U.S.Social Security benefits via Bangkok Bank

A

arturo

Member
It seems as though anybody receiving U.S. SSA benefits via Bangkok Bank New York will no longer be able to receive them in the ACH format as of 1 April 2019. All remittances will be required to be processed using a new IAT (International ACH transfer) format , otherwise they will be returned.
I am trying to find out what format my incoming transfers are in (ACH or IAT) This exercise is very much akin to a dog chasing it's tail. I have queried the Manila SSA office which provided me with a somewhat nebulous response. " Please provide your bank with your current personal information ". I have also inquired at my local Bkk Bank office but they were of no real help.
Any U.S. farangs out there in a similar circumstance? If so, have you been able to get any current info re: this new IAT format?
 
Don't know details yet, as I am still having my SS deposited to my Chase Bank account in the US, but was intending to start doing through Bangkok Bank New York soon. You've got me curious, I'll let you know what I find out.
 
Arturo: do you use TransferWise for anything? I recently changed my SS deposit to go through TransferWise direct instead of Chase Bank, and the first time will be December 3 deposit for me. I made this change in the hopes of reducing the cost of going through (1) Chase for initial deposit of SS, then (2) TransferWise to get it to my Bangkok Bank account in Prasat. Usual cost about $15.
The change should be SS deposit to TransferWise, then to my account in Prasat. I will let you know how this works out after December 3...maybe you don't need New York? Exchange rate better through TransferWise than Bangkok Bank, I think...
 
Thanks for your input Mario. I will be interested in your results. I have not used TransferWise but have been looking into it lately. Truth be known, I am a little leery about changing to a new system, but it seems that I may have to. In the mean time I will continue to try to navigate through the ACH, IAT debacle. I do have a point of contact phone number for a lady at the Bangkok Bank in Bangkok who might be able to shed some light on this matter, but I have not yet tried to contact her; I don't handle the run-around well. Not saying she will give me the run-around but I am saying that I try to avoid that prospect if at all possible. Also I must admit that in my older years I have become a procrastination master.
Anybody interested in this situation feel free to contact me. I am talking about the ACH/IAT conundrum... not my procrastination problem. From my research it looks as though TransferWise might be slightly cheaper than Bangkok Bank New York.
 
I don't think you need to be nervous about a change, if you do it correctly. Your Social Security should be able to be deposited wherever you like, if they are given the proper deposit information. I did the Bangkok Bank New York deposit a few years ago when I was living in LOS full time, then I went back to work in the US for a couple of years and made the change to my Chase Bank account.

Now I have retired for good (in theory), but have not yet told SS my address has changed to LOS...still have a couple things happening in the States, but I will be closing everything out in the US by the end of the year, so that's when I will let them know.

I will try to keep you advised...

mario299
 
arturo said:
Thanks for your input Mario. I will be interested in your results. I have not used TransferWise but have been looking into it lately. Truth be known, I am a little leery about changing to a new system, but it seems that I may have to. In the mean time I will continue to try to navigate through the ACH, IAT debacle. I do have a point of contact phone number for a lady at the Bangkok Bank in Bangkok who might be able to shed some light on this matter, but I have not yet tried to contact her; I don't handle the run-around well. Not saying she will give me the run-around but I am saying that I try to avoid that prospect if at all possible. Also I must admit that in my older years I have become a procrastination master.
Anybody interested in this situation feel free to contact me. I am talking about the ACH/IAT conundrum... not my procrastination problem. From my research it looks as though TransferWise might be slightly cheaper than Bangkok Bank New York.
Click to expand...
In the past, when having my Social Security deposited to my Chase Bank account in the US, every deposit was on the 3rd of the month (unless the 3rd fell on a weekend, then it was deposited the Friday before the 3rd). I recently changed my deposits to be made to Tansferwise instead of Chase Bank, and December was to be the first month to be done.

Today, November 30 in Thailand, I got an email from TransferWise that my Social Security deposit was in my account and I subsequently transferred it from account to my Bangkok Bank account. This will make it several days faster than my previous method through Chase Bank, and the costs were the same. With luck it could arrive today after 2 pm, however it probably will be the next business day for Bangkok Bank...Monday, the 3rd.

Even so, I would have been looking at Dec. 5 or 6 with the Chase method.
 
Just an update for Arturo, deposit made today of my Social Security from TransferWise to my Bangkok Bank account ...fastest I have EVER seen.
 
mario299 said:
Oh, and the exchange rate from TransferWise was 32.915
Click to expand...

I'm reading and saying to myself - Damn, the US$ xe THB rate fell 10% in one year.

Sooner or later something is going to give in the equities markets that I'm now invested in at 75% ...25% cash.

Looking back I was luckier than a pig in shyte when I invested 90% into stocks, corporate bond and mutual markets a dozen years ago.
This year my market positions are up +15% alone without doing jack. That's totally ridiculous.

I did miss on BITCOIN...but at least I can sleep at night. If I was a Corleone or an Escobar I'd be tapping into cybercurrencies big time...but alas I am not.

Surely (somehow) the USD will make a comeback...
 
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arturo said:
Thanks for your input Mario. I will be interested in your results. I have not used TransferWise but have been looking into it lately. Truth be known, I am a little leery about changing to a new system, but it seems that I may have to. In the mean time I will continue to try to navigate through the ACH, IAT debacle. I do have a point of contact phone number for a lady at the Bangkok Bank in Bangkok who might be able to shed some light on this matter, but I have not yet tried to contact her; I don't handle the run-around well. Not saying she will give me the run-around but I am saying that I try to avoid that prospect if at all possible. Also I must admit that in my older years I have become a procrastination master.
Anybody interested in this situation feel free to contact me. I am talking about the ACH/IAT conundrum... not my procrastination problem. From my research it looks as though TransferWise might be slightly cheaper than Bangkok Bank New York.
Click to expand...

Hey Arturo. Which method did you decide to utilize...and how is it working out for you on the monthly transfer of your Social Security benefits ?
 
Coffee said:
I'm reading and saying to myself - Damn, the US$ xe THB rate fell 10% in one year.

Sooner or later something is going to give in the equities markets that I'm now invested in at 75% ...25% cash.

Looking back I was luckier than a pig in shyte when I invested 90% into stocks, corporate bond and mutual markets a dozen years ago.
This year my market positions are up +15% alone without doing jack. That's totally ridiculous.

I did miss on BITCOIN...but at least I can sleep at night. If I was a Corleone or an Escobar I'd be tapping into cybercurrencies big time...but alas I am not.

Surely (somehow) the USD will make a comeback...
Click to expand...


:cry::cry::cry:
 
Coffee said:
Hey Arturo. Which method did you decide to utilize...and how is it working out for you on the monthly transfer of your Social Security benefits ?
Click to expand...
My SSA deposit came thru with no problems; I guess it was in the correct IAT format. Seems as though in my case the issue was a tempest in a teapot.
Next issue...……. Insurance at annual extension.
BTW can we do annual extensions up to 45 days early at Kap Choeng?
 
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arturo said:
My SSA deposit came thru with no problems; I guess it was in the correct IAT format. Seems as though in my case the issue was a tempest in a teapot.
Next issue...……. Insurance at annual extension.
BTW can we do annual extensions up to 45 days early at Kap Chom?
Click to expand...
You certainly can, but not longer. I just renewed mine at 43 days before the due date. The extension is good for 366 days + 43 days. (Next year is a leap year).

Insurance is not an issue for an extension of stay based on retirement or marriage. Only when obtaining an O-A visa from outside Thailand.

For an extension of stay using monthly transfer of funds see: https://surinfarang.com/forum/threads/extension-of-stay-retirement.26771/page-2#post-288360 for full list of documentation required.
 
nomad97 said:
You certainly can, but not longer. I just renewed mine at 43 days before the due date. The extension is good for 366 days + 43 days. (Next year is a leap year).

Insurance is not an issue for an extension of stay based on retirement or marriage. Only when obtaining an O-A visa from outside Thailand.

For an extension of stay using monthly transfer of funds see: https://surinfarang.com/forum/threads/extension-of-stay-retirement.26771/page-2#post-288360 for full list of documentation required.
Click to expand...
Mr. nomad97, you are a gentleman and a scholar. Thanks for your response. In that case I will now go have a tipple whilst planning my excursion.
 
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