Jump to content
Thai Visa Forum

Are ALL Thai banks now able to receive Direct Deposit of USA Social Security payments?


Recommended Posts

A while back, there was an announcement that this would be possible in future, but I have heard no more about it. When I came here in 2015, only Bangkok Bank could receive these payments by Direct Deposit.

  • Like 2
Link to post
20 minutes ago, Curt1591 said:

Able, or willing?

Any bank manager could sign it. But the problem is they might not understand what it is for.

An explanation would be that it is only to confirm the information completed by the bank in section 3.

Link to post
10 hours ago, ubonjoe said:

Any bank manager could sign it. But the problem is they might not understand what it is for.

An explanation would be that it is only to confirm the information completed by the bank in section 3.

Let me rephrase; Can or will ?

Link to post

I'm not sure that UOB Thailand can or will, they have a stringent policy of having absolutely zero interaction with any US based financial institutions. I've been a customer of theirs for many years, a couple of years ago I asked them to collect (clear and deposit) on a US Treasury tax refund cheque and they refused for that very reason. Whether or not they would be willing to allow a DD from US SSc remains very uncertain.

  • Like 1
  • Thanks 1
Link to post
14 hours ago, ubonjoe said:

Any bank manager could sign it. But the problem is they might not understand what it is for.

An explanation would be that it is only to confirm the information completed by the bank in section 3.

SCB signed mine.. no questions or issues.

 

  • Like 1
Link to post

I think because of FACTA many banks don't want the reporting obligations on US citizens, hence the reluctance to accept SS payments.

My SS is paid into Bangkok Bank but it is inconvenient as you cannot have direct debit card (presumably in case your missus doesn't report your death).

If other banks can receive SS and let you have a debit card that will be worth moving away from Bangkok bank.

  • Like 1
Link to post
15 minutes ago, Pedrogaz said:

My SS is paid into Bangkok Bank but it is inconvenient as you cannot have direct debit card (presumably in case your missus doesn't report your death).

That is old info, and no longer correct.  

  • Thanks 2
Link to post

Does anyone have any idea what the charges would be to receive funds into Bangkok Bank? I would assume that one would get the customary "Buying TT" rate on the exchange from USD to THB, and the charges would be a minimum of 200 and a maximum of 500 Baht as with any other international transfers into a local Thai Baht account. Then, since the money will be forwarded to Thailand using SWIFT, what will be the charge on the US side for this service and will that charge be deducted in USD from the gross amount of the SSA payment. It would also be interesting to know if the funds can still be sent to a USD Foreign Currency Deposit Account at Bangkok Bank or only to a Thai Baht account as per the recent changes in the program. There are certainly a lot of factors to consider before jumping on this bandwagon versus just having money sent to a US bank and having it forwarded to Thailand using TransferWise, which in my mind is the least expensive method for me. 

 

Edited by fittobethaied
  • Like 1
Link to post
1 hour ago, TerryLH said:

That is old info, and no longer correct.  

It is still correct if you are having your direct deposits sent via Bangkok Bank's New York branch.

I am still using it since the direct deposits sent to here are being sent as baht and are received by the Bank of Thailand and sent to your account using BahtNet. Not changing it since the ones via New York are shown as Foreign Telegraphic Transfers  (FTT code).

  • Thanks 1
Link to post
45 minutes ago, ubonjoe said:

It is still correct if you are having your direct deposits sent via Bangkok Bank's New York branch.

I am still using it since the direct deposits sent to here are being sent as baht and are received by the Bank of Thailand and sent to your account using BahtNet. Not changing it since the ones via New York are shown as Foreign Telegraphic Transfers  (FTT code).

Is that what he was talking about?  It seems he was saying that he can get the money deposited but has to do withdrawals at the counter and cannot use a debit card.  I don't have any experience but have have seem other posters say the same thing.

Link to post

Why not get a Direct Express ® Debit card?  Your money is direct deposited.

 

Of course since it's not a real bank account, not sure if you could use for the 40K/month unless they give you a statement?!?

 

Also, do they charge a Foreign transaction fee of around 300B for each ATM withdrawal, like Citibank does, for example?

Link to post
2 hours ago, ubonjoe said:

If sent directly by the US treasury there would be no charge since they are sent in baht to the bank via the Bank of Thailand.

 

.....helps to keep the Baht strong, sells USD and buys THB.

Link to post
2 minutes ago, SiSePuede419 said:

Why not get a Direct Express ® Debit card?  Your money is direct deposited.

 

Of course since it's not a real bank account, not sure if you could use for the 40K/month unless they give you a statement?!?

If applying for an extension of stay the funds have to be transferred into a Thai bank account.

 

Link to post
3 hours ago, SiSePuede419 said:

Why not get a Direct Express ® Debit card?  Your money is direct deposited.

 

Of course since it's not a real bank account, not sure if you could use for the 40K/month unless they give you a statement?!?

 

Also, do they charge a Foreign transaction fee of around 300B for each ATM withdrawal, like Citibank does, for example?

Isn't the normal ATM withdrawal fee using a foreign card 200-220 baht? 300 baht is very expensive.

Edited by Max69xl
Link to post
2 hours ago, ubonjoe said:

The $3 dollars is after being charged 200 baht here plus 3% above that.

image.png.ffa9e6844685f4265411141ac5746ec9.png

Source: https://www.usdirectexpress.com/faq.html

Yikes!  I saw that whopping 3% fee after I posted.  Forget this.  It's for Domestics, not Internationals. 😅

 

Just deposit into Bangkok bank, New York branch. 

 

Or use TransferWise from the deposit account to Bangkok bank, so it counts towards the 400K ( marriage/family visa) or 800K (retirement visa).

Edited by SiSePuede419
Link to post
On 1/12/2020 at 10:06 AM, TerryLH said:

That is old info, and no longer correct.  

True. I have TWO accounts. One for DD and the other is connected to a debit card. I must visit the bank in person to move my money from one account to the other. I am assuming that any other bank would be required to use the same procedure.

Link to post
18 hours ago, featography said:

explain what is no longer correct.

The fact that you have to go in person to get your money.

Since July I've had my SS direct deposited to my account, and have an ATM card to withdraw funds. 

I'm not going through NY.

The deposits are showing as coming from overseas.

Terry

  • Like 1
Link to post

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.

 

  • Like 2
Link to post
1 hour ago, TerryLH said:

The fact that you have to go in person to get your money.

Since July I've had my SS direct deposited to my account, and have an ATM card to withdraw funds. 

I'm not going through NY.

The deposits are showing as coming from overseas.

Terry

Where you say you are not going through the NY branch that would mean you signed up for IDD for Thailand....you payment is via SWIFT and can go to any Thai bank.   Is that right?

 

However, where you say the "deposits are showing from overseas" since IDD uses the "Bahtnet" system for the final leg of the SWIFT transfer your bank coding would be Bahtnet/BTN (or very similar) vs International Transfer/FTT.  Now you can get a credit advice from your bank and it will show the transfer originated from the US but the passbook/ibanking coding should be Bahtnet/BTN.

 

What Thai bank do you use?  You sure of your coding?

 

Link to post

Not sure if off topic but if you have a PayPal account in the USA you can send money from it to Thailand using their XOOM service. $4.99 if funded from PayPal balance or bank account. $53.00 if debit or credit card.

Link to post

The new IDD International Direct Deposit for S. S. and other government payments can work with most any Thai Bank if as other have said the bank manager signs a form. Contact S. S. in Manila or direct to THE U.S. S.S. Baltimore / D. C. by telephone late at night.. Use Skype for calling with a credit balance (no Skype needed on the receiving end).

Or I strongly encourage setting up a My Social Security Account online (works Great). 

  • Like 1
Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...