Keeping 800,000thb in Thailand.......

[SunsetT]

Does the 800k thb held in a Thai bank account required for Retirement/Long term extension of stay renewal have to be in a bank account in the applicant's sole name, or can it be in a joint account held with a Thai wife/girlfriend? Also how long does it have to be in that account before the annual renewal/extension? Thank you.

[petermik]

Applicants sole name..........seasoned for 2 months for first application 3 months for renewals

[ubonjoe]

It has to be in the applicants name only.

It has to be in the bank for 60 days for the first application and then 3 months after that.

[Boon Mee]

The Absolute best way to secure that Retirement Extension is to deposit that money into an account and forget about it. 

Consider it emergency funds. 

[theoldgit]

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

[Lite Beer]

9 minutes ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

Keep it in your own bank and make sure she knows your ATM number.

Or put the money in her bank and transfer it to yours in time for immigration application. Then transfer it back again.

[MichaelJohn]

You can keep it in your wife's name or joint account for 9 months of the year and just transfer it to your account 3 months before Extension.

That means if you die there's a 75% chance the money will be accessible to her!

An other alternative is to have the B800k in your account but one that has a debit card/Internet access so it can be accessed after your death.

[wgdanson]

15 minutes ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

EXPENSIVE? 52 quid and you don't need to tie any cash up, no letter from Thai Bank needed, and ways to 'manipulate' your UK income.

[Tanoshi]

1 minute ago, wgdanson said:

EXPENSIVE? 52 quid and you don't need to tie any cash up, no letter from Thai Bank needed, and ways to 'manipulate' your UK income.

Unlike the US Embassy, the British Embassy requires documentary proof of income before they will issue a letter to that effect.

[Tanoshi]

20 minutes ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

Unknown to many, you can have the account in one name, but have more than one named persons signature to withdraw funds.

 

I have a Savings account in my sole name, but both my wife and I have debit cards as she is registered to withdraw funds on the account.

 

Same with fixed term accounts, but more of a pain as the wife has to accompany you each time you renew the term.

 

You could also make a Will.

[wgdanson]

30 minutes ago, Tanoshi said:

Unlike the US Embassy, the British Embassy requires documentary proof of income before they will issue a letter to that effect.

Yes, but it is only your INCOME they are interested in.

[Chicken George]

1 hour ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

Speak to the bank manager he can add the wifes name then take that page put. Account still only in your name. Then she can have access to it.

[Aussieroaming]

20 hours ago, ubonjoe said:

It has to be in the applicants name only.

It has to be in the bank for 60 days for the first application and then 3 months after that.

With respect Ubonjoe, I have had both Marriage and Retirement extensions and I only have 1 x joint bank account with my wife, I have never had a separate account, hence it is possible to have the money in a joint bank account. 

[colinneil]

1 minute ago, Aussieroaming said:

With respect Ubonjoe, I have had both Marriage and Retirement extensions and I only have 1 x joint bank account with my wife, I have never had a separate account, hence it is possible to have the money in a joint bank account. 

You say you only have a joint account, is the balance approx 800.000 or double?

I once asked immigration about joint account, they told me if joint you need 1.6 million.

[Kron]

Had been maintaining a joint account for this purpose for a number of years. Sadly 3 years back Immigration advised me they would only consider half the money in this type of account. Caused a problem for when I transferred it to an account in my sole name they then played the game it was not seasoned i.e. 3 months in the account.

 

So a joint account might be possible if it held 1.6m thb or more.

[sfokevin]

I thought the 800k deposit must be from a foreign source?... if you start bouncing the funds back and forth from the wife’s account to yours the bank may have a problem issuing a bank letter? 

[ubonjoe]

6 minutes ago, sfokevin said:

I thought the 800k deposit must be from a foreign source?

There is no requirements for proof the funds came from abroad to apply for an extension of stay.

[Aussieroaming]

42 minutes ago, colinneil said:

You say you only have a joint account, is the balance approx 800.000 or double?

I once asked immigration about joint account, they told me if joint you need 1.6 million.

Ahh maybe you have the reason, account has somewhere near 40M

[OJAS]

1 hour ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

I have a security concern about leaving a large amount  of 800,000 THB safely stashed in a Thai bank account after having had 2 separate accounts with separate banks relieved of significant sums by ATM fraudsters several years ago. Had I been relying solely on this method of proving finances and they had struck during the relevant seasoning period, I would probably have found myself in deep doo-dah come the time I needed to apply for a particuar retirement extension.

 

For this reason I, too, have opted to rely on the Embassy income letter method of proving finances - although I, personally, don't have any complaint about the price, which is about the same as that for Immigration extension of stay and single re-entry permit stamps (which together occupy a mere passport page, in comparison to the much larger A4-sized letter provided by the Embassy).

[simoh1490]

My wife and I have one account that is "either/or", which overcomes many problems for beneficiaries.

 

 

[Sparkles]

1 hour ago, Chicken George said:

Speak to the bank manager he can add the wifes name then take that page put. Account still only in your name. Then she can have access to it.

Thats is what I did some years back,my wife is a signatory to the account but its not shown.All we had to do was sign another form to confirm our wishes.

 

If I fall off the perch she can take the death certificate to the bank present the passbook  and withdraw the 800,000 b.

[SunsetT]

3 hours ago, Boon Mee said:

The Absolute best way to secure that Retirement Extension is to deposit that money into an account and forget about it. 

Consider it emergency funds. 

That is exactly why I wanted it in joint names so that my Thai lady would have access to it should anything happen to me.

 

.....I just went on to read the following posts to yours; most posters with the same concern.

Edited January 23, 2018 by SunsetT

[laislica]

47 minutes ago, Aussieroaming said:

Ahh maybe you have the reason, account has somewhere near 40M

 

41 minutes ago, OJAS said:

I have a security concern about leaving a large amount  of 800,000 THB safely stashed in a Thai bank account after having had 2 separate accounts with separate banks relieved of significant sums by ATM fraudsters several years ago. Had I been relying solely on this method of proving finances and they had struck during the relevant seasoning period, I would probably have found myself in deep doo-dah come the time I needed to apply for a particuar retirement extension.

 

For this reason I, too, have opted to rely on the Embassy income letter method of proving finances - although I, personally, don't have any complaint about the price, which is about the same as that for Immigration extension of stay and single re-entry permit stamps (which together occupy a mere passport page, in comparison to the much larger A4-sized letter provided by the Embassy).

 

1) Remember that the Thai Gov only repay 1 million if a bank collapses. (Scary that someone has 40 mil in one account in a single bank?)

2) Open at least 2 accounts, one with an ATM card.

3) Pay the little extra and have an SMS sent to your phone every time there is movement on the ATM account.

4) Have online banking and xfer small amounts from the true saving account to the ATM account. This limits theft exposure.

5) Consider having a Foreign Currency account for huge amounts of cash. Better interest rates?

 

[SunsetT]

2 hours ago, wgdanson said:

Yes, but it is only your INCOME they are interested in.

So what is the income requirement for extension of stay renewal?

[SunsetT]

If one holds the 800k thb in a single or joint Thai account and it is withdrawn by Thai spouse/partner immediately following one's death,  is it likely to be traced by UK tax authorites for payment of inheritance tax? Anyone know please?

 

[Orton Rd]

3 hours ago, theoldgit said:

My concern is that should I pop my clogs before my wife that she would not be able to access these funds without jumping through hoops, so we've opted for joint accounts and use the, albeit expensive, Embassy Letter.

They do have wills here don't they?

Edited January 23, 2018 by Orton Rd

[Orton Rd]

16 minutes ago, SunsetT said:

If one holds the 800k thb in a single or joint Thai account and it is withdrawn by Thai spouse/partner immediately following one's death,  is it likely to be traced by UK tax authorites for payment of inheritance tax? Anyone know please?

 

No, there would be nothing to pay on a small amount like that anyway

[SunsetT]

1 minute ago, Orton Rd said:

No, there would be nothing to pay on a small amount like that anyway

There would be if one has assets over £275k (I think that is the threshold) in the UK.,  but Im wondering if they would know about savings in Thailand, or if they would go out of their way to contact  a Thai bank, or if notification of death to the UK embassy triggers any such investigation by the UK tax authorities.

[Orton Rd]

Assets here don't have anything to do with tax in UK though

[simoh1490]

43 minutes ago, laislica said:

 

 

1) Remember that the Thai Gov only repay 1 million if a bank collapses. (Scary that someone has 40 mil in one account in a single bank?)

2) Open at least 2 accounts, one with an ATM card.

3) Pay the little extra and have an SMS sent to your phone every time there is movement on the ATM account.

4) Have online banking and xfer small amounts from the true saving account to the ATM account. This limits theft exposure.

5) Consider having a Foreign Currency account for huge amounts of cash. Better interest rates?

 

10 Million, not 1 million: http://www.dpa.or.th/main.php?filename=index___EN

Interest rates of foreign currency accounts are very poor if not non-existent, the rates on THB are much higher.

Edited January 23, 2018 by simoh1490