U.S. Pension and U.S. Social Security Deposits

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pf-flyer
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U.S. Pension and U.S. Social Security Deposits

Post by pf-flyer » September 13, 2009, 6:59 am

I am asking for a repsonce from those of you that are drawing a U.S. Pension and Social Security. Can you have a pension and social security directly depositied into a banking account in Udon Thani ? If not how are you accessing your funds from the U.S. I would be appreciate to hear from those of you that have been living in Thailand for several years or more. I would like to hear what you have done and most importantly what NOT to do.

Thanks in advance for any advise


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Re: U.S. Pension and U.S. Social Security Deposits

Post by mak » September 13, 2009, 7:35 am

Submit a Direct Deposit Form (Form 1199A), which you can get via http://www.ssa.gov or your local SSA office. You can have your Social Security check direct deposited to your local BBL account.

laphanphon

Re: U.S. Pension and U.S. Social Security Deposits

Post by laphanphon » September 13, 2009, 8:04 am

when approved, it was one of the 1st questions they asked me, where to direct deposit, just need routing number. at the time, i think cuba and north korea were the only two countries they wouldn't send to. the problem here is picking the thai bank, guessing that is your real question. i personally haven't found one i trust or care to pay their charges or poor exchange rate. only bank i use here for atm withdrawals from my usa free account, where SS is deposited, is GSB, Gov't Savings Bank, no fee, best rate. i would inquire there about their direct deposit policy. others i know use bangkok bank without too many complaints.

if you have free atm use from you present bank/credit union/brokerage account (i use fidelity brokerage account, no fees) so i have no fees on either end and best exchange rate i found so far. good luck

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Re: U.S. Pension and U.S. Social Security Deposits

Post by jetdoc » September 13, 2009, 10:31 am

I have my SS deposited in my BofA account and my pension in my CU account, both in the US. This arraignment works very well in my situation and gives me maximum control. Can't address what not to do as I have had no problems. You need to look at your own requirements/needs and act accordingly, keep in mind that bringing money in is no big deal but taking money out (large sums) can involve hoop jumping.

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Re: U.S. Pension and U.S. Social Security Deposits

Post by jimboLV » September 13, 2009, 12:09 pm

Since the OP asked specifically about direct deposit from SSA, I will only address that aspect, which is what I use. US SSA will direct deposit your pension in Thailand only in the Bangkok Bank, no other bank. It must be a separate account in your name only, and you must make withdrawals in person at the bank, no ATM or internet access to funds. I use this and it has been very reliable. The funds are always in my account the day they are sent, the third working day of the month. I have a separate joint account with ATM so I just go in every month and transfer the funds into that account. They will NOT send funds to North Korea, Cuba, Vietnam, Cambodia or certain former Soviet Union countries. Bangkok bank has all the forms, you just fill them out and sign and they send to US SSA, took me about a month.

The disadvantage of this method is that you have to appear in person at the bank to withdraw the funds, they will not give them to your wife, gf, relatives, friends, etc.

The advantage of this method is that you have to appear in person at the bank to withdraw the funds, they will not give them to your wife, gf, relatives, friends, etc. :D

There are many other methods of handling your pension such as US bank accounts, brokerage accounts, Paypal, etc. but I will let others comment on them as I am not really familiar with the mechanics.

Here is the complete guidance from SSA.

http://www.ssa.gov/pubs/10137.html

this is from the US Embassy website:
Only the Bangkok Bank of Thailand provides Direct Deposit service for persons who receive benefits from the following agencies: Social Security Administration (SSA), Veterans Administration (VA), and Civil Service.

1. Open “Direct Deposit” Account at the Bangkok Bank branch nearest your home.
The Bank will assist you in opening a “Direct Deposit Account. We suggest you to clearly tell staff that this account is for receiving pension from SSA, or VA.

2. Sign up Form 1199: Please bring 3 completed forms sf1199 to a Head Quarter of Bangkok Bank. Bank will forward your completed Direct Deposit form (Form 1199 A) to SSA in US. You will be able to access your benefits from the Bangkok Bank branch near your house after your request has been completely processed. This often takes a few months.






http://www.ssa.gov/pubs/10137.html

laphanphon

Re: U.S. Pension and U.S. Social Security Deposits

Post by laphanphon » September 13, 2009, 12:25 pm

takes care of that, question answered if you want deposited in thai BB bank. informative, thank you.

one question, beside normal bank charges, do they charge for transfer in, or even do they charge for you to tranfer from deposit acct to you ATM acct. i remember when i had BB, they seemed to charge for everything. even depositing and withdrawal of money from different branchs and atm of same bank. which is why i changed over to thanachart, plus better interest rate if keeping a high balance. after february renewal, i will close thanachart, i think, as i just opened GSB acct, though forgot to ask about interest rate on saving account.

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Re: U.S. Pension and U.S. Social Security Deposits

Post by jimboLV » September 13, 2009, 1:28 pm

No charge for transferring from deposit account to ATM account at any branch in the province. I'm sure there is a charge outside the province, but have never done it. Same with ATM, no charge within province, 10 baht outside province (assuming BKK Bank ATM). Charge for transferring in from USA is 5 USD up to $2,000, 10 USD over $2,000. plus 0.25%. Transfers are done at the TT Buy posted rate.

laphanphon

Re: U.S. Pension and U.S. Social Security Deposits

Post by laphanphon » September 13, 2009, 2:30 pm

thanks, that about answers any questions i could think of. the out of province charges used to drive me nuts. actually charged me for depositing money in my own account, and atm use, as i would be on holiday and make my monthly deposit for immigration records. and it wasn't cheap, such as 50-100 k baht deposit had a mandatory charge, say 20 baht and % charge, and different branches charged different rates, one time, just shy of 100 baht to deposit money in my account, which i thought was wee bit over the top, since using my money for loans, and giving me all of .75 interest. any luck they changed those policies, that was quite some time ago, hopefully competition helped.

thanks again for answers.

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Re: U.S. Pension and U.S. Social Security Deposits

Post by pf-flyer » September 13, 2009, 5:18 pm

Do any of you have experience with the Siam Commerical Bank ? My wife and I had some dealings with them when we were visiting Udon for several weeks. My wife and I liked the way we were treated by them. We are concidering to use them for our banking when we retire in Udon. My wife's family banks with them also with no complaints.
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Re: U.S. Pension and U.S. Social Security Deposits

Post by jetdoc » September 14, 2009, 11:22 am

Yes, I use SCB, two accounts, one her in Udon and one in Surin. No complaints so far. The main reason I switched from Bangkok Bank is much shorter waits and I seem to get preferred treatment. :D Don't know why I even care about the wait time as retired with no were near a full plate. Probably a behavior I'm clinging to from my working life. :?

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Re: U.S. Pension and U.S. Social Security Deposits

Post by BKKSTAN » September 14, 2009, 1:18 pm

pf-flyer wrote:Do any of you have experience with the Siam Commerical Bank ? My wife and I had some dealings with them when we were visiting Udon for several weeks. My wife and I liked the way we were treated by them. We are concidering to use them for our banking when we retire in Udon. My wife's family banks with them also with no complaints.
I think Kasikorn bank is the friendliest and has the best service!Consistent everywhere I ahve been over the last 12+ years! :D

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Re: U.S. Pension and U.S. Social Security Deposits

Post by UdonExpat » October 1, 2009, 8:01 am

While direct deposit to a Bangkok Bank account is easy and reliable, it's main disadvantages are the fees, arbitrary exchange rates, and the non-ATM card account in my name only. I considered it and then decided against it because I currently have money coming from 4 different sources, and next year it will increase to 5.

If I did direct deposit to BBK Bank I'd have to pay the transfer fees 4, and soon 5, times each month. They don't have a holding account in the US for the funds to accumulate and then send them once a month and thereby keep the fees down.

Therefore, I have direct deposits to my US credit union and use their billpay service to send money to my Bangkok Bank account every month or two. This method doesn't require a dedicated account in only my name. I can transfer the money to an account that has a debit card. I can choose a time when the exchange rate is more to my advantage and I do it online.

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Re: U.S. Pension and U.S. Social Security Deposits

Post by aznyron » October 1, 2009, 8:35 am

if you have money the best way to go IMO is write a check to your self deposit it your Thai bank account
for about 1500 to 2000 USD and draw out a months worth of funds then the rest is simple every month write a check you get the best rates available pay a small check writing fee end of all the B/S this is the way I am going when my truck is paid off that is if I am still in Thailand & alive

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Re: U.S. Pension and U.S. Social Security Deposits

Post by laphanphon » October 1, 2009, 8:50 am

Ron, did that check clear yet and what were the charges. i tried to do cash advance on both my banks, they don't do them, or accept international checks, Gov't Sav Bank/Thanachart. starting to wonder why i bank with them :-k :-k :-k

opened the account at thanachart, used to pay 1.5 interest, now down to 0.5 like everyone else. and GSB so i could do cash advances or check deposit only to find out they don't, oh well........next idea :-k

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Re: U.S. Pension and U.S. Social Security Deposits

Post by jimboLV » October 1, 2009, 8:55 am

Ron are you talking about writing a check from your US bank? I deposited a check drawn on a US bank into my account and the money wasn't available until the check cleared, about three weeks. And they charged me $10 US for each check.

UdonExpat. You are aware that the requirement for separate account in your name only and no ATM is a requirement of the US government for payments from the US Treasury? So unless all your payments are from the US Treasury this restriction would not apply, unless the other payers have the same requirement. If so, I agree that your approach is the way to go. Sadly, :( I only have one check coming in so the BKK Bank works for me. Many ways to skin a cat here in the LOS, and the best one depends on your particular situation.

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Re: U.S. Pension and U.S. Social Security Deposits

Post by BKKSTAN » October 1, 2009, 9:11 am

aznyron wrote:if you have money the best way to go IMO is write a check to your self deposit it your Thai bank account
for about 1500 to 2000 USD and draw out a months worth of funds then the rest is simple every month write a check you get the best rates available pay a small check writing fee end of all the B/S this is the way I am going when my truck is paid off that is if I am still in Thailand & alive
Ron ,the fee is only $10 for doing the check,but it takes 5-6 weeks to get into your account,during which time the exchange rate can change dramatically!
As much as you worry about the rate,it might be a little stressful waiting to see what rate you willreceive on the day they post it to your account here!
They charge your account within a few days,I don't know why it tales the extra time to be posted in our account here!
I was taking money out through the GSM ATM machines most everyday last month,paying $5 each transaction,but the baht has dropped,so although I have avoided the 150 fee by using GSM,I am paying over 300 baht difference as the rate is dropping,33.43 today! :roll:

I guess I could look at it a different way and say,I have saved over 8,000 baht by drawing money out ahead of the drops in rates :roll:
Last edited by BKKSTAN on October 1, 2009, 9:14 am, edited 1 time in total.

laphanphon

Re: U.S. Pension and U.S. Social Security Deposits

Post by laphanphon » October 1, 2009, 9:13 am

depends on your particular situation
that's for sure, especially different countries, thought banking in states was expensive, normally, until hearing some of the brit charges they have to incur.

luckily my usa account has no charges, and so far GSB has no atm charges, so lucking out for a while. but it means multiple monthly visits to atm, as only allowed 16500, 500 usd limit from my bank on daily withdrawal. would rather do 2500 usd cash advance, but don't care for queue up at bank, or any charges, plus it always get denied, i have to call the states, unblock card, then it's instantly approved, again, charges and phone call. so i simply stop at atm a few times a month, passing by anyway, so no big deal. :lol:

i would really hate paying to access my own money from banks on both ends, when they use it to make a profit and give my sh*t interest for my efforts. F ' em. :evil:

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Re: U.S. Pension and U.S. Social Security Deposits

Post by aznyron » October 1, 2009, 9:38 am

Stan I have taken in to account exchange rates may go down nothing we can do about that in Kasikorn bank it takes 20 to 30 days to clear at a 300 baht charge I do not see a problem since in a cash advance I pay 1% of the amount and still subject to rate exchanges plus additional fees and as for ATM that is ridicules way to go IMO I have never found it profitable to cash advance also on another note I am limited to 1500 USD which is extended only in my case from my C/U were every one else limit is 1K with check writing I can write any amount as long as the funds are in the account IMO that the way to go and that will be the way I do it after my truck is paid off every morning it a crap shoot when I look at the exchange rate from USD to Thai Baht
so it still a crap shoot with check writing except I will get the best rate on that day it clears

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Re: U.S. Pension and U.S. Social Security Deposits

Post by UdonExpat » October 1, 2009, 10:24 am

Jimbo, unfortunately 3 of the monthly checks come from the US Govt.

The account restriction is not a requirement of the US Govt. My account in the US has a debit card and is a joint account.

I believe this is a relatively recent account restriction by Bangkok Bank as I don't recall it existing 7 years ago when I first investigated having a pension sent here. I suspect they instituted it to limit the fradulent receipt of money by the widows of deceased pensioners.

In the US the death certification process is well codified and rapid, and the US Govt can use the court system, if necessary, to recover any losses.

Death reports of US Citizens in Thailand may be delayed, and in the past, prior to Bangkok Bank's new policy, there were instances of widows receiving deceased husband's pensions for many months and in a few cases for years after the husband died.

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Re: U.S. Pension and U.S. Social Security Deposits

Post by jimboLV » October 2, 2009, 2:19 pm

Yes UdonEx, I agree if you have 3 checks from the government it's probably better to go the way you are going. That "No ATM"regulation of course only applies to Bangkok Bank. I don't know if this is the case in other countries or not. I know there are some countries like Vietnam and Cambodia where they won't even mail you your check, you have to appear personally at the embassy every month. According to Bangkok Bank, this is a US government requirement. I've always been curious as the why BKK Bank is the only bank in Thailand that the US Treasury will direct deposit money to. Thailand is NOT on the list of countries that are approved for direct deposit. Perhaps the "No ATM" policy is part of a deal they cut.

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