Banking Advice For US Pensioners

[philipines]

For several years, I've received two (2) direct deposits as an American pensioner, into Bank of Philippine Islands. I'm unable to go online and move the cash onto the ATM card account. This means each few months I must return to the Philippines to withdraw/transfer my pension funds.

 

I'm asking for a bank that makes it so much easier to receive pensions and withdraw via ATM debit cards, because I love traveling and am often out of the area.  Currently I'm on a tourist Visa here in Kuala Lumpur. Any related information is appreciated, does not have to be a Thai facility.
 

[inThailand]

Any Thai bank can accept your EFT deposit into your account and issue you an ATM card that can be used locally or elsewhere. Many like Bangkok Bank or Siam Commercial Bank.

[Pib]

5 hours ago, inThailand said:

Any Thai bank can accept your EFT deposit into your account and issue you an ATM card that can be used locally or elsewhere. Many like Bangkok Bank or Siam Commercial Bank.

Almost all Direct Deposit pensions issued in the U.S. by the govt or private companies occur on the Automated Clearing House (ACH) system.  It's the predominant funds transfer system used in the U.S.   Only one bank in Thailand has ACH receiving capability and that is Bangkok Bank.  Although ACH is a form of Electronic Funds Transfer (EFT) which is just a generic term,  ACH is the funds system specifically used for most benefits/pension payments in the U.S. by govt agencies, companies, between banks, etc.

 

For a U.S. govt agency benefits/pension payment (e.g., social security, military retirement, etc) a special Bangkok Bank Direct Deposit savings account must be opened which does not allow an associated debit card or transfer-outs via ibanking....a person must show up in person at any Bangkok Bank branch to accomplish a withdrawal/transfer-out.    Sounds like the OP's Philippines bank has a similar requirement.  

 

Now a person can open a regular Bangkok Bank savings account which does come with debit card and full ibanking capability and have his U.S. govt pension sent there but unfortuantely the joy will be short-lived as Bangkok Bank will immediately or within a few months spot the U.S. govt reoccurring benefit payment through the description/special coding on the transfer identifying it as a U.S. govt reoccurring payment, put the incoming payment on hold, send the account a letter saying he must come in with X-weeks to open a special Direct Deposit account to get the payment off hold and to receive future payments.  Otherwise the payment on hold and future payment will be sent back to Uncle Sam. 

 

If a person still has a U.S. bank account they can have their pension sent to that U.S. bank first, accomplish a free/low cost ACH manual transfer or setup a periodic automatic transfer which basically relays your pension payment  from your U.S. bank to a "regular Bangkok Bank savings account" which can have debit card/full ibanking since that transfer would not include any U.S. govt description/coding...it's now just an EFT via ACH which can go to a regular Bangkok Bank savings account.

[philipines]

Thank you for this highly informative reply to my query. I shall follow the links to Bangkok Bank, to discover if pensioners with Tourist Visas, qualify to open direct deposit accounts.

 

" Sounds like the OP's Philippines bank has a similar requirement."

Yes, true. Not having to fly there several times a year is the goal to accomplish now.

[JimGant]

Quote

" Sounds like the OP's Philippines bank has a similar requirement."

Yes, true. Not having to fly there several times a year is the goal to accomplish now

But, opening a direct deposit account in Thailand means you'll have to fly there "several times a year" to collect your pension. If you're, apparently, now flying around -- best fly back to the States and open a bank account there for your direct deposits. Then, use that bank's ATM card to get your money abroad -- wherever you may be.

[Mrjlh]

Look into "Discovery Bank". Yep the credit card company.  You can open a "checking account" but I believe need an USA address. They now have no branch bank. Then just use your Discover card anywhere their logo is, no fees.  Look into it. May or may not work for you.

[Pib]

1 hour ago, Mrjlh said:

Look into "Discovery Bank". Yep the credit card company.  You can open a "checking account" but I believe need an USA address. They now have no branch bank. Then just use your Discover card anywhere their logo is, no fees.  Look into it. May or may not work for you.

 

Didn't even know there was a Discover Bank.  Was curious if their debit card had any foreign transaction fee....after some brief surfing of the Discover Bank website I didn't find anything regarding a fee, but did find their debit card can only be used in the U.S., Canada, Mexico and the Caribbean...pretty much a card for North America only card....wouldn't do a person much good in Thailand, the P.I., or non-North American country. 

 

https://www.discover.com/online-banking/help-center/general-faq.html