Monthly U.S. $ pension to Baht

[papaguido]

The postings have been very helpful to me, and perhaps to many others reading this forum.
I think that I got it:
1. Open an account in a Bangkok Bank branch in Udon,
2. Have my monthly pension deposited into that account using Bangkok Bank's New York City branch's 9-digit routing number.
No catch? No fine prints? No games with the exchange rate for converting $ to Baht? What conversion rate will they use? Will it be the buying rate for $ or something better because thay are not handling cash?
No need for the Bangok Bank's SWIFT code, and not pay any wire-transfer fee, as I would have had to pay for transfer from my Bank of America A/C?
Lastly, any other bank such as Kasikorn have a 9-digit routing number?

BKK bank use the transfer rate (TT) which is a bit less than the selling rate:

http://www.bangkokbank.com/Bangkok+Bank ... +Rates.htm

I believe BKK bank is the only bank that provides this service from the US.

Also, once you have it all established you can set up SMS from BKK bank, they will send you an SMS when your funds are transferred to your account. The SMS contains the following info:

1. Funds transferred from (i.e. US Treasury/Dept of Defense)
2. Baht amount
3. US $ amount
4. Exchange rate

http://www.bangkokbank.com/Bangkok+Bank ... +Alert.htm

[mangon1947]

Wow! looks like there is no real rulebook covering this as I have noticed with just about every other thing that I have been required to do here. Luckily my wife is a beautician and has tons of customers that are willing to help her out.

I recently signed a direct deposit form on the 2nd floor in the downtown Bangkok bank and was told the direct deposit should begin in about 2 or 3 months. Also, was told it has to go through the Bangkok Bank in NY to get here to me. I was not allowed to have an ATM card associated with the direct deposit account, but they did tell me to jointly open an account with my wife so we could withdraw and redeposit the money to that account when it arrives in country. I'm hoping that it works like I was told. Does anyone know how much money is required to continue the OA visa each year. I think I was told 60,000 baht.

Based on some of the discussions I think I will have my social security ( which is supposed to start in June) go to my account in the states so I have some green money to work with.

Appreciated the good discusion and ideas shared.
Ed

[papaguido]

Wow! looks like there is no real rulebook covering this as I have noticed with just about every other thing that I have been required to do here. Luckily my wife is a beautician and has tons of customers that are willing to help her out.

I recently signed a direct deposit form on the 2nd floor in the downtown Bangkok bank and was told the direct deposit should begin in about 2 or 3 months. Also, was told it has to go through the Bangkok Bank in NY to get here to me. I was not allowed to have an ATM card associated with the direct deposit account, but they did tell me to jointly open an account with my wife so we could withdraw and redeposit the money to that account when it arrives in country. I'm hoping that it works like I was told. Does anyone know how much money is required to continue the OA visa each year. I think I was told 60,000 baht.

Based on some of the discussions I think I will have my social security ( which is supposed to start in June) go to my account in the states so I have some green money to work with.

Appreciated the good discusion and ideas shared.
Ed

Ed I sent you a PM.

[BKKSTAN]

Keg,let me get this straight!

You setup an account with Bangkok Bank NY through the NK BB branch?

You got an ATM card on the NY account or did you open another account in NK and receive an ATM card on it?

You were able to use the ATM while out of Thailand?

OR,did you open an acount with BB in NK for Thailand and get an ATM card,that you use outside of Thailand?

Do your direct deposit funds in NY automatically transfer to the NK account?And do you pay a fee for these funds to be transfered?

I ask because many people I have talked to say that you can not get an ATM on the NY branch and they have to pay transfer fees!
I would appreciate it if you would clarify your situation for me as my mind is cluttered! Thanks

[papaguido]

Keg,let me get this straight!

I ask because many people I have talked to say that you can not get an ATM on the NY branch and they have to pay transfer fees!
I would appreciate it if you would clarify your situation for me as my mind is cluttered! Thanks

Stan,

There is a fee depending on the amount transferred and top of that a 1% conversion fee. I was using direct deposit through NY branch (same as Keg) but I opted out and went back to using the ATM. I had three separate deposits made through direct deposit and each time I was charged the transfer & conversion fee. It came out to something like $33.00. Using my ATM I only get hit with a 1% conversion fee and only getting charged half of what BKK bank was charging me.

This the link for the transfer fees:

http://www.bangkokbank.com/Bangkok+Bank ... SA+Fee.htm

[PopsIcafe]

I just checked my Bangkok Bank account, my allotment from my military pension was deposited today. I got approximately 36.06 baht and was charged $10 for the transfer from Bangkok Bank, New York branch, to the Udon Thani branch. My allotment went to the New York branch on the 2nd of March and deposited in my account here in Udon Thani on same day. For 10 bucks, I think it's worth it......Happy as a lark. No there wasn't a conversion fee, unless it was in the 10 bucks they charged me.

Pop's

[papaguido]

Pops,

It's there, I'll swing by tomorrow & explain.

BTW, you can sign up to receive an SMS from BKK bank when your deposit hits your account.

http://www.bangkokbank.com/Bangkok+Bank ... +Alert.htm

[Pakawala]

The SMS message I received today shows that the amount transferred to my account at BKK Bank Udon Thani via BKK Bank NY was exactly $5.00 less than my actual retirement check amount and it also states that this amount was exchanged at the rate of 36.10 to the dollar, -200 baht. I don't see the negative exchange rates or transfer fees you are referring to Rito. As per the URL posted above showing the 'Fee' being charged, my check was less than $2000 so they only charged me $5.00 plus the 200 baht at this end. This is much better than when I was using my Bank of America (Military) ATM Card with Siam Commercial Bank in the past. B of A was charging me 1% of the amount of the transfer plus $1.00 every time I used their card in this manner. I like the Direct Deposit system much better and am getting my Social Security Checks the same way. Life is good... :-"

[papaguido]

Convert the $ amount in the SMS message using the rate they gave you. Then check against your retirement check minus the $5.00 transfer fee, is there much of a difference??

[Pakawala]

The amount deposited to my account was exactly the same as the dollar amount times the exchange rate minus the 200 baht. Nothing hidden. :-"

[BKKSTAN]

I believe someone told me that you have to update your information annually,is that right?How long is your ATM card applicable?

If you died and their was no death cert or notification of death made,how would they know who is drawing out the direct deposit funds?

[PopsIcafe]

I think you have to update your SSA once a year. Not sure about military retirement as I have updated mine online starting a new allotment. I'm registered with the US Embassy, in the event of a serious accident or death, my family would be notified. Even here in Thailand thing it is hard to hide a death for too long.

Pop's

[BKKSTAN]

Are you saying that if you use the NY branch of Bangkok Bank to receive your SSA direct deposit,you have to update your status yearly with the SSA?

I don't have to update my status with them using Wells Fargo!

[jetdoc]

I haven't updated anything with SSA since moving here 4+ years ago. I do file and pay taxes and IRS and SSA exchange information so maybe no update required! When I use ATM to bring money to Thailand there are no fees. I probably don't get the best exchange rate as I choose ATM's for convenience as opposed to best exchange rate. For instance, at KTB after the obligatory pin entry I can push a button and walk off with 20,000bt. At SCB it takes 9 button pushes to get the same results -- go figure.

[BKKSTAN]

I haven't updated anything with SSA since moving here 4+ years ago. I do file and pay taxes and IRS and SSA exchange information so maybe no update required! When I use ATM to bring money to Thailand there are no fees. I probably don't get the best exchange rate as I choose ATM's for convenience as opposed to best exchange rate. For instance, at KTB after the obligatory pin entry I can push a button and walk off with 20,000bt. At SCB it takes 9 button pushes to get the same results -- go figure.

Are you using BB in NY for direct deposit?

[Pakawala]

I was contacted by Bangkok Bank about 2 months ago (1 year after I initiated my Direct Deposit) and they called my cellphone to ask me a couple of questions. I asked why and they said it was a requirement of the Soc. Sec. people in the US.

[jetdoc]

No Stan, I have SS DD to my BofA account and my pension check goes into my Wings CU account which allows 10 free ATM withdrawals each month. On a recent trip to Cambo I did get hit with an ATM fee, first ever and could probablu get a refund but as only about $5 I won't invest the time.

[BKKSTAN]

I was contacted by Bangkok Bank about 2 months ago (1 year after I initiated my Direct Deposit) and they called my cellphone to ask me a couple of questions. I asked why and they said it was a requirement of the Soc. Sec. people in the US.

AAAH,so it was BB that contacted you!

I wonder how they knew it was you on the cellphone?

[Pakawala]

Yeah Stan, I was wondering the same thing but then I must admit, I tried to sound just like me.

[PopsIcafe]

Stan, I am using the BB NY branch for my allotment. I did an allotment not a direct deposit, it has worked out really good.

Pakawala was right on the figures, $5.00 for transfer fee and -200 baht for changing for USD to THB.

Pop's