Joint bank account not married

[Rc2702]

I want a joint bank account with my Mrs.  

 

We have a child together and whatever goes into that account I could walk away from if it really came to it.

 

It's nearly 4 years together though so I'm ok on that front for now.

 

So we are not married and I only visit thailand.

 

 I do have a bkk bank account already but I need to purchase a house for her and boy in the near future and again I do not mind that we are not married but my concern is that say she died and I put the cash in her account it could be difficult or even impossible for me to access for our sons well being.

 

Vice versa she does have access to my bank through ATM card but if she needed a big amount that may equally be difficult for her.

 

So is a joint bank account the best solution and is there a term in such an account which ensures the surviving party would have full access?

 

Can this be done in our non married non resident relationship?

 

I've put this in general as I'm after a lot of input. Hope that's OK. 

 

 

[starky]

I think joint accounts are a good idea. Before all the snarly snipers jump in I trust my missus implicitly and we have been married nearly 10 years. It opens up a few doors the most notable being your family has immediate access if something should happen to you. Another bonus was after 6 months of having the joint account we could get loans which allowed us to invest in more land and property and saved me having to transfer more money from Australia, which works harder for me in Aus then it ever would in a Thai bank. It might even help you in regards to that house you are thinking about buying. Another 6 months might save you a truck load of cash up front.

Edited August 10, 2018 by starky

[Kwasaki]

You can open a joint account both of you have to be there at the bank though. ?

[seajae]

we have been looking at a joint bank account for some time too, easy enough to do, still need my own account for my yearly visa but would like to have a joint account if anything happened to me. I also trust my wife explicitly, so any money we put in it will just sit there as she also has her own accounts, I just think its a good idea that she will be able to access it if the need arises.

[scorecard]

22 hours ago, Kwasaki said:

You can open a joint account both of you have to be there at the bank though. ?

Agree, my Thai son had a joint account with his now wife for several years before marriage. They chose the 'both must sign' version.

 

I've got 3 joint accounts with my son. No problem at all to open the accounts.

 

Access after one party dies can be very simple and it can be complex, in our family all adults have a will which gives clear instructions about cash in bank accounts. 

 

 

[giddyup]

I have a joint account with my Thai partner just in case I die it suddenly. She can then access the account with my ATM card, she doesn't need to visit the bank.

[chuang]

Nice to read you all trust your partners. Lovely. A far cry from those who mistrusted them when money is mentioned. ?

[giddyup]

3 minutes ago, chuang said:

Nice to read you all trust your partners. Lovely. A far cry from those who mistrusted them when money is mentioned. ?

If somebody was hitting on you for money from the get-go I would be reluctant to open a joint account, but I knew early on what kind of person my partner was and trust her implicitly.

[wgdanson]

1 hour ago, giddyup said:

I have a joint account with my Thai partner just in case I die it suddenly. She can then access the account with my ATM card, she doesn't need to visit the bank.

It doesn't have to be a joint account then. My partner, who knows my PIN, can go to any ATM with or without me, anytime with me being dead or alive.

[soisanuk]

I opened a joint account at Bangkok Bank with my Thai partner (of 25+ years) with no problem. We opted for either of us can sign rather than both. We also chose not to have an ATM card for the account.  Its primary purpose is so that in the event of my death, my partner can access the cash. If we both had to sign, that would defeat the purpose.  I do have a will to which my partner is the beneficiary - but probate can take at least 2 to 3 months before access to my individual account would be available to my partner. 

 

 

[Peter Denis]

15 minutes ago, wgdanson said:

It doesn't have to be a joint account then. My partner, who knows my PIN, can go to any ATM with or without me, anytime with me being dead or alive.

As long as you are alive and fully agree that your partner can take money from your account with your pin-code, there is no problem.  However, when you die and your partner is not the only beneficiary of your possessions, this might cause trouble (as the money on your account isn't yours anymore, and will be blocked until your heritage is settled).  But obviously you know your own situation best, and opening a joint account might not be worth it.

[cyberfarang]

The OP and his partner have a child together and claims only to be a visitor to Thailand.

 

He has a child with her yet seems afraid to take on any commitment and officially get married to the mother of his child. He also mentions he can walk away at any time, which means whatever he gives his partner and support for his child is at his discretion.

 

If he is not resident in Thailand, it means the OP cannot open any Thai bank accounts that pay interest even if in joint name with a Thai. He has to open a non-resident account. As regarding if the mother of his child dies, he is concerned about not being able to access the funds for the welfare of his child.

 

If he is so concerned about his son`s well being, then why doesn`t he send monies to his partner`s account for her support and have a separate account in his name, savings for his child`s welfare if in the event his so-called part time partner dies or decides to dump him?

 

A Farang buying a house that sits on land is not legal in Thailand, and I wonder if he trusts his partner enough to send her funds and let her choose a property?

 

Seen this too many times, Farang has child with a Thai lady, eventually Farang leaves the scene, Thai mother is left to support and bring up the child on her own.

[giddyup]

54 minutes ago, wgdanson said:

It doesn't have to be a joint account then. My partner, who knows my PIN, can go to any ATM with or without me, anytime with me being dead or alive.

If the account is in your name only it may well be frozen upon your death until beneficiaries are worked out. I don't want any of my remaining family to get one satang, so that's why I have a joint account.

Edited August 11, 2018 by giddyup

[Kwasaki]

33 minutes ago, giddyup said:

If the account is in your name only it may well be frozen upon your death until beneficiaries are worked out. I don't want any of my remaining family to get one satang, so that's why I have a joint account.

I have a savings account that doesn't have an ATM card in my name only because immigration required that even though we apply for marriage extension, always though that was daft.

The interest isn't much and taxed but it buys her a pair of shoe's and if I peg it she can wait for access.

[thailand49]

It really is about honesty, trust, respect if not more?  

 

I've been with my wife a bit of a long story we divorced 10 years ago legally but same day went to the Temple and had our relationship bless or whatever they called it but I've never been apart from her or my son.  The house and all the worldly possession is under her name, house,apartment, two cars, 4 motorbikes, there is no material possession that is in my name.

We have a number of bank account in the past but recently consolidated many and that includes a joint in my name and hers.

 

As noted, you got to be presents and provide a passport although joint and it escape me before on the other accounts but this time she pull out a U.S.  tax form for me to fill out basically reported to the U.S. I have a oversea's bank account.

 

In our situation we decided to skip the ATM card for now basically the money in this account is for emergency only, like medical for her and our son so the book will just sit in our safe.  There is enough around to get her by until the rest comes rolling in all this being done as I'm getting up in age so that they are all comfortable when I'm gone.  

 

Nothing I have done from the beginning to now has really made a dent on my over all portfolio if we separate.

 

good luck

[Bundooman]

3 hours ago, wgdanson said:

It doesn't have to be a joint account then. My partner, who knows my PIN, can go to any ATM with or without me, anytime with me being dead or alive.

While that is something I would be happy to do myself, I am fairly certain that the police would find a problem with that - if your other half started withdrawing funds from your account after you had died..... I believe that the account is frozen in order to prevent just that - isn't it?.

 

I too wanted to open a joint account with my partner of 10 years  so that she would have access to my funds after my demise - but SCB told me that I was unable to do so as we weren't married.

Was the advice given to me wrong?

[Vacuum]

3 hours ago, giddyup said:

If somebody was hitting on you for money from the get-go

They never do. They'll wait until you swallowed the hook, line and sink. Then....

[giddyup]

50 minutes ago, Vacuum said:

They never do. They'll wait until you swallowed the hook, line and sink. Then....

I guess mine must be the patient kind, she's waited 8 years so far.

[beet man]

You can have a joint account and use it for your one year visa as long as you have 1600000 in the account

[GreasyFingers]

1 hour ago, Bundooman said:

While that is something I would be happy to do myself, I am fairly certain that the police would find a problem with that - if your other half started withdrawing funds from your account after you had died..... I believe that the account is frozen in order to prevent just that - isn't it?.

 

I too wanted to open a joint account with my partner of 10 years  so that she would have access to my funds after my demise - but SCB told me that I was unable to do so as we weren't married.

Was the advice given to me wrong?

Do not know about SCB but we never had a problem with Kasikorn not being married. Sounds like a cop out to me, like our local Ampur that will not issue a yellow book unless married.

[DJ54]

I opened a joint account with girlfriend now wife no problems. They also gave me a form to fill out for US don’t remember what it was. I also have US account in my name only.

 

Twice probably 4 years ago my US account was blocked because some reporting agency reported to the bank I was deceased. Had to go to Soical Security to get a letter for proof I was dead. The only thing they could do is state that no one was receiving any death benefits. 

 

It it was all sorted out in a couple of days. Then it happened again. Luckily I was in bank day before I headed back to ASIA and they called him and another banker and they said yes he was here and wasn’t dead.

 

and life goes on...

[Wake Up]

To all the men who are happily married or living together I hope for the best for you. But dont be arrogant that you can intelligently choose a life mate forever or a certain formula for getting married exists. You are either lucky or not.

 

But one saying is true.

 

You never really know a person until you divorce them.  

 

So trust, love, time, religion etc...all of that is important but never put all of your life savings in another persons hands. Too risky.  

[cyberfarang]

1 hour ago, Wake Up said:

To all the men who are happily married or living together I hope for the best for you. But dont be arrogant that you can intelligently choose a life mate forever or a certain formula for getting married exists. You are either lucky or not.

 

But one saying is true.

 

You never really know a person until you divorce them.  

 

So trust, love, time, religion etc...all of that is important but never put all of your life savings in another persons hands. Too risky.  

And also if not 100% certain about a relationship and there is not a complete trust between a couple, then the guy should wear something at the end of it and not have kids.

[giddyup]

4 hours ago, Bundooman said:

 

I too wanted to open a joint account with my partner of 10 years  so that she would have access to my funds after my demise - but SCB told me that I was unable to do so as we weren't married.

Was the advice given to me wrong?

Yes wrong. I have a joint account with the SCB and we aren't married.

[NCC1701A]

wow reading this tread is interesting.

 

I hope these bank accounts everyone is talking about represent only 10% or less of your net worth.

 

 

[starky]

1 hour ago, NCC1701A said:

wow reading this tread is interesting.

 

I hope these bank accounts everyone is talking about represent only 10% or less of your net worth.

 

 

I could be a smart arse but we aren't all decrepit men with bar girl wives, further to that what concern of it is yours how much money I choose to leave in a joint bank account with my spouse? The jaded I got <deleted> over by a Thai girl shtick is a worn out cliche normally spoken of by old men with young hookers that should have known better and if they were smarter never would have got raped in the first place. You can also save me any "long game" theories I'm 43 my wife is 35 so if she wants to hang around for another 30, 40 or maybe 50 years for a pay out she can have the lot. My missus is staunch and would never steal as much as a satang off me. We may not stay together forever only time will tell but in my case the furthest thing from my mind is my missus robbing me. Maybe your hanging around with the people of poor character I certainly don't. Cheers.

[Rc2702]

1 hour ago, NCC1701A said:

wow reading this tread is interesting.

 

I hope these bank accounts everyone is talking about represent only 10% or less of your net worth.

 

 

Well there is a child to factor so it is a different ball game.

[scorecard]

7 hours ago, Bundooman said:

While that is something I would be happy to do myself, I am fairly certain that the police would find a problem with that - if your other half started withdrawing funds from your account after you had died..... I believe that the account is frozen in order to prevent just that - isn't it?.

 

I too wanted to open a joint account with my partner of 10 years  so that she would have access to my funds after my demise - but SCB told me that I was unable to do so as we weren't married.

Was the advice given to me wrong?

 

"I believe that the account is frozen in order to prevent just that - isn't it?"

 

This point doesn't seem to have an absolute answer.

 

If the account is set up both persons must sign then the answer is clear, if one has deceased 2 signatures not possible, therefore a court order is probably needed and this is a good example of why a will is important.

 

If it's either party can sign, this is where it's unclear. Some bank managers will say must now have a court order, others will say one person is still alive, therefore there's no problem.

 

A further point, unless the surviving party tells the bank manager the other party is deceased then one signature just continues. 

 

Another opinion is that it's illegal to not inform the bank manage that one party has deceased.

 

Overall, a good reason to have wills in place. 

and (in our case) either 

 

 

 

[GreasyFingers]

12 hours ago, NCC1701A said:

wow reading this tread is interesting.

 

I hope these bank accounts everyone is talking about represent only 10% or less of your net worth.

 

 

"And it's only the giving that makes you what you are"  (Wond'ring Aloud-Jeffro Tull)

[simoh1490]

My long standing female partner and I have a joint account which is written as "either/or" hence it wont be closed on the death of one of the parties.