Question on US Social Security

[elephant45]

Hello,

Wondering about the in person reporting requirement when you have your money routed into your BKK Bank Account here in Thailand which will be registered as my permanent address.

If I am gone from here, say for 7 months at one period of time, which is possible and I come back and go to BKK Bank, is that last 7 month's or so payments sitting there waiting for me? In some type of account or how does that work. Any comments appreciated. 

[amexpat]

If you haven't already set up the direct deposit to BKK, DON"T.  Have SS deposited to a US bank where you can log in and transfer to BKK Bank New York.  You can transfer as much or as little whenever you want and access it a couple days later with your ATM or however you like. 

 

There is a world of info here on this very subject.  Look around and good luck.

[lopburi3]

There is no reporting requirement as such - but to access money you must present yourself and bankbook.  This is just to cover Bangkok Bank in case of your death and not reported and payments continued - this way they can pay back to USG without loss as money will be in account when they find out.

 

But as said above for most keeping a US account and deposit into that makes sense as long as the bank offers online ACH transfers - this will be useful for making payments in dollars outside Thailand and perhaps help to keep a credit card active.

[elephant45]

Ok, I do have an address and bank account there, I will have to call them and ask about the ACH transfer, whatever that means. I don't really feel comfortable having my money changed to Thai Baht without keeping an eye on the currency. And the general idea of having it sent here overall. May not stay here you know.

[WaywardWind]

My SS benefits are direct deposited in my US bank for which I have an ATM debit card; I then use ATMs in Thailand for my normal expenses and use the ACH (Automated Clearing House) transfer from my bank to Bangkok Bank NY for larger transfers. The conversion rate is whatever the BB rate is on the day that the funds are received in NY and it takes a couple of days for the funds to show up in my BB account here.. BB charges a nominal fee tied to the amount of the transfer for the process.

[IMA_FARANG]

It is not true that if you hav a U.S.  social Security pension directly deposited to your Bangkok Bnak account that you must need to appear in person each month at the Bank with your passport to collect your pension.

I , in fact do this, but I happen to live only 5 minutes from a Bangkok Bank branch, so it is convenient for me to go there monthly at "pension time".

By now the tellers know me   at my local bank branch as "papa" who appears each month to collect his money.

However, the funds are always trandferred by computer, and for over a year all I have ben doing is to enter the bank to have the already completed pension transfer entered into my passbook by  computer printout.

As i said before in precious posts, my Bangkok Bank passbook  shows a monthly record of date, amount of funds transferred, and that my money is transfereed to ny account from a foriegn government pension source (incoming fund transfer code).

Thai immigration officers can read the bank code foriegb transfer funds from the passbook if they wish to.

Usually they don't ask, but just in case, i always have the passbook at retirement renewal time if they want to look to verify my monthly government pension.

 

 

 

 

[elephant45]

I just spent a lot of time on the phone with my bank in Ohio, a small one and attempted to set it up through Bill Pay. But it didn't ask for a routing number. The girl at the bank said to put my BKK Bank Account number from here in that space for account number and so I sent it with the Bangkok Bank NY Address and phone number and it gave me an estimated date of next Wednesday. But nowhere did that online form have any place for the BKK Bank Routing Number. I wonder if this will work? This is a small bank and does not deal with this kind of stuff at all.

[NancyL]

By stipulating the 9-digit routing number for Bangkok Bank's New York branch (026008691) in your US transfer instruction, the funds will be transferred via the US ACH system directly to the receiver's Bangkok Bank account in Thailand, for a lower fee than most other international wire transfer services.

 

You use your local Bangkok Bank account number for the transfer.  

 

In general, you don't use your U.S. bank's bill pay, but rather their "interbank transfer" system or whatever they call the way that you can transfer funds to a bank account that isn't an account at their bank.  Not every U.S. bank allows you to transfer funds electronically to another U.S. bank's account.  It's usually something you do within your electronic bill pay system, but it's not a the same as paying a bill and you shouldn't have to list the Bangkok Bank NY address and phone number.  I think you'll find that Bangkok Bank NY is going to return the payment because they won't know what to do with it.  

[NancyL]

In general, using a foreign ATM card to here in Thailand is an expensive way to transfer money into Thailand, unless your financial institution reimburses ATM fees.  If you're from the U.S., ACH  transfers into Bangkok Bank is the way to go.  If your U.S. bank/credit union isn't set up for on-line interbank ACH transfers, then wire transfers of large sums is a good way.  

 

To answer the OP's question, there's no reason why you can't let your SS payments sit unclaimed in your local Bangkok Bank account for several months while you're away from Thailand.  They don't need to be claimed every month while you're away.  The money will be there waiting for you when you return.  It might be nice to tell your local bank branch manager that you'll be gone for a while, so they don't get concerned, however.  

[MrBrad]

Another thing to keep in mind when transferring money within the US to the Bangkok Bank in New York is that the transfer is a "domestic" transfer, not "international."   The domestic transfer fee is much less than the international fee.

 

My credit union had gotten this wrong a few times.  I now make sure to emphasis the fact in my communications with my credit union when I request a transfer of funds.

[lopburi3]

As mentioned the ACH routing number is the key factor - that is a domestic transfer.  Below is procedure outline from Bangkok Bank

 

Quote

 

How to use the service

1. You can initiate the transaction via the internet banking service linked to your US bank account. In general, the process to complete this is as follows:
   • Go to the Domestic Interbank Transfer menu
   • Go to the Inter Institution Transfers option
   • Select Bangkok Bank's New York branch as the recipient bank
     • Enter the 9-digit routing number of Bangkok Bank's New York branch as 026008691 
     • Enter the bank name as Bangkok Bank, New York branch
     • Enter the account number of the recipient at Bangkok Bank in Thailand
       - For Thai Baht account, enter the 10-digit account number
       - For US Dollar account, enter the first 16-digit account number
     • Enter the name of the recipient account in Thailand, if required.
       
       If you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary’s name. Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary name and Bangkok Bank will have to return funds to the remitter.
       
       You should check with your US bank for the correct transfer menu for ACH payment. The terms and conditions of internet banking services may vary between banks. You should read all related terms and conditions of your account carefully before initiating any transaction. Bangkok Bank is not involved in the provision of internet banking services by banks in the US.
       
       *Please click here to view more details abouton USD accounts, terms and conditions of deposit-withdrawal transactions.
2. After the registration process, the US bank will initiate two trial deposits by sending small amounts of less than USD 1.00 to the recipient’s bank account in Thailand. This is to verify that the recipient's account is valid. The bank in the US will send an email asking the recipient to check and confirm the trial deposit amounts.
   
   The sending of trial deposit amounts depends upon the terms and conditions of the originating banks in the US and may vary from bank to bank. Bangkok Bank will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in the transfer instruction matches the name and account number at Bangkok Bank.
3. You will then need to ask the recipient in Thailand to check the exact amount of the two trial deposits. The recipient can do this by calling Bualuang Phone on 1333 or (66) 0-2645-5555. 
   
   Using the information provided by the recipient, you will be asked by the bank in the US to confirm the exact amount of the trial deposits. If this is correctly confirmed by you, the funds transfer can be made. 
   
   Bangkok Bank will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in your transfer instruction from the banks in the US matches the recipient’s name and account number at Bangkok Bank.

 

1.  

[Gary A]

I have a small private pension and Social Security. They are both direct deposited into my US bank. I then make a wire transfer once or twice a year to my Thai bank account. My living expenses here are about half of my monthly income. No way would I want it all deposited into my Thai bank account. I don't like to have more money in my Thai bank than necessary for my 800,000 retirement extension and my living expenses. At one time I inquired about a Bangkok bank account in New York and was told that they do not open or service individual private accounts. That means that the total direct deposit would all be transferred over here. A wire transfer costs $45 regardless of the amount. That makes the transfer fees less than a quarter percent for $20,000.

[SaintLouisBlues]

5 hours ago, IMA_FARANG said:

It is not true that if you have a U.S.  social Security pension directly deposited to your Bangkok Bnak account that you must need to appear in person each month at the Bank with your passport to collect your pension.

I find it bizarre that you have to turn up in person to collect your SS and cannot transfer it to another Thai bank, but if you transfer it to another Bangkok Bank account (which you can do online) you can then transfer it to another bank electronically. Another case of TIT I guess

 

There also seems to be a lot of bureaucracy about changing the type of account so that it can receive SS payments via New York, but it only seems to be SS payments and not any other sort of US-sourced payment. Has anyone tried not changing the type at the Bangkok Bank end and just telling the SSA their Bangkok Bank routing/account numbers?

[lopburi3]

18 minutes ago, Gary A said:

I have a small private pension and Social Security. They are both direct deposited into my US bank. I then make a wire transfer once or twice a year to my Thai bank account. My living expenses here are about half of my monthly income. No way would I want it all deposited into my Thai bank account. I don't like to have more money in my Thai bank than necessary for my 800,000 retirement extension and my living expenses. At one time I inquired about a Bangkok bank account in New York and was told that they do not open or service individual private accounts. That means that the total direct deposit would all be transferred over here. A wire transfer costs $45 regardless of the amount. That makes the transfer fees less than a quarter percent for $20,000.

You do not seem to understand that the 1/4% fee is only in range of 200-500 baht and is charged on any transfer including your $45 wire transfer (it is removed from baht amount prior to deposit to account in Thailand).  What you should do for savings is ACH transfer to Bangkok Bank NY using the 9 digit routing number above to your Bangkok Bank account here in Thailand (the account is not in New York).  This will be cheaper and only takes a day or so longer.  

[lopburi3]

15 minutes ago, SaintLouisBlues said:

I find it bizarre that you have to turn up in person to collect your SS and cannot transfer it to another Thai bank, but if you transfer it to another Bangkok Bank account (which you can do online) you can then transfer it to another bank electronically. Another case of TIT I guess

 

There also seems to be a lot of bureaucracy about changing the type of account so that it can receive SS payments via New York, but it only seems to be SS payments and not any other sort of US-sourced payment. Has anyone tried not changing the type at the Bangkok Bank end and just telling the SSA their Bangkok Bank routing/account numbers?

As I have tried to explain - bank is responsible for repayment to US Government of any funds cashed after death of holder so this is to protect bank.  Thus holder must appear each time they want to obtain or transfer money from this special account so they know that person is still alive.   Yes people have began deposits into a normal account but in every report I have seen this has been found out and they have had to open the special account to continue.  

[SaintLouisBlues]

Just now, lopburi3 said:

As I have tried to explain - bank is responsible for repayment to US Government of any funds cashed after death of holder so this is to protect bank.

This seems to be unique to Thailand. I've had my SS paid direct into a number of banks around the world over the last few years and I've never heard it suggested that the bank is responsible for repayment after the death of the holder.

[lopburi3]

They are only liable for funds cashed after the death (not for account balance).  Have they been done via ACH domestic US transfers?  Some banks take the risk (as believe all or most US domestic banks do) but when destination is outside the USA other measures can be asked.  Not clear if bank or SS or both make this a requirement but the purpose is to help avoid fraud.  

[jobin]

@garyA.  Why do you keep 800K Thai baht in the bank, for retirement extension purposes, if you have a USA bank account?  You might not be a USA passport holder but i rather doubt that since if no USA passport, no bank account in USA.  This is recent money laundering news so your situation may be decades old.

Why do you not go to the USA consulate and get the affidavit signed and keep your money in USA bank?  That's what i do and keep as little as possible here and transfer to my BangBank account when i need cash.

 

And yes, the USA BangBank does not service customers in USA, only account holders in T'land.  IMO, you ought to get a BangBank account here in T'land. Then go thru the process of getting the transfer set up via the interbank transfer system and simply, via internet banking, transfer USA funds from USA bank to BangBank account.  In 3 days you will get a telephone message the news of the transfer and the small cost.  Do that once every 90 days and that should cover you

[lopburi3]

Bank account must be in Thailand for immigration extensions of stay issued in Thailand.  The Embassy affidavit method requires income rather than bank deposit.  Suspect if receiving SS payments he could use for that but might not make up the required 65k per month income so a local account would also be required and double the paperwork.

[amexpat]

OP wrote:  

"This is a small bank and does not deal with this kind of stuff at all."

 Like this

 

• If that is the case, it could be worth your time to go online and open an acct at another US bank.
•  

[NancyL]

1 hour ago, SaintLouisBlues said:

I find it bizarre that you have to turn up in person to collect your SS and cannot transfer it to another Thai bank, but if you transfer it to another Bangkok Bank account (which you can do online) you can then transfer it to another bank electronically. Another case of TIT I guess

 

There also seems to be a lot of bureaucracy about changing the type of account so that it can receive SS payments via New York, but it only seems to be SS payments and not any other sort of US-sourced payment. Has anyone tried not changing the type at the Bangkok Bank end and just telling the SSA their Bangkok Bank routing/account numbers?

No, you have to show up in person to claim your SS at Bangkok Bank.  You can't transfer it on-line to another BB account.  You can, however, have private pensions deposited into Bangkok Bank accounts that can be accessed on-line.

 

Interestingly, Social Security doesn't mind if you have your pension deposited to a joint account in the U.S. that can be accessed on-line.  

[Dante99]

Has any of this changed in the last 2-5 years?

[Gary A]

1 hour ago, lopburi3 said:

You do not seem to understand that the 1/4% fee is only in range of 200-500 baht and is charged on any transfer including your $45 wire transfer (it is removed from baht amount prior to deposit to account in Thailand).  What you should do for savings is ACH transfer to Bangkok Bank NY using the 9 digit routing number above to your Bangkok Bank account here in Thailand (the account is not in New York).  This will be cheaper and only takes a day or so longer.  

 

The Citibank web site tells you that the wire transfer fee is a flat $30 regardless of the amount transferred.  A couple years ago, they got clever and added another $15 for an intermediary bank. Of course that bank is also Citibank. The Siam Commercial called me to explain that the extra $15 was a Citibank charge and not from them. I think Siam Commercial's charge is a maximum 500 baht.

 

When I make a transfer, I always calculate the exchange rate and find it very close to Siam Banks posted rates. That calculation is made based the actual amount of baht that goes into my account. I very seldom transfer less than $20,000 dollars. That keeps the fee percentage very low. I have no love for Citibank but since I am able to make my wire transfers totally online, I put up with them. I normally have the money in my Thai account the very next day. No fuss and no aggravation.

 

ADDED - No way am I am going to travel to Bangkok and back for an income letter. Besides the travel expense, they charge for that letter besides all the hassle and having to make an appointment. You can also count the expense of staying in a hotel for a night. I may be able to save a few dollars using Bangkok Bank but my way is very convenient and easy. It suits me.

Edited October 15, 2016 by Gary A

[amexpat]

1 hour ago, Gary A said:

No way am I am going to travel to Bangkok and back for an income letter.

 

U.S. citizens go to the U.S. Consulate in CM for the letter.

 

This thread is about a question on US Social Security.  

[elephant45]

Thanks for all the info. I went to my local BKK bank today in CM and the gal was clueless. Will have to wait till Monday to talk to the manager or call NYC Bangkok Bank and ask them about it. Again, the bank I am using is a very small bank and this is all appearing very complicated to them as their only international customer.

I tried to send 500 usd as a trial but then if it is only SS ( I mean how would they know anyways?) then it wont work?

This is getting more and more complicated for me and I don't really want to have my money automatically changed to Thai Baht. May just have to use ATM.

[SaintLouisBlues]

2 hours ago, NancyL said:

No, you have to show up in person to claim your SS at Bangkok Bank.  You can't transfer it on-line to another BB account.  You can, however, have private pensions deposited into Bangkok Bank accounts that can be accessed on-line.

What does this phrase mean, then (from the Bangkok Bank instructions page): " 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"??

[hml367]

 

SaintLouisBlues,

 

I believe, and I certainly could be wrong, that your statement means that once you withdraw the funds by appearing in person you can deposit to a different account so that you can make ATM and other type transactions without appearing in person.  If not, every time you want to withdraw money from the 'direct deposit' account, you would have to appear in person.

 

I think that is why Bangkok Bank requires a specific 'direct deposit' type account to receive the funds from Bangkok Bank NYC.

Edited October 15, 2016 by hml367

[lopburi3]

That means you can have another account and physically appear and make a transfer.

[SaintLouisBlues]

If you look at the second last paragraph. the one that starts "Bangkok Bank cannot authorise ..." that the third and fourth sentences are the ones to which I refer. What do they mean?

[SaintLouisBlues]

2 minutes ago, lopburi3 said:

That means you can have another account and physically appear and make a transfer.

I don't read it that way