Monthly U.S. $ pension to Baht

[BKKSTAN]

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

Can you explain the difference?The last time I had anything to do with an ''allotment'',it was a deduction from my military pay for my dependents!

[papaguido]

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

Can you explain the difference?The last time I had anything to do with an ''allotment'',it was a deduction from my military pay for my dependents!

It's pretty much the same thing Stan, but now we can set it up to pay almost anything or anyone with an account number and we're (I believe) allowed up to 6 allotments. The My Pay system allows active duty/retired military to view pay statements, set up direct deposit or allotments and even download W-2 forms.

[papaguido]

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

I guess I was mistaken, but the conversion fee isn't far off from 200bt charge on this end. Either way I was taking it in the shorts with 3 deposits with DD. But it's well worth it if you only have one or two deposits ($10/$20).

[aznyron]

there banging us hard with out rages exchange rate charges it our money thursday I will be moving some money from the US to thailand I want to see what I get in the exchange I use ATM at the bank inside
I do not use out side ATM machines there rates are even worse

[LoongLee]

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.

Something just doesn't sound right. Did you give them any personal info like a SSAN? Or, how did you confirm they were really the KTB? Maybe it was completely on the square but doesn't sound right to call someone on the phone to confirm any banking or Soc. Sec. info. Maybe I'm just paranoid?

[Pakawala]

You're a bit paranoid LuangLee, they just asked me my birth date, my mothers maiden name and the last 4 of my SSN. Nothing out of the ordinary.

[LoongLee]

Oh,, only that info,,,,,, yep, I'm definitely paranoid,,,,,,,,,,,

[Ray.Charles]

I think that it would be useful to have a face-to-face meeting on this topic. Would next Wednesday at 7-00 P.M. be O.K? Or, suggest alternatives.

[Pakawala]

Who are you addressing Ray... the entire forum?

[aznyron]

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.

Pak that sounds very suspicious to me I would not answer any questions over the phone. I don't trust any one
today they have more scams than hair on Ralph head. LOL

[Ray.Charles]

I would think that the few who had been posting on this topic would benefit by clearing up the confusion about the exchange rate, transaction fee, conversion fee, the institutions etc. I know that I would.

[Pakawala]

Just go back to page 2, Ray. Bangkok exchange rage for Direct Deposit was 36.10 to 1 on Mar 2 and then 36.18 to 1 on Mar 4. Transfer fee from NY branch was $5.00 (for amounts up to $2000.00) and another 200 baht at this end. That's about it. :-"

[Ray.Charles]

Couple of more questions:
Where is the main Bangkok bank branch in Udon?
How does the direct deposit exchange rate compare to the bank's buying and selling rates?

[Pakawala]

Bangkok Bank main branch is on Prajak Rd. about 250 mtrs Northwest of the round-about on the left side of the street. As for the exchange rates, they vary so fast it's hard to keep up. If you know the exchange rate at Kasikorn or Siam Commercial on 4 March, you can make a comparison.

[keg]

I just wanted to make an update to my previous posts on this issue. I had previously opened a savings account with Bangkok Bank in Nong Khai with ATM access and had an allotment sent to it from my US military retirement. I set the allotment up using My Pay. Everything had been rosy since Sept last year and I was getting my money transferred in and was accessing it via my ATM card. Even though this seemed to go against US law all was well.

Last week I got a letter from Bangkok Bank telling me that I needed to open a proper direct deposit account in order to continue recieving US pension money. This was accordance in US laws that Bangkok Bank does follow and if I do not make this change they will not allow me to access this money. The direct deposit account only allows you to access your money inside the bank with your bank book and ID.

I went to set it up yesterday at the branch across from Tesco. At first the guy did not seem to understand the issue even though I had the letters with me. First he wanted me to just take off the ATM card from my present account. This would not help me as I still would need an account to transfer my money to that was accessable via an ATM.

He then seemed to understand and pulled out a list of requirements which included a letter from whoever in the US government you get your pension from. I had a copy of my pension letter from the US embassy that I used for immigration and he accepted that filled out the paper work and gave me a new account. He said it will be active in 2 weeks as he has to send the paperwork to the New York Branch.

If all goes well I will change the account number for my allotment in 2 weeks and will then have to go in person inside the bank to get my money.

There was some joking on another thread about your wife just burying you in the back yard if you died and continue to collect the pension. I guess this is would stop that. Their letter stated that if something happened to me that they were obligated to return any of this money back to the US govt. I guess you don't want to leave any money sitting in this direct deposit account unless you want it tied up a bit before your heirs can get it if something does happen to you.

Keg

[Pakawala]

That's an interesting post Keg. Personally, I opened my Direct Deposit account first then after receiving my pension for 2-3 months, I used MyPay to change it to my Savings account. I've had no problems with the exception that I was contacted by the bank several months ago asking about my accounts. I told them what I did (over the telephone) and they said I should 'check with my bank and explain'. I didn't bother and haven't heard anything since. I was contacted in Jan or Feb asking some personal identification questions and when I inquired as to why, they said it was for Social Security in America. They said it was required for me to continue to receive my checks via direct deposit. I'll be headed to the States in April and will check it out at that end when I get there.

Will keep you guys posted.

[papaguido]

I'm wondering if it was because it was an allotment and not a direct deposit transaction? I haven't heard of anyone having issues with direct deposit transactions.

[keg]

This is an exact text of the letter:

Subject: Seeking your cooperation in compliance to a US regulation

Dear Mr. xxxx xxxxxxxxx

Bangkok Bank understands that you have set up a normal savings account number xxxxxxxxxxx to receive funds transferred under the direct deposit program of the United States government agencies through Bangkok Bank, New York Branch.

The direct deposit program of the United States government stipulates that in the event a person receiving funds transferred from the US government dies or is declared by a court as of unable or of impaired ability, Bangkok Bank is required to hold the funds immediately after death or court ruling, and return the funds to the US government.

In compliance with the US direct deposit program regulation, we need to request that you change your savings account to a direct deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US government agencies into your account. We will also be required to return the funds to the relevent organization.

We would therefore like to ask you to please contact the Bangkok Bank branch where your account is maintained by March 31, 2009.

Need day-to-day flexibility?

With a Direct Deposit account, funds are deposited directly into your account without you needing to physically receive a cheque and depoit it at the bank saving you time and enabling you to receive your funds faster.

However, you can only withdraw funds from your Direct Deposit account using your passbook. Withdrawal by any other person, making transactions with an electronic card, or using any other channels is not allowed.

Once you have received the funds in your Direct Deposit account, you can withdraw the money and deposit it in your savings account, from which you will be able to conveniently withdraw, transfer, or make other transactions via an ATM, internet banking, phone banking or other channel.

We apologize for any inconvenience this may cause and appreciate your co-operation in this matter. For a query on this matter please call Ms Kanchana Krutchaiyant at tel: xx xxx-xxxx.

Yours sincerely,

Prongchan Prasertpandh
Chief of Currency Exchange Service
Global Payment Services Department




That is the letter in full. If anyone needs or wants the above telephone number please PM me and I will include that. They included both a Thai and English version.

Craig

[UdonExpat]

I don't use Bangkok Bank for the direct deposit of any of my income, most of which is from the US Govt. If I did so, I would have to pay fees 4 times and soon 5 times each month as my income comes from a number of sources. I don't like paying banks any more money than necessary.

Alternatively, I have all my direct deposits to a credit union and then use their free online 'bill pay' service to send money to the NY Branch of BKK Bank using the local bank account number and my name. This way BKK Bank has no knowledge of the sources of the money. This way I can consolidate the income into one payment every 60 days and only have to pay fees 6 times a year. I would do it less frequently, but the bill pay service requires that I use it at least every 60 days and I've not been able to get an exception to that policy.

This requires a bit more effort on my part, but this way I don't have to bring all my income here and can leave some in the US.

NY BKK Bank fees vary depending upon the amount sent: http://www.bangkokbank.com/Bangkok+Bank ... SA+Fee.htm

[LoongLee]

Looks like a very smart sensible solution for you. You have the best of both worlds. What is the time for the credit union "bill pay" service to BKK Bank,, about 4-5 days or are they doing it electronically?