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Answered4 years ago

Can I wire money from my Schwab One account to a Bangkok Bank account and receive Social Security checks directly deposited there?

Dave *********
asked Sep 4, 2022
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Anyone here with a Schwab One account using Swift to wire money to their Bangkok Bank account via NY branch??? I get 3 free wires per quarter and I’ve been told it’s converted into the Bangkok Bank account as “Buying TT rate” which is usually excellent conversion rates. I’m also considering doing direct deposit into Bangkok Bank NY branch of my Social Security checks.

Anyone done this w their Schwab One account and can attest to this??? Thanks
Answer summary
The conversation explores the use of a Schwab One account to wire money to a Bangkok Bank account and the possibility of direct Social Security deposits into a Thai bank account. Users discuss experiences with currency conversion rates, the necessary set up for foreign currency accounts, and the reliability of receiving payments such as military retirement checks and Social Security transfers. Key points include the need for a Bangkok Bank account, the advantages of foreign currency accounts, and tips for ensuring smooth transactions without unnecessary fees.
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John *******
John *******
Go through US SS Phillipines Embassy for serring up the deposit​to Bangkok Bank. Easy.
Joann ********************
Joann ********************
@John ******
oh yes. I forgot. The Philippines is the closest US SS office. Someone had said on another post that you had to go through CITI Bank
John *******
John *******
@Joann *******************
Bangkok Bank is what they told me to do and they SS did all of the work for me in 3 days via email. Contact them.
Joseph ******
Joseph ******
N.B.: for Charles Schwab , you must have a legitimate US address that can be verified by CS if they flag you.
Chris ****
Chris ****
Call them. They are 24 hours.
Gray ******
Gray ******
I have a US military retirement check deposited into a Bangkok Bank account. The first couple took a few extra days, but now hits my account a few hours later than other checks. Some months Thai holidays cause delays.
Kool *******
Kool *******
You can no longer transfer your Social Security payments through the NY branch of Bangkok Bank. Now the IRS will deposit it directly into your Thai bank account. I have mine sent to my Bangkok Bank account, and it converts at the best rate, just a little better than the TT rate.

Now about your Charles Schwab account and Bangkok Bank. I assume you have a Bangkok Bank account already. Go to your branch office and open up a foreign currency deposit account. To open it you will need at least US$1000 to open the account. If you don't have that much dollars you can just go buy them at an exchange booth. As long as your balance stays above $250 there are no charges or fees. With a FCD account you can use your free Schwab SWIFT transfers to transfer US dollars into your FCD account, and they stay saved as US dollars without being converted. This is the best, and cheapest way of getting money into Thailand, cheaper than Wise transfers. By doing this you can convert dollars into baht, at that day's TT rate, anytime you want. As the exchange rate is usually a few satang higher in the middle of the month as opposed to the beginning of the month over the course of a year you can make some extra baht you had no choice of making when your money came in and was immediately exchanged into baht. I use mine like a savings account. I only convert the amount I need for the month, and not all at once, as there are no extra fees for doing this, and you can do it all online. With a little better Charles Schwab account (I think it's called a trader's account) you can get 4 free SWIFT transfers a month. I believe the minimum account balance for that is $20,000.
Dave *********
Dave *********
OP
@Kool ******
plus I don’t pay any foreign fees and all my ATM fees are refunded at any ATM regardless of what ever bank it’s associated with. Can’t beat that. I can keep most my money in USA. And since I can direct deposit my SS into a Bangkok Bank account I won’t need to show 400,
*******
,000 in my account after the first year. I’ll just use the SS checks which will be in excess of 70,000+ each month, once I decide to start drawing my SS. So far I’m putting it off as I don’t need it quite yet at age 62. I’m thinking to wait till 65 or 67 to maximize it. But, thanks for the information!!
Kool *******
Kool *******
@Dave ********
the age at which your Social Security payments max out is at age 70. Age 62 is lowest, age 66 is normal, and age 70 is max benefits. If you get it anytime before age 66 the benefit amount will be at the age 62 amount. Anytime from age 66 until age 70 will be at the age 66 amount. Keep that in mind. My friend just went through this, applying at age 70. As an added bit of info. If by chance you were to need to go onto SSDI (social security disability insurance) it would be at the age 66 amount
Dave *********
Dave *********
OP
@Kool ******
and hope we don’t die shortly after the waiting…lol
Kool *******
Kool *******
@Dave ********
a good example why waiting until 70 is very beneficial. My chart, and my friend's chart were much different than that, but based on data 10 years ago.
Dave *********
Dave *********
OP
@Kool ******
these r my numbers from my SS account chart.

@ 62= $1989

@ 63= $2119

@ 64= $2260

@ 65= $2448 & Medicare

@ 66= $2637

@ 67= $2825 Full

@ 68= $2919

@ 69= $3145

@ 70= $3503
Dave *********
Dave *********
OP
@Kool ******
I got the Schwab One account and keep a balance in excess of $100k USD and I get 3 free swift transfers per quarter (12 per year). I did a quick calculation comparing Wise and Schwab via BB and it’s cheaper using Schwab. For example if I’m funding the 800,000 I’ll save over $65 just on that one transfer compared to Wise.

I agree w u that it’s better that Wise.
Joann ********************
Joann ********************
I was thinking about opening a Schwab account just to do this. I would love to know too
Dave *********
Dave *********
OP
@Joann *******************
Schwab accounts are great. All ATM fees are refunded no matter where u make withdrawals. And no monthly fees whatsoever. Free checking. And u can trade using a brokerage attached account.

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