U.S. Dollar to Thai Baht today (4 July 2015)

[IMA_FARANG]

Just had my U.S Social Security pension deposited today 4 July 2015 into Bangkok Bank.

First time the rate has been above 34 Baht to a dollar by my calculations. I actually received a rate of 34.54 Baht for a dollar. or 57,667 baht deposited into my account.

Last month on 4 June was 33.66 7 baht for one dollar rate, so in one month I gained almost 1 baht per dollar in the rate.

Nice to have a strong dollar again after almost 3 years . I can remember the 29.xx days of 2012 .

Wonder how long it will last.

What goes up, they say, always comes down......but for now I will take the few extra Baht every month as long as it lasts.

Edited July 4, 2015 by IMA_FARANG

[Pib]

You might want to get the batteries on your calculator changed....the TT Buying Rate using for incoming wire transfer such as your pension payment for 3 Jul/Friday was 33.63. And looking at the XE.com forex site the midmarket rate is 33.774 at this moment in time. Since 4 July is a Saturday here in Thailand the rate from 3 July would apply "if" it really posted today/4July. You sure it didn't really post yesterday and you are just noticing it today. Recommend you recalculate....you "did not" receive a 34.54 rate.

[headman]

Do you have your S.S. check deposited direct into Bangkok Bank New York Branch without any problems using your Thai Bangkok Bank card here in Thailand with same account number.

[chiang mai]

I believe the OP may be correct. My understanding is that the exchange rate mechanism used by US SSc for overseas payments does not rely on the exchange rate on the transfer date but is instead an averaged rate for the period for which the payment covers, ditto UK Pensions Payments for the same.

[Pib]

U.S. social security does us their own exchange rate for those countries covered under the International Direct Deposit (IDD) program, but Thailand is not part of that program....it just a competitive rate fairly close to the forex mid market rate. Instead the money (in US dollars) flows to the U.S. bank the person has listed for direct deposit, which is Bangkok Bank in the OP's case. The pension dollars are sent to Bangkok Bank and then Bangkok Bank does the conversion using their TT Buying Rate....the Bangkok Bank NY fee and the in-Thailand Bangkok Bank fee are deducted before posting to the individual account.

If he did get "more money" this time it's not due to the exchange rate going way over 34; it's because he received a larger amount maybe due to a change in the amount of tax deducted or some other adjustment....or he just made a calculation mistake.

The OP can also sign up for free Bangkok Bank Remittance SMS which tells the amount of foreign funds received, the exchange rate given, fees deducted on the Thailand end, amount posting to his account and the date/time of the posting.

[chiang mai]

U.S. social security does us their own exchange rate for those countries covered under the International Direct Deposit (IDD) program, but Thailand is not part of that program....it just a competitive rate fairly close to the forex mid market rate. Instead the money (in US dollars) flows to the U.S. bank the person has listed for direct deposit, which is Bangkok Bank in the OP's case. The pension dollars are sent to Bangkok Bank and then Bangkok Bank does the conversion using their TT Buying Rate....the Bangkok Bank NY fee and the in-Thailand Bangkok Bank fee are deducted before posting to the individual account.

If he did get "more money" this time it's not due to the exchange rate going way over 34; it's because he received a larger amount maybe due to a change in the amount of tax deducted or some other adjustment....or he just made a calculation mistake.

The OP can also sign up for free Bangkok Bank Remittance SMS which tells the amount of foreign funds received, the exchange rate given, fees deducted on the Thailand end, amount posting to his account and the date/time of the posting.

Say what? Is it the average for the period or is it not?

[Pib]

For more info, see the Social Security Agency webpage regarding IDD payments...and to repeat Thailand is not part of the IDD program so the SS pension payment is sent in U.S. dollars to the person's U.S. bank...and in Bangkok Bank NY's case which the OP uses they just relay to the the person's in-Thailand Bangkok Bank branch where the Bangkok Bank TT Buying Rate is given. https://secure.ssa.gov/apps10/poms.nsf/lnx/0202402225

Below is partial quote from the above weblink regarding IDD exchange rates. I've include the partial quote since some people may not be able to reach above webpage unless having a U.S. IP address/using VPN since some folks are having problems again (like me) in reaching certain U.S. govt https webpages if using certain Thai internet providers. FRBNY stands for Federal Reserve Bank New York.

Additionally even if FRBNY did use an average for the month, the mid market USD/THB exchange rate has been well below 34 for June....and definitely nowhere close to 34.54 the OP said he got. Heck, if the USD/THB was over 34 you would have already seen hundreds of joyous posts from U.S. folks already regarding their transfers, pension payments, etc...and several articles in the Bangkok Post and The Nation.

5. Currency Conversion

IDD for some countries is in U.S. dollars. For Mexico and countries included in multi-country contracts that receive IDD in local currency, FRBNY transmits the files to the processor banks, where the currency rate of exchange is established. For local currency payments to other countries, FRBNY establishes the currency rates of exchange before transmitting the files.

[pdwarf1]

I got mine yesterday at the rate of 33.66 with the usual deduction of $5 USD at the New York end and the 200 Baht at the Bangkok end. Verified by SMS from Bangkok Bank received each month. The OP is living on Cloud 9 or is poor in math.

[dennism53]

pdwarf1, who do you use in the US to xfer to Bangkok Bank if I might ask?

[PattayaClub]

pdwarf1, who do you use in the US to xfer to Bangkok Bank if I might ask?

It's pretty clear that he gets direct deposit to BKK Bank's NY branch from Social Security.

[chiang mai]

For more info, see the Social Security Agency webpage regarding IDD payments...and to repeat Thailand is not part of the IDD program so the SS pension payment is sent in U.S. dollars to the person's U.S. bank...and in Bangkok Bank NY's case which the OP uses they just relay to the the person's in-Thailand Bangkok Bank branch where the Bangkok Bank TT Buying Rate is given. https://secure.ssa.gov/apps10/poms.nsf/lnx/0202402225

Below is partial quote from the above weblink regarding IDD exchange rates. I've include the partial quote since some people may not be able to reach above webpage unless having a U.S. IP address/using VPN since some folks are having problems again (like me) in reaching certain U.S. govt https webpages if using certain Thai internet providers. FRBNY stands for Federal Reserve Bank New York.

Additionally even if FRBNY did use an average for the month, the mid market USD/THB exchange rate has been well below 34 for June....and definitely nowhere close to 34.54 the OP said he got. Heck, if the USD/THB was over 34 you would have already seen hundreds of joyous posts from U.S. folks already regarding their transfers, pension payments, etc...and several articles in the Bangkok Post and The Nation.

5. Currency Conversion

IDD for some countries is in U.S. dollars. For Mexico and countries included in multi-country contracts that receive IDD in local currency, FRBNY transmits the files to the processor banks, where the currency rate of exchange is established. For local currency payments to other countries, FRBNY establishes the currency rates of exchange before transmitting the files.

I receive monthly SSc payments form the US government but mine are converted to GBP and deposited to my account in London. The range for GBP/USD during June was from 1.524 to 1.588, the average being 1.556 and it was the latter that was used to make the conversion and this corresponds exactly to the amount I received. I will be surprised if USD/THB is handled differently.

[TheAppletons]

I got mine yesterday at the rate of 33.66 with the usual deduction of $5 USD at the New York end and the 200 Baht at the Bangkok end. Verified by SMS from Bangkok Bank received each month. The OP is living on Cloud 9 or is poor in math.

The OP is very bad at math. Last month he complained on the forum that he received less than the TT rate when his money was transferred....this month he claims he received well in excess of not only the TT rate but any exchange rate published anywhere at any time in the last five eight years.

[Pib]

For more info, see the Social Security Agency webpage regarding IDD payments...and to repeat Thailand is not part of the IDD program so the SS pension payment is sent in U.S. dollars to the person's U.S. bank...and in Bangkok Bank NY's case which the OP uses they just relay to the the person's in-Thailand Bangkok Bank branch where the Bangkok Bank TT Buying Rate is given. https://secure.ssa.gov/apps10/poms.nsf/lnx/0202402225

Below is partial quote from the above weblink regarding IDD exchange rates. I've include the partial quote since some people may not be able to reach above webpage unless having a U.S. IP address/using VPN since some folks are having problems again (like me) in reaching certain U.S. govt https webpages if using certain Thai internet providers. FRBNY stands for Federal Reserve Bank New York.

Additionally even if FRBNY did use an average for the month, the mid market USD/THB exchange rate has been well below 34 for June....and definitely nowhere close to 34.54 the OP said he got. Heck, if the USD/THB was over 34 you would have already seen hundreds of joyous posts from U.S. folks already regarding their transfers, pension payments, etc...and several articles in the Bangkok Post and The Nation.

5. Currency Conversion

IDD for some countries is in U.S. dollars. For Mexico and countries included in multi-country contracts that receive IDD in local currency, FRBNY transmits the files to the processor banks, where the currency rate of exchange is established. For local currency payments to other countries, FRBNY establishes the currency rates of exchange before transmitting the files.

I receive monthly SSc payments form the US government but mine are converted to GBP and deposited to my account in London. The range for GBP/USD during June was from 1.524 to 1.588, the average being 1.556 and it was the latter that was used to make the conversion and this corresponds exactly to the amount I received. I will be surprised if USD/THB is handled differently.

As mentioned earlier several times, Thailand is not part of the IDD program. Therefore USD are sent to the retiree's U.S. bank account...in the OP's case Bankgok Bank NY who in turns forwards it to the OP in-Thailand branch where the exchange is done at the TT Buying Rate in effective at the receiving bank when the funds arrive minus fees. Handled just like any typical wire transfer....just like how pdwarf11 said he got his 1 July pension payment at a 33.66 rate which matches exactly the Bangkok Bank rate for 2 July 33.66. See image below.

As shown in above quoted paragraph it varies among countries who are part of the IDD progam (Thailand is not) as to how the funds are converted....sometimes the bank in that IDD member country establishes the exchange rate (maybe the average for the month in the UK...I couldn't say)...and in other cases the FRBNY establishes the rate of exchange/sends the funds in local currency.

The OP just made a calculation mistake or his pension payment increased a little maybe due to a reduction in tax withholding.

[Pinot]

I would recommend a Schwab International account to those having SS deposits made directly to their Thai bank accounts. There are no fees for ATM transactions.

[Pib]

Since we talked a little about IDD, each U.S. govt agency that uses IDD may have slightly different procedures and list of countries for their IDD program. This link to the U.S. Defense Finance & Accounting System (DFAS) which pays out military retirement pensions can use IDD for around 42 countries. Thailand is not one of those countries.

DFAS converts your USD payment to the local currency two days prior to your payment date using a wholesale exchange rate probably very close to the forex mid market rates. However for Canada they can also send USD.

See this DFAS webpage for more info on IDD. Link

Maybe someday Thailand will become one of the countries covered under the U.S. govt IDD programs, but until then either they just don't want to be part of the program or maybe the snapshot from the DFAS webpage provides the reason.

Security and Safety of IDD

Nations chosen for IDD eligibility have met the requirements of the Federal Reserve Bank. Simply put, the banks and other financial institutions in those countries provide secure and trustworthy services and have systems compatible with transferring funds from the U. S. to your account.

[Ulic]

I am jealous the Canadian dollar remains soft and getting softer.

[dennism53]

dennism53, on 04 Jul 2015 - 11:15, said:

pdwarf1, who do you use in the US to xfer to Bangkok Bank if I might ask?

It's pretty clear that he gets direct deposit to BKK Bank's NY branch from Social Security.

It's not that clear, I ask because if it is Bangkok Bank NY it's not an option available to everyone, they only do commercial accounts. You can not open a personal account! However if it's not Bangkok Bank in NY I would appreciate knowing which it is because of the $5.00 fee is pretty damn good!

[Berkshire]

dennism53, on 04 Jul 2015 - 11:15, said:

pdwarf1, who do you use in the US to xfer to Bangkok Bank if I might ask?

It's pretty clear that he gets direct deposit to BKK Bank's NY branch from Social Security.

It's not that clear, I ask because if it is Bangkok Bank NY it's not an option available to everyone, they only do commercial accounts. You can not open a personal account! However if it's not Bangkok Bank in NY I would appreciate knowing which it is because of the $5.00 fee is pretty damn good!

Not sure what you mean. If you have a personal bank account with BKK Bank in Thailand, your funds transfer from the US will go through BKK Bank in NY. So not clear what you mean with your comment "You can not open a personal account!"

[Berkshire]

Additionally even if FRBNY did use an average for the month, the mid market USD/THB exchange rate has been well below 34 for June....and definitely nowhere close to 34.54 the OP said he got. Heck, if the USD/THB was over 34 you would have already seen hundreds of joyous posts from U.S. folks already regarding their transfers, pension payments, etc...and several articles in the Bangkok Post and The Nation.

True statement. No way has USD gone over 34. But hopefully, just a matter of time.

[Pib]

dennism53, on 04 Jul 2015 - 11:15, said:

pdwarf1, who do you use in the US to xfer to Bangkok Bank if I might ask?

It's pretty clear that he gets direct deposit to BKK Bank's NY branch from Social Security.

It's not that clear, I ask because if it is Bangkok Bank NY it's not an option available to everyone, they only do commercial accounts. You can not open a personal account! However if it's not Bangkok Bank in NY I would appreciate knowing which it is because of the $5.00 fee is pretty damn good!

Not sure what you mean. If you have a personal bank account with BKK Bank in Thailand, your funds transfer from the US will go through BKK Bank in NY. So not clear what you mean with your comment "You can not open a personal account!"

Probably what he means is you can not open an account with the NY branch...which is correct since it's a commercial/wholesale/cooperate branch...a guy off the street/retail customer can not open an account at the NY branch.

However, that places no limitation on a person from using the NY branch's ABA/ACH "routing number" to transfer funds to their "in-Thailand" Bangkok Bank account number. Being able to use a routing number of a bank you do not have an account out is not the norm (and probably confuses some folks), but is perfectly legal in how Bangkok Bank has this special ACH transfer method setup which mirrors a domestic transfer....been in place for many years and used by thousands of U.S. folks for transfers, pension payments, etc. It's a good deal, especially when compared to the pricey SWIFT transfer method.

[TheAppletons]

dennism53, on 04 Jul 2015 - 11:15, said:

pdwarf1, who do you use in the US to xfer to Bangkok Bank if I might ask?

It's pretty clear that he gets direct deposit to BKK Bank's NY branch from Social Security.

It's not that clear, I ask because if it is Bangkok Bank NY it's not an option available to everyone, they only do commercial accounts. You can not open a personal account! However if it's not Bangkok Bank in NY I would appreciate knowing which it is because of the $5.00 fee is pretty damn good!

It is Bangkok Bank in NY. You should do some TV research because you can open a Bangkok Bank account in Thailand and transfer your money from your US Bank through the Bangkok Bank New York branch and into your local Bangkok Bank account. Lots of people do it....best deal around.

[IMA_FARANG]

My Social Security is sent by direct deposit from the U.S. and becomes effective at midnight 0n the 3rd of each month.

With the time difference (12 hours) that means it is available to my Bangkok Bank account at 12 noon on the 4th of each month.

I take my bankbook and update the amount in it each month about 12:30 a.m. each month where the Bangkok Bank computer prints the date, time, and amount I received in Baht for that transaction.

I have the bankbook right here where it tells me that at 12:30 on 4 July 2015 I received the amount of 57,661.54 Baht for that transaction directly deposited to my Bangkok Bank account.

I receive $1670 monthly.

Do the calculation yourself.

Edited July 6, 2015 by IMA_FARANG

[IMA_FARANG]

Do you have your S.S. check deposited direct into Bangkok Bank New York Branch without any problems using your Thai Bangkok Bank card here in Thailand with same account number.

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

YES, since 1 November 2014 I have had my Social Security directly deposited to my Bangkok Bank account here in Bangkok from the Social Security International Services offices in Baltimore, Maryland.

Took me 2 months and a lot of paperwork to get it accomplished, but it finally came through.

Without the help of the Social security office in Manila, it wouldn't have been accomplished.

The U.S. embassy here in Thailand and my local Social Security office in the U.S messed it all up.

Fortunately Manila managed to clear it all up. Without Manila it would not have happened.

Edited July 6, 2015 by IMA_FARANG

[Pib]

I got mine yesterday at the rate of 33.66 with the usual deduction of $5 USD at the New York end and the 200 Baht at the Bangkok end. Verified by SMS from Bangkok Bank received each month. The OP is living on Cloud 9 or is poor in math.

My Social Security is sent by direct deposit from the U.S. and becomes effective at midnight 0n the 3rd of each month.

With the time difference (12 hours) that means it is available to my Bangkok Bank account at 12 noon on the 4th of each month.

I take my bankbook and update the amount in it each month about 12:30 a.m. each month where the Bangkok Bank computer prints the date, time, and amount I received in Baht for that transaction.

I have the bankbook right here where it tells me that at 12:30 on 4 July 2015 I received the amount of 57,661.54 Baht for that transaction directly deposited to my Bangkok Bank account.

I receive $1670 monthly.

Do the calculation yourself.

Then why did pdwarf1's July payment match the Bangkok Bank TT Buying Rate? Does the SSA give you a much higher rate than to other SS recipients?

Just maybe your normal $1670 payment was not $1670 for July...like maybe due to a tax withholding change, some catchup payment, etc. And maybe even the possibility of a Bangkok Bank error or you misreading your passbook.

What USD amount actually arrived for your July payment? And I'm not talking what you normally get (the $1670)...I'm talking what you actually got paid in USD for this month...and that USD amount is not going to be reflected on your passbook. You will need to call Bankgok Bank or contact the SSA for that info...keep in mind if asking Bangkok Bank the amount will be $5 lower due to the NY branch fee that is sliced off as the money flows through them on the way to your in -Thailand Bangkok Bank branch.

And if you have the Bangkok Bank free SMS Remittance setup it tells you how much in foreign currency arrived, the exchange rate you got, the local bank fee (doesn't show the Bangkok Bank NY fee since that is sliced off as it flows through the NY branch), the baht amount posting to your account, and the date/time.

[Robert24]

if true, your bank would have lost some money as the fx rate never went up that high. Must be a mistake from your bank in my opinion.

[dennism53]

headman, on 04 Jul 2015 - 03:52, said:

Do you have your S.S. check deposited direct into Bangkok Bank New York Branch without any problems using your Thai Bangkok Bank card here in Thailand with same account number.

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

YES, since 1 November 2014 I have had my Social Security directly deposited to my Bangkok Bank account here in Bangkok from the Social Security International Services offices in Baltimore, Maryland.

Took me 2 months and a lot of paperwork to get it accomplished, but it finally came through.

Without the help of the Social security office in Manila, it wouldn't have been accomplished.

The U.S. embassy here in Thailand and my local Social Security office in the U.S messed it all up.

Fortunately Manila managed to clear it all up. Without Manila it would not have happened.

IMA_FARANG,

curious if you could enplane how you get around the commercial account requirement?

Do you use the BBK Bank routing number in Bangkok but the NY address?

It sure enough seems like the way to go and I'd like to give it a try learning from your experience.

[Issanman]

Use the Bangkok Bank New York routing number and your Thai Bangkok Bank account number. That's it.

[TheAppletons]

IMA_FARANG,

curious if you could enplane how you get around the commercial account requirement?

Do you use the BBK Bank routing number in Bangkok but the NY address?

It sure enough seems like the way to go and I'd like to give it a try learning from your experience.

@dennism53, there is no commercial account requirement so there is no requirement to "get around".

Here's a link to a previous ThaiVisa discussion on the topic:

http://www.thaivisa.com/forum/topic/380260-americans-doing-ach-transfers-to-bangkok-bank-new-york/

Here's a link to the Bangkok Bank web page.

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

You need a US bank account from which to transfer money and a Bangkok Bank account in Thailand to transfer the money through the NY branch of Bangkok Bank. That's it.

[JimGant]

@dennism53, there is no commercial [uS financial] account requirement so there is no requirement to "get around".

Here's a link to the Bangkok Bank web page.

http://www.bangkokba...ndsfromUSA.aspx

You need a US bank account from which to transfer money and a Bangkok Bank account in Thailand to transfer the money through the NY branch of Bangkok Bank. That's it.

Dennis, I see why your confusion, per the above. The SS Direct Deposit is just that....a direct deposit to your Bangkok Bank account in Thailand, using Bangkok Bank NY as the conduit. As a direct deposit, no US financial account intermediary is required. In fact, you set up this direct deposit same as if it were going to a US bank, i.e., ABA (in this case, BBNY) and account number are the key elements.

However, there are some differences. Read the above Bangkok Bank link (in the above quote), expanding on the step-by-step instructions for "Direct Deposit." Note the restrictions for US Gov't direct deposits, namely, you're required to withdraw the money in person, as this is a special savings account, with no ATM nor internet access. However, for private pensions, there are no restrictions -- and no special savings account required -- should you want to establish a Bangkok Bank "Direct Deposit" for one of these.

Some folks find appearing at the bank every month to get their money, particularly while in a coma, is inconvenient. Thus, they direct deposit their SS, and/or any other US Gov't pension into a US financial institution. Then, by establishing an ACH link from this US financial institution to their Bangkok Bank savings account, using the Bangkok Bank NY ABA routing, they can log onto their US account on the internet, then send their money on its way to Thailand via NY. And they have the added flexibility of choosing amount to send (or not) and when to send -- plus, no in person requirement to fetch this money at the other end, as it can be done with your wife, ATM card, or internet manipulation.

Many US banks have no ACH fees -- and can be quite speedy (fees and speed, however, do vary amongst banks). My Air Force and SS pensions go to USAA, which has no ACH fee. The Air Force pension gets to USAA on the first of the month, and if I did an ACH that day, it would get to Thailand on the 3rd (barring weekends, holidays -- and based on several years experience). Thus, the same speed as a Direct Deposit -- as well as the same front and back end Bangkok Bank fees. And no inconvenient in person fetching requirement.

Anyway, seems like a no brainer, to me at least. I guess if, for some reason, you couldn't establish a US financial account, then this might be your only option. But for any other reason, it doesn't seem to make sense.

Anyway, this subject has been beaten to death on this forum.

[JimGant]

I receive $1670 monthly.

IMA, what's the source, and date, of this information? Is this from your SS on-line account, which shows your monthly net amounts (but doesn't show my tax withholding amount -- I only know this from the letter they sent at the beginning of the year with the new COLA adjusted amounts.)

Also, a few years back, my wife's SS unexpectedly jumped a bit when a bonus from her working days was finally paid -- and which the SS Admin then factored in to an increased payment. And, this wasn't initially apparent from any letters we got -- I saw it when her direct deposit to a US bank suddenly increased. We did finally get a letter of explanation -- plus, I could see the raise also on her on-line SS account.

Maybe something like this has occurred with you? Anyway, it has my curiosity piqued.