wife's access to falang bank account if falang deceased

[NACHALUAY]

 i keep the lump sum in my thai bank account, and would like my wife to have access to it, in the event of my death. I think her using my ATM card may not be so reliable or efficient, Is there a way I can make sure of this?

[richard_smith237]

Joint account. 

[OneMoreFarang]

1 hour ago, NACHALUAY said:

 i keep the lump sum in my thai bank account, and would like my wife to have access to it, in the event of my death. I think her using my ATM card may not be so reliable or efficient, Is there a way I can make sure of this?

As far as I know in the event of your death it would be illegal for her or anybody else to use your bank card.

[NACHALUAY]

thanks guys.  joint account doesnt work for immigration.  ATM card i knew wasnt practical ,so illegal too. i guess im not surprised. widow cant get funds but of course the state can get it.

i suppose i will need some kind of power of attorney or last will and testament or suchlike

[bkk6060]

10 minutes ago, NACHALUAY said:

thanks guys.  joint account doesnt work for immigration.  ATM card i knew wasnt practical ,so illegal too. i guess im not surprised. widow cant get funds but of course the state can get it.

i suppose i will need some kind of power of attorney or last will and testament or suchlike

Make a will and be specific.

Provide the bank with a copy of the will.

[Sheryl]

I don't really understand how it works but people have reported being able to add their wife as signatory without her name appearing ion the account. (and hence no issue to use the account for immigration).

 

Ask your bank about that

 

 

[worgeordie]

Yes you can add your wife to your account without having her 

name on the bank book,so OK for Immigration, they add her name

to the signature space on the bank book, which can only be seen

with a UV light, but make sure you completely trust your wife ????

I don't know what you call it ,but just explain to the Bank what you

want to do, CMBI bank cannot do it.

regards Worgeordie

[whiteman]

If you have enough cash that you wont miss just drop one  million Bhat in her personal bank account to tidy here over when you pass away.  Till she can get access to your bank account on your demise that's if you trust her I been with my partner 16+ years and I do. It can also be used as a fighting fund for any medical emergency that needs to be covered if you are to sick to be able to use your credit card. For such things that are excluded from your health coverage, so that medical procedure can commence with out delay.

[Stygge]

I have heard the average lifespan considerably shortens for guys using this setup

[DrJack54]

On 11/20/2020 at 3:52 PM, Sheryl said:

I don't really understand how it works but people have reported being able to add their wife as signatory without her name appearing ion the account. (and hence no issue to use the account for immigration).

 

Ask your bank about that

 

 

This is indeed possible. No personal knowledge but has been confirmed from couple of the experts on thaivisa that have this in place.

It amounts to signature in bankbook that shows up under blue light. In addition some forms are filled in with the bank. 

BTW the account has no issue in being used for immigration requirements

Edited November 25, 2020 by DrJack54

[Grumpy one]

Get her listed on the account as having access to it.

It only takes a few minutes in the bank and her signature is listed.

The account still in your name only

[mvdf]

This is most degrading. Just say "wife's access to foreigner's bank account if foreigner deceased".

 

Otherwise, all advice given are indeed helpful.

 

 

[scorecard]

On 11/20/2020 at 4:32 PM, richard_smith237 said:

Joint account. 

Joint account, only 1 party needs to sign.

 

All of my Thai bank accounts are set up like this, me of my Thai adult son.

[scorecard]

17 hours ago, Grumpy one said:

Get her listed on the account as having access to it.

It only takes a few minutes in the bank and her signature is listed.

The account still in your name only

But ensure it's recorded that she alone can sign withdrawals, etc.

[1FinickyOne]

On 11/20/2020 at 3:37 PM, NACHALUAY said:

some kind of power of attorney or last will and testament or suchlike

absolutely... I did this a couple of years ago...

[Tracyb]

I keep a lump sum in my account, too!  I had the same concerns you write about.  We resolved this at the bank.  My spouse is now listed as a co owner with signature access to the account.  The second signature is also in the book on the last page, just below mine, and is visible only with the black light used at the bank.  My name is the only name printed on the “title” page of the bank book.  I have no problems with my annual extensions of stay.  Speak with your branch manager.

Edited November 26, 2020 by Tracyb

[PFMills]

39 minutes ago, Tracyb said:

I keep a lump sum in my account, too!  I had the same concerns you write about.  We resolved this at the bank.  My spouse is now listed as a co owner with signature access to the account.  The second signature is also in the book on the last page, just below mine, and is visible only with the black light used at the bank.  My name is the only name printed on the “title” page of the bank book.  I have no problems with my annual extensions of stay.  Speak with your branch manager.

Has anyone done this at Bangkok Bank and has anyone done it at CIMB. Tks

Edited November 26, 2020 by PFMills

[doubleday]

On 11/20/2020 at 3:52 PM, Sheryl said:

I don't really understand how it works but people have reported being able to add their wife as signatory without her name appearing ion the account. (and hence no issue to use the account for immigration).

 

Ask your bank about that

 

 

can confirm at Krungthai Bank - no problem

 

[dlclark97]

For those recommending a Power of Attorney for this or any other purpose, a POA becomes invalid on the death of the person who initiated it.  A Last Will and Testament in Thai and registered with the Amphur is the way to go. 

[Laza 45]

On 11/20/2020 at 3:37 PM, NACHALUAY said:

thanks guys.  joint account doesnt work for immigration.  ATM card i knew wasnt practical ,so illegal too. i guess im not surprised. widow cant get funds but of course the state can get it.

i suppose i will need some kind of power of attorney or last will and testament or suchlike

I have a term deposit account with Bangkok Bank.. in my name.. but.. my wife's name is on it too.. The statement for immigration only shows my name and is accepted.. when I die she will have access to the account.. in the meantime it is a 2 signature account.  Worked fine for my non O marriage visa a couple of months ago.. speak to a  BKB  manager ..

 

[recom273]

For those who suggest that a second name is feasible - Does this mean that in the event of a death that the wife can rush to the bank and transfer the funds to her bank? Or is this activity still considered illegal?

 

 

[happylarry]

Surely the second signature means nothing in the circumstances because the account is frozen upon the death of the account holder and if the wife was still drawing money without telling the bank about the death then she would be committing fraud and would be found out eventually.

The only answer is to leave a will and after a court rules on the will and issues the final paper this is then given to the bank and they release the money.

[Peterw42]

Its a little naive to think accounts are getting instantly frozen when someone passes away. Who do people envisage are doing this, the banking police 

Reality is, people all over the world access accounts after someone passes, its just being practical.

 

I have had solicitors and bank etc advise to do so. Yes it not legal but its often one of those things where common sense prevails.

If its just some funds in the bank and its the wife who will inherit anyway, a quick transfer of funds and avoid a lengthy and costly probate

 

[connda]

Is the account in Thailand or your home country.

In Thailand make a will.  A simple will can be drawn up at your amphur.  A more detailed will can be drawn up by any lawyer.  Price will run from about 5K THB for Thai only to 7 to 10K THB for Thai / English.  It helps if you get to know the manager of the bank so they know you and your wife on sight.  In that case the bank may release funds if provide with a death certificate prior to probate.

If the money is in your home country check with the institution and create an joint account with your wife as the survivor beneficiary.  It's a good idea to have that account linked to a third party money transfer service so your wife can access those funds electronically if you die.  She can then provide the bank with a death certificate and whatever else the bank requires in order to release the funds to her as beneficiary. 

This isn't rocket science or difficult.  It's just common sense. 

[JAS21]

11 minutes ago, connda said:

Is the account in Thailand or your home country.

In Thailand make a will.  A simple will can be drawn up at your amphur.  A more detailed will can be drawn up by any lawyer.  Price will run from about 5K THB for Thai only to 7 to 10K THB for Thai / English.  It helps if you get to know the manager of the bank so they know you and your wife on sight.  In that case the bank may release funds if provide with a death certificate prior to probate.

If the money is in your home country check with the institution and create an joint account with your wife as the survivor beneficiary.  It's a good idea to have that account linked to a third party money transfer service so your wife can access those funds electronically if you die.  She can then provide the bank with a death certificate and whatever else the bank requires in order to release the funds to her as beneficiary. 

This isn't rocket science or difficult.  It's just common sense. 

I am not sure that what you say is correct. The bank told me that as my wife and I have a joint accounts she can use it after I die and before Probate.

[itsallmine68]

go ask Bank 

[TigerandDog]

On 11/20/2020 at 3:37 PM, NACHALUAY said:

thanks guys.  joint account doesnt work for immigration.  ATM card i knew wasnt practical ,so illegal too. i guess im not surprised. widow cant get funds but of course the state can get it.

i suppose i will need some kind of power of attorney or last will and testament or suchlike

A Thai will will solve that problem for you.

[khunPer]

On 11/20/2020 at 6:32 AM, richard_smith237 said:

Joint account. 

Not really working if the lump sum is deposit for extension of stay, then it need to be the double amount.

 

A Thai last will is a solution.

[Froggybanrai]

Prob with joint account is that some banks (TMB for one) refuse ATM card and Mobile App to this type of account, so it's not very convenient, you can only withdraw from the bank counter.

[khunPer]

On 11/20/2020 at 6:15 AM, NACHALUAY said:

I think her using my ATM card may not be so reliable or efficient, Is there a way I can make sure of this?

Using the ATM as quick as possible for access to some – sometimes needed – cash is often talked about among Thai-wifes, but there will be a limit per withdrawal, and a daily maximum limit like for example 100k baht. It might be weird if the deceased use the ATM up to a week after passing away, even when believing in ghosts and spirits...

 

Normally a bank shall freeze an account when notified about the death of the account holder.

 

The solution is making a Thai last will, and as there is (at the moment) no inheritance tax in Thailand, using the ATM, as long as it's possible, by the beneficiary in the last will might no be considered a crime.

 

If you have some extra emergency cash in a "rainy day account", you could make that account a shared account with two names, which will give you wife access to some cash – and preferably still make a Thai last will in favor of your wife – I'm using that solution with my Thai girlfriend, which also gives her access to our emergency fund if something non-fatal happens to me.