Question on US Social Security

[wayned]

I have a phone number that you and the bank can call and they will explain it all.  The account is a special account where only you can be the owner.  You can not have either an ATM card or internet control other than you can add it to an existing internet account where you can view the balance only.  10 years ago when I started receiving my SSA payments, at the suggestion of SSA Manila, I just submitted an existing account number and when the first payment was deposited in NY I got a call from Bangkok Bank informing me that the account had to be changed in order for me to receive the money, a real PITA.  At that time in addition to appearing in person you could only withdraw any money at the branch that you opened the account, that changed in 2008, I think.

 

PM me if you want the phone number or sun song song saam sun nueng saam song saam

[SaintLouisBlues]

5 minutes ago, wayned said:

PM me if you want the phone number or sun song song saam sun nueng saam song saam

Thanks, it confirms my view that the only reason to be in Thailand is to screw the locals - as sure as hell they'll be screwing you

[NancyL]

No, this is to protect YOU!  To make sure you're still alive and that someone else isn't claiming your SS via your internet banking or ATM card.  

 

If you don't like it, you can have your SS deposited to a U.S. bank account and then transfer the funds to a regular Bangkok Bank account via the ACH process using your U.S. bank's internet banking.  

[elephant45]

Yah, I think i understand all of this now. Makes sense to have to show up in person really but it still is something that locks us in so to speak, a bit of a ball and chain. I have yet to know whether the ACH will work with this tiny bank but will find out next week. If not I either use the in person mode or use my ATM card max 500 usd per pull daily.  Will piss away a lot of money with that over a year.  Oh well.

[Gary A]

1 hour ago, amexpat said:

 

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

 

This thread is about a question on US Social Security.  

 

Seems like you are nit picking. The gist of the topic is how to get your Social Security from the US to your Thai bank.

[amexpat]

 

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

 

Maybe I am nit picking while you are digressing.  What does traveling to Bangkok have to do with anything here?  

[NancyL]

2 hours ago, elephant45 said:

Yah, I think i understand all of this now. Makes sense to have to show up in person really but it still is something that locks us in so to speak, a bit of a ball and chain. I have yet to know whether the ACH will work with this tiny bank but will find out next week. If not I either use the in person mode or use my ATM card max 500 usd per pull daily.  Will piss away a lot of money with that over a year.  Oh well.

You may be able to search the website of your U.S. bank to see if they offer ACH interbank transfers.  I've done this for other Americans who were whining about not knowing if their bank or credit union would do this.  I simply asked them the name of their financial institution and spent a few minutes on the website of that institution or used google if their institution had a crummy internal search function.  Didn't even have to log in as a customer to get the required information.  Most do.  But you do have to get set up for "bill pay" which is an additional step beyond being set up to do internet banking.

 

Even if your financial institution won't do ACH interbank transfers you have a couple other options beyond the hugely expensive (and stupid, in my opinion) option of using your ATM card to bring in $500 at a time.  Besides being expensive, there's risk of having your ATM card damaged or eaten by the machine.  You can bring in larger sums via wire transfer -- often the fee is about $50, so do it every 90 days or so with a large chunk of money.  And if you can wait 30 days for a personal check to clear, you can write a personal check to yourself at Bangkok Bank, and the fee is something like $30, but it does take up to 30 days before the money is credited to your Bangkok Bank account.

 

 

[hml367]

4 hours ago, elephant45 said:

4 hours ago, elephant45 said:

 

Yah, I think i understand all of this now. Makes sense to have to show up in person really but it still is something that locks us in so to speak, a bit of a ball and chain. I have yet to know whether the ACH will work with this tiny bank but will find out next week. If not I either use the in person mode or use my ATM card max 500 usd per pull daily.  Will piss away a lot of money with that over a year.  Oh well.

 

I agree about being "locked in" in some areas of this way, elephant45.  I have attached a file form the US Consulate, Chiang Mai.  This way you are "locked into " the exchange rate at the time of month your deposit happens.  In my experience, the beginning of the month has lower exchange rates.

 

For myself, I have SS deposited to my financial institution in the US.  I withdraw money on my Visa credit card, which has no foreign transaction fee and also no cash advance fee.  I then go online and transfer the amount from my checking account to my Visa credit card account.  The result is it costs me nothing to get my money here.  The only limitation is the credit card maximum and the it has to be paid down.  This way I can choose when to make my transfers for better exchange rates, and the money is available immediately.

 

There are a few credit cards available which offer these same benefits. Finding them and then being able to do the required transactions online is what might be harder to accomplish.

Direct deposit procedures.pdf

Edited October 15, 2016 by hml367

[Dante99]

2 hours ago, NancyL said:

 

 the hugely expensive (and stupid, in my opinion) option of using your ATM card to bring in $500 at a time.  

There are those who find no fee ATM cards with companies who will Fedex replacement cards at no cost thus using the ATM is not expensive or stupid for them.

 

You are getting carried away again Nancy.

[lopburi3]

Virtually all ATM's in Thailand charge a fee for foreign card use so in almost no cases would this be a convenient solution and in most cases not even cost effective due to travel/work involved to get to that special ATM.  Add to that the chance of card no longer being free of fee and chance it will not work when needed.  Yes a few people can travel other roads with success but for most of us the ACH method makes sense and is easy.  

[hmficc]

Open a Charles Schwab account in the US. ATM  Draw your money from wherever  you are and Chuck pays the fees. Simple and easy- the travelers choice.

[Gary A]

5 hours ago, amexpat said:

 

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

 

Maybe I am nit picking while you are digressing.  What does traveling to Bangkok have to do with anything here?  

 

I was asked why I don't use an income letter. That was my answer.  

[amexpat]

I see.  It's the same as going to the Consulate in Chiang Mai for the letter.

 

Except for the flights, taxis, hotels.  Sure, up to you.  Good night. 

[NancyL]

12 hours ago, Dante99 said:

There are those who find no fee ATM cards with companies who will Fedex replacement cards at no cost thus using the ATM is not expensive or stupid for them.

 

You are getting carried away again Nancy.

 

It's not just the fees associated with ATM cards that make them a stupid way to transfer funds.  It's the low upper limits set by ATM machines, it's the fact you're using ATM machines for the process -- which aren't exactly the most secure or reliable method to obtain funds, it's that you're carrying around cash, potential security problems with someone you think you trust getting ahold of your ATM card and using it.

 

As you may know, I assist elderly expats who find themselves with difficulties.  Usually it's medical difficulties, but often there are other problems -- financial, visa, living arrangements, etc.  I can't tell you how many times I've encountered people with problems because they'd been relying on using an ATM card tied to a foreign bank account to transfer their monthly pension to Thailand.  In one case, a person's friends had to take up a collection to send him home so he could access his pension funds, in several other cases we've had to get foreign Embassies, lawyers, Social Security Manila and overseas family members mobilized to be able to access funds that became inaccessible when an ATM card was lost or rendered unusable and the account owner was unable to communicate with the overseas bank to obtain a new one.

 

You know, even young people have accidents and can end up in comas and unable to talk with their bank to answer security questions to obtain a new ATM card.  And elderly people can develop dementia or cancer and find themselves unable to communicate with their bank on the phone, esp. given the need to talk with them at night because of the difference in time zones.

 

If you're going to rely on an ATM card to get your funds here, you'd better have someone in your home country holding a Durable Power of Attorney for you.  In some countries, this has to be set up in your home country and even on a form specific to the bank.  

 

But, if you have your SS direct deposited to Bangkok Bank, it's fairly easy for a reputable third party to go to Bangkok Bank with a letter from the hospital describing your situation and the amount owed to the hospital.  Bangkok Bank will send an officer to the hospital to verify the situation and funds will be released directly to the hospital. There is no way a U.S. bank will do this.  

 

As you may know, there is no free medical care for foreigners in Thailand and you'll be turned away from a private hospital and sent to a gov't hospital unless you have a way to pay.  And, the gov't hospital will provide just basic humanitarian emergency care unless they're assured of payment.

 

No Dante99, I'm not "getting carried away".  I guess I've assisted too many guys in gov't hospitals who had millions of baht that no one but them could access and they weren't in any shape to access it.  It can literally be a matter of life and death.

[SaintLouisBlues]

18 hours ago, NancyL said:

If you don't like it, you can have your SS deposited to a U.S. bank account and then transfer the funds to a regular Bangkok Bank account via the ACH process using your U.S. bank's internet banking.  

Only if you're still resident in the US or/and have maintained a US bank account. I know a number of guys who have worked in the US and because of the inter-country social security agreements get US socials payments once they turn 62 even though they're no longer resident and aren't citizens or green card holders. Either they close their bank account or it was closed for them because of inactivity

[hml367]

50 minutes ago, SaintLouisBlues said:

50 minutes ago, SaintLouisBlues said:

 

Only if you're still resident in the US or/and have maintained a US bank account. I know a number of guys who have worked in the US and because of the inter-country social security agreements get US socials payments once they turn 62 even though they're no longer resident and aren't citizens or green card holders. Either they close their bank account or it was closed for them because of inactivity

 

Of course one must maintain a bank account to keep it active.  Having Social Security benefits direct deposited to an account in the US is just such an activity which could keep the account active.  Then, as is suggested in the post you quoted, if you transfer monies out of the account into Bangkok Bank NYC, that is more activity on the account. The post you quote from NancyL indicates activity on the account.

 

I have been receiving my Social Security benefits in a similar manner ever since moving to Thailand.  You do not have to reside in the US.  I have 2 bank accounts in the US and no problems using them.

[SaintLouisBlues]

7 minutes ago, hml367 said:

Of course one must maintain a bank account to keep it active.  Having Social Security benefits direct deposited to an account in the US is just such an activity which could keep the account active.  Then, as is suggested in the post you quoted, if you transfer monies out of the account into Bangkok Bank NYC, that is more activity on the account. The post you quote from NancyL indicates activity on the account.

That doesn't help those who worked in the US, then some years prior to turning 62 returned to their home country and closed their US bank account when they did so, does it? One guy I know didn't use his Chase account for 3 months and they closed it on him

Edited October 16, 2016 by SaintLouisBlues

[hml367]

2 minutes ago, SaintLouisBlues said:

That doesn't help those who worked in the US, then some years prior to turning 62 returned to their home country and closed their US bank account when they did so, does it? One guy I know didn't use his Chase account for 3 months and they closed it on him

 

Social Security has a publication specifically addressing receiving benefits when you are outside the United States.  If a person is eligible to receive benefits, there are ways to do that.  Some people are not eligible at all, some are only eligible for something like 6 months, and some are eligible fur the rest of their life. 

 

I know a few Thai people living in Thailand that worked through retirement age in the US, then moved back to Thailand.  They receive their SS benefits.  Could be they maintain a US account, that is none of my business.  But they can receive their benefits.

 

 

[SaintLouisBlues]

Gosh I learn something new every day

[hml367]

18 minutes ago, SaintLouisBlues said:

That doesn't help those who worked in the US, then some years prior to turning 62 returned to their home country and closed their US bank account when they did so, does it? One guy I know didn't use his Chase account for 3 months and they closed it on him

 

EN-05-10137.pdf

[amexpat]

You can open another acct online.  You may have to use your old US address. 

[elephant45]

I called Charles Schwabb and  had quite a lengthy conversation with them the other day. They asked, where did you file yuor last tax return. Here in Thailand i said, and they said well that is your resident address then. In that case its a minimum of 25,000usd to open an account with them. If you are an official US Resident have a way to p0rove that it is 1000 usd to pen an account. They ar eon the phone 24/7 and very efficient and knowledgeable. But I do not have people who will do all that for me in the states unfortunately.  So I may end up wit the local BKK Bank deal. I am going to the bank today to talk with the manager about it.

[elephant45]

Contacted another bank in Michigan where I had an account which they closed and stole all the money (thanks, good old US Banking System)  because I didn't use it enough but they do not have Bangkok Bank listed in their online bank to Bank transfer system. Called Bill Pay who they seem to use and they are clueless also. What am I missing here? Is this only offered by huge major banks?

[wayned]

It's actually the US government that is the cause of the problem.  They have an agreement with Bangkok Bank that they will only deposit US retirement benefits in an account in Thailand that has these restrictions:  withdrawal in person, no ATM, no internet.  Bangkok Bank is the only bank in Thailand that is authorized to receive these payments.  I guess that's it's more in place to protect them not you since if you "kick the bucket" your spouse or friend could continue to withdraw funds after your death.  - they don't trust the Thai's!

[lopburi3]

2 hours ago, elephant45 said:

Contacted another bank in Michigan where I had an account which they closed and stole all the money (thanks, good old US Banking System)  because I didn't use it enough but they do not have Bangkok Bank listed in their online bank to Bank transfer system. Called Bill Pay who they seem to use and they are clueless also. What am I missing here? Is this only offered by huge major banks?

Normally there needs to be a small transfer made to test ACH transfer system to a new bank account so perhaps there list of banks was a pre-approved list not requiring that step?  But you want to make a transfer to a specific account/name using ACH rather than to a bank so perhaps method is listed someplace else?

[NancyL]

6 hours ago, elephant45 said:

Contacted another bank in Michigan where I had an account which they closed and stole all the money (thanks, good old US Banking System)  because I didn't use it enough but they do not have Bangkok Bank listed in their online bank to Bank transfer system. Called Bill Pay who they seem to use and they are clueless also. What am I missing here? Is this only offered by huge major banks?

Here is a site where you can find the routing number for any U.S. bank: http://check-routing-numbers.com/026008691/ I do interbank transfers from our Michigan credit union into Bangkok Bank frequently.  You simply put in Bangkok Bank's routing number: 026008691    

[SpokaneAl]

Here is a site where you can find the routing number for any U.S. bank: http://check-routing-numbers.com/026008691/ I do interbank transfers from our Michigan credit union into Bangkok Bank frequently.  You simply put in Bangkok Bank's routing number: 026008691    

We also periodically transfer money from our US based credit union to Bangkok Bank with no problems and very small transfer fees - $17.





Sent from my iPad using Thaivisa Connect

[NancyL]

9 minutes ago, SpokaneAl said:

 

We also periodically transfer money from our US based credit union to Bangkok Bank with no problems and very small transfer fees - $17.





Sent from my iPad using Thaivisa Connect

 

Actually with a fee like that, it sounds like you're doing an overseas transfer and not a domestic interbank transfer, which should be cheaper, esp. from a credit union.  Are you putting in the ACH number and not the SWIFT code of  BKKBTHBK?  

[hml367]

In my opinion there is a lot of confusion in this thread.  I think people need to understand some different terms and what they apply to.  As an example: whether you make a direct deposit or make a bill payment to Bangkok Bank New York, it will probably be cleared using ACH. So a direct deposit is ACH, as well as an online bill payment. i.e.:

 

The ACH Network processes two types of transactions: Direct Deposits via ACH and Direct Payments via ACH.

• Direct Deposit via ACH is the deposit of funds for payroll, employee expense reimbursement, government benefits, tax and other refunds, and annuities and interest payments. It includes any ACH credit payment from a business or government to a consumer.

• Direct Payment via ACH is the use of funds to make a payment. Individuals or organizations can make a Direct Payment via ACH as either an ACH credit or ACH debit.

In post #50 on page 2 of this thread there is a download link to EN-05-19137.pdf, which is the Social Security booklet, "Your Payments While you are Outside the United States."   This should help people understand with regard to Social Security benefits.

 

Then to understand ACH, you can look at https://www.nacha.org/news/what-ach-quick-facts-about-automated-clearing-house-ach-network

 

I don't think consumers would use an "ACH number", but rather an ABA Routing Number- explained here:  http://www.aba.com/products/pages/ps98_routing.aspx

 

This is not picking apart any particular person's post, but rather trying to clear some use of terminology by many which could confuse some people. 

[elephant45]

I was able to open an account online with ALLY Bank in PA. 1usd and 1% OTC cash advance fee. But no chip in the card. Reimburse up to 10usd for ATM fees on this end too and 1 USD ATM fee, but they were unable to answer anything  regarding exchange rate .