Any Americans Using Us Direct Express For Social Security Payments?

[goforit]

Currently I get my social security payment sent directly to Bangkok Bank but was considering switching over to the US Direct Express MasterCard as I plan to do some traveling soon. I know the fees will be higher but can't figure out just how much more from what they are now. Anyone currently using US Direct Express who knows the answer on how to compare the two?

Thanks

[Langsuan Man]

The main disadvantage of having your Socail Security deposited in Bangkok Bank is the requirement that you go to the bank every month to prove that you are still alive (as reported here at TV) free option is to have Social Security deposited in a US bank that offers free transfers (EFTS) and then have those funds transferred to BB , using the New York branches routing number which will automatcially transfered to your Thai BB account (see Bangkok Banks web site for exact fee based upon how much your Social Security check is)

How much the cost is for this Direct Express is located here (Google is wonderful), read it then compare but a quick reading seems to indicate that foreign banks will charge you extra:

Surcharge fees may apply when using your card at an ATM outside the United States or in a location that does not offer a large Direct Express^® ATM network at this time (for example, Puerto Rico).

http://www.fms.treas...stions.html#3.1

[Rama]

The other option is to just keep the money in your US bank account with an ATM card and use Aeon ATMs for withdrawals (no $5 bank of Thailand charge). Using Aeon is covered under another thread. Do a TV search on Aeon.

[goforit]

The other option is to just keep the money in your US bank account with an ATM card and use Aeon ATMs for withdrawals (no $5 bank of Thailand charge). Using Aeon is covered under another thread. Do a TV search on Aeon.

I have been here quite a few years and don't have a US bank account and doubt I would be able to get one. I guess what I really need to know is what exchange rate would I receive if I got the US Direct Express card and used Aeon ATMs to make withdrawals the I could compare this to the TT exchange rate I get at Bangkok Bank.

[goforit]

The main disadvantage of having your Socail Security deposited in Bangkok Bank is the requirement that you go to the bank every month to prove that you are still alive (as reported here at TV) free option is to have Social Security deposited in a US bank that offers free transfers (EFTS) and then have those funds transferred to BB , using the New York branches routing number which will automatcially transfered to your Thai BB account (see Bangkok Banks web site for exact fee based upon how much your Social Security check is)

How much the cost is for this Direct Express is located here (Google is wonderful), read it then compare but a quick reading seems to indicate that foreign banks will charge you extra:

Surcharge fees may apply when using your card at an ATM outside the United States or in a location that does not offer a large Direct Express^® ATM network at this time (for example, Puerto Rico).

http://www.fms.treas...stions.html#3.1

The information is the same as at usdirectexpress.com and covers their fees but not what exchange rate you would get at the ATMs.

[puyaidon]

The other option is to just keep the money in your US bank account with an ATM card and use Aeon ATMs for withdrawals (no $5 bank of Thailand charge). Using Aeon is covered under another thread. Do a TV search on Aeon.

I have been here quite a few years and don't have a US bank account and doubt I would be able to get one. I guess what I really need to know is what exchange rate would I receive if I got the US Direct Express card and used Aeon ATMs to make withdrawals the I could compare this to the TT exchange rate I get at Bangkok Bank.

I changed my bank while here in Thailand. I had not lived in the states since 1988 and still was able to set up a bank account at the new bank with minimal fuss. You can set up an account, you just have to look for a bank. I am retired US military and the bank was recommended to me by a friend so both my pension and social security get deposited every month and I get an email from the bank whenever a deposit is made.

[TongueThaied]

Get a Charles Schwab bank account for your SS deposits and everything will be free, including VISA ATM withdrawals anywhere in the world.

And if you want to know just how free they are, Schwab is the only company I have personally encountered that has a TRULY toll free number from anywhere in the world. You can call this number from your mobile 24 hours a day, get a LIVE person, and inquire about their banking services: 001-800-1165-6066-8 (dial it exactly as shown). You may well have a problem because of the Patriot Act, but at least you can ask free. Since you are not already a customer, the Patriot Act requires a physical US address. I recommend using the address of a close friend or family member. All of your subsequent business with Schwab can be handled electronically.

When you dial the toll free number, you may get a recording that says you will be billed at international rates. It is something from the international operator giving you a warning. But if you look at the minutes remaining on your mobile before the call, then look again after your call to Schwab, you will see that the call was, indeed, free.

And by the way, the exchange rate you get from Schwab when you use the ATM is par. There is no mark-up for them. You get the rate of the day.

[NancyL]

U.S. citizens over age 50 should seriously consider joining a credit union vs. a bank. Credit union are owned by their members and operate for the good of the depositors, not the shareholders and the big overpaid bosses. Most credit unions are governed by boards of people who are active in the community the credit union represents. If you've been a teacher, worked for a large company or organization, lived in a certain community, or have family members who do currently, then chances are good you are elgible to join a credit union and perhaps could do it from here.

We worked for a Fortune 100 company early in our careers and never bothered to cancel our membership in the credit union serving its employees. When it was time to retire to Thailand, our financial counselor, lawyer and accountant all suggested we consolidate our banking into a credit union prior to leaving the U.S. I've never regreted doing that. Now we have savings, on-line checking and credit cards thru that institution. Their call center has just 6 - 8 employees and whenever I call they greet me with "how are things in Thailand today, Nancy" We don't have to hide our living situation from them.

[hml367]

U.S. citizens over age 50 should seriously consider joining a credit union vs. a bank. Credit union are owned by their members and operate for the good of the depositors, not the shareholders and the big overpaid bosses. Most credit unions are governed by boards of people who are active in the community the credit union represents. If you've been a teacher, worked for a large company or organization, lived in a certain community, or have family members who do currently, then chances are good you are elgible to join a credit union and perhaps could do it from here.

We worked for a Fortune 100 company early in our careers and never bothered to cancel our membership in the credit union serving its employees. When it was time to retire to Thailand, our financial counselor, lawyer and accountant all suggested we consolidate our banking into a credit union prior to leaving the U.S. I've never regreted doing that. Now we have savings, on-line checking and credit cards thru that institution. Their call center has just 6 - 8 employees and whenever I call they greet me with "how are things in Thailand today, Nancy" We don't have to hide our living situation from them.

Not every credit union is the same, and that included employee based credit unions. You still need to look at what they offer. There are some disadvantages to credit unions depending on a person's situation.

Also, credit unions are not specifice to the US. As a matter of fact, credit unions started in Europe.

MSPain

CCUE