US Social Security Payments

[how241]

If you do not a US address and want you SS payment sent to a Bangkok Bank account with ATM access you can do the following.

SS has an option bank called Direct Express where you can have your SS payments deposited. Direct Express will issue you a Debit Card that can be used anywhere in the world.

Direct Express will have your funds available at 1am eastern time on the 3rd of each month. If the 3rd falls on a weekend it will be there the Friday before. IE funds for Nov 3 were deposited on Nov1.

Now you can use Direct Express online banking and transfer your funds to Bangkok Bank in NY.

The downside is it takes 3 working days for the transfer and Direct Express will charge you $1.50 fee.

The upside, you have your funds in a Bangkok Bank account that allows ATM access and need never to go to the bank.

In addition, you can use you Debit Card online and pay in US funds... a win win....

Sounds good. Thanks

[Pib]

Rather than having a big shindig at the temple, with roast farang, when I die, I suggested to my wife that she should quietly bury me in the back yard and continue withdrawing my SS from Schwab with the debit card. She wouldn't have any part of it. I guess one of us has some integrity!

As for waiting to withdraw the SS until you reach "full retirement," allowing for the time value of money, you'll have to live past 80 just to break even. I did the calculations, once, but have forgotten the exact break even age.

Yea, right around 80 is how it works out for me also....I got my spreadsheet tailored to my projected SS pension payments, guesstimated inflation, guesstimated COLA, etc. But if I can beat the average age of death by continuing to stay healthy and having a little luck avoiding accidents by living to 90 I will draw an extra $65K over those 10 years between 80 and 90 if I delay SS from 62 to 66. I'm sure others may say you can make investments which should offset the reduced early retirement pension but many investments can be risky as we have seen in very recent times. Plus the 6-8% per year increase for each year you delay early retirement between 62 to 70 is an increase that lasts for the rest of your life vs a stock market investment that will surely have bad years and good years...you just hope the good years clearly offset the bad years. Oh yea, and you hope the politicians don't tinker with SS too much or the U.S. go belly-up. From what I hear, most people do take SS starting at 62...but right now I'm planning on collecting at 64 which is when the wife turns 62...both of start collecting SS at that point. Plus, if I start collecting at 62 the wife would just spend my money...of course she already does that...she would just spend more of it...maybe she'll spend less of mine when she starts drawing her SS....I know, dream on.

Edited November 3, 2013 by Pib

[thrilled]

I'm not surprised that your checking your money from the US GOVERMENT.With so many baby boomers starting social security every day.And people living longer and longer.I predict there will be hic ups in the us social security sooner than later.Hold on it could get rough out there

[smotherb]

I have SS deposit to my "Charles Schwab High Yield Investors Account," then withdraw all or part with a Schwab ATM debit card at my leisure -- free -- no stinking Bangkok Bank fees. The exchange rate is exactly the same as the BBK T/T rate, but zero fees. Any ATM fees are reimbursed by Schwab, but if you use an Aeon machine, there are no fees anyway.

And with the deposit to Schwab, it's available instantly, no "international delays."

Why pay Bangkok Bank? You do not even get added convenience. Going to any ATM is much easier that going inside a bank and standing in a queue, only to be given misinformation.

By the way, Wayned, thanks for the heads up. I thought SS deposited on the 3rd of the month, but I just checked Schwab Online, and the cash is there right now, even though it is still the 1st in the US.

In a recent phone call to the SSA, I was told if the 3rd of the month is a Saturday, Sunday or holiday, the check is ready the first business day before--gee, I guess that means you should get your January check on December 31, if January 1 is a Friday.

And yes, Schwab and a few other decent financial institutions which do not charge a fee and you get the daily international rate for any ATM transactions. So, no looking for a bank branch or carrying large sums, just visit an ATM--and, your local lady of negotiable virtue will be happy to go get the baht for you, just give her your card and pin number.

[wayned]

My monthly Bangkok Bank transfer fees equate to 11.50/month for my SSA payments and they are available on the day that they are deposited in NY.. The CS account requires you to deposit $10000 to open the account, that equates to 72 years of monthly fees. Yes I know that you can use it , but! If you give your girlfriend your ATM card with CS and she puts the pin number in wrong 3 times, what do you do when the ATM doesn't give her the card back and you have to collect it at the issuing institution which happens to be in Pheonix, Arizona?

I'll stick with Bangkok Bank , their transfer fees and the requirement that I have to go to the bank to withdraw funds in person. I think that all of the information that everybody has provided on this thread is very informative and helpful and might have done things differently if I had investigated my options earlier.

[Ticketmaster]

Edit: Another stinking double post. Why, TV, does this happen so often?

Edited November 4, 2013 by Ticketmaster

[Ticketmaster]

Yeah, you're right. Better to pay fees and stand in line every month that to risk losing the card.

I agree with your analysis, Pib, but I just do not know what the future holds (politicians, health, etc.). After seeing some of these old folks that have turned helpless, and bask in their own shit, I have this loose plan about taking myself out before that happens it me. Age 80, age 90? Who knows. My health has always been perfect, but Alzheimers has struck many like me right out of the blue. So I take it now.

It's the sure thing, like standing in line every month rather than risk lodging a card. By the way, I have two accounts and two cards and can instantly move money between the accounts from my computer. My theory is that for every problem, there are at least a dozen solutions.

[Jeffrey346]

Do you guys get a status update letter from SSA every year?

[Ticketmaster]

Do you guys get a status update letter from SSA every year?

If you use a Thai address, yes. If you use a US address, no,

[wayned]

From what I remember I get three notifications from SSA each year. One in November/December stating what the cost of living increase is for next year and what your new payments will be. This year I've heard it's a whopping 1.5%. After the first of the year I get a statement of what I earned last year for tax purposes. And in June I get a "are you still alive" form that I must fill out and return within 60 days so that my payments will continue. I only have a Thai address.

[Jeffrey346]

From what I remember I get three notifications from SSA each year. One in November/December stating what the cost of living increase is for next year and what your new payments will be. This year I've heard it's a whopping 1.5%. After the first of the year I get a statement of what I earned last year for tax purposes. And in June I get a "are you still alive" form that I must fill out and return within 60 days so that my payments will continue. I only have a Thai address.

That's exactly what I get. Thanks..

[JimGant]

Am I missing something? I have had the same checking account in the same bank in the States for the past 25 years. My Social Security and two other pension checks are directly deposited each month. It is on the PLUS system, each month I withdraw 60K baht, costs me $10 each month. Why all the BKK and other Banks??? ( I have done this for the past 4 years in Thailand ($120/year)

Am I missing something? If you're paying any fees at all for ATM transactions, yes.

Which bank do you have? And what is the "$10 each month" fee all about -- is that a $5 fee for each of your two monthly pulls at an ATM? (Presumably at Aeon -- or your card reimburses the 150baht ATM fee....?)

And if that is a flat $5 fee, that suggests whatever card you're using charges at least the 1% foreign transaction fee (Or worst case, if you're using Chase bank, you're paying $5 plus 3%. Ouch.)

http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

Assuming you did your ATM pulls during the afternoon of Nov 1st, you'd have gotten the Visa/PLUS rate of 31.03 (see post 18). However, if you're paying a 1% foreign transaction fee, this lowers your effective rate to 30.72. Tack on $10 in flat fees, the effective rate falls to 30.57. Said another way, your 60,000 baht costs $1,963. And if that $1,963 had been direct deposited (or wired/ACHed), arriving Bangkok Bank on Nov 1st, you would have gotten 60, 576 baht -- or an effective rate of 30.86. [((1963-5) x 31.04) - 200)]

And, of course, if you're paying the 150bt ATM fee or having to now do 3 ATM pulls at Aeon to get your 60k (as has been reported), your effective rate is even worse (I won't even do the Chase numbers, as that's totally frightening).

As has been reported on this forum over and over, the most efficient way to get your money is with a totally fee free debit/ATM card, such as Schwab, State Farm, and apparently Fidelity (although they still advertise a 1% fee). Anything that has any fees, however, can be bested by doing an ACH or direct deposit via Bangkok Bank New York (for Yanks, at least).