Direct Deposits from Social Security

[rodknock]

with the new idd do we have to do the go to the bank to get your money or will you be able to use a regular savings account with debit and internet?

[Pib]

1 minute ago, rodknock said:

with the new idd do we have to do the go to the bank to get your money or will you be able to use a regular savings account with debit and internet?

Undetermined at this time.  But "normally" that's the way it works....even the Bangkok Bank rep I talked to today implied such....but everyone is still waiting for specific guidance from above.

[AAArdvark]

9 hours ago, Pib said:

Unaware of a "new" SSA 1199 used for setting up an ACH direct deposit. What is the form number complete number and date.

You sure you are not talking the hot off the press IDD form? If so, its completely different from the ACH form. Two different animals.

Rejected money goes back to the sender such as SSA. Then you must contact the sender to get the rejection resolved...once resolved they resend the funds.

I saw the following previous post and thought it meant a new form.  I could easily be wrong.  Please explain the difference between the ACH direct deposit and the IDD form.

 

"As with my new Direct deposit account in January, they are already making applicants fill out the correct set of forms for SSA and DFAS and providing you with a card with account number and 9 digit code for BKK NY.  For those with Military retirements, go into your DFAS account and change online. Only took them 15 days to process and shows BKK address and 9 digit code when you enter the information. SSA to9ld me it takes up t 60 days for the change provided the BKK Branches get the set of signed forms to them. indicated the bottle neck is BKK Bank processing your application through channels fast enough."

[ubonjoe]

11 hours ago, AAArdvark said:

I saw the following previous post and thought it meant a new form.  I could easily be wrong.  Please explain the difference between the ACH direct deposit and the IDD form.

The IDD form is for when the SSA send the payments by SWIFT directly to a Thai bank.

For ones going via ACH to Bangkok Bank in New York a standard SF1199A direct deposit form would be used.

I think the 60 days they mentioned is not exactly correct. As far as I know as soon as the office in Bangkok that handles direct deposits receives the application forms and etc they process it and send the SF1199A to Manila by email for them to process it.

Once it is received in Manila it should not take very long for the transfers to start.

[crees]

I have been using the information from this forum to try and fix my Thailand SS address but so far, SS seems to be over whelmed and nothing has been accomplished by them. Bangkok Bank has been very helpful … US Government … not at all … go figure 

[dave s]

An example: I sent the following message yesterday morning (9 a.m. here is 9 p.m. of the previous day in NYC):

 

       Sent: Wednesday, February 20, 2019 9:26 PM
       To: New York Branch Help Desk <[email protected]>
       Subject: IAT transfer of USA Social Secirity direct deposit

 

       Could you please tell me if the direct deposit of my USA
       Social Security pension payment is sent in IAT format, so
       that there will be no problem in April? My NYC account
       with Bangkok Bank is XXX-X-X-X. The last transfer
       was February 4: XX,XXX.X baht, or US$X,XXX at a
       31.14 exchange minus 200 baht charge. Thank you.

 

I have foreign deposit notification on my account, which sends me an SMS to my cell phone when the monthly deposit clears. Te information above is redacted from one such SMS. The US$ amount in the SMS is $5 less than what the SSA pays, a quietly deducted fee in NYC. This morning I had the reply:

 

       From: New York Branch Help Desk <[email protected]>
       Sent: Thursday, February 21, 2019 1:13 PM
       Subject: RE: IAT transfer of USA Social Secirity direct deposit

 

       Your Social Security deposit is already in the correct IAT format.
       Your full address is stated in the payment.
       Regards

 

Last year I took a printout of the Bangkok Bank web page about NYC deposits to the downtown Phuket branch on Phang Nga Road to show them what I wanted, and they filled out a form; they sent in a copy, and I also sent a copy to the benefits office in Manila, just to be sure.

 

[AAArdvark]

1 hour ago, ubonjoe said:

The IDD form is for when the SSA send the payments by SWIFT directly to a Thai bank.

For ones going via ACH to Bangkok Bank in New York a standard SF1199A direct deposit form would be used.

I think the 60 days they mentioned is not exactly correct. As far as I know as soon as the office in Bangkok that handles direct deposits receives the application forms and etc they process it and send the SF1199A to Manila by email for them to process it.

Once it is received in Manila it should not take very long for the transfers to start.

Even if you change your direct deposit within the US, it can take 60 days for it to actually happen.

[Pib]

49 minutes ago, crees said:

I have been using the information from this forum to try and fix my Thailand SS address but so far, SS seems to be over whelmed and nothing has been accomplished by them. Bangkok Bank has been very helpful … US Government … not at all … go figure 

I totally believe you as I've been dealing with Manila and Baltimore since late last year in trying to get my family member's payment format corrected to ACH "IAT."  Have done telephone calls, emails, and letter by snail mail with a 1199A included to show Thailand address of family member and branch used.  Included copy of Bangkok Bank 1 Oct 18 letter stating the change.  To date, the payment remains in the ACH domestic format (i.e., not IAT format).  Frustrating.  So, today a completed IDD for Thailand form will be sent in....see if that does anything although SSA has not officially flipped the IDD for Thailand enrollment switch on yet.

[Pib]

12 hours ago, AAArdvark said:

I saw the following previous post and thought it meant a new form.  I could easily be wrong.  Please explain the difference between the ACH direct deposit and the IDD form.

 

"As with my new Direct deposit account in January, they are already making applicants fill out the correct set of forms for SSA and DFAS and providing you with a card with account number and 9 digit code for BKK NY.  For those with Military retirements, go into your DFAS account and change online. Only took them 15 days to process and shows BKK address and 9 digit code when you enter the information. SSA to9ld me it takes up t 60 days for the change provided the BKK Branches get the set of signed forms to them. indicated the bottle neck is BKK Bank processing your application through channels fast enough."

The ACH Direct Deposit  and IDD Direct Deposit are two different systems. 

 

The Automated Clearing House (ACH) is the primary funds transfer system used in the U.S.  It's primarily a "intra-US/domestic" transfer system but it does have international transfer capability if a bank in a foreign country is enrolled in ACH.   Like how Bangkok Bank here in Thailand has ACH "receiving" capability through its "New York branch" which is a licensed US bank.  A key component of the ACH system is each bank is assigned a unique 9 digit ABA number....like Bangkok Bank NY branch ABA number is 026008691.   Just like a social security number is unique to an individual the ABA number is unique to a bank.   And if you have paper checks you can see your bank's ABA routing number printed at the bottom along with your account number.   

 

ACH uses two different file/transfer formats....a domestic format with specific underlying coding and an international (IAT) format with specific underlying coding.   The IAT format is really just a domestic format but with more detailed info.  And that underlying coding "which is all important" like how a domestic ACH transfer will usually use a Standard Entry Class (SEC) code of PPD for most direct deposits...PPD stands for Prearranged Payment & Deposit.  However, for an ACH transfer "leaving the US" it has to be in the ACH IAT format....more detailed info...and uses an SEC of "IAT" which stands for International ACH Transaction.  This coding is all important as it allows banks/authorities to easily and quickly identify/evaluate transfers....all the computer systems need to do is say "show/report to me all transfers with SEC "IAT".   And this makes it easy for an bank computer system to accept or reject any transfer....like with Bangkok Bank they will simply need to set their computer systems to only accept transfers were the underlying SEC is "IAT".   No manual review required....easy for the computer to spot and reject.

 

The International Direct Deposit (IDD) system uses the SWIFT system and the key code/number used it the 8 to 11 digit SWIFT/BIC code....for Bangkok Bank that code is BKKBTHBK (8 digits)...or BKKBTHBKXXX (11 digits) is fine also....the last three digits are optional and just represent a specific branch that banks some might want to include in the SWIFT code.  The XXX in this cases just means the head office.   As you may know, a SWIFT transfer includes detailed info on the sender and receive like how the ACH IAT method also requires.  No SEC used in the SWIFT system....a SEC is unique to the ACH system.

 

As for the part you quoted that was from Danthai's post.   Where he talked "new" signup form as in the SF-1199A form the latest version Aug 12 but a Jun 87 version is still in use by many because the Aug 12 version is really just been updated to be more user friendly for completion on a computer compared the the Jun87 version that is meant to be filled in by hand.  But both still require the same core info such as name, address, routing number, bank account number, etc.,...there is no difference in terms of how one would result in IAT format being used and the other non-IAT format.  

 

In fact, when I went to HQ Bangkok Bank yesterday with my family member to have them sign-off on the new SSA IDD for Thailand form I asked them are they now using any "new" direct deposit sign-up forms....they said No....still only using the SF-1199A for ACH Direct Deposit because they still haven't received any implementation guidance from the Bangkok Bank New York or SSA....as far as they knew the IDD was still in the testing phase.   

 

The rep had just became aware of the new IDD for Thailand form as we all just have....since it's a Feb 2019 form only published a few days ago by SSA.  I say "HQ" Bangkok Bank because my branch is the branch on the first floor of the HQ Bangkok Bank building in Bangkok, and at this branch to get US Govt Direct Deposit setup they sent you to the second floor of the building which handles the signup, incoming transfers to Bangkok Bank branches as a whole across the country, sets policy for all Bangkok Bank branches in Thailand, etc.  And the rep I talked to is the rep on the Bangkok Bank 1 Oct 18 letter regarding the IAT issue.

 

The rep also said a person with military retirement pay coming to Bangkok Bank had brought in a DFAS IDD form for completion which she showed me a blank of.  I said, yea, seen that before....it's from the DFAS webpage...it's generic IDD signup form "SF-1199-I", but unfortunately Thailand is not on the DFAS approved IDD list which is shown at below link.  I've contact DFAS several times over the last 6 months about "Do you do IDD to Thailand or is something in the works to add Thailand to the approved DFAS list?"  The answer was always No....the list of approved countries is shown at below webpage.

https://www.dfas.mil/retiredmilitary/manage/idd.html

 

But Bangkok Bank still signed off on the IDD form because when a bank signs off on that area of the form they are only confirming the correct bank info is being used like ABA routing number, SWIFT code, bank account number, bank address, etc.  They will sign off on any type of Direct Deposit form as they are many different forms used by different govt agencies and civilian companies.  SSA has its IDD form, DFAS has it's IDD form, VA has it's IDD form, etc....ain't no standardization among US govt agencies paying benefits in terms of forms used and which countries they will send to.  

 

Actually, a person don't even need to use these type of forms to sign up for direct deposit "if the US govt agency you are dealing with" also allows other methods like updating your Direct Deposit info online, calling it in, etc.  Unfortunately, regardless of the method used to signup/change Direct Deposit it may not result in your Direct Deposit being sent in IAT format as that will also depend on other factors such as the address you have on-file with a benefit paying agency, does the agency also use IAT format, and other factors.  

 

 

 

 

[rickb]

What is confusing to me is that many on this topic are talking about IAT format and BKK Bank NY.  That, to me, is one topic in itself.  The other topic being discussed here is the new IDD form recently released by SSA to establish direct deposit into a Thai bank (by that, I presume they mean a bank in Thailand), like BKK Bank with HQ in Bangkok, not NYC.  So, for clarity's sake, the two topics shouldn't be intermixed. 

 

It is my understanding that if you fill out and submit the new Social Security IDD form created for Thailand, Form SSA-1199-OP107 (02-2019), your SSA benefit will be direct-deposited into your bank account at a bank located in Thailand using SWIFT.  This should have nothing to do with IAT formats, etc.  

 

Also, I recently opened a new account for myself at BKK Bank to use for my money transfers using TransferWise each month.  When I was completing all of the forms to open the account, the bank official advised me that if I was going to use this new account to have my SSA benefits direct-deposited each month, I could not have an account with an ATM card.  Thus, if I wanted to withdraw money from this new account, I would have to do it in person at the local bank branch.  I didn't ask, nor did the bank official advise, if I could use Bualuang iBanking or Bualuang mBanking if I was using this new account to direct deposit my SSA benefits.

 

[Pib]

With a Bangkok Bank direct deposit acct you can see it on your ibanking. From ibanking you can transfer funds into it but you can not transfer funds out of it. To do a withdrawal or transfer-out you must visit a branch.

You can also transfer funds into you direct deposit acct using SWIFT, ACH, Transferwise type money services.

Basically removing funds from your direct deposit acct requires your living body to visit any Bangkok Bank branch.

[Pib]

My family member emailed a completed "International Direct Deposit (IDD)" for Thailand form to the Manila SS office this morning.  Email included words regarding all the attempts/contacts with SSA since Oct 18 to get things corrected to ACH IAT format (even submitting a new ACH signup form 3 months ago with Thailand addresses even the family member's Thailand address has been on-file with SSA since day one of apply for benefits). 

Got a response this afternoon from a human at Manila (not an automated reply) acknowledging receipt of the IDD form and saying the member's bank information will be updated.  Before opening the email I figured it was going to say something along the lines of, Sorry Charlie, we still can't do IDD signup yet.  But it didn't say that...but maybe that response will come next week with my luck on this issue.  ????

 

And once again the Manila response assured SSA is in close coordination with Bangkok bank and most important is that there will be no interruption in payments due to this ACH IAT issue.    

 

So, wait and see if the payment method changes to IDD which uses SWIFT and the exchange rate is a US Treasury wholesale rate.  Still don't know if there will be a middleman fee like the current NY branch flow-thru fee for ACH. But I expect there will still be the 0.25% (Bt200 min, Bt500 max) receiving fee....but maybe not...all depends on what kind of IDD arrangement SSA has setup. 

 

Assuming the Manila rep updated the info today (unlikely I figure) I seriously doubt it would meet the cutoff date to affect the upcoming early March payment....I figure the early April payment.   If the payment does indeed change to IDD SWIFT then we'll talk to Bangkok Bank regarding can the account be reclassified to a regular account that comes with debit account, no restrictions, etc., as they have "implied" during my discussions with them that might be the case once they get more guidance.  Heck, even Bangkok Bank here in Thailand is still trying to figure out what's going on...waiting for further guidance....since Bangkok Bank "New York" is the primary focal point for working this issue with the SSA.   

[Sheryl]

So it is your impression the IDD is now up and running?

[Pib]

11 minutes ago, Sheryl said:

So it is your impression the IDD is now up and running?

I really don't know.  A few weeks ago Manila told me they are still awaiting final guidance from HQ SSA for IDD kickoff.  Bangkok Bank has got no additional guidance recently...all they know is a IDD test was still in progress....Bankgok Bank NY still working the issue with SSA.  Also, Bangkok Bank NY requesting the US Treasury OCC extend the cutoff date from 1 Apr 19 because SSA is supportive of an extension and SSA is still trying to fix the ACH IAT issue and get IDD off the ground.   

 

I figure I would press the test on the IDD...so, completed the hot-off-the-SSA-press IDD form for Thailand....got Bangkok Bank to signoff on their portion of the form....then it was submitted to Manila...a human at Manila acknowledged receipt and said they will update the bank direct deposit--and it was clear it was an IDD signup form...that was made clear in the email and of course the IDD form is completed different from the ACH form.  But like I also said, I wouldn't be surprised to get an email from Manila next week saying it's still a little too early for IDD...please standby....and don't worry about your payment continuing to arrive after 1 Apr.  It's been frustrating.

 

 

 

 

[connda]

I see a potential train-wreak coming for US citizens retirees who depend on Social Security payments being transferred to Bangkok Bank.
If 20% are still arriving via the old ACH format which will be discontinued on April 1 of this year, that means for those unlucky 20%, their March 2019 payment will probably be the last payment they receive followed by an indeterminate interruption in Social Security payments.

If that happened to me, I'd need to tap into the 800k THB that I have in the bank for my retirement extension to cover living expenses until the Social Security Administration get the problem sorted.  But - after March 1 you can't use those funds for three months after the extension is issued.    So expect grief when you go in the following year to apply for a retirement extension.  Also, this whole thing with having those funds frozen 5 months out of the year is stupid beyond belief.  The Thai government penalizes retirees playing by all the rules because some bent IO's and visa agents conspire to offer retirement extensions to unqualified individuals instead of finding those committing crimes involving corruption and snuffing the problem out at the source. Good Guy Get Hassled; Bad Guys Get A Corruption-based Income.  TPTB whistles and stares at the ceiling.

For those who depend on an uninterrupted flow of 65k THB /month entering their Thai bank method for retirement extensions, a hiccup in the SSA payment system due to SSA still using an unsupported transfer method (ACH) will cause an interruption in payments that will cause grief for those applying for an extension the following year.

 

So, this should be fun.  Caught smack between two bureaucracies and a hard place.  I wonder how many people are in that 20% category.  Hopefully the payment issue gets resolved on the SSA side before April 1.  But if it doesn't, that's going to be one heck of an April Fools joke on a bunch of American retirees and an acid-test of the new Thai Retirement extension rules come next year.  What a potential mess, especially if they start kicking American retirees out of the country even though they truly qualify financially to live here.     

Edited February 22, 2019 by connda

[Pib]

 

Quote

 I wonder how many people are in that 20% category. 

Well below "SSA stats" show that almost 6,900 beneficiaries with Thailand addresses receive their payments thru "U.S. banks"....I expect the majority are using the Bangkok Bank New York routing number which is a US bank.  So, let take 20% of 6,900 which is 1,380.  

 

 

 

[Thomas J]

On 2/20/2019 at 1:03 PM, ubonjoe said:

I have been checking to see if they had done one yet. They must of posted it recently.

Direct link for it is here. https://www.ssa.gov/forms/SSA-1199-OP107.pdf

Now we need to know which banks will be doing them and the conditions for the account.

I have an account at Bangkok Bank.  Is there an advantage or disadvantage to filling out the SSA 1199 Form to have the funds deposited directly to the Bankgkok Bank here in Thailand?  For someone who is currently having their Social Security deposited to the New York branch of Bangkok Bank is there a delay or a fee when it is transferred to Thailand?  Do you just use the ABA routing and transit number and the account number of the savings account here in Thailand and BKK New York automatically credits that account? 

[Pib]

18 minutes ago, Thomas J said:

I have an account at Bangkok Bank.  Is there an advantage or disadvantage to filling out the SSA 1199 Form to have the funds deposited directly to the Bankgkok Bank here in Thailand?  For someone who is currently having their Social Security deposited to the New York branch of Bangkok Bank is there a delay or a fee when it is transferred to Thailand?  Do you just use the ABA routing and transit number and the account number of the savings account here in Thailand and BKK New York automatically credits that account? 

You can not use a "regular" Bangkok Bank account as Bangkok Bank will reject the a US govt payment unless the payment is going to a special Bangkok Bank Direct Deposit account.   This special Direct Deposit account does not allow a debit card or ibanking withdrawals or transfer-out from the Direct Deposit account....instead you must physically visit a branch to withdrawal/transfer-out money.

 

The fees associated with receiving funds into a Bangkok Bank Direct Deposit are the same as sending funds to a regular Bangkok Bank account when routed thru their NY branch.  Fees applies to US govt payments such as SSA, military retirement, etc.,...or if just doing a transfer from your US bank account.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

 

[AAArdvark]

8 hours ago, rickb said:

Also, I recently opened a new account for myself at BKK Bank to use for my money transfers using TransferWise each month.  When I was completing all of the forms to open the account, the bank official advised me that if I was going to use this new account to have my SSA benefits direct-deposited each month, I could not have an account with an ATM card.  Thus, if I wanted to withdraw money from this new account, I would have to do it in person at the local bank branch.  I didn't ask, nor did the bank official advise, if I could use Bualuang iBanking or Bualuang mBanking if I was using this new account to direct deposit my SSA benefits.

 

Clarification please.  What kind of account were you opening and are you saying that if you use TransferWise you can use ATM withdrawals but not if you use IDD or is it the type of account that you use?

Ooops, I see Pib just answered.

Edited February 22, 2019 by AAArdvark
add

[WyrldTraveler]

29 minutes ago, Thomas J said:

I have an account at Bangkok Bank.  Is there an advantage or disadvantage to filling out the SSA 1199 Form to have the funds deposited directly to the Bankgkok Bank here in Thailand?  For someone who is currently having their Social Security deposited to the New York branch of Bangkok Bank is there a delay or a fee when it is transferred to Thailand?  Do you just use the ABA routing and transit number and the account number of the savings account here in Thailand and BKK New York automatically credits that account? 

If you want to be certain that Immigration accepts your deposit, you may wish to use the SWIFT deposit instructions for <US agency here> to deposit your funds directly.

 

Your account should have a flag set to accept international incoming wire transfers in the amount of <whatever your pension is> so they know that it is an expected transfer.  Otherwise, it will be rejected by the robots as a potential criminal act.  This is spelled out in the Basel III accords.

 

While anything else may be technically correct (since it's all electronic and basically free for the banking system anyhow), Immigration is not part of the Banking Cabal and doesn't care how it works; only if it appears to meet the most strict interpretation of the 'rules' as they currently have them.

 

 

Edited February 22, 2019 by WyrldTraveler
remembered the incoming wire flag requirement after clicking Submit

[connda]

As long as we are on the topic of SSA payment transfers, I've gotten my payments via BBK Bank since last year.  However - they require me to show up in person with a bank book and passport in hand to collect the money.   Any idea why that is, and will this new IDD change that silliness? 
I don't understand why that money can't be transferred between the receiving account for the SSA payment and a normal BKK Bank ATM account via Bualuang online banking. 

[WyrldTraveler]

2 minutes ago, connda said:

I don't understand why that money can't be transferred between the receiving account for the SSA payment and a normal BKK Bank ATM account via Bualuang online banking. 

The banks are required to comply with Anti-Money Laundering rules as established by the Bank's compliance department.  One lawyer asleep at the wheel and you get goofy policies.

 

It is possible that personally appearing for the funds makes Management feel better so, if you are a Bad Apple, they can produce a warm body for Interpol when you come for your illicitly-garnered pension funds.  Or something.  I skipped school when we studied Mind Reading 101.

[srowndedbyh2o]

4 hours ago, connda said:

As long as we are on the topic of SSA payment transfers, I've gotten my payments via BBK Bank since last year.  However - they require me to show up in person with a bank book and passport in hand to collect the money.   Any idea why that is, and will this new IDD change that silliness? 
I don't understand why that money can't be transferred between the receiving account for the SSA payment and a normal BKK Bank ATM account via Bualuang online banking. 

I believe it is set up that way because the SSA is concerned that if you were allowed to make withdrawals with an ATM card or do online transfers, then if you were to pass away (and that fact purposefully not reported to the SSA), someone could potentially use that ATM card or online transfer to continue to receive your SSA payments long after you are gone. Requiring you to come into the bank in person to make withdrawals prevents that.

[flexomike]

9 hours ago, connda said:

As long as we are on the topic of SSA payment transfers, I've gotten my payments via BBK Bank since last year.  However - they require me to show up in person with a bank book and passport in hand to collect the money.   Any idea why that is, and will this new IDD change that silliness? 
I don't understand why that money can't be transferred between the receiving account for the SSA payment and a normal BKK Bank ATM account via Bualuang online banking. 

I think the US government wants to make sure you are still alive, not sure if the new routing system will eliminate this,  will be nice if it does,  will save that extra trip to the bank every month

[lopburi3]

10 hours ago, connda said:

I don't understand why that money can't be transferred between the receiving account for the SSA payment and a normal BKK Bank ATM account via Bualuang online banking. 

The bank is responsible for return of any funds disbursed after death so appear to have set it up to protect themselves.  It has not been unknown for a death overseas to not be reported in a timely manner, with others enjoying the windfall.  

[longball53098]

I doubt SSA imposed the special account rule in Thailand. If you deposit your SSA payments to a US bank as I do you do not need a special account just a normal checking/savings account with atm cards and ibanking. So that to me means that SSA is OK with any account. I think the Thai banks and in this case BBL specifically are covering their asses and limit the deposits to these special accounts

[ubonjoe]

8 minutes ago, longball53098 said:

I doubt SSA imposed the special account rule in Thailand. If you deposit your SSA payments to a US bank as I do you do not need a special account just a normal checking/savings account with atm cards and ibanking. So that to me means that SSA is OK with any account. I think the Thai banks and in this case BBL specifically are covering their asses and limit the deposits to these special accounts

There is a big difference between here and the states in the mater of reporting a person's death. That is why there is no restriction plus you get into differents states and their banking laws and etc.

It is certainly required here to protect the bank but it might of been a SSA requirement when the approval was done.

For the IDD deposits a member was researching other countries and a Philippine bank had the same requirement that it requires a person to do the withdrawal or transfer in person.

[longball53098]

2 minutes ago, ubonjoe said:

There is a big difference between here and the states in the mater of reporting a person's death. That is why there is no restriction plus you get into differents states and their banking laws and etc.

It is certainly required here to protect the bank but it might of been a SSA requirement when the approval was done.

For the IDD deposits a member was researching other countries and a Philippine bank had the same requirement that it requires a person to do the withdrawal or transfer in person.

I guess i really does not matter who is imposing the restriction. If they continue with that same restriction for the IDD system here in Thailand I would never use it as it is too restrictive for my needs and I will just do the normal transfers from my US accounts.

[ubonjoe]

4 minutes ago, longball53098 said:

I guess i really does not matter who is imposing the restriction. If they continue with that same restriction for the IDD system here in Thailand I would never use it as it is too restrictive for my needs and I will just do the normal transfers from my US accounts.

I don't consider making a monthly trip to the bank restrictive. Fill out a withdrawal slip and deposit slip for another account and transfer the money to it. 

Been doing it for almost 7 years now. I keep a stack of the slips at the house, complete them and go to the bank. Many times I am in and out of the bank in less than 5 minutes unless the small branch I go to is busy which is a rarity.

[connda]

7 hours ago, srowndedbyh2o said:

I believe it is set up that way because the SSA is concerned that if you were allowed to make withdrawals with an ATM card or do online transfers, then if you were to pass away (and that fact purposefully not reported to the SSA), someone could potentially use that ATM card or online transfer to continue to receive your SSA payments long after you are gone. Requiring you to come into the bank in person to make withdrawals prevents that.

The only flaw in the scenario is that the SSA transfers money to US bank account directly into checking/ATM accounts.  Prior to having my funds transferred to Thailand, they went into a regular US checking account.  My guess is that this is a BKK Bank policy and not an SSA policy.  If more Thai banks participate once the IDD transfers begin for real, suddenly BKK Bank will no longer have a monopoly on these transfers.  My guess is that those funds can then be transferred via SWIFT into any type of bank account.  If that happens, BKK Bank will lose my business as I'll move to the most convenient Thai bank.

Edited February 23, 2019 by connda