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BANGKOK 19 April 2019 09:26
Kelsall

Direct Deposit of SS/Fed/Military Pensions into Bangkok Bank; IAT format

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Posted (edited)

In anticipation of next year's visa extension, I'm planning on signing up for direct deposit.  The Bangkok Bank website states

 

"Effective from April 1, 2019, Bangkok Bank, New York branch will fully comply with the NACHA rules and will return all ACH received which do not comply with the IAT format."

 

Do SS and the other US govt agencies now use the IAT format?

 

More info here under "Advice to Bangkok Bank customers receiving payments from US government agencies or private organizations (Direct Deposit)"

 

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

Edited by Kelsall
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I’ve had my military retirement going to savings account at Bangkok Bank for several years now. I initiated the direct deposit thru the Defense Finance Accounting Services “My Pay”  website  All I needed was Bangkok Bank NY address, routing number and account number.

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16 minutes ago, Caldera said:

Alright, but did you check with Bangkok Bank if these ACH transfers are in the IAT format they'll require from next month on? If not, you might be in for a nasty surprise next month.

Yes, and that was my point in posting.  I'm one of the "others" (Non SS) and wanted to know if anyone knew.  I guess we'll all find out in April. 

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Posted (edited)

If military pension,  go into your DFAS online website. If you don't have one open one. You can change your military direct deposit with a 15 to 20 day notice right on DFAS account. You'll notice under change direct deposit when you tell them BKK NY Bank it will show up with proper address and code. Just add your Direct Deposit Bank book number. After you push accept it will tell you how many days before it will be effective. They don't have to wait for copies of the bank forms you filled out for direct deposit bank account. SSA is different. You fill out and sign a vast number of forms that get sent to BKK Bank in Bangkok and then to NY branch and SSA. Takes 1 to 2 months to get in SSA system once they receive the forms from BKK bank. If your going to do it, don't delay.

Edited by Danthai
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16 minutes ago, Danthai said:

If military pension,  go into your DFAS online website. If you don't have one open one. You can change your military direct deposit with a 15 to 20 day notice right on DFAS account. You'll notice under change direct deposit when you tell them BKK NY Bank it will show up with proper address and code. Just add your Direct Deposit Bank book number. After you push accept it will tell you how many days before it will be effective. They don't have to wait for copies of the bank forms you filled out for direct deposit bank account. SSA is different. You fill out and sign a vast number of forms that get sent to BKK Bank in Bangkok and then to NY branch and SSA. Takes 1 to 2 months to get in SSA system once they receive the forms from BKK bank. If your going to do it, don't delay.

And the deposits will be in IAT format?

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3 hours ago, ubonjoe said:

The SSA has been doing the transfers in the IAT format for some time now. From info posted about 80% of them going into NY are in the IAT format.

My guess is that on Feb 3rd onward we'll be hearing from the 20% who have not followed these threads and still have their SS payment going through BBK Bank NY in ACH format.  

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37 minutes ago, connda said:

Feb 3rd onward

April 3rd perhaps.

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I have tried to change my address through SS Manila since Feb 6th. I wrote to BB and it still has not been done. The Manila SS Office is either asleep on the job or over whelmed with address changes. They do not reply back … except for an automatic reply that keeps telling me to give them 5 business days to reply. 

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Posted (edited)
2 hours ago, Kelsall said:

And the deposits will be in IAT format?

I submitted a ticket to the DFAS customer service website moments ago asking for a clarification on whether ACH deposits sent to Bangkok Bank, NY are in IAT format.

 

It is an automated system, so as soon as I get a reply, I'll report back. 

 

With only about 9 days before deposits are to occur, there is not enough time to get a quick fix in place. But we may at least get a heads up as to whether the change has been made.  

 

For the record, my deposits are sent to my credit union. I have been sending amounts via online banking (using ACH) through Bangkok, NY.  This allowed me to control how much I wanted to send and when--so I could take advantage of exchange rates...

Edited by mosan
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2 hours ago, Kelsall said:

And the deposits will be in IAT format?

Absolutely! To open a direct deposit account for gov pensions the BKK bank paperwork is only filled out for the required IAT format. All military change of direct deposits to BKK NY requested in DFAS account will show BKK NY and only show new coding. My CU will only use swift code within US so can't be used with BKK NY branch because they aren't a bank, just a clearing house. 

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When you open a direct deposit account at BKK in Thailand they have all correct forms and know what to do. One additional thing, you must have a Thai address. All Thailand APO services for retired military ending 1 October 2019!

 

 

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3 hours ago, Kelsall said:

Yes, and that was my point in posting.  I'm one of the "others" (Non SS) and wanted to know if anyone knew.  I guess we'll all find out in April. 

 

If it's for any payments that you're already receiving via direct deposit, BKKB staff can check for you and advise you right now whether your particular payments are arriving IAT compatible or not.

 

If they're arriving IAT compatible, then you're good to go.

 

If they're NOT arriving IAT compatible, you may well have a problem come April 1.

 

BKKB NY is still talking about an April 1 cutoff date for older style, domestic ACH transfers going thru their branch. There's some talk of a possible extension of that cutoff date. But whether any such extension is going to happen in the next week or so, no one here knows...

 

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18 minutes ago, Danthai said:

Absolutely! To open a direct deposit account for gov pensions the BKK bank paperwork is only filled out for the required IAT format. All military change of direct deposits to BKK NY requested in DFAS account will show BKK NY and only show new coding. My CU will only use swift code within US so can't be used with BKK NY branch because they aren't a bank, just a clearing house. 

 

It's not just up to BKKB and how the paperwork is filled out at their end.

 

It's also up to the paying entity (pick your federal government agency) as to whether their payroll systems have been updated to allow them to fully do all of their monthly payments in the IAT required format. Remember, for most of their payees in the U.S., the whole IAT thing is irrelevant, since those are not international fund transfers.

 

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