The National Wage Committee has decided not to not raise the minimum wage until late next year as the cost of living remains at a reasonable level. According to Permanent Secretary to the Ministry of Labor Mr. Nakorn Silapa-archa, the wage committee has resolved not to increase the daily minimum wage given that the inflation rate and the global oil prices have declined. However, Mr. Nakorn, who is also the president of the National Wage Committee, said they would deliberate on an unofficial proposal from the labor union suggesting that the daily wage be increased to 321 baht ($10, or $220/mo). Another meeting will be held at the end of 2015 to consider the possibility of adjusting the wage again. Following concerns of higher costs of living after the salaries of low ranking government officials have been increased, the Commerce Ministry will try to make everyday items more affordable for consumers, the Permanent Secretary said, adding that the prices of most products remain unchanged.

Most workers in the North are paid less than the legal minimum, and rural workers are paid even less. The men who are constructing the new condo building next door to me – hard, dangerous work – are certainly not. Here’s a video of them doing their thing.

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After the US embassy I saw my Bangkok Bank manager and he was eager to get going. I finally recieved my first ssi deposit last week, 4 months after I arrived.

I would not advise keeping all your money in one bank. I keep 2 accounts, one US and one in Thailand and I transfer money online once a month. Here’s how you do it:

Go to this Bangkok Bank webpage and open this link. Open an ordinary savings account at a branch of Bangkok Bank in Thailand. You then have an ATM card and you can make withdrawals in Thailand once transfers are completed … usually 2-3 days, allowing for weekends or holidays.

Domestic transfers can be made from your US bank (or other payer) to Bangkok Bank in New York using exactly the same name and account number that you have on your account in Thailand. It is a domestic transfer (no need for an International transfer) from an American bank in dollars.

The dollars you deposit in NY will appear as a baht bank deposit in your account here in a couple of days and your passbook entry will show it is a foreign exchange deposit, which may be useful in future with Immigration, when you want to take money out of Thailand. The fee is $5 for exactly $2,000 transfer; $2,000-4,000 attracts a $10 fee.

Depending on what your payer or transferring bank require, you can use the ABA number or Fed routing number below. No need for an international transfer and no need for a Swift code.

Bangkok Bank New York Branch
Mr. Thitipong Prasertsilp, VP & Branch Manager
29 Broadway, 19th Floor, New York
NY 10006
Business Hours: Mon-Fri (9:00 am to 5:00 pm)
Tel: (1-212) 422-8200
Fax: (1-212) 422-0728
SWIFT: BKKB US 33
E-mail: helpdesk.nyb@bbl.co.th
FED Routing No: 026008691
CHIPS ABA: 0869

When setting up your home bank use the one way transfers option if they offer it since it cannot be used to withdraw money from Bangkok Bank and any such attempt will lock up the account. Without that option they will send test deposits of a few cents initially and you will have to report back receipt and amount. If you have SMS set up the bank will send notification to you.

I just go to my US bank online account, hit ‘transfer money’, then to ‘external transfer’, hit ‘add account’, put in the routing number for Bangkok Bank NY (#026008691) and ‘Bangkok Bank NY’ pops up. Now I enter my Bangkok bank savings account number and hit ‘submit.’

I have my Social Security ‘direct deposited’ into my Bangkok Bank Account using the RTN of their New York number which is also called ABA number

Important Note: You cannot transfer funds from Bangkok Bank’s account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank’s New York branch and the ACH system. If you initiate direct debit or ACH debit transactions to Bangkok Bank’s New York branch, banks in the US and online payment service providers may suspend your account.

The post Transferring Money to Thailand appeared first on Thai Retirement Helpers: Retiring in Thailand Made Easy.

Thai bak deposits for US citizens can seem a little tricky at first, but there’s a relatively easy way to handle them. If you’re a US bank account holder you can save international transfer fees via the US Automated Clearing House system (USACH) and Bangkok Bank’s New York branch. By stipulating the 9-digit routing number for Bangkok Bank’s New York branch (026008691) in your US transfer instruction, the funds will be transferred via the US ACH system directly to your Bangkok Bank account in Thailand. Your benefits for this extra hassle?

• Fees for funds transfers via the US ACH system and Bangkok Bank’s New York branch are up to USD 20 lower than most other international wire transfer services in the US.
• You can make transfers directly online via the internet banking service provided by your own bank in the US.
• You will enjoy a better exchange rate because the USD amount will be converted to Thai Baht at the daily Bangkok Bank exchange rate in Thailand.

Even if you don’t have a U.S. bank account you can still get Direct Deposit in Thailand. Bangkok Bank – which I use and recommend – will accept U.S. government Direct Deposit. Here’s how to get it:

• Complete Form SF-1199A, especially sections 1 & 2 on all three copies.
• Get a certified copy of your U.S. passport from the Consulate.
• Go to a Bangkok Bank branch and ask to open a Direct Deposit Account. Bring the completed Form SF-1199A, your passport and certified copy, the SSA or VA letter confirming your eligibility, and a small deposit to open the account.
• Tell the bank the account will receive a U.S. government pension only.
• Fill out an application for the bank’s Direct Deposit service.
• Read the application terms and conditions carefully. Note the fees and restrictions

Social Security requires that you do not have an ATM card on the account they pay into, so you will need a second account with an local ATM card that you can transfer funds to from the account your benefits are paid into. The second account is for your normal daily use.

The 1st account, the one that SS pays into shows your incoming deposits as ‘Foreign fund transfers’. You will need that to prove to The Thai Bureau of Immigration that your funds are coming from outside of Thailand when you renew your annual retirement extension. It can take several months for Direct Deposit to kick in. Then, to access each deposit, just update the account at any Bangkok Bank branch office. You can then transfer the funds into your regular working account.

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