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Is it better to have Social Security direct deposited into a Thai bank account or keep it in a US bank and transfer monthly?
Social SecurityThailand BankingDirect DepositFinancial ManagementExpatriate FinanceVisa and Immigration Issues
May 6, 2025
a year ago
Susan *********
ORIGINAL POSTERNot sure if this is the right place for this question but the more I read the more confused I get. Is having your Social security direct deposited into a Thai account better or should I keep it in my US bank and do monthly transfers? Thanks in advance
TLDR : Answer Summary
The decision to have Social Security benefits deposited in a Thai bank account versus a U.S. bank account can depend on personal preferences, ease of access, and financial considerations. Readers shared differing perspectives: some prefer keeping their benefits in the U.S. to avoid complications, while others enjoy the reliability of direct deposits into Thai accounts. Factors like exchange rates, transaction fees, and tax implications were also discussed. Consider consulting the Social Security Administration and weighing personal financial strategies before making a decision.
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Peter **********
I would keep it abroad. But that’s because I’m a financial nerd and follow exchange rates almost every day. So I hold my money in original currency (Euro) and exchange when I feel the exchange rate is best.
Getting money into Thailand is quite easy. Getting a substantial balance out again seems to be more complicated, so having a fall-back balance abroad might be a smart idea.
If your income is only US social security then sending it or not doesn’t have any tax implications.
Getting money into Thailand is quite easy. Getting a substantial balance out again seems to be more complicated, so having a fall-back balance abroad might be a smart idea.
If your income is only US social security then sending it or not doesn’t have any tax implications.
Todd *********
You will get better exchange rates with direct deposit. It’s free money in your pocket
Dave **********
I have over the decades done it both ways. I now just do a yearly transfer for $45.00 with USAA and a transfer on Tuesday night is in my account Wednesday morning.
Richard ********
I leave it in my US bank account and transfer it every month using WISE. I can't imagine trying to change anything at SSA right now given the choas created by Musk and DOGE...
Glenn *****
If you are already in Thailand, you may have to work with the Manilla FBU and that will take months.
While you are doing this, you may have to change your SSA address to Thailand. That may bring about Proof of Life notices every year or so depending on the type of address you do (mailing or physical address)
While you are doing this, you may have to change your SSA address to Thailand. That may bring about Proof of Life notices every year or so depending on the type of address you do (mailing or physical address)
Steve **********
Considering the conditions that now exists in the US is am considering direct deposit to my Thai bank account
Frank **********
I have mine deposited to my US Bank and transfer what I need to my Thai Bank. I feel it is safer that way.
Tony **********
Keep USA bank and transfer to Thai bank as needed. Thai banks only insure for ฿1m (about $33k). Also, rules can change fast here.
Bill *********
Definitely in a US bank account. If there should be any problem, can you imagine how difficult it would be to get someone from the US SSA to talk to somebody in Thailand or vice versa? I'd also make the money transfers less frequent, say 2 or 3 times a year. Wire transfer is about $6.
Jim ********
Depends on exchange rates as well. I transfer a large amount from my US credit union when the THB is low against the USD. It $25 for a wire transfer.
Susan *********
ORIGINAL POSTERThank you for the advice. Sounds as if I will have it direct deposited.
Phil ******
@Susan ********
personally I wish to keep my Australian bank account open and transfer when the rate is higher.Oh if your US bank account is unused it will be locked even if the money is there.
Greg *********
I started with my Navy Federal Credit Union account in the U.S., but got sick of having to transfer every month, Wise was taking a week to get here. So I changed it to my Thai bank, and it’s like clockwork every second Wednesday of the month. Very happy with my decision.
Rick *********
@Greg ********
do you have to pay Thai taxes on the income?Reply to
Rick *********
Reply
Rick ********
Check SSA.GOV for the details.
Andrew ********
Thats a personal choice and that is if the SSI allows international deposit. I know VA benifits gives that option to direct deposit into bank outside US and with no fees for it and deposit into the currency you select
Pete *******
Better for what?
Glenn ********
@Pete ******
I think it’s pretty obvious don’t you. There’s always one!!Reply to
Glenn ********
Reply
Brandon ************
That's a personal decision and it's up to you. There is no better or worse. It depends on where you want your money.
Reply to
Brandon ************
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