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Can an American retiree in Thailand have Social Security deposited directly into a Bangkok bank account?
Social SecurityRetirement VisaBanking in ThailandDirect DepositExpat Financial IssuesCurrency Exchange
May 10, 2024
2 years ago
Samuel ******
ORIGINAL POSTERSo my buddy asked me this question and I don't know the answer. He is an American citizen here on a retirement Visa. Will social security deposit his monthly payment directly in his Bangkok bank account. Any Americans know this one. Thanks
TLDR : Answer Summary
An American retiree in Thailand can have their Social Security payments deposited directly into their Bangkok bank account. However, they must verify their status annually with a 'Proof of Life' form (SSA-7162). It's advisable to check with the Social Security Administration to confirm eligibility, as Thailand may not be on the list of countries for direct deposit. Some users recommend transferring funds via a U.S. account to manage exchange rates effectively, while others report successful direct deposits after providing their Thai address.
NON-O RETIREMENT VISA RESOURCES / SERVICES
- Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
- For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
- Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
- Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
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Scott *******
Better to get it sent to Wise or Revolut, then he can decide when he changes to THB at a better exchange.
Tammy *********
There are some countries that social security can deposit directly to your account in that country. You must ask which country is on the list. Thailand is not on the list
Steve **********
Tammy *********
@Steve *********
I asked social security office and they told me no. I have to transfer fund myself from my bank in us to bank in Thailand.Steve **********
@Tammy ********
Don't know what to tell you, 21 years ago when applying they asked address. Gave Thailand address and zip. All I recall was him saying " lot of you over there "I get a statement every year. And request to confirm I'm alive.
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Steve **********
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Tammy *********
No they will not do it for you. You have to open account in the USA like Capital One, then open account in Thailand like Bangkok Bank. You then can transfer your money using apps.
Steve **********
@Tammy ********
... Have my SS deposited directly from them to my Bangkok Bank account for 21 years.Tammy *********
@Steve *********
direct from SS to bank in Thailand? Or from SS to your us bank, then send to Thailand?Steve **********
@Tammy ********
..said twice " From SS Admin to my Thai Bank ".Have no accounts in US, nor middleman
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Steve **********
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Lee ******
Yes
Aaron *******
Bangkok Bank has a branch in NYC, so should be yes.
Steve **********
Yes !
Ethel ********
You have to contact the social security department directly At the US embassy in Manila.
Cris ******
I wouldn't have it directly deposited over. If the baht tanks or goes up. There are good times to transfer and bad. Been here two years and seen the baht go from 29 to 37. That can be a lot of money lost or gained.
Steve **********
@Cris *****
have watched it go from 28.5 to 45. in 21 odd years.Must show a monthly transfer from abroad, so unless your a phycic, just insure it covers rate of exchange.
But if for any reason it falls below 65k, your savings acct is added to equation.
Or have any pensions sent to same account
Cris ******
@Steve *********
ya. I just keep the lump sum. Then transfer in when the rate is goodCris ******
@Steve *********
but yes. If they are doing the quarterly transfers. Good luck. I would always suggest lump sum sitting in thai bank. And transferring forward.Cris ******
@Steve *********
oh. I was under the assumption. The bank portion was covered. This was extra social security/ pension money coming in.Steve **********
@Cris *****
I misunderstand, thought you were addressing using monthly funds from abroad to qualify for Retirement.If that's the case, there is no bank portion or funds required
Cris ******
@Steve *********
no no. Not at all. Playing the exchange rate. If you can. Is always beneficialSteve **********
@Cris *****
ok, yes I agree. Transfer swing is significant , my systems been ongoing, so really don't concentrate on $.Haven't had any problems and find Immig easy to deal with
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Steve **********
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Larry *******
You can get the form to do it on the ss website. I went to the main Branch of Bangkok bank which has a huge foreign exchange department. They are very familiar with the form and will provide the required signatures. Excellent service but a long wait because they only have 2 or 3 people who can perform this function
Martin *********
Yes and he will need to verify each year he is still alive. I am not sure what the form is called, but I know i've read about it a couple of places
Roger *******
@Martin ********
Proof of LifeDave **********
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Dave **********
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Will ************
If he tells them to
Steve *******
I believe you can ask SS to deposit directly. He should check here:
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Steve *******
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