Death in Thailand - Bank Accounts - Electronic Banking

[Speedo1968]

Having been close to the long sleep but fortunately still alive I am wondering about the following:-

 

I already drew up my Will some years ago and have a DNR for many years.

Question ?   On death or following day Is it possible to have some one to withdraw all ( almost all ) of the funds in my bank accounts by online banking so that they can be used here and balance sent to family in UK.  ???

 

i.e not restricted to withdrawing only limited daily amounts every day for sometime.

[mvdf]

If you have an inkling that it's bound to happen soon (for example, when contending with an end stage disease or if you are anticipating palliative care) I suggest making the appropriate arrangements at the earliest opportunity. 

 

It is not legal for anyone to access your banking app or accounts when you are certified officially dead without going through the proper legal channels (i.e. a court order) even if you verbally authorised that person to do so and provided your account's access credentials to him or her. Those channels can be a lengthy, stressful and expensive process, more so when a lawyer is engaged.

 

Accessing the account and executing the transactions after your death might be possible but if the bank discovers that the transactions were dated after your death, fraud charges are inevitably likely.

 

  

 

 

[crazykopite]

Buy a fire proof safe bolt it to   the floor and put the spare key with your will as well as instructions leave a couple of 1,000 baht in your bank for a rainy day the banks only cover you for the first 1 million if they go bust as the rules changed about a month ago I invested in a very good safe when my SCB bank moved my account 3 times as they have been closing branches on the island where I live . When my friends thai wife passed they allowed him to draw from the joint account but the account in her name he couldn’t touch even tho we provided the death certificate the bank told him he needed to hire a lawyer bla bla bla but as there was only 3,000 baht in the account we concluded it wasn’t worth the expense or time 

[JimHuaHin]

For memory, legally speaking, "no"; it is fraud.  Depending on the jurisdiction, one is legally dead when declared so by a medical doctor, or upon the issue of a death certificate, or by the corpse being identified by a peron personally known to the deceased.

[khunPer]

8 hours ago, Speedo1968 said:

Question ?   On death or following day Is it possible to have some one to withdraw all ( almost all ) of the funds in my bank accounts by online banking so that they can be used here and balance sent to family in UK.  ???

No, not after your death.

 

However, you can for example make a shared bank account instead, and eventual write in your will - or just hand write as an extension with date and signature - that any funds in a shared account are belongings of the other part.

[Aforek]

13 minutes ago, khunPer said:

However, you can for example make a shared bank account instead, and eventual write in your will - or just hand write as an extension with date and signature - that any funds in a shared account are belongings of the other part.

Possible in Thailand ? I thought than even with a Thai wife, it was impossible to have a joint account 

[khunPer]

32 minutes ago, Aforek said:

Possible in Thailand ? I thought than even with a Thai wife, it was impossible to have a joint account 

I have three shared bank accounts together with my Thai girlfriend, savings account with ATM-card, fixed account, and fund book - it's part of my emergency-savings, so someone has instant acces to funds...????

[The Theory]

If it is about 800,000, it can't be in any shared account. A fixed account is even worse. 

[riclag]

I have  a shared account and a personnel account with my  400k+ !

If I know in advance of when I'm gonna soil the bed  I can transfer 200k per day to my shared account !

[Speedo1968]

10 hours ago, riclag said:

I have  a shared account and a personnel account with my  400k+ !

If I know in advance of when I'm gonna soil the bed  I can transfer 200k per day to my shared account !

OP - "If I know in advance ... "   I've been close three times, for different reasons and, as I have a DNR that makes it closer still.

[Speedo1968]

11 hours ago, The Theory said:

If it is about 800,000, it can't be in any shared account. A fixed account is even worse. 

Why ?   Why 800K specifically ?

Edited September 24, 2021 by Speedo1968
added text

[brianthainess]

20 hours ago, crazykopite said:

the bank told him he needed to hire a lawyer bla bla bla but as there was only 3,000 baht in the account we concluded it wasn’t worth the expense or time 

No probably not worth the 3k, but one needs to take the death certificate to the 'family court' where it will go for/to probate, ( you don't 'need' a lawyer) once this process is complete, take the courts letter, and bankbook to the bank. This is what the Bank of Ayudhya told me in an E-mail, but that was about my wife getting my money on my death, of course this only applies if your in Thailand.

[Speedo1968]

20 hours ago, crazykopite said:

Buy a fire proof safe bolt it to   the floor and put the spare key with your will as well as instructions leave a couple of 1,000 baht in your bank for a rainy day the banks only cover you for the first 1 million if they go bust as the rules changed about a month ago I invested in a very good safe when my SCB bank moved my account 3 times as they have been closing branches on the island where I live . When my friends thai wife passed they allowed him to draw from the joint account but the account in her name he couldn’t touch even tho we provided the death certificate the bank told him he needed to hire a lawyer bla bla bla but as there was only 3,000 baht in the account we concluded it wasn’t worth the expense or time 

Ideally a safe is ok but that doesn't help one with proof of 800K needed for visa

[sometimewoodworker]

16 hours ago, The Theory said:

If it is about 800,000, it can't be in any shared account. A fixed account is even worse. 

That is not correct as law, it may well be policy your branch of your bank, but isn’t law or general bank policy.

[The Theory]

7 hours ago, Speedo1968 said:

Why ?   Why 800K specifically ?

800,000 non-o retirement can not be in a shared account. And if the fund in a fixed account can't be accessed by any other after death of account owner. 

[The Theory]

Just now, The Theory said:

800,000 non-o retirement can not be in a shared account. And if the fund in a fixed account can't be accessed by ATM card after death of account owner. 

 

[sometimewoodworker]

2 hours ago, The Theory said:

800,000 non-o retirement can not be in a shared account. And if the fund in a fixed account can't be accessed by any other after death of account owner. 

You continue to invent requirements that don’t exist apart from the sole name of the retiree for the account.

Edited September 24, 2021 by sometimewoodworker

[kokopelli]

9 hours ago, Speedo1968 said:

Ideally a safe is ok but that doesn't help one with proof of 800K needed for visa

If you have  a safe, you must trust someone with access to it. Either a key or combo plus a key to your house/condo.

A friend had a safe with money in it and left a note on top of the safe with the combo. But no one had access to his condo . He died suddenly and everything disappeared including the keys to an expensive car, which also disappeared within a week.

 

[scorecard]

On 9/23/2021 at 5:10 PM, mvdf said:

If you have an inkling that it's bound to happen soon (for example, when contending with an end stage disease or if you are anticipating palliative care) I suggest making the appropriate arrangements at the earliest opportunity. 

 

It is not legal for anyone to access your banking app or accounts when you are certified officially dead without going through the proper legal channels (i.e. a court order) even if you verbally authorised that person to do so and provided your account's access credentials to him or her. Those channels can be a lengthy, stressful and expensive process, more so when a lawyer is engaged.

 

Accessing the account and executing the transactions after your death might be possible but if the bank discovers that the transactions were dated after your death, fraud charges are inevitably likely.

 

  

 

 

As said above.

 

Withdrawing the limit every day for many days before death is obviously legal.

 

The withdrawal limit can be changed, contact the bank and tell them you want the daily limit changed to xxxBaht. Your choice.

 

Most of us use just a small number of the the functions available in our internet banking facility. Dig a bit deeper, maybe your bank allows daily withdrawal limits to be changed on their internet banking platform.  

 

Some banks will do this by telephone*. A first step could be to contact the bank call center and ask for the limit be changed, either on the spot by telephone or get their advice where/how to effect the limit change.

 

(* many banks, in Thailand and world wide, and governments world wide have an ongoing policy to:

 

• Reduce cash transactions to a tiny level. In some countries there's a move towards small branches for cash transactions operated by a syndicate of banks.
• Push all customers to do more digital transactions (pay bills, wages and more).
• Push more and more bank customers and vendors to do most/all of their retail transactions by debit cards etc., and in some countries there's good progress towards 'cardless transactions.  
• Push more and more customers to use internet banking with more and more functionality.
• Push more and more customers to do some of their banking by telephone.
• Build the capacity/ability for 'one stop' telephone banking - Customer calls bank, no answering machine, bank staff answering the phone completes the transaction (99% of all calls are not transferred to other staff) - every bank employee capable of handling all possible transactions/enquiries.
• Close large numbers of physical branches.)

Edited September 24, 2021 by scorecard

[Speedo1968]

16 hours ago, The Theory said:

800,000 non-o retirement can not be in a shared account. And if the fund in a fixed account can't be accessed by any other after death of account owner. 

ok thanks I am aware of this, I am not married to a Thai nor in a relationship with a Thai and I don't have a fixed account, my visa 800k is in a savings deposit account as is my general use account.

[Saltire]

On 9/23/2021 at 10:36 AM, Speedo1968 said:

I already drew up my Will some years ago

If your will is a Thai will and you are specific as to where you wish the monies in all your accounts should go, your executor/lawyer will go to probate court and about 2 to 4 weeks later the money should be released.

 

At least this is what I am told by my Thai lawyer. I have a separate UK will.

 

Also (not planning on an ealry demise) but with 1m in my KTB account, when I bring money over now I do a local transfer to the wifes KTB account. With Covid I find myself able to save a reasonable monthly amount. She will have enough to tide her over till that 800k+ account is released to her.