shortstop
-
Posts
84 -
Joined
-
Last visited
Content Type
Profiles
Forums
Downloads
Posts posted by shortstop
-
-
The Bangkok Bank rep did not get back to me as promised so there could be a delay opening my direct deposit account. I can try various branches but would prefer the one that I already have an account with or if that doesn't work then one of the other more convenient branches since I have to show up at the branch whenever I want to withdraw money..
So my question is can I start the ball rolling and apply online even though I don't have my direct deposit account yet?
The online enrolment process doesn't show the whole process rather you have to fill in the first part before getting to the second part and so on and so on. I am wondering if the online enrollment is set up the same as the PDF that one would mail in?
On the PDF there is a remarks section where I could state that the direct deposit info will be provided in a few weeks.
-
Deposited the check today at Krungsri. Nothing in bank book but I think the exchange rate is locked in. If not, doesn't really matter as 50/50 chnace it could go up or down.
They used the (Sight Rate times 600) minus 203 baht which works out better than if I deposited in Bangkok Bank even though Bangkok bank's rate was 12 satang better today.
I think I would have been in and out of Bangkok Bank in less than 5 minutes but I was at Krungsri for 40 minutes. They either didn't like my signature as it varies or it is possible that they had a copy of someone else signing twice they wanted me to sign the check twice. Since I am under the impression that you cannot mark the check other than the top fifth of the back, I wouldn't sign the check twice and explained that the check could be rejected if i signed twice. They relented.
-
4 hours ago, lopburi3 said:
That my be your fee rate but rate of exchange will be the current rate on day check is credited to your account unless things have changed.
Is the day the the check is credited to my account the day I deposit the check?
If not, then there would not be any entry in my bankbook for a month or so.
I understand the funds are not available for withdrawal until the check clears.
-
How close do you need to be? Alt Hotel Nana by UHG is about a 25 minute walk and extremely inexpensive during Covid time. Don't mistake the cheap price indicating a bad hotel. I was quite happy there. The breakfast is quite good so you might want to choose the breakfast included option. The main negative is the pool is much smaller than the pic makes it appear to be.
-
On 2/28/2021 at 1:11 PM, Pib said:
If you plan to use the ACH system which means you will be using the Bangkok Bank NY branch ACH routing number then you would complete a SF-1199a.....just the standard old form use for U.S. govt direct deposits via the ACH system.
https://www.irs.gov/pub/irs-utl/sf-1199-a_dirdeposit.pdf
Bangkok Bank "kinda pushes" this method since it means the monthly payments can only come to them as Bangkok Bank is the only Thai bank with ACH receiving capability and also allows the Bangkok Bank NY branch to earn a pass-thru fee.
Went to Bangkok Bank today and the bank rep was pushing the IDD method as it was much less work for her. This might be because I don't have a social security card.
I had brought all kinds of official looking stuff with my SS# and was relieved that today the bank rep was backing off the card request. She was on the phone for quite awhile with the home office and perhaps they suggested that with the IDD method they didn't need my Social Security card. First she said I could keep my old account which was OK with me if that's want it took for them to back off the card. But then when she filled out the form it had a swift code number and the form was the IDD form. No sense getting less money every month by doing the IDD method but even if I was going to use the IDD method, I'd do it with Krungsri where I do most of my banking.
The bank rep was confused and the assistant manager said she would set up an appointment with the manager on another day as he was out of the office today. So we will see if they relent about the card. If not, I'll try another branch although I realize that I have to appear at the branch when I want my money.
If every branch wants to see a card, it might take me awhile to get one. If so, is it possible to collect a few months retroactively? For tax reasons I want half of my Social Security plus the standard deduction to be less than 25K for as long as possible.
-
Pretty much decided to cash my $600 stimulus check instead of losing it and reporting it lost. So i went to my three banks to see how they would handle the transaction.
Bangkok Bank said my fee would be 30.45 (their TT Selling Rate) time $15 = 456.75 plus 3 baht which equals a grand total of 459.75 baht. I did not verify that the exchange rate would be the TT Selling Rate.
Kasikorn told me to go to a different branch.
Krungsri said she thought it would be 203 baht then went to check. She was gone a long time and said yes it would be 203 baht. 17,790 baht minus 203 equals 17,587 baht. I didn't have my Krungsri bankbook as I was only planning to go to Bangkok Bank on another matter so went home figuring I would deposit the check tomorrow.
When home, I did the math and 17,790 divided by 600 equals 29.65 which does match any of the exchange rates on the Krungsri website nor does it match any of the numbers minus 1%.
Perhaps the lady made a mistake or there is a secret haircut that does not exactly 1%.
So on this particular time and day assuming that Bangkok Bank uses the TT Buy Rate when cashing my check and assuming Krungsri's calculation was accurate cashing the check at Bangkok Bank would give me an extra 43 baht.
It appears that Bangkok Bank has a wider spread between their Buy and Sell rate than Krungsri does. Both have wider spreads than the Visa Interbank Rate. Best spread I've seen is for cash at Super Rich Thailand which is sometimes as low as 3 satang.
For foreign government checks do banks use the TT Rate, Sight Bill Rate, $100 Cash Rate, or some other rate not shown on their websites?
-
On 2/28/2021 at 1:11 PM, Pib said:
Recommend if using the ACH payment method is to open a new direct deposit acct....leave your other regular acct alone.
When I open my new account it would be best if no Thailand tax is withheld due to interest earnings even though the interest earned in this account will be quite small. To assist the bank rep in setting this up perchance do you know the internal Bangkok Bank coding that is used so no tax is withheld if one provides them their Thai Tax ID card number?
-
On 2/18/2021 at 4:45 PM, Dagfinnur Traustason said:
No problem. All big Banks like: Bangkok Bank, Kasikorn, Krung Thai Bank, Siam Commercial Bank and Bank of Ayudhya will accept a check from US government. They will charge a small fee of all from 10 to 60 dollar. The biggest problem is the time is takes very a lot.
Anyone know the fee for cashing a $600 stimulus check at Krungsri, Kasikorn, or Bangkok Bank? I have accounts at all three so no sense spending extra money if one is cheaper.
-
3 hours ago, Jingthing said:
Perhaps people may want to mention ones that they are using that do accept their foreign address.
I just filed a couple days ago with Turbo using a foreign address and US bank account for the refund and my return was accepted. I think I've only used Turbo and TaxAct and thought they were both pretty good but one of them tricked me one year and I paid 10 or 20 bucks just to get it over with.
Here is a list of of what the supposed requirements are for each free option:
-
1
-
-
Anyone know if ACH transfers from Fidelity to Bangkok Bank NY now have the proper IAT coding or not?
-
On 2/19/2021 at 6:55 PM, OliverKlozerof said:
I thought I'd heard Fidelity was getting strict about customers living outside the US. Or do you use a US address with them?
I use a US address with Fidelity but tried downloading their app today and the message was not available in my location.
-
On 2/28/2021 at 1:11 PM, Pib said:
The bank normally requires a copy of your Social Security card or some other document proving the SSN you are providing is correct....some people simply don't know their SSN or make typos when writing it on a form....and Bangkok Bank just wants to make sure the SSN is correct and is "your" SSN versus you being some identity theft scammer.
I went to Bangkok Bank today and they wanted my Social Security card. Can't remember the last time I was asked to show my SS card and guess I lost it long ago and never saw the need to replace it. Suppose I can try another branch.
-
7 hours ago, Pib said:
If you plan to use the ACH system which means you will be using the Bangkok Bank NY branch ACH routing number then you would complete a SF-1199a.....just the standard old form use for U.S. govt direct deposits via the ACH system.
Pib, thank you for your detailed reply! ????
My understanding is Bangkok Bank sends this form to the Social Security Administration. If they ask for an address, should I give them the Baltimore or Manila address?
-
Has anyone filed for free using Turbo Tax this year using a Thailand address? On the IRS website it states that that within certain income limits Turbo is free for foreign addresses but after inputing my address I saw this message:
QuoteFree products like TurboTax Free Edition and TurboTax Easy Extension require a U.S. or APO/FPO/DPO address upon registration.
I have not reached the stage where I file and payment is requested though.
-
19 hours ago, Sheryl said:
I use the IRS Free Fillable forms, works just fine https://www.irs.gov/e-file-providers/free-file-fillable-forms
I'm OK with filling out the forms. I assume that it creates a PDF which you send electronically?
-
7 hours ago, kokesaat said:
Freetaxusa.com Been using it for over 5 years. Carries over your information from year to year, so you just fill in the relevant info for each new year. Auto deposit to my account in the USA. Not a complicated return: Social security, pension, interest/dividends.
Does FreeTaxUSA offer free returns if using a foreign address?
-
On 2/26/2021 at 8:13 PM, Pib said:
However if you signup for payment via Automated Clearing House (ACH) then you must use Bangkok Bank as they are the only Thai bank with ACH receiving capability and it must into their special/restricted savings acct for reoccurring U.S. govt payments
For those who opened Bangkok Bank Direct Deposit Accounts or changed their Bangkok Bank account to Direct Deposit what did your branch require?
The Bangkok Bank website makes it sound like they need SS forms from me.
QuoteHow to apply for Direct Deposit
If receiving payments from a US Government Agency
Download the “Direct Deposit Sign-up Form (SF1199A)” from http://www.socialsecurity.gov/online. Complete the form to sign up for Direct Deposit with your relevant US government agency and include information which are your name and physical address in Thailand; your bank account number and the name and address of your Bangkok Bank Branch in Thailand; 9-digit routing number 026008691 of Bangkok Bank New York Branch.
Open a savings account at any Bangkok Bank branch (except micro branches). If you already have an account with Bangkok Bank, you can use your existing bank account for this service, although we will need to change the type of account in line with the Direct Deposit’s terms and conditions.
Complete a “Direct Deposit Service Application” form, which you can pick up at any Bangkok Bank branch (except micro branches). You can also choose to fill out an SMS Remittance Alert Service Request Form to receive an SMS notification on your mobile phone when funds have been successfully transferred into your Bangkok Bank account.
Submit all forms to Bangkok Bank with the following supporting documents:
Identification Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.
A document from the relevant agency giving evidence of your right to receive the payments.
After verifying your documents, Bangkok Bank will submit your application to the government agency, asking them to approve your request to receive the funds via Direct Deposit.After the request is approved by the US Government Agency, your payments will be electronically deposited directly into your Bangkok Bank account.
-
On 2/26/2021 at 8:13 PM, Pib said:
You do "not" need a MySSA acct to apply for social security retirement. A MySSA acct is just something that comes in very handy sometimes, but a MySSA acct is not needed to apply for SSA retirement.
Good to hear you say the MySSA is not needed and Sheryl says she applied online and does not have a MySSA.
I suppose prompting doesn't mean it is required. Guess I will find out.
Thanks to everyone for the help!
QuoteApply Online
Follow these steps to apply online:To start your application, go to our Apply for Benefits page, read and agree to the Terms of Service. Click “Next.”
On that page, review the “Getting Ready” section to make sure you have the information you need to apply.
Select “Start A New Application.”
We will ask a few questions about who is filling out the application.
You will then sign into your my Social Security account or you will be prompted to create one.
Complete the application -
I want to start collecting Social Security. I enrolled in Medicare Part B when I turned 65 by dealing with the Manila office.
I do not have a My Social Security account. I was put off by the mailing address requirement. Some financial info gets sent to a friend in New York but that may not show up on credit report. I also have a different old address in New York that might show up on.a credit report. I am also concerned about being considered a New York City resident and being responsible for state tax. I have not been back in the States since 2009 and have no plans to do so which makes the Medicare Part B premium painful but I thought I should enroll.
Does having a My Social Security make it easier to start the process? I don't need to know the exact amount I'd be receiving as I have a rough idea from an old paper statement and I know every month I delay that my benefit goes up by 2/3 of 1% and there have been some COLA increases. I haven't worked since my last paper statement. The exact month that my benefits begin doesn't matter too much unless there is legislation passed giving a temporary Covid bump. I think it is also possible to claim retroactively for 6 months which could be useful if a special Covid bump started for example in January of 2021.
I'd like direct deposit to a Bangkok Bank account. I could open a new account there or convert an existing account to a direct deposit account. It seems the banking info is part of the application. Is this the correct form if I want a ACH transfer from Bangkok Bank New York? https://www.irs.gov/pub/irs-utl/sf-1199-a_dirdeposit.pdf
I am confused and not sure what my first step should be.
Contact Manila? I saw somewhere one of the requirements is to mail my only copy of my birth certificate to the Philippines which I am not thrilled about. If it wasn't for Covid, I could fly there for a holiday of sorts. But then elsewhere I saw that I only needed to know my date and place of birth.
Set up a My Social Security account with a dubious mailing address? It appears the MySSA is necessary for an online application. If I don't have this account does it make applying more difficult? I am also concerned about being rejected for a MYSSA and being on some sort of blacklist which makes it even more difficult to apply.
Open the direct deposit account with Bangkok bank?
My experience from dealing with Manila for Medicare is that appointments are needed for phone calls so I want to get everything in order before I try to set up a phone appointment.
Much appreciated if someone can point me in right direction regarding any part of this process. ????
-
9 hours ago, Sheryl said:
How ling did it take you to connect with a human when you called the IRS?
Called at 7:09 PM Thai time and the recording said they were closed and to call back during regular hours which begin at 7:00 PM Thai time, go figure. Called back at 7:36 PM Thai time and got connected right away.
-
On 1/13/2020 at 5:51 PM, Pib said:
Two methods/payment systems now exist....a person can use either one.
1. Your SS payment is paid via the ACH funds transfer system which uses ACH/ABA routing number such as the Bangkok Bank New York Branch routing number of 026008691 and then relayed to your in-Thailand Bangkok Bank restriction direct deposit account. By restricted I mean you must physically visit a branch to withdraw/transfer money, no debit card, acct can only be in your name. This payment method has been around for decades.
2. Your SS payment is paid via IDD which uses the SWIFT system/codes. This payment can go to any Thai bank, a regular Thai bank sayings acct with no restrictions, can have debit card, can be a single or joint owned acct. IDD for Thailand went operational in mid 2019.
Thanks Pib for sharing such useful info!
I will probably start collecting SS sometime this year. I anticipate problems because it wasn't too easy to set up my Medicare Part B payments but after a phone call appointment with a rep in Manila it did get sorted.
Since I live near a few Bangkok Bank branches I suppose Option 1 would work well for me. So the fee for a Social Security payment of less than $2000 would be $5 plus 200 baht using Bangkok Banks TT exchange rate? Just want to make sure that I am not required to report to the bank every month and if my balance builds up I can withdraw a few months in one shot?
Option 2 seems OK too but it seems from a post on the other page the fees are slightly higher.
Are they both relatively painless to set up?
I heard that instead of the 800K or 65K a month methods for retirement visa extensions there is a hybrid method which could be useful in the future. Are both Option 1 and Option 2 eligible for the hybrid method that now exists?
-
On 2/20/2021 at 6:26 PM, DogNo1 said:
The address I have registered with Fidelity is my Japanese address. I have had no problems. I wire $2300 monthly to my Bangkok Bank account for no fee at all.
Were you able to set up the Fidelity Standing Wire Transfer here in Thailand?
It seems to set it up you need a Medallion signature which I don't believe is available in Thailand.
-
On 2/20/2021 at 1:12 PM, OliverKlozerof said:
2) Though I got a letter long ago saying I'd be getting the $1200 check, it never arrived.
I also received Form 1444 in the middle of last year.
I called the IRS, 800-919-9835, tonight on Skype expecting to initiate a payment trace.
Instead the rep said I should check online https://sa.www4.irs.gov/irfof-wmsp/login
It showed despite receiving the letter that the initial $1200 check was never sent but the second $600 check was sent. So there is no need for me to do a payment trace for the first check. The rep said to just claim it when I file my 2020 tax return.
--------------------
As far as the second $600 stimulus payment, March 31st is the first day that a payment trace can be requested. Have no idea how long a payment trace takes.
If the trace determines the check was not cashed but is not completed before the 2020 return is filed supposedly they will automatically adjust your refund.
QuoteNote: If you are filing your 2020 tax return before your trace is complete, do not include the payment amount on line 16 or 19 of the Recovery Rebate Credit Worksheet. You may receive a notice saying your Recovery Rebate Credit was changed, but an adjustment will be made after the trace is complete and it is determined your payment has not been cashed. You will not need to take any additional action to receive the credit.
If you do not request a trace on your payment, you may receive an error when claiming the Recovery Rebate Credit on your 2020 tax return. Since the payment was issued to you, you may not be eligible for any credit.
In 2019, I had no tax withheld and no tax due as I try to withdraw the exact amount from my IRA to keep me at the top of the 0% bracket. When filing, I increased my earned interest from my Thai bank so I'd owe $3 in tax and have that withdrawn from my account hoping that this would avoid having a stimulus check sent to Thailand.. But despite this the PDF of my return doesn't show my Fidelity account number as it did in years when I received a refund. For 2020, I should have a 1200 refund because of the stimulus and hopefully when the payment trace shows that the second payment wasn't cashed they will do. a direct deposit to that account.
-
9 hours ago, wolf81 said:
Even if people cut prices ... most property won't sell I think. There's just too few buyers.
Agreed. Since i am happy with my rental I will only buy in my preferred location in a building I like for around 25K per sqm.
Sellers are cutting prices but only to a level that would have been a good deal a year ago.
Depositing US Covid Check
in Home Country Forum
Posted
I do have a receipt showing the exchange rate, and amount before and after the 203 baht fee. I will report back when the money hits my account to verify whether or not they uses yesterday's rate or a future rate.
I didn't want to cause confusion by asking theoretical questions to the bank about other matters yesterday but I am curious if Thai banks would deposit my personal check made out to myself in this manner. I am trying to figure out how to get money from Fidelity to Thailand other than their debit card. The debit card which rebates the 220 baht fee and uses the Visa Interbank Exchange Rate is great but I figure at some point they could change their policy or state that I overuse my card.