Question on US Social Security

[elephant45]

up to 1000usd per pull on the ATM Card so that covers the 25,000baht limit here if you use the ATM. Look on Nerdwalllet.com and they list a bunch of banks with the lowest fees. Hope the card works, they didn't even ask for a drivers license # or Passport number but they knew from my SS Number about my credit history etc and asked a bunch of really private questions that i was amazed that they could know, like what color of car did you own in 1975, bizarre, Hope i wasn't talking to someone in Nigeria.

[jobin]

So, St.L.Blues, sounds like you are not a USA passport holder.  If so, would have  saved some running in circles if you had told us that. 

If no USA passport, you cannot go to USA consulate/embassy and get an income affidavit letter.  Must have money in the Thai bank for XXX days prior to Immig application.

But, i have heard that a few other countries may offer income affidavits acceptable to Thai Imming. I don't know if true. 

[elephant45]

Also Bank Manager said that if I was gone one year the money would be there for the last 12 months when I came back and signed for it. But again, I did find a US Bank so I think I will use that because I am not sure if I can take the heat, noise and pollution in Chiang Mai for much longer.

[Gonzo the Face]

Simple answer please, from someone who does knowm and not thinks they know.

 

For years now, I have had my So Sec payments deposited  directly into Bkk Bnk in New York and then show up in my Bkk Bnk here in Thai. Usually shows up here within the first couple days of the month, depending on weekends.

My question

Which is considered faster or cheaper ?

Thanks in advance for your answer.

G

[elephant45]

hml367 was a credit union manager

[jobin]

Well, Gonzo the airplane is faster but the bus is cheaper, esp for short hauls.

 

And if you gave us a better question, you would get a better answer.

[hml367]

1 hour ago, Gonzo the Face said:

Simple answer please, from someone who does knowm and not thinks they know.

 

For years now, I have had my So Sec payments deposited  directly into Bkk Bnk in New York and then show up in my Bkk Bnk here in Thai. Usually shows up here within the first couple days of the month, depending on weekends.

My question

Which is considered faster or cheaper ?

Thanks in advance for your answer.

G

 

Gonzo,

See the second paragraph in my post, #38 in this thread, and this method the money is in my account at the time I make the transaction at the bank in Chiang Mai.

 

The only thing is the fees which can be levied by the card issuer.  These fees COULD be cash advance fees and foreign currency exchange fees.  Mine are both zero. 

 

You can find credit cards on the internet which have zero foreign transaction fees, but you have to be sure about the cash advance fees.  As an example, the card I use for this type of transaction has zero cash advance fee and my financial institution does not charge a foreign currency exchange fee.  I have another card from a different financial institution which has zero foreing transaction fees, BUT there is a 3 per cent cash advance fee.

 

It can be done if one can find the right card and financial institution.  They do not necessarily have to be the same financial institution.

 

[NancyL]

Gonzo, I don't think the Bangkok Bank direct deposit method is any slower than direct deposit into a U.S. account.  We have told SSA that we live in Thailand, but have Hubby's benefit direct deposited into our U.S. credit union account.  In reviewing a year's worth of records on-line, I see that the deposit almost always hits the account on the 2nd or 3rd day of the month -- which, what with the 12 hour time difference would probably be the 3rd or 4th day of the month here.  There were two times during the past year when it hit early on the first day of the month because of holidays.  

 

So, it's really a question of where you need the money.  We use Hubby's SS benefit to pay our U.S.-based expenses and his private pension to pay our Thailand-expenses (it's direct deposited into Bangkok Bank).  If you need to spend the SS money in Thailand, then it really doesn't make sense to deposit it in the U.S., unless you've got a really low, cost super-duper way to bring it in, as hml367 outlined and someone set up with a Durable Power of Attorney to act on your behalf to keep bringing the funds into Thailand in case you're hit by a tuk-tuk and in a coma in the hospital unable to continue to execute the transactions from month-to-month or talk with the financial institution to obtain a new ATM card when the machine eats your card.

 

 

[lopburi3]

Actually all my ACH transfers from USA to Thailand require are a few key-clicks on computer - which could be done by anyone with the passwords so a bit of advance planning would go a long way in providing cash in the above tuk tuk example - and the money could be sent into a joint account at this end so no need for in person appearance or alternative as there would be for a directly deposited SS check.  Up to the person which approach they wish to use - but both are good for there own reasons. 

[NancyL]

2 hours ago, lopburi3 said:

Actually all my ACH transfers from USA to Thailand require are a few key-clicks on computer - which could be done by anyone with the passwords so a bit of advance planning would go a long way in providing cash in the above tuk tuk example - and the money could be sent into a joint account at this end so no need for in person appearance or alternative as there would be for a directly deposited SS check.  Up to the person which approach they wish to use - but both are good for there own reasons. 

Yup, but it's amazing how many people don't trust someone else to know how to duplicate their "few key strokes" to handle the monthly transfers of their pensions from the U.S. to here.  I've got this procedure documented for Hubby in case I'm hit by a tuk-tuk but we each of a Durable Power of Attorney in case we're in a tuk-tuk together that's wiped out.  You just never know.  

 

I guess, I've just seen too much in helping elderly expats with "medical difficulties" here in Chiang Mai.  Usually it's not the "medical problems" that are the most heartbreaking (the doctors have that part under control), but it's the difficulty in reaching their families and money because they're in no position to communicate, didn't trust anyone close to them in Chiang Mai with important details, or if they did, that person isn't available.    

[Gonzo the Face]

21 hours ago, jobin said:

Well, Gonzo the airplane is faster but the bus is cheaper, esp for short hauls.

 

And if you gave us a better question, you would get a better answer.

 

Well it would appear that those who read a thread and what it is about were able to read and understand.   But I do apologize to any that are too thick to understand, and really should read before rushing to post a critical reply.

Reeks a lot likeTrump-ism.   

Thank you to those who seriously replied, much appreciated.

Edited October 23, 2016 by Gonzo the Face

[JimGant]

Quote

If you need to spend the SS money in Thailand, then it really doesn't make sense to deposit it in the U.S., unless you've got a really low, cost super-duper way to bring it in, as hml367 outlined and someone set up with a Durable Power of Attorney to act on your behalf to keep bringing the funds into Thailand in case you're hit by a tuk-tuk

 

No, the Direct Deposit requirement for in-person retrieval is still the shortfall of this option. Yes, Nancy has found that, in time of medical emergency, this requirement can be circumvented. But, if you have someone less talented than Nancy helping you out -- hmmmmm.

 

So, if you can (i.e., have a US account), direct deposit your SS into it. To manually ship this money to your Bangkok Bank, do the few key strokes required. It will cost exactly the same as what a SS Direct Deposit will cost ($5/$10 up front in New York, 200-500 baht back end fee in Thailand). Timewise? -- yes, a SS Direct Deposit will get to Thailand before your direct deposit to your US account can be redirected thru BB NY to your Bangkok Bank account. But, we're talking about a few days, at least based on my USAA history (30 hours transfer time). If living hand-to-mouth, and a few days are critical, your problems are more critical than what's going on in this thread.

 

Hit by a tuk tuk, so can't redirect manually your SS via ACH? Then, set up (prior to an accident, of course) an automatic monthly transfer from your US bank that obviates the need to have you -- or anyone -- send the money to Thailand. Result: You're now in the same position Nancy advocates, namely, having the money into Thailand automatically, without manual intervention. But, serendipity: No need to plead medical emergency to get around the Direct Deposit requirement for in-person retrieval.

 

[mesquite]

Being hit by a tuk tuk can happen in any country, not just Thailand.  If you travel to Cambodia or any other country and are in a serious accident, a POA in Thailand won't be any good to you.

 

In my case I use the method hml367 describes:  A credit card for cash advance.  I also have an ATM card that pulls money out of my US account at a very good FX rate, no fees, and reimbursement of ATM fees.  Finally, I use a rewards credit card for many purchases here, 2% back to me. 

 

I keep 3 credit cards and my US health insurance card (which covers me worldwide) and my US passport card in my wallet at all times. 

[lopburi3]

4 hours ago, JimGant said:

 

No, the Direct Deposit requirement for in-person retrieval is still the shortfall of this option. Yes, Nancy has found that, in time of medical emergency, this requirement can be circumvented. But, if you have someone less talented than Nancy helping you out -- hmmmmm.

 

So, if you can (i.e., have a US account), direct deposit your SS into it. To manually ship this money to your Bangkok Bank, do the few key strokes required. It will cost exactly the same as what a SS Direct Deposit will cost ($5/$10 up front in New York, 200-500 baht back end fee in Thailand). Timewise? -- yes, a SS Direct Deposit will get to Thailand before your direct deposit to your US account can be redirected thru BB NY to your Bangkok Bank account. But, we're talking about a few days, at least based on my USAA history (30 hours transfer time). If living hand-to-mouth, and a few days are critical, your problems are more critical than what's going on in this thread.

 

Hit by a tuk tuk, so can't redirect manually your SS via ACH? Then, set up (prior to an accident, of course) an automatic monthly transfer from your US bank that obviates the need to have you -- or anyone -- send the money to Thailand. Result: You're now in the same position Nancy advocates, namely, having the money into Thailand automatically, without manual intervention. But, serendipity: No need to plead medical emergency to get around the Direct Deposit requirement for in-person retrieval.

 

Yes the automatic transfer is a logical option - even if for less than full amount - and if that is not an option at your bank always have an ATM card to provide an emergency option to draw funds in such 'tuk-tuk' emergency situations even if there is an ATM charge involved.  

[CMBob]

On ‎10‎/‎19‎/‎2016 at 4:24 AM, 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 

 

Geez, you've got that wrong in a few ways.  First off, there is a Michigan "escheats" law that provides that a bank must turn over to the Department of Treasury any inactive accounts (for a series of years) after an attempt to contact the owner of the account fails.  The Department of Treasury (Unclaimed Property Division or some such name) holds onto the money and there is no time limit for the proper person to get his/her money back.  So your problem was not the US banking system or even your own bank....it was you ignoring your bank account for "x" number of years, not leaving a valid contact address, and not bothering to reclaim your money from Treasury.