Bank Withdrwals On Death

[Speedo1968]

I am not sure if I am allowed to post this question and / or whether or not in the correct forum.

The questions relate to closing an account kept for a retirement visa.

 

Has any had the unfortunate task of having to withdraw funds by ATM from KBank following the death of a loved one ?

If so were restrictions placed or were there other difficulties ?

 

Secondly is it possible for a Thai person to send such funds to the UK using  Superrich or must it be a bank ?

If a bank does anyone have useful information about procedures ?

 

I have a very close friend for 20 years and have trusted her with my life on more than one occasion.

I wish things to go as smoothly s possible for those I leave behind and am trying to plan accordingly.

I already have a DNR in place for some years and a Will is already drawn up.

[blackcab]

Technically speaking, if the account is in your name only and the bank is informed that you are deceased, the bank should freeze the account until probate is sorted out.

 

However, some people knowingly give their pin number to their spouse, etc and instruct them to empty the account on their demise.

[dabhand]

For transfers to the UK. Suggest you have a look at Dee Money. Many topics on this and seems very efficient and economic.

[Pib]

50 minutes ago, dabhand said:

For transfers to the UK. Suggest you have a look at Dee Money. Many topics on this and seems very efficient and economic.

As of a few days ago DeeMoney lost it's capability to send to the UK, US, and NJ.  Something about they must find a new money transfer partner for those countries.  Not familiar with Superrich funds transfer capability but Thai banks can sure transfer funds to other countries for certain purposes.  But you can't transfer funds from "another" person's account....like a dead person's account without court approval.

 

Pulling funds from a death person's account is illegal.  The court needs to give such authorization under the probate process.  Yes, yes I know the person may have given his debit card PIN number to a loved one but that does not make it legal.

 

[ukrules]

How about a joint account ?

[Pib]

4 minutes ago, ukrules said:

How about a joint account ?

No problem.  The still alive joint holder can withdraw funds.   

 

Now, I've heard stories that some banks freeze half of the account's balance pending probate, but I bet that was due to another other family member(s) filing court papers contesting a person's estate and wanting to freeze as many assets as possible pending probate.

[Speedo1968]

15 hours ago, ukrules said:

How about a joint account ?

Thank you for the suggestion, will ask the bank "out of curiosity".

[Speedo1968]

15 hours ago, Pib said:

No problem.  The still alive joint holder can withdraw funds.   

 

Now, I've heard stories that some banks freeze half of the account's balance pending probate, but I bet that was due to another other family member(s) filing court papers contesting a person's estate and wanting to freeze as many assets as possible pending probate.

Thanks for your comments, will ask the bank on Monday.

Have only recently moved my accounts from Bangkok despite having left there some years ago, got fed up with the extra charges.

[Speedo1968]

16 hours ago, Pib said:

As of a few days ago DeeMoney lost it's capability to send to the UK, US, and NJ.  Something about they must find a new money transfer partner for those countries.  Not familiar with Superrich funds transfer capability but Thai banks can sure transfer funds to other countries for certain purposes.  But you can't transfer funds from "another" person's account....like a dead person's account without court approval.

 

Pulling funds from a death person's account is illegal.  The court needs to give such authorization under the probate process.  Yes, yes I know the person may have given his debit card PIN number to a loved one but that does not make it legal.

 

It was a real hassle trying to send funds out to the UK when I first started here full time nearly 20 years ago.

Not sure if a single bank here would allow a Thai person to send a large sum to the UK, can but ask.

Perhaps if one of my children comes to Thailand when I die they could exchange Thai baht in to sterling and put it in their backpack - obviously a No No at UK immigration !

 

[gamb00ler]

24 minutes ago, Speedo1968 said:

Not sure if a single bank here would allow a Thai person to send a large sum to the UK, can but ask.

About 6 years ago my stepson(Thai) sent about 2M baht from Kbank to his own account at Bank of America.  He had to supply a reason on the transfer authorization form.  He said "expenses".  There was no problem with the transfer.

Edited June 21, 2019 by gamb00ler

[Speedo1968]

On 6/21/2019 at 11:07 AM, gamb00ler said:

About 6 years ago my stepson(Thai) sent about 2M baht from Kbank to his own account at Bank of America.  He had to supply a reason on the transfer authorization form.  He said "expenses".  There was no problem with the transfer.

Thank you for that information.

My situation would be in the event of my death that my long standing friend could pay expenses here and send some funds to one of my daughters account in the UK to cover flight costs etc.

My own UK accounts would of course be closed on notification of my death.
I will ask my local KBank out of curiosity.

[treetops]

On 6/21/2019 at 4:43 AM, Speedo1968 said:

Perhaps if one of my children comes to Thailand when I die they could exchange Thai baht in to sterling and put it in their backpack - obviously a No No at UK immigration !

UK immigration couldn't give a toss.  Customs would be interested but should be OK if it's declared and source provable (and legal).

[theoldgit]

12 hours ago, treetops said:

UK immigration couldn't give a toss.  Customs would be interested but should be OK if it's declared and source provable (and legal).

The UKBA at UK Border Force consists of Immigration Officers and HMRC staff, both teams wear Border Force epaulattes.

You're right you must declare funds in excess of €10,000 when entering the UK from a non EU country, that includes notes, coins, bankers drafts and cheques, you might be required to prove the source of the funds, though passengers sometimes are asked for the source of smaller amounts.

 

https://www.gov.uk/bringing-cash-into-uk

 

The Border Force randomly uses sniffer dogs to check passengers carrying large amounts of cash, though usually leaving the UK, the dogs smell the ink.

[OJAS]

On 6/20/2019 at 1:37 PM, ukrules said:

How about a joint account ?

Not the solution if the account is being used to stash 800k for a retirement extension as mentioned by the OP, though.

[billd766]

1 hour ago, OJAS said:

Not the solution if the account is being used to stash 800k for a retirement extension as mentioned by the OP, though.

But you should be able to have both a single and a joint account running at the same time.

[CharlieH]

16 minutes ago, billd766 said:

But you should be able to have both a single and a joint account running at the same time.

Yes, as thats exactly what I have.????

[billd766]

8 minutes ago, CharlieH said:

Yes, as thats exactly what I have.????

Me too. Though I did have to argue at the bank to get the single account.

[CharlieH]

Just now, billd766 said:

Me too. Though I did have to argue at the bank to get the single account.

I got that first, then went for the joint with wife in tow.

[treetops]

9 hours ago, theoldgit said:

The UKBA at UK Border Force consists of Immigration Officers and HMRC staff, both teams wear Border Force epaulattes.

UKBA was replaced in 2013 by UK Visas and Immigration.  They and UK Border Force (the customs guys) are both part of The Home Office but with different responsibilities.  At least that's my current understanding.

[theoldgit]

11 hours ago, treetops said:

UKBA was replaced in 2013 by UK Visas and Immigration.  They and UK Border Force (the customs guys) are both part of The Home Office but with different responsibilities.  At least that's my current understanding.

Partly correct, the UKVI are responsible for Visas and Immigration, ie issuing the visas for various categories, whilst the Border Force are, as the name implies, responsible for the UK Border and can be either former Immigration Officers of Customs officers, the former Customs Officers sometimes staff the actual Border Posts, ie landing people, I'm not sure that they work the other round, but by now they've probably recruited people to carry out both functions.

My point in answer to the earlier post remains valid, the Border Force are the people who can check for cash entering the country.

[IssanMichael]

On 6/20/2019 at 4:00 PM, blackcab said:

Technically speaking, if the account is in your name only and the bank is informed that you are deceased, the bank should freeze the account until probate is sorted out.

 

However, some people knowingly give their pin number to their spouse, etc and instruct them to empty the account on their demise.

That's what i have organised, and i increased the withdrawal/transfer amount to so that i can be emptied in a couple of days, this way she doesn't have to mess around with probate and banks etc.

Edited June 24, 2019 by IssanMichael

[tompelli]

You can nominate someone as a signatory on your account. I've done that here with Bangkok bank, signature is on the passbook & only shows up under UV light.

[sometimewoodworker]

On 6/20/2019 at 3:55 PM, Speedo1968 said:

Has any had the unfortunate task of having to withdraw funds by ATM from KBank following the death of a loved one ?

Asked that question last week we were told, death certificate, marriage certificate, house book, ID Card and the money will be released. Krungsri bank, Udon, near immigration.

[sometimewoodworker]

6 minutes ago, tompelli said:

You can nominate someone as a signatory on your account. I've done that here with Bangkok bank, signature is on the passbook & only shows up under UV light.

That depends on the account, some don't have that.

[Andycoops]

All depends if anyone other than the family find out about the demise.

[scorecard]

On 6/21/2019 at 10:30 AM, Speedo1968 said:

Thank you for the suggestion, will ask the bank "out of curiosity".

And might be worthwhile to ask the local bank manager, but carefully explaining you don't want his version of 'what would be nice', you want to see the banks own regulations on this. If he says it's only in Thai, never mind ask for it to be sent to you by e-mail and do a translation, easy enough.

 

And call the bank national call centre and ask what their policies are on this specific subject. if you're lucky it will match what the local manager has told you, but there is a chance it won't  match, now back to the national call centre for more discussions etc.

[DefaultName]

I've arranged for my wife to get access to my Thai bank account when I die (via a relative in the UK).  Not before though, like many Thai's, she has a "see money, spend money" mindset and no concept of keeping it for the future, the account would empty fast if she had access.

 

I trust her with my life, but not our finances.  ????

[nickcar]

 I asked Bangkok Bank, they told me joint account will also be frozen on death of either of the owners 

[OJAS]

On 6/23/2019 at 1:39 PM, billd766 said:

But you should be able to have both a single and a joint account running at the same time.

True, on reflection!

[wgdanson]

On 6/20/2019 at 6:37 PM, ukrules said:

How about a joint account ?

You cannot use a joint account for retirement extension.