Accessing Social Security in Thailand

[elgordo38]

Is there a bank in Bangkok where one can get their Social Security transferred from an American Bank (Name it please if you know it) to to access it by Debit Card?? I don't think the Social Security sends checks or funds out of the United States do they?

[KhunBENQ]

Moved to .. banking forum.

(not much to do with IT and Computers)

[Pib]

The Social Security Agency, along with other U.S. govt pension payment agencies, primarily use the Automated Clearing House (ACH) transfer system (the primary funds transfer system used in the U.S.) to make pension/benefit payments.  

 

Only one bank in Thailand has ACH receiving capability and that is Bangkok Bank.  It would require opening a special Direct Deposit account for receipt of U.S. govt payments.  Unfortunately, their Direct Deposit account comes with restrictions like no debit card can be associated with the account, no ibanking outbound transfers can occur, and the only way to get funds from the Direct Deposit account is by physically going to any Bangkok Bank branch with passport in hand.  Assuming your monthly SS pension is $2K or less there would be approx $11 in Bangkok Bank fees per monthly payment/transfers....approx $16 if over $2K.   Full details at this Bangkok Bank weblink.

 

But I recommend you consider setting up an automatic monthly transfer from your U.S. bank via ACH transfer (assuming your U.S. bank does not charge a Sending bank fee or maybe only a couple of bucks) to a regular Bangkok Bank savings account vs their special Direct Deposit account.   You would still have above mentioned $11/$16 Bangkok Bank fees on top of any Sending bank fee.  By doing it this way there is no Social Security/US Treasury coding/description on the transfer and which allows it to flow into a regular Bangkok Bank savings account with no debit card or ibanking restrictions....that monthly transfer is seen as just another adhoc/personal transfer from another bank versus a U.S. govt payment.