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Has anyone used Bangkok Bank New York for USA Social Security monthly payment ?


Happy Man

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I am thinking of changing my USA Social Security monthly payment to Bangkok Bank New York and then have them credit my Bangkok Bank Thailand account. Has anyone used this method ? If so, can you please explain the procedure to make this change Thank you in advance/

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@Yesitisdakid might use the BB NYC direct deposit. I'm not using that method as I prefer to time my transfers to take advantage of blips up in the Forex rate.

There's also the matter if you are currently using a US address with Soc Sec, switching to BB for the deposits will trigger the annual proof of life form that Soc Sec will mail to you and then have to mail back the completed form. Another example of the antiquated system Soc Sec is still on that they still only use snail mail for proof of life.

As for the procedure to make the switch, you'll need to call them. Here's a link to their contact us page.

BB has a webpage (link) that explains using their NYC branch for direct deposits.

Side note: I used to use this method for transferring funds from my personal US bank accounts. It was cheaper and easier to use than SWIFT, but that ended when BB required the use of the International ACH format for transfers. While the govt uses the format, US banks do not and did not want to comply.

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3 hours ago, forcebwithu said:

@Yesitisdakid might use the BB NYC direct deposit. I'm not using that method as I prefer to time my transfers to take advantage of blips up in the Forex rate.

There's also the matter if you are currently using a US address with Soc Sec, switching to BB for the deposits will trigger the annual proof of life form that Soc Sec will mail to you and then have to mail back the completed form. Another example of the antiquated system Soc Sec is still on that they still only use snail mail for proof of life.

As for the procedure to make the switch, you'll need to call them. Here's a link to their contact us page.

BB has a webpage (link) that explains using their NYC branch for direct deposits.

Side note: I used to use this method for transferring funds from my personal US bank accounts. It was cheaper and easier to use than SWIFT, but that ended when BB required the use of the International ACH format for transfers. While the govt uses the format, US banks do not and did not want to comply.

Nope my money goes into my u.s Bank account and I transfer wise over here as needed. That letter proving you're still alive can be a pain in the ass I've heard too many stories of guys getting shut down because the letter never made it over.

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4 hours ago, forcebwithu said:

@Yesitisdakid might use the BB NYC direct deposit. I'm not using that method as I prefer to time my transfers to take advantage of blips up in the Forex rate.

There's also the matter if you are currently using a US address with Soc Sec, switching to BB for the deposits will trigger the annual proof of life form that Soc Sec will mail to you and then have to mail back the completed form. Another example of the antiquated system Soc Sec is still on that they still only use snail mail for proof of life.

As for the procedure to make the switch, you'll need to call them. Here's a link to their contact us page.

BB has a webpage (link) that explains using their NYC branch for direct deposits.

Side note: I used to use this method for transferring funds from my personal US bank accounts. It was cheaper and easier to use than SWIFT, but that ended when BB required the use of the International ACH format for transfers. While the govt uses the format, US banks do not and did not want to comply.

 

I looked into the BB thing in N.Y. city a while back. They said I can't do. I gave up on the idea.

I just have it deposited into a U.S. account and transfer it over.

I think if you change direct deposit it is easy to do on the website, but I have never changed it to a non U.S. bank.

 

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You have to look at why you want to use BBK. If you are going to get a retirement visa, the first year you will have to park 800K in bank. For the 2nd year, you can transfer 65K baht a month from an out of country source. I don't think that transferring money from BBK NY to BBK in Thailand meets this requirement.

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3 minutes ago, oceanbreeze851 said:

You have to look at why you want to use BBK. If you are going to get a retirement visa, the first year you will have to park 800K in bank. For the 2nd year, you can transfer 65K baht a month from an out of country source. I don't think that transferring money from BBK NY to BBK in Thailand meets this requirement.

 

Things have changed quite a bit since the BB NYC was something that made sense. 

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The Bangkok Bank New York branch is considered a US bank. I made a SSA account on line and is easy to change banks direct deposit by providing routing number (121042882) and Thailand BKK account number. BKB charges $5. fee up to $2,000 amount to transfer.  A very reasonable fee. I sent an email to  SSA FBU  Manila  PI just to verify that I can do such changes.

I am unable to use Wise  as they rejected me as well as a few other companies with no reason from them. I did some checking as I have lived in Thailand 33 years now and credit companies in USA have no record of me so I think that is the reason for rejection.

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25 minutes ago, oceanbreeze851 said:

Personally, I use Charles Schwab for Social Security and I transfer 65K Baht every month. I have my address with one of my siblings so SS thinks I am in USA.

 

I have switched to a Schwab Global account. Was a bit of a pain but worth it, Schwab is a great bank.

Be prepared there can be issues with addresses if you ever have to change your siblings address.

Schwab requires I think a 25k minimum for the Global account, but they let me slide since I have been a long time account holder.

 

Every circumstance is different for each of us. 

One simple thing to keep in mind is maintain both U.S. and Thai accounts (more the better), maintain both a U.S. and Thai phone number, try to not change them as that is when hiccups and headaches can occur. Keep balances low and spread out.

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3 hours ago, Happy Man said:

The Bangkok Bank New York branch is considered a US bank. I made a SSA account on line and is easy to change banks direct deposit by providing routing number (121042882) and Thailand BKK account number. BKB charges $5. fee up to $2,000 amount to transfer.  A very reasonable fee. I sent an email to  SSA FBU  Manila  PI just to verify that I can do such changes.

I am unable to use Wise  as they rejected me as well as a few other companies with no reason from them. I did some checking as I have lived in Thailand 33 years now and credit companies in USA have no record of me so I think that is the reason for rejection.

Interesting you can make a direct deposit change online. When I went to the page for making the change it directs me to the contact us page.

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Go to the page below and set up new account as I had done. interesting that SSA will except your Thai mobile number to send OTP via SMS or voice. Took about 30 minutes to enter all your info to set up account. Works great as you are able to change many things on line as well as change bank direct deposit using routing and account numbers,

 

https://secure.ssa.gov/RIL/SiView.action?URL=%2Fmyssa%2Fmydd-ui%2Fhome

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1 hour ago, Happy Man said:

Go to the page below and set up new account as I had done. interesting that SSA will except your Thai mobile number to send OTP via SMS or voice. Took about 30 minutes to enter all your info to set up account. Works great as you are able to change many things on line as well as change bank direct deposit using routing and account numbers,

https://secure.ssa.gov/RIL/SiView.action?URL=%2Fmyssa%2Fmydd-ui%2Fhome

Already have an account with MySSA. The screenshot I posted was from the Update Your Direct Deposit Information page (My Profile/Banking).

Could be because I registered with a foreign address the system automatically directs me to the contact us page rather than present me with options to change my direct deposit account online.

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6 hours ago, Happy Man said:

I am unable to use Wise  as they rejected me as well as a few other companies with no reason from them. I did some checking as I have lived in Thailand 33 years now and credit companies in USA have no record of me so I think that is the reason for rejection.

Wise don't do credit checks, only ID checks AIUI.

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7 hours ago, Happy Man said:

Please explain what is AIUI ???

As I Understand It.

They don't provide a credit service so no need for credit checks, although their small print says they can if they deem it necessary.  Normally only ID (and maybe address) is requested, as indicated here for their card.

https://wise.com/help/articles/2935762/how-do-i-get-a-wise-card

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I was successful on changing  my SSA direct deposit to Bangkok  Bank New York. I could have done it on line using " Mty SSA Account " but decided to phone SSA as I had some questions to be answered. After 45 minute wait, I was connected to Help Desk SSA. They changed my direct deposit to BKB with no problems and answered my questions. I find this is the cheapest way to send the money to Thailamd as Wells Fargo charges $40 wire fee and BKB charges $5. Even much cheaper than Wise.

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1 hour ago, Happy Man said:

I was successful on changing  my SSA direct deposit to Bangkok  Bank New York. I could have done it on line using " Mty SSA Account " but decided to phone SSA as I had some questions to be answered. After 45 minute wait, I was connected to Help Desk SSA. They changed my direct deposit to BKB with no problems and answered my questions. I find this is the cheapest way to send the money to Thailamd as Wells Fargo charges $40 wire fee and BKB charges $5. Even much cheaper than Wise.

 

The bank you mentioned (I will not repeat the name, but the one in the U.S.) is a gigantic criminal enterprise. Not for the wire fee (which is one of the chicken shit ways they are trying make up for their losses), but because of their history of outright fraud.

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Quote

 

I agree on your comments but what big USA banks are perfect? All of them are crooks and only in for the $$$$. As a side note, WF charges a flat $40 wire transfer fee up to $75,000 transfer amount. If using Wise transfer $75,000 and their fee is $470.79. WF fee is far far better for sending large amounts

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On 1/26/2023 at 7:23 AM, Glasseye said:

One simple thing to keep in mind is maintain both U.S. and Thai accounts (more the better), maintain both a U.S. and Thai phone number, try to not change them as that is when hiccups and headaches can occur. Keep balances low and spread out.

Any suggestions on how to maintain a US phone number while living in Thailand? I heard that MagicJack is one way.

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5 hours ago, rajs123 said:

Any suggestions on how to maintain a US phone number while living in Thailand? I heard that MagicJack is one way.

I have used 2ndLine for the last 4 years works great 30 Dollars a year well worth it in my opinion. The bank i use in the US will not accept this number for sending the OTP that is the only downside. But for calling family or for business reasons in the US I have found it great

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11 hours ago, rajs123 said:

Any suggestions on how to maintain a US phone number while living in Thailand? I heard that MagicJack is one way.

I have a free Google Voice number which I'm able to use to receive OTP's from Schwab, Bank of America, Chase and Vanguard. Used to use a paid Skype In number, but for whatever reason that stopped working for receiving SMS's a few years ago.

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On 1/30/2023 at 8:30 AM, forcebwithu said:

I have a free Google Voice number which I'm able to use to receive OTP's from Schwab, Bank of America, Chase and Vanguard. Used to use a paid Skype In number, but for whatever reason that stopped working for receiving SMS's a few years ago.

 

That's interesting. I'm going to have to look into that. Might save me a lot of money.

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12 hours ago, Glasseye said:

That's interesting. I'm going to have to look into that. Might save me a lot of money.

There is one minor catch, you need someone with a US phone number to receive a verification code to activate the GV number. You only need to do that once, so not a big imposition on a friend or family member to help you out with the activation.

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5 hours ago, forcebwithu said:

There is one minor catch, you need someone with a US phone number to receive a verification code to activate the GV number. You only need to do that once, so not a big imposition on a friend or family member to help you out with the activation.

 

I have one. I took a look at it last night for a while. I tuckered out though as I was very tired.

 

As with many tech there is a learning curve (some like me have longer curves than others, lol). The issue I was having is at the point where they ask you to choose a google number (enter the city). Nothing seemed available.... began to piss me off. 

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