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Can US Social Security be directly deposited into Krungsri Bank in Thailand?
Social SecurityDirect DepositKrungsri BankThailand BanksExpat Banking IssuesUS PensionCurrency ExchangeBanking Regulations in Thailand
Mar 18, 2024
2 years ago
Nick **********
ORIGINAL POSTERDoes anyone from U S. Get social security direct deposit to Krungsri bank.
TLDR : Answer Summary
The discussion revolves around challenges faced by US citizens trying to get their Social Security benefits directly deposited into Krungsri Bank in Thailand. Users share experiences of difficulties with direct deposits, bouncing payments, and issues with local bank branches. Some suggest setting up direct deposits to US accounts instead, highlighting the importance of managing exchange rates and bank regulations. Others emphasize the need to complete required forms for the Social Security Administration to avoid disruptions in payments.
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Tony **********
Just curious as to why you wouldn't want to deposit to your American bank and then just write transfer what you need to your Thai bank?
Kool *******
@Tony *********
why go to all that trouble when you live in Thailand? The banking system in Thailand is not third world steal your money banking. It has to be above board, and highly regulated, as Thailand is an exporting country, with international banking being a major instrument in making that happen.Tony **********
@Kool ******
yes, but difference in interest is significant. I'm guessing you won't use all your ssa each month... Seems like one web site click isn't a lot of hassle. Thanks, was just curious....Kool *******
@Tony *********
concerning what I don't spend each month, I don't foolishly leave it in the bank. It gets invested, and makes good interest. A person that leaves their savings in a bank, in any country, isn't currently beating the inflation rate each year, as you should know if you are concerned about interest accumulation.Reply to
Kool *******
Reply
Sean **********
My friend at Krungsri says no. She says go to Bangkok bank.
Kenny *******
Mine is under
*****
.Never got mine in Feb or MarchEthel ********
@Kenny ******
you probably didn't complete the survey form. Same happened to me. Contact SSA in Manila US embassy. You can download for online and mail to ManilaNick **********
ORIGINAL POSTER@Ethel *******
I call it the "are you still alive form". I get it every June to my address here in Thailand and send it back via Thai Post tracking.Reply to
Nick **********
Reply
Kenny *******
Are you sure that its because you did not return postcard last year with info signature and date
Christopher *************
I had a US friend and he couldn't get any pension cheques debitted to a Thai Bank I hadd to go to an ATM using his credit Union card to get funds for him many times.
Steve **********
Social Security will not divide your benefits and distribute them.
It's all or nothing. If they DD all ( and it's 65k ), you best have supplemental savings to cover exchange rate.
It's varied from 45 bt/ US to 28 bt/ US, now at +/- 36.
It's all or nothing. If they DD all ( and it's 65k ), you best have supplemental savings to cover exchange rate.
It's varied from 45 bt/ US to 28 bt/ US, now at +/- 36.
Mike **********
Just in my opinion, I wouldn’t send mine to a Thai bank. It’s just a matter of peace of mind for me. When I filed for US SS retirement a few years ago, I was already living here in Thailand with a Thai bank account. I just set up DD to one of my US accounts and still used my Thai address as a mailing address and residence.
Rick ******
@Mike *********
How do you deliver your money from US bank to Thai bank? Just curious what company or method do you use.Mike **********
@Rick *****
I have to call the investment firm because I don’t have a US sim to receive a confirmation code, but available ****
and the xfer takes no more than 5 minutes. Wire transfer free of charge and the phone call is free using my Skype US phone number that’s my only cost with annual fee for the number and that is only $30. I know, still use Skype but can call any number in the US with it. I need to research if an eSIM with a US number would work for the confirmation code, but the phone call is so easy with their “my voice” Verification and number calling from confirm the transaction. I’m sure many on here have their own system that works, but I’ve had zero issues so I don’t rock the boat.Rick ******
@Mike *********
Thanks for the information. I appreciate it.Mike **********
@Rick *****
sent you a pm with more infoReply to
Mike **********
Reply
Nick **********
ORIGINAL POSTER@Mike *********
Peace of mind for me is having my money close to me. 14 years here and no problems with Thai banking Also, as of yesterday, there are no nosy tellers, bank officers, or anyone asking me what I am going to do with "my" money if I want large amount of cash.
Reply to
Nick **********
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Nick **********
ORIGINAL POSTERThanks, but I get D. D. myself to K bank. I am asking for friend who has Krungski and the past 2 months they all q assreturned to SS in the U. S
Manager at local branch is clueless
Manager at local branch is clueless
Kool *******
@Nick *********
this is a problem with the bank itself. Only Bangkok Bank, Kasikorn Bank, and SCB are allowed to receive overseas deposits greater than bt50,000 in a single transaction. He needs to change banks.Nick **********
ORIGINAL POSTER@Kool ******
Thanks. Will pass on the information.Reply to
Nick **********
Reply
Phil ******
@Nick *********
similar post here.******************************************************************
Reply to
Phil ******
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