special local bank account for receiving US Social Security

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mahjongguy
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special local bank account for receiving US Social Security

Post by mahjongguy »

Is it still true that direct SS deposit to a Thai bank must go into an account with no ATM card, no online banking? That you must go pick up the money in person?

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Gaybutton
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Re: special local bank account for receiving US Social Security

Post by Gaybutton »

Still true? I'm not aware the no ATM card and no online banking part was ever true. I never had that problem.

Assuming SS means American Social Security, mine goes right into my Bangkok Bank account, direct deposit. And I have online banking and a debit card. I don't have to pick up the money in person. No problem at all. I also receive an SMS message from Bangkok Bank as soon as the money has been deposited.

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Re: special local bank account for receiving US Social Security

Post by mahjongguy »

Geez. I dunno how I could have imagined all that but it seems I did.

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Re: special local bank account for receiving US Social Security

Post by Gaybutton »

mahjongguy wrote:
Mon Nov 15, 2021 11:49 am
Geez. I dunno how I could have imagined all that but it seems I did.
Ok, now I think I know what you're talking about. It used to be that direct deposits into Thai bank accounts were no problem. Then the USA began to require that if the money comes from a government source it would have to go into a receive-only account. There was no issue about having a debit card or online banking, but you did have to personally go to the bank to withdraw the money or transfer it to another regular account. Debit cards and online banking would not work on receive-only accounts.

Then when the IAT format came along, if your government source money would direct deposit via the IAT format, the money could go into a regular foreign account rather than a foreign receive-only account. TransferWise (now known simply as Wise) solved that problem for many of us, especially if your source for whatever reason refused to use the IAT format.

My own pension source refuses to use the IAT format (I have no idea why), but thanks to 2lz2p I discovered TransferWise and no more problem. To this day I still have my monthly pension deposited into my Wise account and from there transfer it into my Thai bank account. It works perfectly and with Wise I get a much better exchange rate and less expensive fees than direct deposit.

Social Security does use the IAT format, so there is no problem about that money being direct deposited into a regular Thai bank account instead of a receive-only account and the money will be available immediately with a debit card and online banking. If you wish, you can opt to have the money deposited into your Wise account if for whatever reason you don't want it deposited directly into a Thai bank account. Your choice.

In my opinion, having SS money deposited into your Wise account is the best choice. As I said, less expensive fees and a much better exchange rate. If you don't have a Wise account, it is very easy to set it up. See: https://wise.com/

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Re: special local bank account for receiving US Social Security

Post by mahjongguy »

Thx, GB. It's a relief to know it actually happened.

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