.00 fee per transaction will be the emergency back-up.

<{POST_SNAPBACK}>

I just started transfering $1000/month from Bank of America to Bangkok Bank. It goes through the New York office to my account in Bangkok. The cost of that is $3.

I am still considering setting up direct deposit via Bangkok Bank in New York.

<{POST_SNAPBACK}>

I'll probably re-consider once I've been there for a spell and know I'm actually going to stay.

[richard10365]

I'm retiring from the Navy in 2007 and have talked with "John" at the RAO office in Bangkok. Based on those conversations and experience in Thailand I'm not going to elect DDS of my retainer into the Bangkok Bank (via New York) method. I'm going to establish an account for the spousal retirement visa, but other than that I'm going with multiple ATM cards. And NFCU only charges $1.00 per transaction. So the WF card and it's $5.00 fee per transaction will be the emergency back-up.

<{POST_SNAPBACK}>

I just started transfering $1000/month from Bank of America to Bangkok Bank. It goes through the New York office to my account in Bangkok. The cost of that is $3.

I am still considering setting up direct deposit via Bangkok Bank in New York.

<{POST_SNAPBACK}>

I'll probably re-consider once I've been there for a spell and know I'm actually going to stay.

<{POST_SNAPBACK}>

It's very easy to live here off your retirement as long as your entire retirement is yours. ATMs are very easy to get to, internet is everywhere, and major American sporting events (NFL, NBA, MLB, NASCAR, etc) are easy to see here. The cost of living is very cheap here.

If your single with no kids to worry about, then I would recommend at least a year or two to see if you like it.

Why keep working until your 65. Speaking of 65, social security will kick in for us as well adding another 30,000 to 50,000 baht a year to our retirement paycheck.

What will your paygrade be at the time of your retirement?

[Storekeeper]

If your single with no kids to worry about, then I would recommend at least a year or two to see if you like it.

Why keep working until your 65. Speaking of 65, social security will kick in for us as well adding another 30,000 to 50,000 baht a year to our retirement paycheck.

What will your paygrade be at the time of your retirement?

<{POST_SNAPBACK}>

Thanks Richard. I'll have over 28 years (E-9) and 45 years old when I retire and head to Thailand on March 31, 2007. Will have been married 3 years when I arrive. Everything is good to go.

I'm going to take it one year at a time after the first year. I expect an opportunity at some point to go work for 3-5 years in Singapore or Japan and I won't be able to refuse

[richard10365]

At 28 years and E9 your pay should be over 150,000 baht a month. That is a lot of money in Thailand.

I am E7 with 20 years and find it very easy to live here on 50,000 baht a month.

If you get offered a job, I would use this info as leverage to getting more money for your job skills. You dont have to work, but if you do, they had better pay you well for it.

It's very relaxing to watch the sun go down every night knowing you can sit there until the stars come out.

If you don't have to work, .......don't.

[Storekeeper]

Richard,

I'm going to be living in Nakhonsawan or Phichit ? Are you in Pattaya ? I've got a friend who lives their who is a retired HMCS. He hangs out with them "Lawn Bowlers" though

Like I said...I'm gonna take it one year at a time. Plan to get one of those TEFL certificates to "supplement" my cash flow.

I just found out that NFCU will let me fax them the request to transfer cash to a Thai account once I get one. In the future, it looks like I may be able to do it online I'm told by the local NFCU here in Japan.

You got the GI BIll ? PM me if you do.

[richard10365]

Richard,

    I'm going to be living in Nakhonsawan or Phichit ? Are you in Pattaya ? I've got a friend who lives their who is a retired HMCS. He hangs out with them "Lawn Bowlers" though 

    Like I said...I'm gonna take it one year at a time. Plan to get one of those TEFL certificates to "supplement" my cash flow.

    I just found out that NFCU will let me fax them the request to transfer cash to a Thai account once I get one. In the future, it looks like I may be able to do it online I'm told by the local NFCU here in Japan.

    You got the GI BIll ? PM me if you do.

<{POST_SNAPBACK}>

I'm not in Pattaya...I'm in Sa Kaeo (18km from Cambodia).

You must have a lot of bills or plan to live in a mansion because E9 retirement pay is a lot of money in Thailand. I can't see why you would want to work unless you think not working will drive you crazy....lol. You make more than most doctors here in Thailand.

Tricare is here in Thailand but only Tricare Standard. You might want to research health insurance before you get here. You also might want to transfer your GI life insurance to the VA life plan. I think you have so many days to do that after you retire.

Also, start looking at your service connected disabilities and try to get rated by the VA before your retirement date. It will be much harder to do once you get here.

I have VEAP but plan on asking for the money back because I am not going to use it.

[Storekeeper]

Richard,

Nah, I don't have many bills. And I don't have many hobbies either so I got to do something. I just want to try this TEFL thing to see what it's like.

If the chance comes up you should convert your VEAP to the GI Bill. You can bank a good chunk of it after paying the tuition and books at a "fine" educational establishment such as Bangkok University My calculations show being able to put 25,000 - a month in the bank for 36 months...after expenses using that little bennie.

I'll probably just go with the BUPA health insurance unless using that HVC deal that JUSMAG talks about is better. Everybody keeps telling me about the disability rating thing...but I really ain't got nothing to document. Guess I've done a poor job of playing sick bay commando

How long have you been in Thailand ?

P.S. (I wanted to try raising cows like Ramdomchances but the old lady doesn't want to be a farmer )

[sriracha john]

Richard,

    Nah, I don't have many bills. And I don't have many hobbies either so I got to do something. I just want to try this TEFL thing to see what it's like.

    If the chance comes up you should convert your VEAP to the GI Bill. You can bank a good chunk of it after paying the tuition and books at a "fine" educational establishment such as Bangkok University  My calculations show being able to put 25,000 - a month in the bank for 36 months...after expenses using that little bennie.

      I'll probably just go with the BUPA health insurance unless using that HVC deal that JUSMAG talks about is better. Everybody keeps telling me about the disability rating thing...but I really ain't got nothing to document. Guess I've done a poor job of playing sick bay commando 

      How long have you been in Thailand ?

P.S. (I wanted to try raising cows like Ramdomchances but the old lady doesn't want to be a farmer  )

<{POST_SNAPBACK}>

I still have GI Bill benefits, but I was under the impression they can't be used in Thailand or most other places outside US.

Any sites or inside info to verify?

I'd jump at the opportunity to go to Bangkok U....

BUPA or other private medical is really the way to go.

[richard10365]

I don't believe I can convert VEAP anymore. It's not being offered. I don't have any universities anywhere close to where I live so I really couldn't go to school.

I have considered internet courses but they bite too much into my budget so I decided against it.

Your lucky to go 28 years and be healthy. I think I got too close to ionizing radiation when I was a young soldier. Now I have hypothyroidism and pernicious anemia. I'm still waiting for the VA to rate me.

Speaking of the VA, chances are you won't be enrolled in the VA health care program because you make too much money.

The VA health care program is different from Tricare. I was suprised when I got a letter saying they would not enroll me. They said based on my income when I retired, I wouldnt be enrolled. I was very disappointed when I found this out. Oh well......life goes on.

Teaching is fun sometimes in Thailand. I do this a little for farm kids near by. If you can teach yourself to read and write Thai, it will be a lot easier. Usually, people in the small village are very nice. If your wife comes from a small farm village, maybe you can teach there. Just don't teach for the money.....it's not a lot.

Edited October 20, 2005 by richard10365