Kwarium

After contacting Kasikorn and SCB helplines today (and Krungsri branch staff previously) the concensus is that Thailand has no TOD (transfer on death) or beneficiary assignments to bank accounts. Interesting to hear of other experiences such as @gomangosteen who says he set a beneficiary with Kasikorn. It seems @freeworld has it right, as I was told by the two helplines that even joint account owners do not become owners in the case of the other owner passing. It seems the last will is indeed the best way to go, even for ‘simple’ bank accounts! Live long and prosper, but be prepared… right? Edit: Kasikorn says that both joint account owners must be present to make passbook counter withdrawals. Krungsri says either owner may do so. TIT!

SCB (along with Krungsri) have no beneficiary options available for savings accounts. They (call center) advised for my wife to use my atm card upon my passing. But if she notifies the bank of my passing, then documents from the Thai courts will be required. TIT In the case of a joint account, as either owner can make withdrawals, this type of account would not be a problem if one owner dies. It would still require court docments to close the account though. Of course the account would automatically be closed after a few months of no balance.

I recently opened a joint savings account with my wife as Krungsri Bank said that is the only way for her to easily gain access if I was out of the picture. Unfortunately the account cannot be accessed by phone app. They seemed concerned that one of us could use the money digitally. But either of us can empty the account at any branch. No logic? TIT

I can’t find anything online or on Wise dot com about any fee increases. The new look showed up in March 2023. I use Wise twice per month USD to THB and the fee is 89 cents plus point six percent. A direct SWIFT bank to bank transfer becomes cheaper at about eight thousand USD. About a fifty dollar fee. I