Money in a joint account for visa allowed?

[Max69xl]

1 hour ago, AAArdvark said:

Do Thai banks allow someone to be named as a beneficiary? It is common practice in the US.  In the case of the account holder's death, the money goes to the designated beneficiary.

At my Bangkok Bank branch they wanted me to name a beneficiary with address and phone number when I opened a new account a few years ago. That's the way it should be,in my opinion. 

[Max69xl]

1 hour ago, AAArdvark said:

Of course that would require a family member and not a gf.

It doesn't have to be a family member. If you want your gf to be the beneficiary, that's ok,at least with Bangkok Bank. 

[jacko45k]

33 minutes ago, Kenny202 said:

I am not surprised.... as no one here seems to be clear on how to do a will.

Mine was far less complicated. Done in Thai and English, signed by me and witnessed by some guys in the lawyers office.

[Max69xl]

26 minutes ago, Nong Khai Man said:

So...............YOU Don't TRUST Her then ??

Give me one good reason for sharing a bank account and pin code for the ATM with another person? Even if it's your thai wife/gf? 

[Aussieroaming]

1 hour ago, Kenny202 said:

No one is mistaken and I see these debates going on daily on TV. Every govt office seem to have their own different interpretations of regulations, as does the particular individual in the particular office that you are dealing with. Whether it be drivers licenses, Immigration, anything. Just a real clusterf@#$ here. SNAFU. Most times always seems to me they make up some story hoping you will go away as they are A) too lazy to help you or B) don't have a clue and are too embarrassed to say "hey, I am not sure but I will check".

Actually he was mistaken, only because he said definitely no, which is contrary to the facts. I do get your point though that interpretation of rules is an issue. I've gotten my extensions with different IO's each year, so they all shared the same opinion in regards to joint accounts and I've done them in Phuket and Bangkok. I had read before about issues with joint accounts and that's when my wife told me about the increased cash requirements when applying with a joint account. That may account for some rejections if the applicant applied with insufficient funds and didn't realize that the account amount needed to be higher, however that's just conjecture on my part. Regards

[jacko45k]

27 minutes ago, Max69xl said:

Give me one good reason for sharing a bank account and pin code for the ATM with another person? Even if it's your thai wife/gf? 

In case you are hospitalized and incapacitated and cash is required by a hospital.

[khunPer]

On 11/5/2019 at 6:53 AM, Kenny202 said:

And what if you have a joint account with another person (Girlfriend not wife). In the event of death is the money in the joint account free to be used by the joint account holder or is half of it frozen for the deceased persons estate?

Applying for an extension of stay the needed money has to be in a single name account of the applicant's (your) name only.

 

Some immigration offices might accept joint accounts, but then the double amount must be in deposit; i.e. if you need to show a deposit of for example 400,000 baht, there shall be 800,000 baht in the account.

 

I have a couple of so-called "rainy day accounts" shared with my girlfriend – we are not married – in case something happens to me; we also have a child. I don't use any of those account as deposit for my extension of stay (retirement). If one can afford it, it's best not to mix up the accounts, but just have a clean extension-of-stay-account.

 

Having more than one shared account, as I have, is a question of interest – hopefully the money are not going to be used – with some in a normal savings account with ATM-access; some in a 12-month fixed account for better bank interest, but the money can always be withdrawn on a bank day with loos of the last interest period; and some in a so-called "Fund Book", which is a mutual fund, where I chose a safe product, but with slightly higher interest than average in fixed bank account, there is no withholding tax on funds, and the money can be available within a few bank days, ranging from one ti five depending of choice of mutual fund.

 

To my knowledge a shared bank account is not blocked, or at least half of the deposit can be withdrawn. I have made a Thai last will in where I mention shared accounts, and that any deposit in shared accounts shall go to the other name in the account. If all shared account money are instantly withdrawn in worst-scenario case or death – that might be advisable to withdraw to avoid any blocking – there should be no later legal consequences.

 

I'm aware of risk and question of trust – I do trust, and have 15+ years of excellent experience in that – but can afford the risk. Sometimes in life you need to take a risk...????

[EricTh]

No, you can't use a joint account with your girlfriend as financial requirement. Those money could just belong to your girlfriend and not yours.

 

Immigration would require twice the amount if it is a joint account

 

You can always write a will upon death which most people do.

 

Edited November 6, 2019 by EricTh

[overherebc]

3 hours ago, Kenny202 said:

I am not surprised.... as no one here seems to be clear on how to do a will. My lawyer says do everything up at his office but needs to be also registered at Amphur, 3 witnesses, all the usual BS. We are in a big city so not an easy task as we don't really have three people we know well enough to ask to sit at the Amphur 2 or 3 hours. On top of this the Amphur asked for the will in English translated to Thai and they will only accept a translation done by "the ministry of foreign affairs"? Whether they mean the Australian embassy or some Thai govt department is not clear yet. She enquired also at her home Amphur and got a completely different story but reading between the lines a fob off ie go away and annoy someone else

If every question asked at any goverment office or on any legal matter could be answered by a straight yes or no we could do away with lawyers.

Wouldn't that be a ray of sunshine.

[Max69xl]

1 hour ago, jacko45k said:

In case you are hospitalized and incapacitated and cash is required by a hospital

That's a worst case scenario,and normally a hospital doesn't ask for money while you are staying in the hospital. This thread is about having a joint account and if it's ok at Immigration,(and trusting a thai gf/wife). It will always bite you in the ass sooner or later giving a thai gf/wife access to an account and give here the pin code.  

[elviajero]

5 hours ago, Aussieroaming said:

Your mistaken in regards to joint accounts and retirement extensions.  I have had retirement extensions for 5 years using a joint account with my wife, no dramas. The requirement we had was at least 1.6M Baht instead of 800, which is a problem for some. I've never held a sole account in Thailand, only joint account with my wife and have had marriage and subsequent retirement visas approved for the last 7 years. Its only my personal experience but obviously a positive one. Thanks

I usually try to avoid such definitive statements on such subjects and I am aware that joint accounts have been accepted in the past for retirement extensions.

 

The point I was making is that the ‘rules’ for retirement extension specifically state the account must be in the name of the applicant; whereas, they don’t for family based extensions. That gives immigration offices greater flexibility if a family based extension.

 

Your office have probably accepted your joint account as it’s with your wife. I would very much doubt that they would have accepted it if the other party were your girlfriend/friend.

[Aussieroaming]

8 minutes ago, elviajero said:

I usually try to avoid such definitive statements on such subjects and I am aware that joint accounts have been accepted in the past for retirement extensions.

 

The point I was making is that the ‘rules’ for retirement extension specifically state the account must be in the name of the applicant; whereas, they don’t for family based extensions. That gives immigration offices greater flexibility if a family based extension.

 

Your office have probably accepted your joint account as it’s with your wife. I would very much doubt that they would have accepted it if the other party were your girlfriend/friend.

Agreed, so your statement may have been better phrased, such as maybe for family situations and probably not for defacto or friendship relationships. I concur that there are many variables involved in getting any visa. Regards