My Bangkok Bank U.S. Social Security monthly transfers

[IMA_FARANG]

Just got my first U.S. Social Security deposit into my new Bangkok Bank account today.

Deposit was sent from Maryland international office on 1 August and I got the money today.

Delay was because the 1st and 2nd were weekends and although funds were there Bangkok Bank wasn't open to process the funds until today (Monday 4 August Bangkok time).

I tried to start this in April in the Social Security office in Springfield Mass.

As you might expect the Social Security there screwed up the paperwork so it was delayed until August to fix their mistakes.

They lost one of the forms I filled out in April when I made a trip to their office just for that purpose.

It was the Social Security office in the Philippines that fixed the problem.

As I have found out before the U.S. Social Security offices in the U.S. are obviously staffed by idiots, the Philippines office in Manila is obviously not.

The Philippines fixed the problem in one week that the U.S. office hadn't been able to fix in 4 months.

Anyhow, I am now receiving monthly Social Security deposits into my new Bangkok Bank account.

Some things you need to know:

• Social Security rules require that you do NOT have an ATM card on the account you receive your benefits (the one they pay into).
• Therefore you will need a second account with an local ATM card that you can transfer funds to from the account your benefits are paid into.
• Use that 2nd account to get spending money for living expenses with your ATM card.
• The 1st account, the one that you receive your deposits into shows your incoming deposits as Foreign fund transfers. You will need that for immigration to prove that your funds are coming from outside of Thailand.
• Therefore, when you renew your annual retirement extension you will need to show BOTH of your accounts .... the 1st to show the source of your funds, and the 2nd to show your living expenses.
• And finally, I was told by Bangkok Bank that I had to go monthly to personally pick up my deposit funds. Today I was told that is not true any longer.
• It now appears that Bangkok Bank, as long as the funds and the account numbers match their records they will automatically credit your funds to your deposit account.
• Therefore all you have to do is update your deposit account at any Bangkok Bank branch office. Once that update info is into your deposit account, you can the transfer the funds into your working account (the one you use for living expenses) by using your ATM card on that account to transfer the funds from your deposit account to your living expenses account.
• Or, in other words, you do NOT have to go to the central Bangkok Bank office on Silom road each month, you can do the entire process at any Bangkok Bank branch office.

That is what I was told today at the main office of Bangkok Bank in Silom road.

[maxman71]

Good info and well explained.

Thanks !

[Suradit69]

Social Security rules require that you do NOT have an ATM card on the account you receive your benefits (the one they pay into).

I assume this applies to foreign banks ?? ... although Bangkok Bank NY is considered a domestic bank for transfers, etc.

My SS is paid into my Bank America account in Chicago (along with my pension etc) and then I transfer however much I want to Bangkok Bank in NY. Depending on weekends, holidays and such, I get an SMS from Bangkok Bank in a couple of days from when I authorize the deposit in NY, telling me that the money is available in my account here in Thailand.

Anyway, my BA account definitely has an ATM card although I can't remember when I last used it. I only have one Bangkok Bank account and one Bank of America account. Never had an issue transferring in about 15 years , not that I've been getting SS for that long.

Edited August 4, 2014 by Suradit69

[JimGant]

Or, in other words, you do NOT have to go to the central Bangkok Bank office on Silom road each month, you can do the entire process at any Bangkok Bank branch office.

That's how it's always been, as it would be a little hard for folks not living in Bangkok. Not sure if you can go to any Bangkok Bank branch to retrieve your funds -- but certainly the branch at which you opened your account.

But the fact remains, you have to go in person -- which gets a little complicated when you're in a coma -- and the wife needs money for groceries.

Once that update info is into your deposit account, you can the transfer the funds into your working account (the one you use for living expenses) by using your ATM card on that account to transfer the funds from your deposit account to your living expenses account.

Whether you collect the money from the deposit account over the counter -- or have the clerk transfer the money from your deposit account to another of your accounts -- either way requires going to the bank and having an 'eye ball to eye ball' transaction. How an ATM card fits in this picture, since you can't have an ATM card with your SS deposit account, is confusing, at least to me (?). Maybe the receiving account's ATM card can "pull" from the deposit account -- dunno. But, again, a warm bank body interface is required.

[pmarlin]

I have never proved to immigration the source of my money when doing retirement extensions. Just provide them the income letter from the embassy. Done five so far. I have a stateside bank and do ACH transfers to Bangkok Bank New York.

[wayned]

I've had my SSA payments directly deposited into my Bangkok bank account for the past 8 years.

The account is a special account and must be in your name only and you cannot have ATM or internet control. You must withdraw the funds in person, or transfer them to another account. You must do the transaction in person and cannot designate someone to do it for you without a Medical certificate - personal experience - even though there is a proxy form on the back of the withdrawal slip and it must be done at the branch where the account is.

You can do the transaction at any branch, a few years ago you could only do it at the branch where your account was.

You should can set up an SMS alert and you will be notified when the funds are available in your account. Mine were available at 1807 Friday night. The funds are transferred on the 3rd of the month and when it falls on the weekend it is deposited the Friday before, but due to the large amount of international transfers on the1st they sometimes are not credited until after hours. But, you can withdraw them at one of the Mall branches on the weekend if you are in dire need of the cash, paying commission fees of course (20 baht + 1 baht/1000 baht per transaction).

Although I cannot manipulate the funds using my internet banking I have added the account so that I can at least keep track of the balance.

If you are using the monthly income method for your retirement extension renewal you have to have the income affidavit from the US Embassy which is a sworn statement and requires no proof. I always take my pension statements along with my bank book when I do my extensions but have never been asked for anything but the letter.

It's worked like clockwork for eight years with a few minor delays during a King's birthday weekend and when the power went off in the US.

The total fees charged are $5 deducted on deposit in NY and 200 baht transfer charge in Bangkok for a whopping $11.25 total transfer fee, not bad.

[Pib]

The special account some folks are referring is called a "Direct Deposit" account at Bangkok Bank. Now, a Bangkok Bank Direct Deposit account for U.S. govt payments is managed differently than a govt payment being direct deposited in a U.S. bank account. In order to help reduce fraudulent govt pension payments, like when a spouse does not report a pensioner's death and lets the pension payment continue to flow into their joint account, a Bangkok Bank Direct Deposit account for U.S. govt payments does "not" allow joint accounts (account in pensioner's name only), ATM access, or transfers from the account using ibanking. And a person must go to a branch with passport to accomplish a withdrawal/transfer. Basically, you have to prove you are still breathing by personally showing up at a branch with passport in order to get access to your money. If you have ibanking you can still see the Direct Deposit account and transfer money "to" it via ibanking, but you can't transfer "from" it using ibanking to the best of my knowledge. I have transferred money into it using ibanking as a test, but the test to transfer funds "from" it failed....guess they want to see your "breathing" body to ensure someone else is not using your ibanking credentials.

Now I'm sure some U.S. govt pensioners in Thailand have their SS, military, civil service, etc., pension pay going to their regular Bangkok Bank account which does have full ATM, ibanking, etc., access but one day you will probably get a letter from Bangkok Bank saying your incoming pension payment has been put on hold until you come in an open a Direct Deposit...and if don't come in within approx 30 days they will send the payment back. Incoming pensions payments are coded in the transfer as a U.S. Treasury payment so it's pretty easy for Bangkok Bank to spot such pension payments. Happened to my about 5 years ago when I decided to have one of my govt pensions direct deposit to my regular Bangkok Bank savings account vs one of my U.S. bank accounts. For a couple of months the pension flowed into my regular savings account no problem, then around the 3rd month I noticed the payment was late in posting to my account/hadn't posted to my account during the first week of the month. For whatever reason I waited about a week before getting concerned and at that time a letter from Bangkok Bank showed up in my Bangkok home mailbox saying the monthly payment was a U.S. govt payment and I needed to come in and open a Direct Deposit account if I wanted to continue to receive the payment to Bangkok Bank.

So, I went in and opened the Direct Deposit account (easy), they posted the one payment into the account that had been on hold, I called my U.S. pension agency and gave them the new account number, and a few more monthly pension payments flowed to the new Direct Deposit account before I stopped the pension coming to Bangkok Bank (redirected the pension to my U.S. bank) as I switched to using no foreign transaction fee debt cards which I had recently got to get my living money.

Here's the link to the Bangkok Bank webpage talking U.S. govt payments/Direct Deposit account. Click on the Headings titled "Advice to Bangkok Bank Customers Receiving Payments from U.S. Govt or Private Organizations (Direct Deposit)." Link. Please note since a monthly govt payment via direct deposit is nothing more than an ACH transfers, a $5 or $10 fee (depends on pension amount) is applied at Bangkok Bank New York is it flows through them as you are using their routing number onto your in-Thailand Bangkok Bank branch account were a 0.25% (Bt200 min, Bt500 max) is also applied. Exact same fees as if you just do an ACH transfer from your U.S. bank to Bangkok Bank. Still a lot cheaper than the average SWIFT fee. Both of these fees are applied before posting of the money and will not appear on your Bangkok Bank statement/passbook...this fools some folks into thinking no fees were applied and for those who didn't sign-up for the free SMS Remittance Alert it makes it hard to figure out what exchange rate you got....but with the SMS Remittance Alert it tells you the date of posting to your account, exchange rate, and other info.

If you prefer your U.S. govt pension go directly to a Bangkok Bank account, then you'll need to setup a Bangkok Bank Direct Deposit account. Or, like a lot of people do, just have your U.S. govt pension go directly to your U.S. bank account and they transfer the pension from your U.S. bank account via automatic or manual monthly transfer to your "regular" Bangkok Bank account which has ATM access, full ibanking transfer capability, can be a joint account, etc., as such a transfer the money no longer carries the U.S. Treasury payment coding as its just a typical transfer. Same fees as mentioned above would apply plus any fee charged by your U.S. bank for sending the funds (most banks don't charge any ACH sending fee, but the more fee-hungry banks do).

[keeniau96]

Several of the post have made clear how the Direct Deposit SS or other US gov't transfers work in practice re the face-to-face only way to transfer. That's a major nuisance so think I will just stick to my USA bank->BKKbank_NYC->BKKbank here.

[Duvidl]

Several of the post have made clear how the Direct Deposit SS or other US gov't transfers work in practice re the face-to-face only way to transfer. That's a major nuisance so think I will just stick to my USA bank->BKKbank_NYC->BKKbank here.

I agree. Much simpler to just have SS payment deposited into US bank and then transfer by ACH to NY Bangkok Bank. Takes just three days and no need to go in person to bank to withdraw. No need to have second account. ATM on BB account will work fine.

[lopburi3]

For many of us it is better to do the transfer even if a bit more expensive as it keeps a source of payment in home country available, as well as free deposit channel for those tax refunds and such; and perhaps can be used for payment on home country credit cards.

[BKKSnowBird]

For many of us it is better to do the transfer even if a bit more expensive as it keeps a source of payment in home country available, as well as free deposit channel for those tax refunds and such; and perhaps can be used for payment on home country credit cards.

Agree. Better to have a US credit card just in case and keeps your credit score active. You never know when you might need it.

[philipines]

Used Skype last night to phone SS in US asking why I'd not received anything since January 2015. Said I needed to physically report in, so am going Monday. Have VA direct deposits into BPI Philippines, and can use ATM. Only while traveling I must pre-authorize with my signature on a form which the bank manager uses to transfer funds into the ATM card. It is for cash only, not electronic purchases. SS was at another bank, BDO, who had rules as discussed here already. Such as can withdraw ONLY from the branch receiving the direct deposits. As a tourist in the Phils 5 years, it was not always convenient but with my VA at a friendlier bank, things worked out okay. Told Manila SS office to move my money into brand new peso account at the BPI, and I was going traveling into "several" different countries, as I was kinda tired of the Phils.

You can imagine that reading this post cleared up in my mind WHY the SS wanted to see me, and no it wasn't due to any of my critical posts on facebook. However, I dont plan on living in the P.I. again, and appreciate any of these posts from guys who travel a lot, have no regular home address (Khaosan Road), and who want to be assured of having funds while in Bangladesh, India, Pakistan or any other place.

Thanks.

[Rhys]

Thanks for the information... in a few years, I will go through this... YES, was informed the People at PI SS are on task.. as for some of the govt offices in the states.. well...that just being American...

[gyrosman]

Wrong!

[elephant45]

I wonder, will the money continue to be deposited into the "social security account only" each month if you are away for a few months? Even if you dont need it? I mean will it be sitting there waiting for you when you get back and then you go face to face and dump it all into your regular acount? Thanks

[Pib]

I wonder, will the money continue to be deposited into the "social security account only" each month if you are away for a few months? Even if you dont need it? I mean will it be sitting there waiting for you when you get back and then you go face to face and dump it all into your regular acount? Thanks

Of course....it don't get sent back or anything if you don't pull the money out within a short period. It follows all the same regular saving deposit rules except you can't have a debit card with the account, you can't do an ibanking transfer "out", and you must show up in person to withdraw funds.