Information For Bangkok Bank Customers (U.S. Retirees)

[IMA_FARANG]

This information is a direct copy and paste from the Bangkok Bank website in New York.

I can not verify its accuracy.

It is supposed to be how to get a Social Security direct deposit made to your Bangkok Bank account in Thailand through Bangkok Bank New York.

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Advice to Receiver using Direct Deposit Service

If you are currently receiving payments such as pensions, annuities or payroll from US government agencies or private organizations, you can arrange for your payments to be directly deposited into your account at Bangkok Bank in Thailand via Bangkok Bank's New York branch instead of receiving United States Treasury or company issued cheques.

Benefits of the service

•You no longer need to visit the bank branch to cash or send your US Treasury or company issued cheques for collection.

•It eliminates the risk of losing cheques.

•You can receive funds faster.

•Your funds will be converted to Thai Baht using the rate receiving electronic funds transfers (Buying TT rate) which is better than the rate for buying foreign cheques (Buying sight bill rate).

How to apply for the Direct Deposit Service if you are receiving payments from a US government agency:

1.Download the 'Direct Deposit Sign-up Form (SF1199A)' from the website www.socialsecurity.gov/online. Complete the form to sign up for Direct Deposit with your relevant US government agency.

2.Open a savings account at any Bangkok Bank branch (except micro branches). If you already have an account with Bangkok Bank, you can use your existing bank account for this service. Complete a 'Direct Deposit Service Application' form.

3.Submit all forms to Bangkok Bank with the following supporting documents:

- Identification Card/Government Official ID Card/Passport together with a customer

identification document such as your Social Security Card, Annuitant ID Card etc.

- A document from the relevant agency giving evidence of your right to receive the

payments.

4.After verifying your documents, Bangkok Bank will submit your application to the government agency asking them to approve your request for receiving the funds via Direct Deposit.

5.After the request to receive Direct Deposit is approved by the government agency, your payments will be electronically deposited directly to your Bangkok Bank account.

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.

In compliance with US regulations, Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.

You may directly contact the United States government agencies in the US to send funds into your savings account with Bangkok Bank,. However, we still need to request that you change your savings account to a Direct Deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US government agencies into your account.

In other words it is possible, takes time to set up, and when approved you must withdraw the Social Security funds in cash yourself personally (with identification to verify your identity).

I haven't tried this myself. If anyone does use this method, please post a reply about how well (or not) it works.

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Edited October 20, 2011 by IMA_FARANG

[kokesaat]

I'd venture a conservative guess that there are more than 30 people in the Udon area alone who are using this system...not just for social security benefits, but for retired military pay and other veterans benefits as well. The imperfection in the system is the fact that you can't draw your funds using an ATM card....but with the proliferation of bank branches in shopping centers over the past few year....and they operate 7 days a week.....going into the bank once a month or less isn't the chore it used to be.

[kokesaat]

I forgot to add:

A nice feature with Bangkok Bank: You can arrange to have an SMS sent to your mobile phone notifying you of deposits into your account.

When I make Schwab transfers through NY to Udon, I get an SMS saying "Schwab Brokerage has transferred THB304,960,320 (USD9,998,699 @ 30.5)) from abroad into your XXXXXXX-0221 account"

I don't do big transfers like that every day, but I always get an SMS no matter the amount transferred.

[BuckarooBanzai]

I forgot to add:

A nice feature with Bangkok Bank: You can arrange to have an SMS sent to your mobile phone notifying you of deposits into your account.

When I make Schwab transfers through NY to Udon, I get an SMS saying "Schwab Brokerage has transferred THB304,960,320 (USD9,998,699 @ 30.5)) from abroad into your XXXXXXX-0221 account"

I don't do big transfers like that every day, but I always get an SMS no matter the amount transferred.

How do you set up the SMS notification?

[IMA_FARANG]

I'd venture a conservative guess that there are more than 30 people in the Udon area alone who are using this system...not just for social security benefits, but for retired military pay and other veterans benefits as well. The imperfection in the system is the fact that you can't draw your funds using an ATM card....but with the proliferation of bank branches in shopping centers over the past few year....and they operate 7 days a week.....going into the bank once a month or less isn't the chore it used to be.

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

As I said in the original post, I don't use this system right now.

I may in the future.

I actually have two Bangkok Bank accounts...one for my retirement visa account in my name....and one as a joint account with my Thai wife.

I merely posted the information for the benefit of someone on another post who asked if a direct deposit from Social Security to Bangkok Bank was possible.

If I were to use this procedure I would probably have it deposited into my own account.

Monthly I would withdraw my Social Security and then deposit into my joint acount which my wife has an ATM card to.

My real question was whether there was someone on this forum who could confirm if it really does work...and secondly, how long it takes to set up the transfer and paperwork to get it started.

Right now I'm using a system from my local U.S. bank which I start with an monthly email. It works fine, but the U.S. bank charges me $30 per each SWIFT wire transfer. No charge here presently from Bangkok Bank the way I do it now.

Still I would like to avoid that $30 fee from my U.S. bank, if possible.

[kokesaat]

Print out the attachment, fill it out, take it to the bank with your passbook and an id.

If your bank branch won't accept the form or tells you you can't have SMS on the account, I'd seek help from the people listed at who are there to help expats like you and me.

Good luck

[JimGant]

Right now I'm using a system from my local U.S. bank which I start with an monthly email. It works fine, but the U.S. bank charges me $30 per each SWIFT wire transfer. No charge here presently from Bangkok Bank the way I do it now.

Still I would like to avoid that $30 fee from my U.S. bank, if possible.

The Direct Deposit of US Gov't checks into a special Bangkok Bank account (special, as in 'can only be accessed in-person')costs exactly the same as sending money from your US bank account via ACH through Bangkok Bank New York. Plenty of info on this on this forum -- briefly, $5 for a $2000 or less transfer; $10 for $2001- $50,000; and .25% fee on Thai side, with 200 minimum, 500 maximum. So, no cost savings on the Direct Deposit method, but possibly it's sent a few days early in order to be in your account right on pay day. I don't know, however, on that one. However, the inconvenience of this money not being available for immediate ATM use, or direct debit by your utility company, etc etc doesn't really make it sound too attractive.

IM, plenty of US bank accounts (actually, probably most nowdays)that allow you to ACH funds for a minor -- or no charge. And to do this via Internet instruction. Again, the fee for doing this thru BB NY to your Thai bank account definitely is cheaper than a SWIFT. (I'm sure your SWIFT transfers are incurring BB's .25% back end fee, although this sometimes is not obvious. Next time figure out the fee, add it back to baht received, and I bet it will be right on the money for the TT rate for that day. Always has been for me, for both ACH and SWIFT transfers.)

[nycboy57]

Thanks for the topic and the feedback,

I have this type of account here and it took about a month or more to do.

I was surprised at the amount of fees it cost me, I did not have the foresight to investigate the total costs.

It ran me last month about $12 USD in total fees not too bad on a check under $2000 a month.

No ATM card but can see online when the money arrives from NY BKK Bank.

Cannot do anything with it except withdraw full amount with Passport and Book Bank, and put in my other Book Bank account.

They never told me If I can setup SMS notification when the money arrives.Since they allowed me to link to my online account, I can check and see how much arrived in Baht and prepare the withdrawl and deposit slips for easy acces when i arrive at the bank.

That account is a special account. Where they have setup with the US Government the ability when the person passes on to stop the account and get the money put back into the USA Government account.

The five hundred baht I used to set up the account I was able to remove with the first withdrawl on the 3rd of the month was when I get my check.

Only SS or other type of Government direct deposit checks are setup this way, but if someone has another pension not from the Government, they can have that money direct deposit but in their regular Book Bank account and that money can be ATM removed and Internet banking used also.

Again I hope it helps someone that needs this info.

Right now I'm using a system from my local U.S. bank which I start with an monthly email. It works fine, but the U.S. bank charges me $30 per each SWIFT wire transfer. No charge here presently from Bangkok Bank the way I do it now.

Still I would like to avoid that $30 fee from my U.S. bank, if possible.

The Direct Deposit of US Gov't checks into a special Bangkok Bank account (special, as in 'can only be accessed in-person')costs exactly the same as sending money from your US bank account via ACH through Bangkok Bank New York. Plenty of info on this on this forum -- briefly, $5 for a $2000 or less transfer; $10 for $2001- $50,000; and .25% fee on Thai side, with 200 minimum, 500 maximum. So, no cost savings on the Direct Deposit method, but possibly it's sent a few days early in order to be in your account right on pay day. I don't know, however, on that one. However, the inconvenience of this money not being available for immediate ATM use, or direct debit by your utility company, etc etc doesn't really make it sound too attractive.

IM, plenty of US bank accounts (actually, probably most nowdays)that allow you to ACH funds for a minor -- or no charge. And to do this via Internet instruction. Again, the fee for doing this thru BB NY to your Thai bank account definitely is cheaper than a SWIFT. (I'm sure your SWIFT transfers are incurring BB's .25% back end fee, although this sometimes is not obvious. Next time figure out the fee, add it back to baht received, and I bet it will be right on the money for the TT rate for that day. Always has been for me, for both ACH and SWIFT transfers.)

[JimGant]

on the 3rd of the month was when I get my check.

Did you previously receive your Gov't check on the first of the month? If so, and you now get it on the third in your BB account, this would square with my experience of an ACH transfer, initiated by me thru BB NY, taking two business days to appear in my BB account (using the free ACH service from my USAA savings and checking accounts).

And it would also say there's no time advantage with direct deposit vs. fat fingering in you own ACH transfer. Meaning, I can't really see any advantage to having a direct deposit account -- unless, for some reason, you're unable to establish a US bank/savings account into which to deposit your pension and SS checks for subsequent manual ACH transfer to Thailand.....

But, if it works for you, that's what counts. Oh, what's the workaround in case you're incapacitated?

[nycboy57]

No, always got it on the 3rd of the month and since we are ahead of NY time wise, when they send it here the time is not a factor for me to switch accounts.

As a work around for not being able to get to a branch,

never thought about that,

i don't think there is one,

they say I must go to any branch with Passport and Book Bank and remove it myself and

no one else can do it for me.

on the 3rd of the month was when I get my check.

Did you previously receive your Gov't check on the first of the month? If so, and you now get it on the third in your BB account, this would square with my experience of an ACH transfer, initiated by me thru BB NY, taking two business days to appear in my BB account (using the free ACH service from my USAA savings and checking accounts).

And it would also say there's no time advantage with direct deposit vs. fat fingering in you own ACH transfer. Meaning, I can't really see any advantage to having a direct deposit account -- unless, for some reason, you're unable to establish a US bank/savings account into which to deposit your pension and SS checks for subsequent manual ACH transfer to Thailand.....

But, if it works for you, that's what counts. Oh, what's the workaround in case you're incapacitated?

[bunnydrops]

I have my SS put in my Wells Fargo account that is set up for automatic transfer to Thai Bangkok Bank account via New York branch once a month. The Well Fargo fee $3, Bangkok Bank takes bt 150. I get TT rate. I can do $2000 a transfer, $4000 max a month. Since it goes into regular Thai account, I can use my ATM card.

Thanks for the topic and the feedback,

I have this type of account here and it took about a month or more to do.

I was surprised at the amount of fees it cost me, I did not have the foresight to investigate the total costs.

It ran me last month about $12 USD in total fees not too bad on a check under $2000 a month.

No ATM card but can see online when the money arrives from NY BKK Bank.

Cannot do anything with it except withdraw full amount with Passport and Book Bank, and put in my other Book Bank account.

They never told me If I can setup SMS notification when the money arrives.Since they allowed me to link to my online account, I can check and see how much arrived in Baht and prepare the withdrawl and deposit slips for easy acces when i arrive at the bank.

That account is a special account. Where they have setup with the US Government the ability when the person passes on to stop the account and get the money put back into the USA Government account.

The five hundred baht I used to set up the account I was able to remove with the first withdrawl on the 3rd of the month was when I get my check.

Only SS or other type of Government direct deposit checks are setup this way, but if someone has another pension not from the Government, they can have that money direct deposit but in their regular Book Bank account and that money can be ATM removed and Internet banking used also.

Again I hope it helps someone that needs this info.

Right now I'm using a system from my local U.S. bank which I start with an monthly email. It works fine, but the U.S. bank charges me $30 per each SWIFT wire transfer. No charge here presently from Bangkok Bank the way I do it now.

Still I would like to avoid that $30 fee from my U.S. bank, if possible.

The Direct Deposit of US Gov't checks into a special Bangkok Bank account (special, as in 'can only be accessed in-person')costs exactly the same as sending money from your US bank account via ACH through Bangkok Bank New York. Plenty of info on this on this forum -- briefly, $5 for a $2000 or less transfer; $10 for $2001- $50,000; and .25% fee on Thai side, with 200 minimum, 500 maximum. So, no cost savings on the Direct Deposit method, but possibly it's sent a few days early in order to be in your account right on pay day. I don't know, however, on that one. However, the inconvenience of this money not being available for immediate ATM use, or direct debit by your utility company, etc etc doesn't really make it sound too attractive.

IM, plenty of US bank accounts (actually, probably most nowdays)that allow you to ACH funds for a minor -- or no charge. And to do this via Internet instruction. Again, the fee for doing this thru BB NY to your Thai bank account definitely is cheaper than a SWIFT. (I'm sure your SWIFT transfers are incurring BB's .25% back end fee, although this sometimes is not obvious. Next time figure out the fee, add it back to baht received, and I bet it will be right on the money for the TT rate for that day. Always has been for me, for both ACH and SWIFT transfers.)

[TongueThaied]

Good god! If you have a U.S. Charles Schwab account, why bend over for Bangkok Bank fees? Get a Schwab debit card on your Schwab account and you can pull you money out via ATM anywhere in the world FREE. Schwab reimburses all ATM fees and the transfers the money at the par exchange rate, while Bangkok Bank takes a profit on the conversion. With Schwab, no costs, no fees, you just get YOUR money.

[wayned]

I've used this system for 4 years and it works well.I have my SSA retirement deposited on the 3rd of every month, or the lastUS working day before if the 3rd is on the weekend. They deduct $5 in the US and and additional 200 baht commission in Thailand. The money arrives on the 3rd, or thr transfer date, and is usually available in the afternoon. They send an SMS to your registered mobile number when the transfer has been processed and the money is available for withdrawal. You have to show up in person with your Passport and bank book and withdraw the money. You cannot have ATM or Internet access to the account and it must be a personal account, not a joint account. This is required so that someone cannot withdraw funds long after you have kicked the bucket. I have another account with full electronic access and when I withdraw the money I deposit it into this account. In the beginnig you could only withdraw the money at the branch that you had the account, but they changed the rules so that you can now do it at any branch. I added the account to my internet banking as an alternate, but I can only access it to see the balance, I cannot use the funds in any way. Bangkok Bank is the only Bank in Thailand that can provide this service.

The direct deposit forms must be approved by BKB in Bangkok and the branch must understand the type of account that must be opened. I live in a remote area and in the beginning they opened the "wrong" account and my first payment sat in New York and couldn't be processed until things were straightened out.. My suggestion is to call Bangkok Bank in Bangkok, phone number 02-230-1323 or 230-2168, and ask to speak to Kanchana. I have dealt with her since the beginning and she understands the requirements and speaks fluent English.

Hope this helps.

Regards and good luck.

[gk10002000]

This is interesting but I would not do it unless I really had to. The only way I would do it is if I did not have a US bank account. I don't like the somewhat complicated process and it has too many wickets along the way and conditions. Seems like several ways things could get messed up and take some time to straighen out. I understand the nuances of the US Social Security payout process. I would keep my US bank account and then transfer money periodically to Thailand, or depending on the transaction costs, just write myself a check drawn on my US bank account and wait for it to clear. Hopefully you folks do not have to transfer money monthly. No buffer amount?

Schwaub is a reasonable alternative.

[Pib]

I have my SS put in my Wells Fargo account that is set up for automatic transfer to Thai Bangkok Bank account via New York branch once a month. The Well Fargo fee $3, Bangkok Bank takes bt 150. I get TT rate. I can do $2000 a transfer, $4000 max a month. Since it goes into regular Thai account, I can use my ATM card.

Assuming the 150 baht ($5) fee you mention is the Bangkok Bank "New York" branch fee/slice, there is another fee of 0.25% (200 baht min, 500 baht max) of received amount on the "in-Thailand" Bangkok Bank in-Thailand/local branch/receiving end.

Basically you have your Sending Bank Fee, the BKK Bk NY Branch Fee, and the BKK Bk in-Thailand/local branch fee. The two Bangkok Bank fees are for-sure; the Sending bank fee will range from zero to whatever they charge.