Transfer funds to minor heirs in Thailand

[dauu]

From what age can a bank account be opened in Thailand?
I list the 2 children living in Thailand, in the will in the country I come from.
They are still minors.
After my death
The intention is to send monthly transfers by the age of 23. The bank account must be in the child's name
And transfer of survivor's pension allowance until they reach the age of 21. The bank account must be in the child's name
what are the options?
Thanks for answering seriously

[dauu]

Please comment
This is very important

[Bob A Kneale]

35 minutes ago, dauu said:

Please comment
This is very important

Why not ask the bank as that's the only way you'll get a reliable answer?  Or, strangely enough, google "bank accounts for children in Thailand".  The entire first page of results may interest you.

 

UOB savings accounts require a minimum age of fifteen but most banks have children's accounts.

 

For a Thai national an ID card in the name of the account holder (the child) will be a requirement, though.

Edited June 20, 2020 by Bob A Kneale

[ripstanley]

2 minutes ago, Bob A Kneale said:

Why not ask the bank as that's the only way you'll get a reliable answer? For a Thai national an ID card in the name of the account holder (the child) will be a requirement, though.

Earlier this week we tried to open an account for our almost 8 year old (a Thai national) at the Bangkok Bank in Phayao. They requested his birth certificate, blue book and ID.

[Pib]

You can open an account for a child shorting after birth with the required docs.   For example below is a partial quote from the Bangkok Bank website regarding an account for children.

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Sinmathaya-Subthawee-Bualuang-Kids-Account

 

Quote

 

Qualifications and Required Documents

Be confident about your children’s future with Sinmathaya Subthawee – Bualuang Kids Account available for children aged 0-14 years

 

Required Documents

For Thai nationals
1. Parent (either father or mother)

• Citizen ID card or another photo ID card issued by the government 
• Child's house registration
   

2. Guardian by court authority

• Guardian by court authority's instruction
• Your Citizen ID card, or another photo ID card issued by the government
• Child's house registration

 

For foreigners

• Your passport and your child’s passport, or Certificate of Residence, or Alien Certificate
• Child’s house registration
• Tax ID

 

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[Pib]

And here's info from Krungsri Bank regarding an acct for a kid.   

 

https://krungthai.com/en/personal/deposits/214/215

[ripstanley]

15 minutes ago, Pib said:

You can open an account for a child shorting after birth with the required docs.   For example below is a partial quote from the Bangkok Bank website regarding an account for children.

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Sinmathaya-Subthawee-Bualuang-Kids-Account

 

•  

Looks like Banks are the same as immigration offices. They all have their own interpretations of the rules

[kokopelli]

Do be aware, that until the child reaches a certain age (not quite sure what that is) an adult must have authority over the account and can withdraw the funds at their pleasure.

Edited June 27, 2020 by kokopelli

[Stadtler]

GSB will open an account for a Thai minor at age 12.  Stadtler's child has their own account with their signature not Stadtler's.

[khunPer]

On 6/17/2020 at 1:45 PM, dauu said:

From what age can a bank account be opened in Thailand?
I list the 2 children living in Thailand, in the will in the country I come from.
They are still minors.
After my death
The intention is to send monthly transfers by the age of 23. The bank account must be in the child's name
And transfer of survivor's pension allowance until they reach the age of 21. The bank account must be in the child's name
what are the options?
Thanks for answering seriously

You can open a bank account for a minor at any age, but it will be a shared bank account with one guardian, often a parent, and the guardian is the only one that can dispose over the account, as long as the child is minor; i.e. the guardian can withdraw money.

 

From a certain age – 12 has been mentioned here – a child can withdraw, and from 15 a child can have an ATM card (not credit); but the account is still under a guardian, to my knowledge; I have shared accounts with my minor daughter, and she also has one shared with her mom. The shared accounts we have with her is made, so only the guardian can withdraw, but in my case it could also be that two signatures would be needed – as I opened from an age that a child can withdraw – which limits either part to withdraw without approval from the other part.

 

When your last will is made abroad, it will follow the laws in your home country, not Thai law. If you wish a secured account for the children, you could make such an account in your home country – where they might also be used to that kind of clauses in a Last Will, I also have benefits for my daughter in my home country's Will with restriction for a minor – and having the funds freed for transfer, or payout, upon the stipulated time of age in your Will, if that is legal in your home country.

 

You don't mention you home country, but some countries already have special institutions to manage funds for minor heirs.

 

In Thailand a child is legally minor until the age of 20. If you wish to change that to a higher age, you should check the legality with a Thai lawyer. If money is deposit in a Thai bank account, it follows Thai law, no matter what a Last Will in your home country says, or rules in your home country states. I don't know if you can secure a Thai bank account for a minor for a higher age than the legal minor age limit, you could ask in a bank; also if they can simply freeze an account for a minor heir.

 

Another thing to take into consideration is any inheritance tax, or any taxation. You home country might have tax, whilst there in Thailand – so far – is no inheritance tax. Also for this matter, you need legal advise from a lawyer for the best set-up.

 

We aliens are normally advised to make two Wills, one for the home country assets – following Law and rules there – and another for the Thai assets, following Thai law and rules here. What I list of restrictions in my home country's Will for my at the moment minor child, strictly follows my home country rules, and the deposit for funds will be there, as long as the heir is minor. I have however made exclusions for partial payouts in case of serious illness, and in case of funds needed for studying, and such exclusions are with a maximum percentage of the total deposit, and a maximum yearly allowance for study. There will be an inheritance tax from assets in my home country, and that has to be weighted against keeping funds there, and the security of using my home country Law, compared to the (at present) zero inheritance tax in Thailand. I have another Will covering my Thai assets, following the Thai rules for a minor.

 

Wish you all the best with you Will...????