giddyup Posted November 14, 2022 Share Posted November 14, 2022 I have always kept a separate account for the 800K, but it is the only account I have that isn't in joint names. This might present a problem for my partner on my death, so I want to transfer the 800K to our joint account. When would be the best time to do this so not to cause any problems with Immigration? I know I have to have at least double the 800K in a joint account, this will not be a problem. Link to comment Share on other sites More sharing options...
Popular Post hotandsticky Posted November 14, 2022 Popular Post Share Posted November 14, 2022 Check with your Immigration office. I don't believe that the 1.6m option in a joint account is still available. 3 Link to comment Share on other sites More sharing options...
Popular Post Peterw42 Posted November 14, 2022 Popular Post Share Posted November 14, 2022 (edited) Maybe not 100% legal, but accounts still operate and are accesable after your demise, just have an atm card or online banking setup. The day after you leave this mortal coil, your wife transfers money. Nobody is monitoring accounts or closing them the day you pass away. Even back in Australia, I was accessing my father account after he passed, paying bills, moving money etc (direct debits where still drawing funds).. I was even advised to by the solicitor doing the probate. Edited November 14, 2022 by Peterw42 7 Link to comment Share on other sites More sharing options...
hotandsticky Posted November 14, 2022 Share Posted November 14, 2022 Take the balance down to 400k immediately after getting your extension. If you live for another 10 months transfer 400k back 2 months before the next extension application. Then follow the advice of Peterw42 above when it becomes necessary. 1 1 Link to comment Share on other sites More sharing options...
Popular Post jacko45k Posted November 14, 2022 Popular Post Share Posted November 14, 2022 As stated a joint account may not qualify for the retirement extension, it is meant to be accessible money in your own name. I suggest a will and it specifically mentioning the account as passing to your partner. I have heard of some accounts whereby a partner can have access , but are not obviously 'joint'..... hopefully another poster can add details. 3 2 Link to comment Share on other sites More sharing options...
giddyup Posted November 14, 2022 Author Share Posted November 14, 2022 6 minutes ago, Peterw42 said: Maybe not 100% legal, but accounts still operate and are accesable after your demise, just have an atm card or online banking setup. The day after you leave this mortal coil, your wife transfers money. Nobody is monitoring accounts or closing them the day you pass away. Even back in Australia, I was accessing my father account after he passed, paying bills, moving money etc (direct debits where still drawing funds).. I was even advised to by the solicitor doing the probate. She's not my wife. Together 13 years but never married, so I doubt she can access the 800K account. Link to comment Share on other sites More sharing options...
Popular Post jacko45k Posted November 14, 2022 Popular Post Share Posted November 14, 2022 4 minutes ago, hotandsticky said: Take the balance down to 400k immediately after getting your extension. If you live for another 10 months transfer 400k back 2 months before the next extension application. Then follow the advice of Peterw42 above when it becomes necessary. It is required to remain at 800k for 3 months after extension granted. 2 2 Link to comment Share on other sites More sharing options...
hotandsticky Posted November 14, 2022 Share Posted November 14, 2022 Just now, jacko45k said: It is required to remain at 800k for 3 months after extension granted. ...but few people bother and there are no repercussions. 1 Link to comment Share on other sites More sharing options...
Peterw42 Posted November 14, 2022 Share Posted November 14, 2022 (edited) 3 minutes ago, giddyup said: She's not my wife. Together 13 years but never married, so I doubt she can access the 800K account. She can if you give her the ATM card, or the online banking password. There are no banking police checking that you passed at 3pm and the account was accessed at 4pm. Edited November 14, 2022 by Peterw42 1 Link to comment Share on other sites More sharing options...
jacko45k Posted November 14, 2022 Share Posted November 14, 2022 2 minutes ago, giddyup said: She's not my wife. Together 13 years but never married, so I doubt she can access the 800K account. Your concern noted and similar to myself..... I have always feared the account getting locked (by police) on my demise, until legal processes are completed.... and if she had accessed it, it might create problems. I really don't trust police here. 1 Link to comment Share on other sites More sharing options...
giddyup Posted November 14, 2022 Author Share Posted November 14, 2022 1 minute ago, Peterw42 said: She can if you give her the ATM card, or the online banking password. There are no banking police checking that you passed at 3pm and the account was accessed at 4pm. The 800K is in a term deposit account, no ATM card. Link to comment Share on other sites More sharing options...
Popular Post giddyup Posted November 14, 2022 Author Popular Post Share Posted November 14, 2022 1 minute ago, jacko45k said: Your concern noted and similar to myself..... I have always feared the account getting locked (by police) on my demise, until legal processes are completed.... and if she had accessed it, it might create problems. I really don't trust police here. I don't know if I trust lawyers either. 1 3 Link to comment Share on other sites More sharing options...
Popular Post jacko45k Posted November 14, 2022 Popular Post Share Posted November 14, 2022 2 minutes ago, hotandsticky said: ...but few people bother and there are no repercussions. There is a possibility a further extension will not be approved as you did not meet the terms of the previous one. I do not know of many who risk this..... and immigration want to see a full years account details in some IOs for this reason. An agent could probably work it out. 1 3 Link to comment Share on other sites More sharing options...
jacko45k Posted November 14, 2022 Share Posted November 14, 2022 (edited) 3 minutes ago, giddyup said: The 800K is in a term deposit account, no ATM card. Yes mine too.... leave it alone and no problems! Just worry the partner would be able to get to it.... a court order would be required and hence lawyer fees. Edited November 14, 2022 by jacko45k Link to comment Share on other sites More sharing options...
worgeordie Posted November 14, 2022 Share Posted November 14, 2022 4 minutes ago, giddyup said: She's not my wife. Together 13 years but never married, so I doubt she can access the 800K account. You can have your other half on your account , she signs next to you in bank book , the Immigration cannot see it as it needs a black light, I don't know what it's called but just go to bank and explain what you want to do, she can withdraw funds ,but her name does not appear on the front page of the account book. regards wogeordie 2 Link to comment Share on other sites More sharing options...
giddyup Posted November 14, 2022 Author Share Posted November 14, 2022 (edited) 7 minutes ago, worgeordie said: You can have your other half on your account , she signs next to you in bank book , the Immigration cannot see it as it needs a black light, I don't know what it's called but just go to bank and explain what you want to do, she can withdraw funds ,but her name does not appear on the front page of the account book. regards wogeordie The bank has said that can't have a joint account on a term deposit account. I think a will is the only way to go. Edited November 14, 2022 by giddyup Link to comment Share on other sites More sharing options...
Peterw42 Posted November 14, 2022 Share Posted November 14, 2022 2 minutes ago, jacko45k said: Your concern noted and similar to myself..... I have always feared the account getting locked (by police) on my demise, until legal processes are completed.... and if she had accessed it, it might create problems. I really don't trust police here. Do you really think that happens (anywhere in the world) ? As I wrote above, police are not locking accounts the day you pass. As above, I was still operating my fathers accounts back in Australia months after he passed. Dividends where still coming in, direct debits where still going out, bills still needed to be paid. I even paid for his funeral from that account. 1 1 Link to comment Share on other sites More sharing options...
Lite Beer Posted November 14, 2022 Share Posted November 14, 2022 Why don't you make a will so that she gets it when you kick the bucket? They are pretty cheap and easy to do. 2 Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted November 14, 2022 Popular Post Share Posted November 14, 2022 24 minutes ago, hotandsticky said: ...but few people bother and there are no repercussions. Until you go to renew your extension next time and the IO notices. Bye bye extension. 2 2 2 Link to comment Share on other sites More sharing options...
worgeordie Posted November 14, 2022 Share Posted November 14, 2022 9 minutes ago, giddyup said: The bank has said that can't have a joint account on a term deposit account. I think a will is the only way to go. It's not a joint account , your partners name is not on the account , only signs same place you do at back of book , I have 3 accounts like this ,savings and fixed accounts ,so it can be done. regards worgeordie Link to comment Share on other sites More sharing options...
giddyup Posted November 14, 2022 Author Share Posted November 14, 2022 13 minutes ago, Lite Beer said: Why don't you make a will so that she gets it when you kick the bucket? They are pretty cheap and easy to do. I have one, but not done through a lawyer, so that will be my next step. 2 Link to comment Share on other sites More sharing options...
giddyup Posted November 14, 2022 Author Share Posted November 14, 2022 (edited) 5 minutes ago, worgeordie said: It's not a joint account , your partners name is not on the account , only signs same place you do at back of book , I have 3 accounts like this ,savings and fixed accounts ,so it can be done. regards worgeordie If it's not a joint account how can she have access to it? Which bank are you using? Different banks have different rules. Edited November 14, 2022 by giddyup Link to comment Share on other sites More sharing options...
hotandsticky Posted November 14, 2022 Share Posted November 14, 2022 23 minutes ago, KannikaP said: Until you go to renew your extension next time and the IO notices. Bye bye extension. Don't scaremonger. It doesn't happen. Link to comment Share on other sites More sharing options...
hotandsticky Posted November 14, 2022 Share Posted November 14, 2022 32 minutes ago, Lite Beer said: Why don't you make a will so that she gets it when you kick the bucket? They are pretty cheap and easy to do. The Will is easy enough (and a useful backup) but the Probate aspect could well be time consuming and costly (usually 30k min for a lawyer to obtain Probate if the bank insist on that). Link to comment Share on other sites More sharing options...
KannikaP Posted November 14, 2022 Share Posted November 14, 2022 4 minutes ago, hotandsticky said: Don't scaremonger. It doesn't happen. I am sure it has happened in the past, and will do so again to somebody, somewhere. 2 Link to comment Share on other sites More sharing options...
hotandsticky Posted November 14, 2022 Share Posted November 14, 2022 46 minutes ago, jacko45k said: There is a possibility a further extension will not be approved as you did not meet the terms of the previous one. I do not know of many who risk this..... and immigration want to see a full years account details in some IOs for this reason. An agent could probably work it out. When I used Buriram they never mentioned the 3 month rule and you do not have to return. Now I deal with Jomtien who give you an appointment letter. As @Jingthinghas frequently pointed out, few people bother with it and there are NO repercussions. IO's invariably only check bank statements for 800k being in for 2 months - and that, overall, the balance has not dropped below 400k. 1 Link to comment Share on other sites More sharing options...
Popular Post Jingthing Posted November 14, 2022 Popular Post Share Posted November 14, 2022 9 minutes ago, hotandsticky said: When I used Buriram they never mentioned the 3 month rule and you do not have to return. Now I deal with Jomtien who give you an appointment letter. As @Jingthinghas frequently pointed out, few people bother with it and there are NO repercussions. IO's invariably only check bank statements for 800k being in for 2 months - and that, overall, the balance has not dropped below 400k. The report can be ignored. HOWEVER! The balance maintenance laws throughout the year are part of official national immigration law. I strongly suggest strictly following them. If non compliance is detected at the next extension the consequence is rejection. This topic is only about the show money reports. 3 2 Link to comment Share on other sites More sharing options...
giddyup Posted November 14, 2022 Author Share Posted November 14, 2022 18 minutes ago, hotandsticky said: Don't scaremonger. It doesn't happen. Who needs to risk it? Link to comment Share on other sites More sharing options...
hotandsticky Posted November 14, 2022 Share Posted November 14, 2022 22 minutes ago, giddyup said: Who needs to risk it? Up to you, it is your money. If it scares you, keep 800k in your account for 5 months then move 400k to joint account. When you get to 2 months before your extension application date move 400k back. You can't use the joint account for Immigration purposes. Link to comment Share on other sites More sharing options...
Jingthing Posted November 14, 2022 Share Posted November 14, 2022 13 minutes ago, giddyup said: The point of this topic was transferring money from my Term Deposit to a joint account. You are correct. Sorry. I obviously confused this topic with the other one about show money reports at Jomtien. 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now