Best time to transfer the 800K to another account?

[giddyup]

1 hour ago, hotandsticky said:

Always have been Giddy.....

Not until I posted the requirements in black and white, then you said you were looking in the wrong place. At least be honest.

 

"You incorrectly quoted the following " updated bankbook, as well as passport and current extension page"

 

I was simply correcting your mistake  (you are welcome)...... the extension page is NOT required. EXACTLY what is required is EXACTLY what I posted."

 

 

Edited November 15, 2022 by giddyup

[hotandsticky]

1 hour ago, giddyup said:

Not until I posted the requirements in black and white, then you said you were looking in the wrong place. At least be honest.

 

"You incorrectly quoted the following " updated bankbook, as well as passport and current extension page"

 

I was simply correcting your mistake  (you are welcome)...... the extension page is NOT required. EXACTLY what is required is EXACTLY what I posted."

 

 

No Giddy, I was looking in the right place - where the IO had inserted the date for me. Copy of passbook and passport ID page only.

[giddyup]

27 minutes ago, hotandsticky said:

No Giddy, I was looking in the right place - where the IO had inserted the date for me. Copy of passbook and passport ID page only.

But they aren't all the requirements are they? Never mind, you are obviously one of those people, like flat earthers, who will never admit they are wrong. Sad.

[hotandsticky]

15 minutes ago, giddyup said:

But they aren't all the requirements are they? Never mind, you are obviously one of those people, like flat earthers, who will never admit they are wrong. Sad.

You have a mirror?

 

I wasn't wrong.

 

 

Actually, neither were you  - you just submitted one piece of unnecessary paperwork

Edited November 15, 2022 by hotandsticky

[skatewash]

12 minutes ago, giddyup said:

But they aren't all the requirements are they? Never mind, you are obviously one of those people, like flat earthers, who will never admit they are wrong. Sad.

One would imagine that if one were interested in satisfying all the requirements for something and a document lists 2 requirements in one place and 3 requirements in another place that the prudent course of action might be to prepare to meet all 3 requirements in case the third requirement was mistakenly left off from one of the places.  The principle of parsimony would suggest that it is more likely that a requirement was omitted rather than one was added unnecessarily.

[giddyup]

2 hours ago, skatewash said:

One would imagine that if one were interested in satisfying all the requirements for something and a document lists 2 requirements in one place and 3 requirements in another place that the prudent course of action might be to prepare to meet all 3 requirements in case the third requirement was mistakenly left off from one of the places.  The principle of parsimony would suggest that it is more likely that a requirement was omitted rather than one was added unnecessarily.

Try telling hotandsticky that, he seems to have put on his deaf ears. I wouldn't have cared but he categorically called me wrong as he swore those requirements didn't exist, that is until he actually read the letter, then he went very quiet.

Edited November 15, 2022 by giddyup

[Hatyaier]

My money for retirement purpose is in the SCB. I have the SCB Easy app which I use for paying bills all the time. My wife knows my password, so she could transfer the money any time. 

[gamb00ler]

On 11/14/2022 at 8:32 AM, giddyup said:

The 800K is in a term deposit account, no ATM card.

SCB currently pays 1.5% on their EZ Savings account for deposits up to 1M.  I only checked BKK bank and the highest fixed term rate I was was 1%.   You can't get an ATM card for this account but you can use their smartphone application to withdraw from their own ATM machines with no fee.  Others have reported difficulties with opening accounts @SCB but my experience was pretty smooth.  It functions like any other savings account, pays more interest than current fixed account rates and the switch from 800K to 400K and back for retirement extensions is dead simple.

[skatewash]

1 minute ago, gamb00ler said:

SCB currently pays 1.5% on their EZ Savings account for deposits up to 1M.  I only checked BKK bank and the highest fixed term rate I was was 1%.   You can't get an ATM card for this account but you can use their smartphone application to withdraw from their own ATM machines with no fee.  Others have reported difficulties with opening accounts @SCB but my experience was pretty smooth.  It functions like any other savings account, pays more interest than current fixed account rates and the switch from 800K to 400K and back for retirement extensions is dead simple.

You *can* get an ATM card for an SCB EZ Savings account because I have one, but it's true that you can use their app and your smartphone to withdraw from their own ATM machines without an ATM card with no fee.  It took an entire hour for me to open the account at SCB, but then I'm a US Citizen so much of that time was taken up with filling in IRS paperwork. ????

The one thing I would caution about using the SCB EZ Savings account for your retirement extension is that it comes without a passbook and some immigration offices (Phuket is one) insist on seeing the passbook for your retirement account.  In fact, Phuket wants to see 4 things:  standard bank letter stating your account and balance as of the date of the letter, 12-month bank statement, copies of your passbook, and your actual passbook.  These last two items are impossible with SCB EZ Savings account.  I don't know of anyone who has successfully used this particular account for their retirement extension in Phuket.  It may be possible at other immigration offices.

[giddyup]

12 hours ago, gamb00ler said:

SCB currently pays 1.5% on their EZ Savings account for deposits up to 1M.  I only checked BKK bank and the highest fixed term rate I was was 1%.   You can't get an ATM card for this account but you can use their smartphone application to withdraw from their own ATM machines with no fee.  Others have reported difficulties with opening accounts @SCB but my experience was pretty smooth.  It functions like any other savings account, pays more interest than current fixed account rates and the switch from 800K to 400K and back for retirement extensions is dead simple.

I have an account with SCB, how long is the term to get 1,5%?

[skatewash]

25 minutes ago, giddyup said:

I have an account with SCB, how long is the term to get 1,5%?

It's a regular savings account (EZ Savings), so there is no term.  The rate can be changed at any time it's not a fixed deposit account.  However, it has been at that rate for 2 years, I think.

In theory you could register your Thai tax id with the account and avoid automatic 15% tax withholding on interest earned but I've not been successful doing that.  They say they have to do the withholding, which I believe is not true, but not worth pursuing in my opinion.  Others have been successful in getting the automatic withholding waived.

One other thing is that the account comes without a passbook so if you use for retirement extension you should check with your immigration office to see if they will accept only a bank statement in lieu of seeing your passbook.

[KKr]

I would think that allowing access to the account with a Power of Attorney were the easier way.
Anyone asked their bank whether this is possible?

[Liquorice]

25 minutes ago, KKr said:

I would think that allowing access to the account with a Power of Attorney were the easier way.
Anyone asked their bank whether this is possible?

My wife has PoT over two of my accounts.
Bangkok Bank even issued her a debit card for the Savings account.

I also have a PoT for a disabled expats account, which allows me to obtain any necessary documents for his extension applications, which I also conduct on his behalf.

[Liquorice]

On 11/15/2022 at 8:07 AM, hotandsticky said:

Could you please provide a reference for the highlighted quote above.

 

My understanding was that the Civil and Commercial Code only provided 50% for the spouse class in most cases (unless there are no other classes of heirs).

https://www.samuiforsale.com/knowledge/inheritance-laws-thailand.html

[giddyup]

23 minutes ago, Liquorice said:

My wife has PoT over two of my accounts.
Bangkok Bank even issued her a debit card for the Savings account.

I also have a PoT for a disabled expats account, which allows me to obtain any necessary documents for his extension applications, which I also conduct on his behalf.

How does my partner get POA on my Term Deposit?

[Liquorice]

18 minutes ago, giddyup said:

How does my partner get POA on my Term Deposit?

You basically request the bank to allow her access via a PoT. (Not a joint account).
The bank completes the PoT, you both sign.

I answered early, in your case, you're not officially married, therefore in the event of your demise, your partner would still require a Court Order to release the funds. Simply draft a Will making your intention clear that you wish to leave your assets to your partner, which will aid her obtaining a Court Order.

Edited November 16, 2022 by Liquorice

[giddyup]

On 11/15/2022 at 8:30 PM, skatewash said:

You *can* get an ATM card for an SCB EZ Savings account because I have one, but it's true that you can use their app and your smartphone to withdraw from their own ATM machines without an ATM card with no fee.  It took an entire hour for me to open the account at SCB, but then I'm a US Citizen so much of that time was taken up with filling in IRS paperwork. ????

The one thing I would caution about using the SCB EZ Savings account for your retirement extension is that it comes without a passbook and some immigration offices (Phuket is one) insist on seeing the passbook for your retirement account.  In fact, Phuket wants to see 4 things:  standard bank letter stating your account and balance as of the date of the letter, 12-month bank statement, copies of your passbook, and your actual passbook.  These last two items are impossible with SCB EZ Savings account.  I don't know of anyone who has successfully used this particular account for their retirement extension in Phuket.  It may be possible at other immigration offices.

What kind of record do you have for deposits and withdrawals if you don't have a passbook?

Edited November 17, 2022 by giddyup

[gamb00ler]

33 minutes ago, giddyup said:

What kind of record do you have for deposits and withdrawals if you don't have a passbook?

For my personal records, I download a monthly statement.  For Immigration purposes I will request a 12 month printed statement from the bank.  However, I have not yet used my SCB EZ savings account as the basis for my annual retirement extension.  If come February, Imm. is not satisfied I'll pursue one of the other viable methods.  There have been reports of successful extensions using the same bookless account.

[couchpotato]

21 hours ago, Liquorice said:

You basically request the bank to allow her access via a PoT. (Not a joint account).
The bank completes the PoT, you both sign.

I answered early, in your case, you're not officially married, therefore in the event of your demise, your partner would still require a Court Order to release the funds. Simply draft a Will making your intention clear that you wish to leave your assets to your partner, which will aid her obtaining a Court Order.

 

Gotta ask...what is PoT?

[giddyup]

16 minutes ago, couchpotato said:

 

Gotta ask...what is PoT?

Power of Attorney. Don't know how you get a T.

[skatewash]

1 hour ago, giddyup said:

What kind of record do you have for deposits and withdrawals if you don't have a passbook?

You can view transactions online in SCB's banking app.  You can also produce statements using the banking app.

[couchpotato]

8 minutes ago, giddyup said:

Power of Attorney. Don't know how you get a T.

Look at  @liquorice post yesterday..he mentioned PoT.  I also presumed he mean't POA, but maybe he had another method, so worth asking. Don't be so pedantic!

[JimGant]

On 11/14/2022 at 3:00 PM, SunsetT said:

She was told that when a foreigner dies and the police are informed they immediately inform the foreigner's embassy and all their bank accounts are immediately locked.

Good grief, you think the Embassy knows where you bank, and if not, that they would inquire of every bank in town? Of course not. So, unless you get run over in front of the bank, and its manager witnesses your death, your account is still active, as the bank has no legal obligation to freeze it -- if it's NOT notified of your death. And nobody, including a joint account holder, is legally required to notify the bank.

 

Let's review. First, have a Will, even if written in long hand. Lawyer not needed, just follow some basics, like witnesses cannot be beneficiaries. If you currently don't have a Will, take 10 minutes to now write out one, with your beneficiary (s) clearly stated. No witnesses required for long hand Will, but recommended. Probably not needed, if you follow the next instructions. But, it does show your intent on where you want your assets to go. And if somehow things are directed to probate, at least the court knows where you want things to go, thus no intestate BS.

 

But, hey, have your Imm account as a co-signatory account (with co signatory's name and signature hidden, except to the bank). Now, the co-signatory is like a power of attorney, meaning, that power is supposed to evaporate upon the death of the primary. But, again, practicality over law says your co-signatory can march into the bank with your passbook, after your death, and clean out (most) of that account, but do not attempt to close it.

 

But even better, have your Imm account as an online account, with transfer privileges to your partner. Easy peasy. First instruction in your death do list is have that money (most) transferred before you're even cold.

 

If the bank finds out that all this was done after your death, what are they going to do? First off, they're not legally liable, if they were not informed of your death. So why would they care, especially if you can flash the Will showing the account holder's intent was for you to have the money. Christ, some reporting on the forum has bank managers allowing transfers based on a Will, thus avoiding probate (wouldn't bank totally on that possibility).

 

Anyway, if no one is contesting the fact that you want your money to go to your partner, who's going to legally push the issue? Again, your Will shows your intent. And, should it go to probate, your partner will still eventually get the money, less maybe 50000 in lawyer fees, and several months. So, be practical; the illegality of all of this is something only the lawyer mafia would get excited about. Just too bad Thailand doesn't have Pay On Death beneficiary  procedures, like the West. Then all these shenanigans could be avoided.

 

A bird in the hand sure beats two or more in the bush. And nobody is going to come after you for that bird (assuming there's no po'd ex-spouse stalking you, along with a smiling lawyer mafia).

[couchpotato]

2 hours ago, JimGant said:

Good grief, you think the Embassy knows where you bank, and if not, that they would inquire of every bank in town? Of course not. So, unless you get run over in front of the bank, and its manager witnesses your death, your account is still active, as the bank has no legal obligation to freeze it -- if it's NOT notified of your death. And nobody, including a joint account holder, is legally required to notify the bank.

 

Let's review. First, have a Will, even if written in long hand. Lawyer not needed, just follow some basics, like witnesses cannot be beneficiaries. If you currently don't have a Will, take 10 minutes to now write out one, with your beneficiary (s) clearly stated. No witnesses required for long hand Will, but recommended. Probably not needed, if you follow the next instructions. But, it does show your intent on where you want your assets to go. And if somehow things are directed to probate, at least the court knows where you want things to go, thus no intestate BS.

 

But, hey, have your Imm account as a co-signatory account (with co signatory's name and signature hidden, except to the bank). Now, the co-signatory is like a power of attorney, meaning, that power is supposed to evaporate upon the death of the primary. But, again, practicality over law says your co-signatory can march into the bank with your passbook, after your death, and clean out (most) of that account, but do not attempt to close it.

 

But even better, have your Imm account as an online account, with transfer privileges to your partner. Easy peasy. First instruction in your death do list is have that money (most) transferred before you're even cold.

 

If the bank finds out that all this was done after your death, what are they going to do? First off, they're not legally liable, if they were not informed of your death. So why would they care, especially if you can flash the Will showing the account holder's intent was for you to have the money. Christ, some reporting on the forum has bank managers allowing transfers based on a Will, thus avoiding probate (wouldn't bank totally on that possibility).

 

Anyway, if no one is contesting the fact that you want your money to go to your partner, who's going to legally push the issue? Again, your Will shows your intent. And, should it go to probate, your partner will still eventually get the money, less maybe 50000 in lawyer fees, and several months. So, be practical; the illegality of all of this is something only the lawyer mafia would get excited about. Just too bad Thailand doesn't have Pay On Death beneficiary  procedures, like the West. Then all these shenanigans could be avoided.

 

A bird in the hand sure beats two or more in the bush. And nobody is going to come after you for that bird (assuming there's no po'd ex-spouse stalking you, along with a smiling lawyer mafia).

Yes....A man who knows how things ACTUALLY work....not many of us around.

 

The thing is in Thailand, that the words "proper procedures", "legal",  "illegal", "correct way to do things", are interpreted as required, and to fit any particular circumstance or requirement. IMHO....

[Liquorice]

On 11/17/2022 at 8:38 AM, couchpotato said:

Look at  @liquorice post yesterday..he mentioned PoT.  I also presumed he mean't POA, but maybe he had another method, so worth asking. Don't be so pedantic!

Apologies, yes POA - Power of Attorney form.