USA Social Security No Payment Today

[thailiketoo]

Easy enough to set up a regular account and then do transfers via their online banking right?

No you have to go to the bank in person so they can look at your passport and make sure you are alive. If it is a direct deposit account in Thailand.

[wym]

So the alternative would be to have the direct deposit account in the US, and then initiate an online domestic wire transfer to BBK's NY office into a regular Thai account?

Could even be set up as an automatic transaction with some US banks, keep a little cushion of both time and money to ensure it goes through, most have a minimum balance to avoid fees anyway.

[chuckd]

Easy enough to set up a regular account and then do transfers via their online banking right?

I'm assuming you are addressing this to me and BKK Bank.

The short answer to your question is...No.

As stated before in this thread, US Social Security deposits will ONLY be made into a BKK Bank special retirement account. Let me spell it out so there is no musunderstanding.

1. You enter a BKK Bank and ask to set up a US Social Security retirement account.

2. The bank accommodates your request, probably after conferring with BKK Bank head office to find out how to do it. Most outlying banks won't know what you are talking about to begin with.

3. After the bank employee learns what type of account it is, she will open it for you, receive a minor sum, and provide you with a bank passbook...but NO ATM card.

4. The bank where you opened your account will then forward all the paper work to BKK Bank main office in Bangkok, who will then forward it to the US Embassy on Wireless Road. The US Embassy will then forward all documents through diplomatic courier to the Social Security Administration in the US and the wheels will begin to turn.

5. After the snail mail is over SS Administration will process you for direct deposit and you will be good to go. My understanding is it can take up to two months for all this to happen and you receive your first deposit.

6. When your first deposit arrives you will be required to present yourself in person along with your passport and BKK Bank passbook and you are then allowed to withdraw the funds in cash.

This particular account will not accept a bank transfer request unless you personally appear and hand it to the teller and she knows what to do with it.

Normal banking rules don't apply to this type of account.

Edited March 11, 2014 by chuckd

[Langsuan Man]

No , the easiest way would be to have your US bank EFTS your SS payment to your Bangkok Bank account using their US routing number and your Thai Bangkok Bank account number since most US banks don't charge for EFTS. Wire's are expensive

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

[wym]

Yes I meant via scheduled ACH transfer.

My understanding is that the term "EFTS" also includes domestic wire transfers, through the Fed, faster but more expensive.

So all the talk about special SS deposit accounts, foreign ATM fees, transfer fees etc is pretty moot if you just set it up that way right?

I don't understand why everyone doesn't just do it that way and relax. . .

[thailiketoo]

Yes I meant via scheduled ACH transfer.

My understanding is that the term "EFTS" also includes domestic wire transfers, through the Fed, faster but more expensive.

So all the talk about special SS deposit accounts, foreign ATM fees, transfer fees etc is pretty moot if you just set it up that way right?

I don't understand why everyone doesn't just do it that way and relax. . .

Because a lot of us apply for SS in Thailand and have only Thai bank accounts. I also don't like middle men I can't talk to.

If I have a problem I can call my Thai banker and I can call the SS guy in the Philippines. The Philippines are far more organized and easier to deal with than SS in the States. There is also one lady who handles the direct deposit accounts in Bangkok.

[wym]

So that's your preference.

But for those complaining about having to make an hours-long trip just to collect their money, or complaining about paying high fees to withdraw from their stateside accounts, seems like the optimal solution. Those stuck living out in Nakon Nowhere, hand to mouth month to month with no reserves obviously have fewer choices.

Obviously nothing's going to be completely free, everyone's got to get their cut, but this seems the lowest cost most convenient way to set things up.

And I've checked with a few more of my elderly family friends, and out of the six I asked, two more said they don't take their SS out of principle, one said they didn't know how much it would be, when I said it might be a couple grand a month he said maybe he'd check it out.

And one of those who'd told me they didn't apparently now does, so it's certainly true that most people do take it even if they don't need to.

Some interesting links:

http://mercatus.org/publication/end-social-security-self-financing-what-does-it-portend-social-securitys-future

http://www.economics21.org/commentary/end-social-security-self-financing-what-next

http://www.fee.org/the_freeman/detail/the-myth-of-the-social-security-trust-fund

[thailiketoo]

So that's your preference.

But for those complaining about having to make an hours-long trip just to collect their money, or complaining about paying high fees to withdraw from their stateside accounts, seems like the optimal solution. Those stuck living out in Nakon Nowhere, hand to mouth month to month with no reserves obviously have fewer choices.

Obviously nothing's going to be completely free, everyone's got to get their cut, but this seems the lowest cost most convenient way to set things up.

And I've checked with a few more of my elderly family friends, and out of the six I asked, two more said they don't take their SS out of principle, one said they didn't know how much it would be, when I said it might be a couple grand a month he said maybe he'd check it out.

And one of those who'd told me they didn't apparently now does, so it's certainly true that most people do take it even if they don't need to.

Some interesting links:

http://mercatus.org/publication/end-social-security-self-financing-what-does-it-portend-social-securitys-future

http://www.economics21.org/commentary/end-social-security-self-financing-what-next

http://www.fee.org/the_freeman/detail/the-myth-of-the-social-security-trust-fund

You wrote, "two more said they don't take their SS out of principle," Since Social Security is the US government giving back the money they took from your paycheck what principle would that be? I have never heard of a principle against taking your own money. It would be like not taking money out of your bank account on principle. Well, what principle?

[wym]

I'm not arguing for that POV, if you really want to know read the links.

[chuckd]

I'm not arguing for that POV, if you really want to know read the links.

I read your links. Two of them are the same article under different headings and the third purports to be a synopsis on the history of Social Security, which was apparently initiated by some senior citizens group in the US seeking donations.

NONE of them address the issue of individuals choosing to forego the receipt of their entitlements from SSA after becoming eligible.

You are the one that made the allegation so please provide some data to support your claim.

[sgtsabai]

Let me try to make my method of getting my SS monies as clear as possible. My SS (and all others) is direct deposit into my credit union in the states. I transfer funds from that account to another in the same credit union. That gives me access to funds in two (2) debit card accounts. My credit union does not charge fees for foreign use, unlike my credit card. I used to use AEON ATM because they were free and convenient, they no longer are. I go to my main Thai bank downtown, about 20 minutes drive, use the two (2) debit cards to withdraw 20,000 baht each, the Thai bank limit. It costs me nothing and I get a good exchange rate. If I want more for free I have to return next day or later. It isn't a big hassle, I just don't like driving downtown, unless I have 'other business' and when I go to the bank my wife goes with to help with any language problems, As an added benefit I am also not tempted to hit the bars, until later. I can take it in cash or transfer into my Thai bank account and from that account I can take out at their ATM without charge whenever needed. I don't pay any fees. It is free, no charge, none, zero, zip, nada.

[wym]

you mean it's still free even after the Aeon change?

is that because you can withdraw via your US debit cards over the counter or something?

have you compared the exchange rate with doing it the NYC BBK route?

your credit union may well do scheduled ACH transfers to there at no charge, maybe the rate's better

[wym]

You are the one that made the allegation so please provide some data to support your claim.

OK, but first you state what you think my claim is. Ideally quoting a statement I actually made, but feel free to extrapolate from that exposing your assumptions about what you think I meant.

[sgtsabai]

Wow, there was no AEON ATM charge, now there is so I don't use their ATM. I go to my Thai bank, use over the counter teller service and the exchange rate seems to be better than what is listed. I thought I made that clear, maybe some Sabine River mud got mixed in. NO FEES!

[Heng]

on time for my folks this month. (Feb 2014, anyway). One obvious flaw in the system..... no one has ever checked to see if my parents are even still alive (which they are) since they started getting their SS. I was told their would be periodic surveys by the SSA, but nope.

:-)

Do they live in Thailand? Everyone here gets a letter to check if they are alive every year and are checked every month when the check is picked up. I think this is a SS in Thailand thread.

Yes they do but theirs goes into their respective accounts stateside. Regardless, still no checks on whether they are alive or not.

[thailiketoo]

on time for my folks this month. (Feb 2014, anyway). One obvious flaw in the system..... no one has ever checked to see if my parents are even still alive (which they are) since they started getting their SS. I was told their would be periodic surveys by the SSA, but nope.

:-)

Do they live in Thailand? Everyone here gets a letter to check if they are alive every year and are checked every month when the check is picked up. I think this is a SS in Thailand thread.

Yes they do but theirs goes into their respective accounts stateside. Regardless, still no checks on whether they are alive or not.

Do you know what happens if a person dies in Thailand? Do you think the American embassy is not notified? Do you think the embassy does not notify the US government? Come on now.

[Langsuan Man]

Let me try to make my method of getting my SS monies as clear as possible. My SS (and all others) is direct deposit into my credit union in the states. I transfer funds from that account to another in the same credit union. That gives me access to funds in two (2) debit card accounts. My credit union does not charge fees for foreign use, unlike my credit card. I used to use AEON ATM because they were free and convenient, they no longer are. I go to my main Thai bank downtown, about 20 minutes drive, use the two (2) debit cards to withdraw 20,000 baht each, the Thai bank limit. It costs me nothing and I get a good exchange rate. If I want more for free I have to return next day or later. It isn't a big hassle, I just don't like driving downtown, unless I have 'other business' and when I go to the bank my wife goes with to help with any language problems, As an added benefit I am also not tempted to hit the bars, until later. I can take it in cash or transfer into my Thai bank account and from that account I can take out at their ATM without charge whenever needed. I don't pay any fees. It is free, no charge, none, zero, zip, nada.

The only way your are getting the money out of a Thai bank using a foreign debit card without paying a fee (150 - 180 THB) is by doing a counter transaction inside the bank, full stop

Don't expect that to continue for much longer. These Thai banks are getting smarter on these counter transactions and soon the all are going to start refusing to do them or charge the same as their ATM's

[sgtsabai]

Yes, I use over the counter. And yes, I expect you are right about that stopping. I'll wait and see what happens but even with the fee I believe still cheaper or as cheap as any other method. You do not get your money without a fee using Bangkok Bank method of transfering from the states.

[thailiketoo]

What does Direct Deposit to BKK cost?

[chuckd]

They deduct 200 baht per transfer ($6.25).

Edit in:

SgtSabai, can you tell me what exchange rate you got on your last transaction and the date? I'm curious to know if you got the official US cash dollar rate or the TT rate. PM if you wish.

SSA deposits are paid at the higher TT rate on the date of payment.

Edited March 15, 2014 by chuckd

[Langsuan Man]

What does Direct Deposit to BKK cost?

see this for the exact fees:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Expand the bullet FEES