Processing government benefits checks

[docbay]

Anyone have any "current" regulations on processing of retirement checks from the USA in Thailand/BKK? The street rumors is that it might be difficult/impossible for someone to open a new bank acct in Thailand without having an extended visa. Currently looking into the process to get a retirement visa but not sure how long that takes. Currently residing in another SE Asia country where my benefits are mailed to me and can go directly to a specific bank and lay down my PP and the check and walk out with cash in hand in less than 10 minutes. Hearing from the Embassy in Bkk that ALL banks will hold the check for 30 days and then charge you a hefty fee to process the funds.

So any info on how best to handle something such as this as for banks to cash the check or banks that are available for direct depositing, would enjoy knowing what is possible.

[CharlieH]

Banking forum

MOVED

[ajahnlau]

Even a chq. from the Thai gov't takes 5 days to clear the bank.

[Pib]

That hefty fee you refer to is approx Bt300/US$10 and it will take 3 to 6 weeks for the check to clear...and you get the check exchange rate that is approx 0.3% (Bt0.1) lower than the TT Buying Rate used for incoming wire/ACH/SWIFT transfers. Ditto for a personal check.

Edited March 26, 2015 by Pib

[bill1369]

You can get a direct deposit of your retirement check(s) at BKK Bank. It is the only Thai bank with a US branch (in NYC). Your direct deposit will be set up to go to the NYC branch which, in turn, will deposit into your account in Thailand. The NYC branch will take a small cut of each direct deposit (depending on amount of deposit) and the Thai branch will charge you 204B for each transaction deposited into your account.*

This direct deposit can only be set up at BKK Bank's main office on Silom (2nd floor).

However, to set up your Thai account you will need a retirement visa (easy & quick enough)** or a work visa. Don't know of any other visas that may qualify.

* They charge me $10 for my large deposit but $5 for my lesser deposits.

** Got my O-visa at Thai Consulate in LA. Only took a short time. But among the paperwork must be a medical clearance so you must see a Dr. And you need a police report, which also takes a bit of time. Also, a couple of the docs you submit must be notarized, which I wasn't aware of so had to go across the street to a notary. You may want to have every doc notarized before handing over your paperwork.

Edited March 26, 2015 by bill1369

[NancyL]

Our experience with Bangkok Bank in Chiang Mai was substantially different than Bill1369's. Much easier. The Kad Suan Kaew mall branch in Chiang Mai is very retiree friendly and we were able to set up accounts prior to getting our retirement visas, while we were in the process, just like the OP. We did have a large sum for an initial deposit, we'd already signed a lease and we had local, long-term residents who were known to the bank manager to vouch for us.

No problem in arranging for direct deposit of Hubby's pension check. Nothing about going down to the Silom branch! In fact, it was done by making a phone call to the benefits department at Hubby's former employer, downloading a form from the internet from the company's pension website, getting the Bangkok Bank manager to help us fill it out and mailing it off to the former employer in the U.S. This is a private pension.

Similarly, any Bangkok Bank branch can open an account that can receive U.S. gov't direct deposits, too, from Social Security, VA, etc. These are special accounts, though, that can only be in the name of the beneficiary and can't have an ATM card. The beneficiary has to turn up in person each month to make the withdrawal. In the case of Hubby's private pension, his former employer isn't so picky -- they are willing to direct deposit his monthly pension into a joint Bangkok Bank account that has ATM card access.

Edited March 26, 2015 by NancyL