Fixed bank account

[franckpattaya]

Hi every one,

I would like to open a fixed bank account ( for extension of stay) but Kasikorn bank doesn't allow a proxy for my Thai wife (in case something happens to me).

Does anyone know a Thai bank that accepts a proxy with a fixed bank account ?

[Maestro]

I have a feeling that no bank will do this, for liability reasons.

 

If after the death of the account holder the proxy holder clears out the account, legal or testamentary heirs other than the proxy holder can sue the bank for their rightful share of the estate and the court will order the bank to pay out.

[jacko45k]

I do not know of this facility here. For a FD account, I feel the only option is to cover it with a Thai will and probate will be required. Why not choose a savings account? The interest is not substantially less,  giving your wife access via an ATM card, internet or mobile banking.  

[franckpattaya]

@Maestro and @jacko45k: thanks for your replies.

[KhunBENQ]

3 hours ago, franckpattaya said:

I would like to open a fixed bank account ( for extension of stay)

For extension of stay?

Are you aware that the account must be solely in your name?

I doubt that an account with a proxy would be accepted.

[DrJack54]

As Ben states, the op mentioned extension of stay. Cannot have any attachment. Coincidentally I just opened a fixed term ac for this very reason. My next step is to see lawyer to hand it over to the gf if/when I fall off perch.

[jacko45k]

1 minute ago, DrJack54 said:

My next step is to see lawyer to hand it over to the gf if/when I fall off perch.

Not aware of anything other than a will and probate (bank would require a court order). Let us know if you find something easier. 

[DrJack54]

4 minutes ago, jacko45k said:

Not aware of anything other than a will and probate (bank would require a court order). Let us know if you find something easier. 

Yes jacko, intending to do a Will. Only way to get her off my back. If I go missing it means I made the will.  

Edited June 5, 2019 by DrJack54

[worgeordie]

I did an account at Bangkok Bank last week,I don't know

what its called,but the account is in my name,with the

wifes name also on the account,but hidden,only to be

seen signatures with black light,so you could use it

when doing extension ,as my name is the only one

on the main page,so she could take money out if

i die suddenly,I think this is what you are looking for,?

 

I believe all major banks can do this,it was quick and

easy to set up,in case anyone comes up with "Why would

you have account so wife can withdraw"in lots of cases

I would not recommend it, but we have been married 

31 years,and I trust her completely.

regards worgeordie

[Whip Me Granny]

Not sure if its the same thing or helps.  I have a Bank of Ayudhya ( Krungsri ) Mee Tae Dai saving account that I use for immigration purposes , the account is in my sole name , but I went with my wife to the bank and asked to have her signature added to that account so she can have full access if some thing happens to me . Only one signature is required ( her’s or mine ) to make a withdrawal . I all so have internet access to that account and my wife can access that option as well. 

[Whip Me Granny]

4 minutes ago, worgeordie said:

I did an account at Bangkok Bank last week,I don't know

what its called,but the account is in my name,with the

wifes name also on the account,but hidden,only to be

seen signatures with black light,so you could use it

when doing extension ,as my name is the only one

on the main page,so she could take money out if

i die suddenly,I think this is what you are looking for,?

 

I believe all major banks can do this,it was quick and

easy to set up,in case anyone comes up with "Why would

you have account so wife can withdraw"in lots of cases

I would not recommend it, but we have been married 

31 years,and I trust her completely.

regards worgeordie

31 years   That may be the forum members record ????

[Tanoshi]

Bangkok Bank.

My wife is named as an authorised user of both my Savings account and Fixed Term account.

BKK even issue a second debit card for use with the Savings account.

The accounts appear in my sole name, on statements, passbook and letters.

 

It isn't a joint account, it's a sole account with another named authorised user.

I also made a Will regarding all my Thai assets.

Edited June 5, 2019 by Tanoshi

[Tanoshi]

4 hours ago, franckpattaya said:

I would like to open a fixed bank account ( for extension of stay) but Kasikorn bank doesn't allow a proxy for my Thai wife (in case something happens to me).

Kasikorn ceased this service some time ago.

They had issues because they only issued one debit card, (Savings accounts) which was shared between family members named as authorised users of the account.

You can guess what was happening and Kasikorn were unable to establish the user of the card.

 

With Bangkok bank, separate cards ensure the user is traceable. (Different card numbers).

For Fixed terms account, with no debit card, the user has to go in branch and sign for a withdrawal, so again traceable to the user.

Edited June 5, 2019 by Tanoshi

[DrJack54]

23 minutes ago, Tanoshi said:

Kasikorn ceased this service some time ago.

They had issues because they only issued one debit card, (Savings accounts) which was shared between family members named as authorised users of the account.

You can guess what was happening and Kasikorn were unable to establish the user of the card.

 

With Bangkok bank, separate cards ensure the user is traceable. (Different card numbers).

For Fixed terms account, with no debit card, the user has to go in branch and sign for a withdrawal, so again traceable to the user.

 

43 minutes ago, Tanoshi said:

Bangkok Bank.

My wife is named as an authorised user of both my Savings account and Fixed Term account.

BKK even issue a second debit card for use with the Savings account.

The accounts appear in my sole name, on statements, passbook and letters.

 

It isn't a joint account, it's a sole account with another named authorised user.

I also made a Will regarding all my Thai assets.

I was not aware that what you and others describe was possible. Good info. I need the account for my extension. I note you have made a will. How does the bank ac work with no will in place. I was under impression that the account cannot be accessed if account "owner" passed away. I realize that the bank would not know but legally....?

[Tanoshi]

2 minutes ago, DrJack54 said:

 

I was not aware that what you and others describe was possible. Good info. I need the account for my extension. I note you have made a will. How does the bank ac work with no will in place. I was under impression that the account cannot be accessed if account "owner" passed away. I realize that the bank would not know but legally....?

If it's a Savings account, usually the wife will known the PIN and withdraw the maximum per day until it's empty before notifying the bank of your decease (so the banks informed me).

Usually a Court order is required for the bank to release funds.

 

If their is no Will in place then Thailand's laws of Inheritance take precedence.

https://www.samuiforsale.com/knowledge/inheritance-laws-thailand.html

 

Fixed accounts can only be accessed in branch at the Counter.

Although I have a Will in place, by registering my wife as an authorised user of my accounts, in the event of death, she already has authority to withdraw any said funds, without obtaining a Court Order.

 

Without any of the above, although your wife may be entitled to your assets under Inheritance rights, it would have to go to Probate before a Court Order could be obtained, which could take several months.

 

In the case where your wife has no direct access to your accounts, but a Will is in place naming her as the beneficiary of your assets, she can obtain a Court Order within a couple of weeks depending on the booking availability of the Court.

[Maestro]

25 minutes ago, Tanoshi said:

...In the case where your wife has no direct access to your accounts, but a Will is in place naming her as the beneficiary of your assets, she can obtain a Court Order within a couple of weeks depending on the booking availability of the Court.

Is it the family court to go to for this?

[Maestro]

Taking about a will, it it is advisable that it should name an executor of your choice, eg your wife.

[Tanoshi]

3 hours ago, Maestro said:

Is it the family court to go to for this?

Provincial Courts in most instances, although Bangkok has some Municipal Courts.

There are separate Courts within the Provincial Courts.

Not sure whether Wills would come under the jurisdiction of Family Courts or Civil Courts.

[Tanoshi]

4 hours ago, Maestro said:

Taking about a will, it it is advisable that it should name an executor of your choice, eg your wife.

My wife is both the beneficiary and executor of my Will.

You should also consider the possibility of both you and the wife deceasing at the same time, as in an accident. In this instance my estate is left to my wife's children (beneficiaries) and another family member is named as the executor.

 

As an aside, it is not sufficient to state 'I leave on my worldly goods to ……. as in perhaps a western Will.

Thai Wills must specify the main body of assets, such as the details of any vehicles, bank accounts, property, land etc, but not personal possessions, such as clothes, laptop, watches, which should be covered elsewhere in the Will.

 

Thai Wills also require two witnesses signatures.

Edited June 5, 2019 by Tanoshi

[Orton Rd]

Interesting info on joint use but sole account name. If you died and the Mrs went into the bank to withdraw the lot would she be committing an offence not telling them you were deceased?

[Golden Triangle]

I was told a few weeks ago, by an agent !! that fixed term deposit accounts were a no no for immigration when it comes to renewing retirement extensions, could someone (anyone) confirm or deny that please.

 

I am NOT about to put the 800 k in the bank due to the crap exchange rate so may well wait for this Brexit fiasco to run its course and wait for the £ to start to recover before I even consider that. But I am concerned that I may have been told an untruth.

 

Thanks in advance.

[Tanoshi]

5 minutes ago, Orton Rd said:

Interesting info on joint use but sole account name. If you died and the Mrs went into the bank to withdraw the lot would she be committing an offence not telling them you were deceased?

Interestingly enough No!

That's because under Thai Inheritance Laws she is the legal beneficiary under that law.

She could only withdraw from an ATM using your card.

If she went in branch and notified your death, the account would be frozen until such time as you can present a Court Order.

 

However if your weren't legally married, or had a Will naming another as the beneficiary, then yes an offence has been committed. The bank is not liable because 'you' must have disclosed confidential information to that person (PIN) in order for them to withdraw funds.

It then becomes a Criminal matter.

[Orton Rd]

why could she not use the book as joint signature? card would take weeks to empty the account

[Tanoshi]

18 minutes ago, Golden Triangle said:

I was told a few weeks ago, by an agent !! that fixed term deposit accounts were a no no for immigration when it comes to renewing retirement extensions, could someone (anyone) confirm or deny that please.

Fixed term accounts are acceptable to Immigration provided you have immediate access to the funds.

[DrJack54]

1 minute ago, Tanoshi said:

Fixed term accounts are acceptable to Immigration provided you have immediate access to the funds.

Also without penalty apart from loss of interest?

[bkk6060]

6 hours ago, DrJack54 said:

As Ben states, the op mentioned extension of stay. Cannot have any attachment. Coincidentally I just opened a fixed term ac for this very reason. My next step is to see lawyer to hand it over to the gf if/when I fall off perch.

Do it quickly you never know..

[Tanoshi]

5 minutes ago, Orton Rd said:

why could she not use the book as joint signature? card would take weeks to empty the account

Officially the bank want a Court Order.

Unofficially if she emptied your Savings account via ATM, then notified the bank, no crime has been committed, or action taken. (Subject to the fact she was the legal beneficiary).

 

With a fixed term she'd have to go in branch and they may ask questions.

Another way to circumvent this is to have online banking where the funds could be transferred without question.

 

At some point the wife would need to close the (empty) accounts, in order for charges not to be placed on the accounts, so would need to notify your death, provide ID and a Death certificate.

[Tanoshi]

6 hours ago, DrJack54 said:

As Ben states, the op mentioned extension of stay. Cannot have any attachment. Coincidentally I just opened a fixed term ac for this very reason. My next step is to see lawyer to hand it over to the gf if/when I fall off perch.

Save the expense.

You can draft a Will yourself.

I have a template from a Bangkok lawyer, (relative) just add personal details and information.

It's in English format and covers everything.

Two witness signatures, translate to Thai, the wife's good to go when you flip.

[qwertyuiop]

^ Could you not post the template please?

[bkk6060]

53 minutes ago, Golden Triangle said:

 

 

I am NOT about to put the 800 k in the bank due to the crap exchange rate so may well wait for this Brexit fiasco to run its course and wait for the £ to start to recover before I even consider that. But I am concerned that I may have been told an untruth.

 

Thanks in advance.

Seriously?

In ten years your Brexit issue may be resolved.

But, I wish you nothing but swift progress.