400k in Thai Bank

[lungbing]

3 hours ago, northsouthdevide said:

Ask your immigration officer if they accept your wife's name being added to the account.

That would  e the easiest solution in my view

 

I'm sorry, I think you're wrong there.  One officer might say yes.  And then next year another officer says no and you have no visa.

[EricTh]

1 hour ago, Tanoshi said:

The option to add someone as an 'authorised user' to any of your Thai bank accounts certainly is an option. Many Thai families use a single 'family' account in such a way, but the account is in one sole name.

 

My Thai wife is added to my accounts in such a manner and I have assisted others to do the same.

It's a simple and effective method to allow your wife access to your funds and meet Immigrations requirements of the account being in one sole name.

If you can't trust access of your funds by your wife, then you should question the marriage.

 

Oh. This is the first time I've read about this. 

 

Does it mean that the Thai wife can withdraw the whole amount when you are still living or can only withdraw after the owner passed away?

 

 

 

Edited April 22, 2021 by EricTh

[Tanoshi]

1 hour ago, EricTh said:

Does it mean that the Thai wife can withdraw the whole amount when you are still living or can only withdraw after the owner passed away?

Well obviously, unless with a Fixed Term account you arrange it requires both signatures to withdraw.

That could be a hinderance as much as an advantage, if you know what I mean.

 

Otherwise just make a Will making your wife the beneficiary.

In that scenario the bank may want a Court Order to release the funds, but if your legal wife is entitled to it by law, it's a simple case of taking the Will, proof of marriage and the death certificate to the local Family Court that will issue the order.

No lawyers required.

[mvdf]

16 hours ago, Saltire said:

Their estimate of the court releasing the funds is around 2 weeks.

 

Or faster if you agree to half of it going to the "releasing officer"

[franckpattaya]

Hi,

 

 I have opened an account at Bangkok Bank,it appears only my name on the book.

But I signed a proxy for my Thai wife, registered by the bank.

She can withdraw money without my presence, she made the test and it works.

[bbudd]

I've got wifes name on all my accounts,including the 400,000 B one I use for married extension

Never had a problem with immigration and gives her access should something happen to me

Not a joint account buy shes registered tom withdraw

[Bundooman]

I too need to sit down and prepare all the paperwork needed upon my death.

 

Just in case, for those who have a will in their native country, (mine is UK), any Will that you make here, as I understand it, must include the very important clause that  "your Thai will does not make your UK, (Whatever) - will, null and void"

 

This point was emphasised to me by the Law Co. in Nottingham, where my UK will originates.

 

[lopburi3]

20 minutes ago, bbudd said:

I've got wifes name on all my accounts,including the 400,000 B one I use for married extension

Never had a problem with immigration and gives her access should something happen to me

Not a joint account buy shes registered tom withdraw

Suspect her name is not on the account and that she has signature authority to withdraw funds as mentioned above.  Name on account would mean both your and her name appears on the passbook account name line.  

[fittobethaied]

Shannonblic, I have discussed this matter with my bank, and the branch manager suggested that I execute the bank's default Power of Attorney to give my wife my permission to access my bank account. A Power of Attorney ceases to be valid upon the death of the Grantor, but both the branch manager and the managers in Bangkok at the headquarters are the very ones who suggested that my wife go the bank immediately upon my demise and transfer the funds out of that account to her single account and DON'T MENTION THAT I AM DECEASED. Evidently this is common practice. This same manager even suggested it in a presentation of the bank's services to our city's Expat Club. 

 

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

[LNKDES1]

17 hours ago, DrJack54 said:

OP, look into possibility of adding your wife to the account. I do not mean the standard joint account.

As I understand it the name does not appear on the bank book, however she would be able to withdraw money from the account.

 

We tried to do this yesterday at KTB. We just wanted an account that the wifey & I could share, make deposits, occasionally move some money around if necessary, no card & every transaction, deposits and transfers, would be done at home on computer. We were told that this would be impossible & that both of us would need to physically come into the bank to transfer or withdraw monies. The bank never mentioned a word about adding my wife to an account. We got up and left.

[fittobethaied]

Shannonblic, I have discussed this matter with my bank, and the branch manager suggested that I execute the bank's default Power of Attorney to give my wife my permission to access my bank account. A Power of Attorney ceases to be valid upon the death of the Grantor, but both the branch manager and the managers in Bangkok at the headquarters are the very ones who suggested that my wife go the bank immediately upon my demise and transfer the funds out of that account to her single account and DON'T MENTION THAT I AM DECEASED. Evidently this is common practice. This same manager even suggested it in a presentation of the bank's services to our city's Expat Club. 

 

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

[fittobethaied]

Shannonblic, I have discussed this matter with my bank, and the branch manager suggested that I execute the bank's default Power of Attorney to give my wife my permission to access my bank account. A Power of Attorney ceases to be valid upon the death of the Grantor, but both the branch manager and the managers in Bangkok at the headquarters are the very ones who suggested that my wife go the bank immediately upon my demise and transfer the funds out of that account to her single account and DON'T MENTION THAT I AM DECEASED. Evidently this is common practice. This same manager even suggested it in a presentation of the bank's services to our city's Expat Club. 

 

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

[fittobethaied]

Shannonblic, I have discussed this matter with my bank, and the branch manager suggested that I execute the bank's default Power of Attorney to give my wife my permission to access my bank account. A Power of Attorney ceases to be valid upon the death of the Grantor, but both the branch manager and the managers in Bangkok at the headquarters are the very ones who suggested that my wife go the bank immediately upon my demise and transfer the funds out of that account to her single account and DON'T MENTION THAT I AM DECEASED. Evidently this is common practice. This same manager even suggested it in a presentation of the bank's services to our city's Expat Club. 

 

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

[easydoor]

Yes, the will has to be written in Thai language and it is the only version what is legal. If not it shall have to be translated to Thai language by a legal translator. A will always goes by court in Thailand. In the will, you better specify the specifications of the account: bank name, owner of the account, number to not have discussions later.

[DrJack54]

3 minutes ago, fittobethaied said:

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA

Thanks for this information. I for one will follow up on this and hopefully have some joy. I wonder how many expats are living here with wife/partner and have nothing in place. I'm one of the extensions retirement using money in the bank. In fact I don't use the account at all apart for annual trip to immigration. What happens to that money if I fall off the perch tomorrow.

[Tanoshi]

10 minutes ago, fittobethaied said:

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

It is not a POA.

You simply add your wife as an 'authorised user' to the account.

She signs a couple of forms and gives 3 sample signatures.

 

The first problem is making it clear exactly want you want to do.

The second is dealing with a clerk who understands and knows what to do.

[fittobethaied]

Shannonblic, I have discussed this matter with my bank, and the branch manager suggested that I execute the bank's default Power of Attorney to give my wife my permission to access my bank account. A Power of Attorney ceases to be valid upon the death of the Grantor, but both the branch manager and the managers in Bangkok at the headquarters are the very ones who suggested that my wife go the bank immediately upon my demise and transfer the funds out of that account to her single account and DON'T MENTION THAT I AM DECEASED. Evidently this is common practice. This same manager even suggested it in a presentation of the bank's services to our city's Expat Club. 

 

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

[fittobethaied]

Shannonblic, I have discussed this matter with my bank, and the branch manager suggested that I execute the bank's default Power of Attorney to give my wife my permission to access my bank account. A Power of Attorney ceases to be valid upon the death of the Grantor, but both the branch manager and the managers in Bangkok at the headquarters are the very ones who suggested that my wife go the bank immediately upon my demise and transfer the funds out of that account to her single account and DON'T MENTION THAT I AM DECEASED. Evidently this is common practice. This same manager even suggested it in a presentation of the bank's services to our city's Expat Club. 

 

I have heard a few other expats talk about this so-called "invisible signature" wherein the wife is placed on the account, but with no name in the book; however, I am fairly certain that they are referring to this method of POA and have simply misunderstood the bank clerk's interpretation of the process. IT'S A POA!

[Tanoshi]

25 minutes ago, DrJack54 said:

Thanks for this information. I for one will follow up on this and hopefully have some joy. I wonder how many expats are living here with wife/partner and have nothing in place. I'm one of the extensions retirement using money in the bank. In fact I don't use the account at all apart for annual trip to immigration. What happens to that money if I fall off the perch tomorrow.

As your not married Jack, but rather a long term partner relationship, your partner isn't entitled to automatically inherit your estate upon your demise. You should therefore make a Will making your wishes clear. 

The Will should make reference it applies only to your Thai assets, detail the assets and be signed by two Thai witnesses, attaching signed copies of their ID card and Tabien Baan.

It can be written In English, then translated to Thai - witnesses sign both.

You can make your partner the beneficiary as well as the Executor of your Will.

Edited April 23, 2021 by Tanoshi

[DrJack54]

1 minute ago, Tanoshi said:

You should therefore make a Will making your wishes clear.

I'm a slow learner and your advice is clearly best option. Think I have been trying to avoid that. Put a townhouse, car etc in her name. Have a bank account for her in her name. It's just the dosh that's in the bank (for extension) that is the issue but no way round that. 

I WILL make a WILL.

Can't help but wonder how many expats in similar situation do not have one. It's OK till it's NOT

[statman78]

18 hours ago, Shannoblic said:

DrJack54 - thank you.

 

I understood the account had to be in my name only and a savings account.  This is what I set up to satisfy my local Immigration.  If I add my wife will it still be acceptable to Immigration?  Please forgive my ignorance but I want to maintain my Immigration clearance but have in place a definite transfer to my wife in case of my death.  

 

I have been married to my wife for many years and everything we own is in her name - house, land, car, bike etc.  I have no problem adding her to the account but worry that the 'savings account/applicant name only' rules from Immigration may be compromised if I add her.  

There is a way to have your wife’s name on the account without it be printed on the account.  I have done it along with several other people I know.  On my bank book there is only my name listed but there are invisible signatures there too.  Your wife’s signature can be there so she has access to the account.  I do retirement extensions with 800,000 baht in the account. Have your wife talk to the bank about it.  

[Shannoblic]

Tanoshi - you mentioned the will has to witnessed by Thais.  Mine has two farang witnesses.  Does that make it invalid?

[HungDonger]

My Thai defacto and I have a joint account with Bangkok Bank. The passbook has my name only listed but it is a joint account that either can sign to withdraw.

This covers concerns for Visa extensions and also alleviates concerns in the case of my death. 

She can withdraw/transfer the funds if required.

Setting the account up was a case of 'not what you know but who'.

Our neighbor is a retired Bank Manager and helped with the process.

[Tanoshi]

23 minutes ago, DrJack54 said:

I WILL make a WILL.

I also have a 'Life Will'. In the event of an accident, heart attack or such a situation that would seriously impede my quality of life, not to be resuscitated or put unnecessarily on Life support.

I wouldn't want to be left as a drooling cabbage dependant on my wife for care and not knowing the time of day. Again translated into Thai and witnessed by my wife.

 

I was fortunate that my wife's cousin is a lawyer practicing in Bangkok, who supplied me with a very comprehensive Will (in English) as a template, where you just fill in the blanks, or amend to suit.

I went a step further as it's a possibility both my wife and I could demise together in a road traffic accident, or such. In that situation the Will makes her 2 children the beneficiaries and her sister the Executor.

 

If you would like a copy of the draft Will, send me a PM.

No lawyer required, 800 baht for the translation into Thai.

Edited April 23, 2021 by Tanoshi

[Tanoshi]

4 minutes ago, Shannoblic said:

Tanoshi - you mentioned the will has to witnessed by Thais.  Mine has two farang witnesses.  Does that make it invalid?

I was advised a Thai Will should only be signed by Thais, with signed copies of their ID card and Tabien Baans attached. 

Not sure if having 2 foreigners sign as witnesses makes the Will invalid, but it probably complicates any arising issues as the Will should be translated into Thai.

If the Will was in Thai would 2 foreigners understand what they were signing.

[Tanoshi]

9 minutes ago, HungDonger said:

My Thai defacto and I have a joint account with Bangkok Bank. The passbook has my name only listed but it is a joint account that either can sign to withdraw.

This covers concerns for Visa extensions and also alleviates concerns in the case of my death. 

She can withdraw/transfer the funds if required.

Setting the account up was a case of 'not what you know but who'.

Our neighbor is a retired Bank Manager and helped with the process.

It's not a joint account, otherwise both names would appear on the Passbook.

Your wife has been added as an 'authorised user' to your account, which is exactly what I've been explaining is possible to do.

Your wife has access to your funds, yet for Immigration purposes her name does not appear on the Passbook, statements or letter for Immigration.

 

Absolutely agree it's important to deal with a bank official that knows exactly what you want and how to do it.

[TigerandDog]

19 hours ago, Shannoblic said:

Thank you foreverlomsak.

 

I have written into my will that all assets in Thailand will become the property of my wife and that my children [both adults with families, my UK wife is deceased] in the UK are entitled to any UK assets.  Do you think that is sufficient?

 

The will is properly drafted and signed by two independent witnesses - this is the UK law on wills which I followed.

You MUST have a Thai will ( in English & Thai ) for your Thai assets and for your funeral arrangements if you want your Thai wife to receive those assets. Your UK will won't be accepted here in Thailand for any of your Thai assets, e.g. 400k in Thai bank account.

[Bangkok Barry]

Surely the easiest way is

1 - Get an ATM card in your name

2 - Give it to your wife

3 - Wife can then draw on the account as she needs it

 

 

Quote: My pension in the UK transfers to my wife upon my demise. I assume that is not a government pension, as I am under the impression that being able to transfer such, I think even then for only a limited period, was stopped some years ago. My turn to ask you for advice, please.

[wwest5829]

19 hours ago, Shannoblic said:

Thank you foreverlomsak.

 

I have written into my will that all assets in Thailand will become the property of my wife and that my children [both adults with families, my UK wife is deceased] in the UK are entitled to any UK assets.  Do you think that is sufficient?

 

The will is properly drafted and signed by two independent witnesses - this is the UK law on wills which I followed.

I have two Wills. One for all assets in Thailand (sole beneficiary my Thai wife) and a separate US Will (beneficiaries my two American Sons).

[Tanoshi]

30 minutes ago, DrJack54 said:

Can't help but wonder how many expats in similar situation do not have one. It's OK till it's NOT

Far to many Jack.

I've seen several foreigners pass away in the last few years.

To the best of my knowledge not one had a Will.

For those who were married they were able to access the husbands funds, either by knowing the PIN to their debit card, or in the case of Fixed term accounts, a Court order, which took 2-3 weeks.

For those not married, again to the best of my knowledge the partners were unable to recover anything and the funds are still sat with the bank waiting for a rightful heir to make a claim.

Some partners have been left penniless and in debt after paying for cremation expenses, relying purely on the 'envelopes' of friends and family to help cover the costs.