Spreaders of Conspiracy Theories: Unmasking the Motivations Behind the Lies

[csabo]

This topic gets brought up every month or so on this board. Rather than a complicated question about banks and money transfers, What is your goal? To avoid the ATM fees? Are there any banking fees? Some banks and brokerage accounts will pay/waive several ATM out of network fees a month and allow you to manage all the money online yourself with no fees. This seems much easier than the wild contortions of opening bank accounts half way around the world. Are you trying to get the best exchange rate? Now that I am clueless about. It does seem to me with worldwide wifi and internet access the only final problem is the exchange rate and avoiding fees.

It's true it depends on his goals but for living here it's best to have a Thai bank. He will need it if he chooses the retirement extension 400000 in account option. He has access to excellent online and mobile bank features like sending/receiving cash to Thais, paying bills, topping his cell etc etc. he does not need to limit his ATM transactions or wait for refunds, it gives legitimacy if he wants a bank loan or to conduct other business and lost card replacement is a 1000% easier than getting a new card from the states. I use the NY-BKK option for bringing money over but I use KTB for everything in country as their mobile app is awesome. That said getting a BKK account was not allowed until I had my work permit although I know others got there's more easily.

[Langsuan Man]

A BKK account is now no more difficult to get than any other Thai bank. But in the past many branches mistakenly thought that foreigners had to have a work permit to open an account. Now most branches just need to call Bangkok Head Office who will tell them how to override the system that verifies the application

[ableguy]

Go here and learn about your options:

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

Since you are talking about SS there may be a way to do it remotely but as Jingting states it is not through the New York branch but via Bangkok Bank in Thailand

Just remember that if you do have your US Social Security Direct Deposited via Bangkok Bank then you will have to go to a Bangkok Bank branch every month to sign for your money and will receive the annual "are you still alive" form that must be completed and returned

If you have Social Security Direct Deposit into a US bank account and then EFTS the money to Bangkok Bank using the NY Bangkok Bank routing number you eliminate these requirements

I have my SS paid direct in Bangkok bank local branch and have done for six years do not have to sign anything monthly. I have a seperate pension that the co will only pay into. USA based bank, this is paid into the commercial bank in N Y and the transferred to my local branch the commercial bank being Bangkok bank, I set this up at the head office Sillom branch.

[lopburi3]

To use your money you must present yourself and sign withdrawal or transfer at bank - you do not have normal ATM or internet/phone access to such direct deposit accounts. Your other pension can be transferred into a normal Bangkok Bank account however using US ACH domestic transfers.

[Langsuan Man]

Go here and learn about your options:

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

Since you are talking about SS there may be a way to do it remotely but as Jingting states it is not through the New York branch but via Bangkok Bank in Thailand

Just remember that if you do have your US Social Security Direct Deposited via Bangkok Bank then you will have to go to a Bangkok Bank branch every month to sign for your money and will receive the annual "are you still alive" form that must be completed and returned

If you have Social Security Direct Deposit into a US bank account and then EFTS the money to Bangkok Bank using the NY Bangkok Bank routing number you eliminate these requirements

I have my SS paid direct in Bangkok bank local branch and have done for six years do not have to sign anything monthly. I have a seperate pension that the co will only pay into. USA based bank, this is paid into the commercial bank in N Y and the transferred to my local branch the commercial bank being Bangkok bank, I set this up at the head office Sillom branch.

Unless you are a special case your SS payments must also be going through the New York Branch also. From the Bangkok Bank website:

The US Treasury Department has ceased issuing paper cheques for the payment of Federal retirement benefits such as pensions, annuities or payroll, including Social Security and Veterans Affairs payments, and now requires direct deposit of your benefit into your bank account. You will therefore need to notify the US government agency providing your Federal benefit how you wish to receive payments.

As Bangkok Bank is the only provider in Thailand offering a direct deposit services into a Thai bank account, you can ask the relevant US government agency to route your payments into your Bangkok Bank account via Bangkok Bank’s New York branch. If you reside in Thailand, you can apply for the service in person at any Bangkok Bank branch (except for micro branches).

Benefits of the Direct Deposit Service

• Your payments are deposited directly to your account every month.
• Funds will be converted into baht using the rate for receiving electronic funds transfers (Buying TT rate).

How to apply: If receiving payments from a US Government Agency

1. Download the 'Direct Deposit Sign-up Form (SF1199A)' fromwww.socialsecurity.gov/online. Complete the form to sign up for Direct Deposit with your relevant US government agency.
2. Open a savings account at any Bangkok Bank branch (except micro branches). If you already have an account with Bangkok Bank, you can use your existing bank account for this service, however we will need to change the type of account in line with the Direct Deposit’s terms and conditions.
3. Complete a 'Direct Deposit Service Application' form, which you can pick up at any Bangkok Bank branch (except the micro branches). You can also opt to fill out an SMS Remittance Alert Service Request Form to receive an SMS notification on your mobile phone when funds have been successfully transferred into your Bangkok Bank account.
4. Submit all forms to Bangkok Bank with the following supporting documents:
   • Identification Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.
   • A document from the relevant agency giving evidence of your right to receive the payments.
5. After verifying your documents, Bangkok Bank will submit your application to the government agency asking them to approve your request to receive the funds via Direct Deposit.
6. After the request is approved by the US Government Agency, your payments will be electronically deposited directly into your Bangkok Bank account.

Important

If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds.

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. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.

[JimGant]

Your other pension can be transferred into a normal Bangkok Bank account however using US ACH domestic transfers.

Or, as it appears he is doing, it too can be a direct deposit to a Bangkok Bank account in Thailand, using BBNY as the conduit. But, since it is not a US Gov't payment, no special direct deposit account is required -- only a regular account that allows ATM, internet transfer -- and no face-to-face requirement for withdrawal.