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Is it better to have my Social Security deposited in a US bank and transfer funds to Thailand as needed?

Social SecurityBanking in ThailandInternational Money TransfersWiseBangkok BankVisa RequirementsExpats in ThailandRetirement in Thailand
Feb 17, 2024
9 months ago
Joe *******
ORIGINAL POSTER
I’m going to be retiring to Thailand in May . Is it best to have social security deposited in US Bank? And then transfer funds as needed? If so is there a preferred bank for ease in transfers? TIA
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TLDR : Answer Summary
When retiring to Thailand, it's common to consider the best way to manage Social Security deposits and transfers. Many expats recommend depositing Social Security in a US bank account to have better control over when and how much money to transfer. Options like Wise, Bangkok Bank, and various online services such as REMITLY are mentioned for transferring money efficiently. Direct deposits to Thai bank accounts can also be hassle-free, especially if you can set up a direct relationship with Bangkok Bank. It's crucial to consider factors like transfer fees and exchange rates when organizing funds.
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Steve *******
wise is the best way to move money from one accredited bank to another - they move billions weekly.
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8 months ago
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Eric ***************
Use wwise
9 months ago
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Dean ***********
I have my Social Security deposited to my Charles Schwab account and use it’s debit card to remove money. I’m reimbursed for all ATM fees at the end of each month.
9 months ago
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Shayne **********
Talk with
@American *****************************
@https://www.facebook********************
9 months ago
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Dan **********
I get it deposited in my US bank. Than transfer using wise. Keep an eye on the exchange rate and transfer when it's high. I use bangkok bank in thailand
9 months ago
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Murray *******
I used to get my pension transferred directly to my Bkk bank account each 28 days…

That was reliable, but i now prefer to transfer it myself,using Wise. From home country bank.. I transfer when the exchange rates are higher..
9 months ago
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Tom *********
Wise is fast once set up. The auto conversion feature let's you hit near peak favorable exchange rates.
9 months ago
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Lawrence *******
Open an account at a Bangkok Bank branch in the city you plan on living in.

Have that branch then arrange a direct transfer from SSA in the USA to Bangkok Bank in NYC. BBK in NYC then forwards the amount to your account here. Paperwork takes about 30 minutes. I receive my benefits the second Wednesday of each month. Occasionally over the 7 years of doing this, a Thai holiday may delay the payment a day or 2. No problems at all thus far.
9 months ago
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Steve *******
I’d transfer as needed. You can do monthly or just periodic larger amounts - which lowers the overall cost. USD is a trade currency/currency of record. The baht is not. So keeping things offshore to a reasonable degree is wise
9 months ago
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Ruth *******
@Steve ******
 “wise”? So to speak :-)

I’m a bit confused…the transfers don’t have to be every month? I thought that was a requirement
9 months ago
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Steve *******
@Ruth ******
 different thing. Monthly 65k is one way of maintaining a visa. However that means a bank charge every month. As opposed to just having 800k in the account and only transferring other funds as necessary. Reduces bank charges and can be done when the baht is weak
9 months ago
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Ruth *******
@Steve ******
 gotcha. I just reread the OP and realize they weren’t worried about the monthly transfer. Somehow, I thought they were.
9 months ago
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Frank **********
@Steve ******
 I use Bangkok Bank, they do not charge me a monthly fee for monthly deposits. Wise, which I use, does however.
9 months ago
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Frank **********
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Frank **********
@Ruth ******
 if you want to use the monthly income method for your retirement visa you have to do a monthly deposit of I believe 65k baht into your Thai account every month for a year. You can use the monthly income method for your 2d year extension. But it must have been deposited every month for a whole year before you can switch.
9 months ago
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Ruth *******
@Frank *********
 that’s what I thought. It seemed folks were saying otherwise
9 months ago
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Frank **********
@Ruth ******
 right, people get confused or really don't know, etc.
9 months ago
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Ruth *******
@Frank *********
 I did know, but folks were saying one could do the transfers as they pleased when rates were low and that made no sense to me. I was asking them about such comments.
9 months ago
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Ruth *******
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Frank **********
I prefer to keep it going to my American bank and transfer through wise to Thai bank. I don't mind paying the fees. I just feel its safer that way.
9 months ago
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Gary *******
@Frank *********
 same here. Often transfer more than I need when the $ is up.
9 months ago
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Gary *******
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Todd *********
Direct deposit to Thai account. Zero fees and optimal exchange rates. Win, win
9 months ago
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Dang ***********
@Todd ********
 can you transfer direct from SS to Thai bank account ?
9 months ago
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Joann ********************
@Dang **********
 yes no problem
9 months ago
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Todd *********
@Dang **********
 I’m not 100% sure as I am Canadian. For my federal pension, it can be done.
9 months ago
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Dang ***********
@Todd ********
 thank you
9 months ago
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Dang ***********
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Cliff *********
Bangkok Bank has a New York office.

Transfers from your USA bank are charged as domestic and will post to your Thai branch office as international quite quickly.

There is a fee for the domestic transaction and the exchange rate is a bit low.

There may be a way to do it directly from Social Security to BB NY. I’m not there yet…
9 months ago
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Greg ***********
@Cliff ********
 I thought Bankok Bank stopped doing that quiet some time ago. Have they started it again.?
9 months ago
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Cliff *********
@Greg **********
 I have made 3 transfers. The last was a few weeks ago.
9 months ago
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Cliff *********
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Robert *****
I use REMITLY dot Com to transfer money from the USA to my Thai bank. Takes 6 seconds.
9 months ago
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Dave ********
Mine is going directly to Bangkok Bank. No problems (yet)
9 months ago
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Steve **********
@Dave *******
 mine DD to BKB from SS. Always in acct on 3rd unless a holiday.

No variation in 20 years. Even thru Covid.
9 months ago
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John ******
@Steve *********
 And when you want to withdraw from BKB?

ATM or online banking allowed?
9 months ago
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Steve **********
@John *****
 No...has to be transferred to your accessible account.

( for your protection )

Then total access, savings, debit etc.
9 months ago
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Dave ********
@John *****
 in my village, the bank is the agricultural cooperative bank and I have been using their ATM with no fees. I also pay for a lot of things using the app and QR code. Large amounts, I just go to the bank. So I guess the answer is yes.
9 months ago
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Steve **********
@Dave *******
 Does your Direct Deposit from SS have ATM access ? Or have to transfer to ATM access acct.

Don't believe SS will DD to an account others have card access to.
9 months ago
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Dave ********
@Steve *********
 once my direct deposit hits Bangkok Bank it is now Bangkok Bank with no restrictions dictated by US Social Security. I think I read on the US SS website, however, that we are supposed to do some survey every 2 years which I assume is to make sure that your conditions are legal and your now-widow didn't feed you to the tigers to collect your SS ad-infinitum.
9 months ago
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Steve **********
@Dave *******
 will have to look into that..thx

By bank tells me otherwise. And although do banking on line. Can't transfer from DD acct.
9 months ago
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John ******
@Dave *******
 I mean Bangkok Bank special account for deposit of SSA. Last I heard it does not allow access by ATM or online. Only in person with passport and passbook. Not too cool if you are stuck somewhere out of Thailand like during covid restrictions.
9 months ago
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Steve **********
@John *****
 agree..same with me and US expats where e I live.

Will contact the SSA office in Philipenes SSA that handle Asia DD. will share.
9 months ago
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Steve **********
@John *****
 I queried US SSA office on Phillipenes re: if incapacitated or unable to appear in person ,( not for me, but theoretical ) , yes there are provisions ( protocols) , they have authorizations that need be in place.

They confront this often, and are very cooperative.
9 months ago
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Steve **********
@John *****
 agree, but it prevents others from accessing SS deposits post-mortem infinitely. As did that grandma decades ago collecting on 6 deceased houseguest.
9 months ago
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Dave ********
@John *****
 my account is just a standard Bangkok Bank savings account and the social security direct deposit appears as Thai Baht. There are no special restrictions.
9 months ago
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Steve **********
@Dave *******
 never heard of that !

Mine goes into an account in my name in baht as well. But can't access via ATM until transfered to another account.

So your wife/ gf, etc can access your SSA account with atm ? ?
9 months ago
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Dave ********
@Steve *********
 it's just my Bangkok Bank savings account. It's social security unti it hits the account and then it's just money in the account.
9 months ago
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Steve **********
@Dave *******
 I understand Dave. I have a few BKB accounts.

My DD acct. can't be accessed with ATM,

Once DD hits my account, in baht, I transfer to my savings every month.

I will talk to my bank next week when new check deposited. It would be great, but bothBKB abd SSA said could not, but that was 15 years ago, maybe rules changed.

Thanks
9 months ago
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Steve **********
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Mac *********
Depends if you want/need it all and every month. I have it paid to a US bank and transfer when the exchange rate is high. Also, I have better control of my money if I ever need to redirect it. BBK has been good for me, and I use Wise, XE, Western Union by price shopping before I transfer. (I do bulk transfers)
9 months ago
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Joe *******
ORIGINAL POSTER
@Mac ********
 Thanks don’t need it all . Sounds good is there enough of a price difference to shop the transfers?
9 months ago
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Mac *********
i just did a check for "my sake" on $5000. WesternU is 179,579.00 and Wise is THB 178,671 and Remintly THB 178,600 so about $25…. XE was 177,373 a $55 difference, every day is different thou, and send time etc
9 months ago
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Mac *********
I typically send $5000, $6000, $7000 depending on how the exchange rate is. The difference can be small, but when you're living on THB, it feels like more 🙂 $5-$50. Take a couple of minutes to compare on places like CUEX. Most people tend to like Wise. P.S. Triple check everything you enter, or your money gets stuck in the ether for 7-10 days
9 months ago
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Mac *********
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Peter *********
Wise
9 months ago
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Peter *********
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