Social Securiy Disability derect deposit in Thai bank?

[doggie1955]

Do you know how the SSD. feels about someone using the Thai banks, and not the banks in the U.S. for SSD. And should I even use a Thai bank for my SSD?

If you have any info on the in's & out's about derect deposit, here in Thai or the U.S.

Thank You!

and yes I see I did not add the "T"

Edited May 5, 2015 by doggie1955

[CharlieH]

Wrong forum

MOVED "home country"

[BB1950]

The US Treasury can only make direct deposits to Bangkok Bank. This is because only Bangkok Bank uses the US ACHD system for transferring funds from the US. They have a branch in New York where the directed deposits go through.

Just go into any Bangkok Bank branch in Thailand and tell them you want to open a "Direct Deposit" account. All the Bangkok Bank managers know how to do this. They will give you all the forms to fill out to set it up.

It can take a couple months before the direct deposit account become active, so don't close your direct deposit account in the US until the funds are deposited to your Bangkok Bank account.

Once you complete the documents while opening the account, Bangkok Bank branches sends the documents to the head office in Bangkok. From there the paperwork is sent to the US Embassy in the Philippines to be processed by SSA regional office located there.

Edited May 5, 2015 by BB1950

[bill1369]

I get SS thru BKK Bank. Go to Head Ofc on Silom, 2nd floor to sign up. SS deposits the money at BKK Bank NYC. In turn, NYC sends deposit to Head Ofc who will deposit in your account. There is a cost however, depending on amount of check - my cost is about $5 per deposit. Deposit is always made on time. Quite reliable. (BTW: US Treasury will not deposit to outside US bank. I understand BKK Bank is only Thai bank with US branch.)

Good luck.

[mesquite]

Make sure you think this through. This kind of Bangkok Bank account is severely restricted. You can only withdraw your money in person at the branch where your account is located.. No ATM card, no internet banking. You must go in person to get the money. Once at the branch, you can transfer it to another account in your name that has internet banking, an ATM card, etc.

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

[IMA_FARANG]

Wrong forum

MOVED "home country"

----------------------

I am retired, have my legal mailing address with the Social Security listed as an address in Thailand, and receive monthly Social Security pension direct deposits to my Bangkok Bank account in Thailand. It arrives on the 4th of each month through the main Bangkok Bank headquarters on Silom Road in Bangkok, and is then credited to my Bangkok Bank account.

You can get information on how to initiate this from the Social Security office in Manila, as they are the office that deals with U.S. citizens living in Thailand.

Do NOT ask for information through the U.S. embassy in Bangkok, as they will merely refer you to Manila,

First you need to change your mailing address with the Social Security as being in Thailand.

Once that is accomplished there is a Social Security form you must sign and file telling Social Security to switch your current direct deposit from your U.S. bank to your Bangkok Bank account. You will need to fill out your section of the form with your current U.S. bank direct deposit account, and your Bangkok Bank account number. The signed form then goes to the Bangkok Bank headquarters on Silom Road in Bangkok and they forward the form to the Social Security people in Manila.

Once it is approved (expect 30 t0 60 days for approval at best) you will receive a notice by mail that beginning on a certain date your direct deposit will be sent to the Bangkok Bank,

You may also receive , as I did, an email from the Social Security in Manila telling you the same information.

The Social Security in Manila is used to doing tis and they are usually quite efficient and helpful

in this.

That efficiency and helpful attitude is markedly different from the Social Security people in the U.S.

So I advise first contacting the Social Security people in Manila and explaining what you want to do, and not trying to go through your local U.S, Social Security office or the people there will mess up your application and cause delay as they did mine.

Once you get your direct deposit started to the Bangkok Bank your will be paid monthly out of the International services in Maryland.... not your local area state Social Security.

One stipulation the Social Security makes is that you can NOT have an ATM/debit card on the account they make the direct deposit to in Thailand. That usually means you will need to establish a 2nd bank account to use for local expenses.

The first direct deposit that is sent to Bangkok Bank will require you to personally go to the Bangkok Bank headquarters office in Silom road with your passport to verify your identity. After that first direct deposit , they should be able to forward each direct deposit monthly to your local Bangkok Bank Branch from the headquarters branch. By presenting your bank passbook and your passport as I.D.to your local Bangkok Bank branch office your passbook is automatically updated with the funds transfer for that month

To start everything going contact the social security office in Manila and explain why you want to do.

This direct deposit will work ONLY for Bangkok Bank accounts as Bangkok Bank is the only Bank the social security approves for such direct deposits.

That is the social Security rules, not Thai rules.

I started my direct deposit to my Bangkok Bank account in November 2014 and my first actual deposit was completed in January 2015

But remember you need to first change your mailing address to a Thai mail address.

And of course, open a Bangkok Bank account.

No other banks approved by the Social Security.

[IMA_FARANG]

Make sure you think this through. This kind of Bangkok Bank account is severely restricted. You can only withdraw your money in person at the branch where your account is located.. No ATM card, no internet banking. You must go in person to get the money. Once at the branch, you can transfer it to another account in your name that has internet banking, an ATM card, etc.

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

------------------

Please look at my post above.

My direct deposit was initiated in November 2014, first direct deposit made in January 2015.

I had to verify personally by appearing for the first direct deposit...... but since that first deposit was verified Bangkok Bank has been automatically transferring my direct deposit from Silom road to my branch bank each month.

That may be a new policy since last year as I was originally told I would need to personally to go to Silom road each month..... but now that is NOT the case for me.

So as I said I have two Bangkok Bank accounts .... one for the direct deposit , not allowed an ATM card of that account..... but a separate account I can transfer funds to by a teller transaction at my branch bank with my passbook and I can use an ATM/debit card on that 2nd account.

As I said that may be a new policy since last year.

[mesquite]

Make sure you think this through. This kind of Bangkok Bank account is severely restricted. You can only withdraw your money in person at the branch where your account is located.. No ATM card, no internet banking. You must go in person to get the money. Once at the branch, you can transfer it to another account in your name that has internet banking, an ATM card, etc.

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

------------------

Please look at my post above.

My direct deposit was initiated in November 2014, first direct deposit made in January 2015.

I had to verify personally by appearing for the first direct deposit...... but since that first deposit was verified Bangkok Bank has been automatically transferring my direct deposit from Silom road to my branch bank each month.

That may be a new policy since last year as I was originally told I would need to personally to go to Silom road each month..... but now that is NOT the case for me.

So as I said I have two Bangkok Bank accounts .... one for the direct deposit , not allowed an ATM card of that account..... but a separate account I can transfer funds to by a teller transaction at my branch bank with my passbook and I can use an ATM/debit card on that 2nd account.

As I said that may be a new policy since last year.

So you have to go to your local branch in person to get the money or transfer the money to another account, right?

What if you're visiting Phuket on the first of the month? How do you get your money? It appears you would have to travel back to your local branch.

Edited May 5, 2015 by mesquite

[lostoday]

Go to any large Bangkok Bank in any Thai town and ask them to open a direct deposit account. If they don't know how to do it ask them to call the main office. After the account is open you should be able to withdraw money in person from any Bangkok Bank. If they give you trouble tell them to call the main office.

[Pib]

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

Incorrect. You can go to any Bangkok Bank branch with your passbook and passport and withdraw/transfer funds. You "do not" have to go the the branch you opened the Direct Deposit account at.

[mesquite]

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

Incorrect. You can go to any Bangkok Bank branch with your passbook and passport and withdraw/transfer funds. You "do not" have to go the the branch you opened the Direct Deposit account at.

Then that is a welcome change from years past.

Edited May 5, 2015 by mesquite

[Pib]

I get SS thru BKK Bank. Go to Head Ofc on Silom, 2nd floor to sign up. SS deposits the money at BKK Bank NYC. In turn, NYC sends deposit to Head Ofc who will deposit in your account. There is a cost however, depending on amount of check - my cost is about $5 per deposit. Deposit is always made on time. Quite reliable. (BTW: US Treasury will not deposit to outside US bank. I understand BKK Bank is only Thai bank with US branch.)

Good luck.

Assuming the SS pension is below $2,000 there will be a $5 fee sliced off by the Bangkok Bank "New York" branch as the money flows through them on to your local "in-Thailand" Bangkok Bank branch where another fee of 0.25% (Bt200 min, Bt500 max) is applied. If the pension is even one penny above above $2,000 then the NY branch slices off $10 and the same in-Thailand branch applies as above mention fee.

I expect for most retirees $5 + Bt200 in total fees is applied...approx $11 total. For those with pensions over $2,000 then it's $10 + Bt200....approx $16 total. Heck of a lot cheaper than the typical SWIFT transfer.

The U.S. Treasury Dept will deposit to a non-U.S. bank if the foreign country is part of the SSA International Direct Deposit (IDD) program...but Thailand is not part of that program. However, since Bangkok Bank is the only Thai bank with "ACH" receiving capability due to their New York Branch and since the typical govt pension payment is sent via ACH (not to be confused with the IDD program) then a U.S. govt pension such as social security, military/civil service retirement, etc., can be direct deposited to your Bangkok Bank Direct Deposit account. It's basically treated as a U.S. domestic transfer.

And since Bangkok Bank likes money flowing in and they want to stay on the right side of the U.S. govt to help prevent pension fraud they have setup their Direct Deposit account for U.S. Govt pensions....been in place for many years....being used by many U.S. govt pensioners.

[lostoday]

I get SS thru BKK Bank. Go to Head Ofc on Silom, 2nd floor to sign up. SS deposits the money at BKK Bank NYC. In turn, NYC sends deposit to Head Ofc who will deposit in your account. There is a cost however, depending on amount of check - my cost is about $5 per deposit. Deposit is always made on time. Quite reliable. (BTW: US Treasury will not deposit to outside US bank. I understand BKK Bank is only Thai bank with US branch.)

Good luck.

Assuming the SS pension is below $2,000 there will be a $5 fee sliced off by the Bangkok Bank "New York" branch as the money flows through them on to your local "in-Thailand" Bangkok Bank branch where another fee of 0.25% (Bt200 min, Bt500 max) is applied. If the pension is even one penny above above $2,000 then the NY branch slices off $10 and the same in-Thailand branch applies as above mention fee.

I expect for most retirees $5 + Bt200 in total fees is applied...approx $11 total. For those with pensions over $2,000 then it's $10 + Bt200....approx $16 total. Heck of a lot cheaper than the typical SWIFT transfer.

The U.S. Treasury Dept will deposit to a non-U.S. bank if the foreign country is part of the SSA International Direct Deposit (IDD) program...but Thailand is not part of that program. However, since Bangkok Bank is the only Thai bank with "ACH" receiving capability due to their New York Branch and since the typical govt pension payment is sent via ACH (not to be confused with the IDD program) then a U.S. govt pension such as social security, military/civil service retirement, etc., can be direct deposited to your Bangkok Bank Direct Deposit account. It's basically treated as a U.S. domestic transfer.

And since Bangkok Bank likes money flowing in and they want to stay on the right side of the U.S. govt to help prevent pension fraud they have setup their Direct Deposit account for U.S. Govt pensions....been in place for many years....being used by many U.S. govt pensioners.

On a pension less than $2000 how much less does it cost for direct deposit to Bangkok Bank than a swift transfer from a US bank for the same pension?

[Pib]

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

Incorrect. You can go to any Bangkok Bank branch with your passbook and passport and withdraw/transfer funds. You "do not" have to go the the branch you opened the Direct Deposit account at.

Then that is a welcome change from years past.

I did it for a while...you can withdraw/transfer from "any" Bangkok Bank branch. In fact, although I don't have my military retirement pension going to a Bangkok Bank Direct Deposit account anymore as I get my money via other ways now, I still have the account and keep a few thousand baht in it and occassionally transfer funds "into" it via Bangkok Bank ibanking...and occasionally go do a withdrawal just to show activity on the account....I do not go to the branch in central Bangkok that I opened the account at but to one of several branches close to me here in western Bangkok.

Here's a partial quote from the Bangkok Bank webpage on their Direct Deposit account....notice it says you must appear at "a" Bangkok Bank branch...it does not say the branch you opened the account at.

Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds.

[Pib]

On a pension less than $2000 how much less does it cost for direct deposit to Bangkok Bank than a swift transfer from a US bank for the same pension?

As mentioned above the cost for an ACH direct deposit of less than $2,000 would be approx $11. The average U.S. bank SWIFT "sending" fee is now approx $47 (see this article on outgoing international wire fees for the top 10 U.S. banks)...then you will have the 0.25% (Bt200 min, Bt500 max) receiving fee on the Thai bank end.

As with all averages, some banks will charge less and some more for their SWIFT sending fee.

[Pib]

Here's a link to the U.S. Consulate Chiang Mai talking Direct Deposit of U.S. Govt pension payments which also discuss the Bangkok Bank Direct Deposit services: Link

[Holdfast1973]

Why not just set up a monthly recurring ACH transfer from your US Bank Account to your Bangkok Bank account, using the New York branch routing number? It seems easier and gives you more flexibility at a cheaper rate. Most domestic banks allow deposit only transfers to any US Bank. I know USAA does.

I read the page below, and it looks to me like the way to go.

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

[lostoday]

Why not just set up a monthly recurring ACH transfer from your US Bank Account to your Bangkok Bank account, using the New York branch routing number? It seems easier and gives you more flexibility at a cheaper rate. Most domestic banks allow deposit only transfers to any US Bank. I know USAA does.

I read the page below, and it looks to me like the way to go.

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

How much does it cost vs social security direct deposit of $11?

[bill1369]

Make sure you think this through. This kind of Bangkok Bank account is severely restricted. You can only withdraw your money in person at the branch where your account is located.. No ATM card, no internet banking. You must go in person to get the money. Once at the branch, you can transfer it to another account in your name that has internet banking, an ATM card, etc.

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

Not so. Yes, you must get a BKK Bank direct deposit account which is restricted to the point you cannot get an ATM and must personally show up at ANY BKK Bank branch to withdraw. (Then you can deposit money in a regular savings account.) These direct deposit accounts are all from BKK Head Office. But you can go to any branch to withdraw the direct deposit after the money has been deposited into the Head Office account.

[lostoday]

Make sure you think this through. This kind of Bangkok Bank account is severely restricted. You can only withdraw your money in person at the branch where your account is located.. No ATM card, no internet banking. You must go in person to get the money. Once at the branch, you can transfer it to another account in your name that has internet banking, an ATM card, etc.

So if you live in Bangkok and travel to Phuket and need the money, you have to come back to Bangkok to pull it out. Check out the fees for the transfer as they can add up and make a difference if your SS annuity is small.

Not so. Yes, you must get a BKK Bank direct deposit account which is restricted to the point you cannot get an ATM and must personally show up at ANY BKK Bank branch to withdraw. (Then you can deposit money in a regular savings account.) These direct deposit accounts are all from BKK Head Office. But you can go to any branch to withdraw the direct deposit after the money has been deposited into the Head Office account.

You can open a direct deposit account in any main Bangkok Bank in any town in Thailand. You don't have to go the head office in Bangkok.

[Pib]

Why not just set up a monthly recurring ACH transfer from your US Bank Account to your Bangkok Bank account, using the New York branch routing number? It seems easier and gives you more flexibility at a cheaper rate. Most domestic banks allow deposit only transfers to any US Bank. I know USAA does.

I read the page below, and it looks to me like the way to go.

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

How much does it cost vs social security direct deposit of $11?

Would be the same cost assuming the Sending bank does not charge an ACH sending fee, which most don't. You will only have the Bangkok Bank fees.

But some fee-evil banks like Bank of America charge $3 for a 3 business day ACH transfer....and I have seen small regional banks and credit unions charge an ACH sending fee. All depends on your bank. None of the primary banks I use charge an ACH sending fee...they transmit it out their door free...then you only have the approx $11 Bangkok Bank fees for a pension amount $2,000 or less.

Setting up an automatic/reoccurring monthly transfer to basically relay your pension to a regular Bangkok Bank savings account is probably a better way to go because for a personal ACH transfer there is no U.S. govt coding as that U.S. Treasury coding was only on the initial transfer to your bank. After it's deposited to your account and you decide to resend all, less, or more money in your automatic monthly ACH transfer then it's just a typical funds transfer...it's no longer a U.S. Govt transfer...instead it's a personal transfer to one of your other banks.

Say a person gets his pension depositedin his U.S. bank on the 1st day of each month; then have the automatic transfer setup to transfer an amount a day or two after that to play it safe in case you keep a very low amount in your account....this way, you money continues to arrive the approx same day of each month (whatever day you pick) and you don't have to have the special (and somewhat restrictive) Bangkok Bank Direct Deposit account. But of course you still need a U.S. bank account to do this....some folks when they move to Thailand close all their accounts.

[augustwest]

I use Schwab and they charge $25 and BKK gets $20. That's on a $10000 transfer. I call Schwab 24/7 and it's here in less than 3 days.

[Pib]

I use Schwab and they charge $25 and BKK gets $20. That's on a $10000 transfer. I call Schwab 24/7 and it's here in less than 3 days.

Sounds like you are paying for a Schwab "wire" transfer. You can do ACH transfers for free via their ibanking...the funds will arrive in approx 3 days. I have several Bangkok Bank accounts transfer links setup in my Schwab account.

Edit: Yeap, just looked at their fee schedule...you are paying the $25 wire fee.

Edited May 6, 2015 by Pib

[BKKSnowBird]

I have Schwab and just withdraw cash from the ATM. The 180 baht fee is refunded to me. Seems better than trying to use a Thai bank.

I also have a no fx fee credit card and just pay the bill online from the same account.

This also keeps your US credit score going in case you ever go back.

[chuckd]

The OP is asking about Social Security Disability (SSD) benefits, not the Social Security Retirement entitlement.

I seriously doubt any disability payments would be paid outside the US.

Anybody?

[BKKSnowBird]

You can get SSDI anywhere you can get SS retirement. It is an earned benefit.

[Pib]

If the OP is eligible for a social security benefit/payment (be it old age pension, SSD, SSI, etc.) it could be direct deposited to Bangkok Bank since they have an ACH routing number. Any U.S. govt department such as the Social Security Agency does not want to send anyone paper checks anymore (but a few still get them) because direct deposit is cheaper for the govt....good deal for the benefit recipient also.

Now whether the OP might lose eligibility for SS Disability payments once outside the U.S. that's a different question which the OP didn't ask about.