Joint Bank Account with Thai partner

[Mike Lister]

1 minute ago, billd766 said:

Thank you for that information.

 

My wife has a selectively deaf ear when it comes to things like pensions, RD tax and stuff like that. I am not even sure if she knows what to do or who to contact when I die.

 

All the information is on the opening screen of my pc with no password.

 

I have taught her how to transfer money from Wise to BKK bank and from BKK bank to the joint account and she has even done it, but when I turn my toes up it will be her problem, as I won't be here to do it for her.

You are not alone in this respect! 

[Denim]

9 minutes ago, billd766 said:

Thank you for that information.

 

My wife has a selectively deaf ear when it comes to things like pensions, RD tax and stuff like that. I am not even sure if she knows what to do or who to contact when I die.

 

All the information is on the opening screen of my pc with no password.

 

I have taught her how to transfer money from Wise to BKK bank and from BKK bank to the joint account and she has even done it, but when I turn my toes up it will be her problem, as I won't be here to do it for her.

 

Similar issue to me compounded by the fact that we live in a rural village , 7 kilometers from town and my wife can't drive. She has enough personal savings to get by should I die but why just leave my 400,000 for a bank to enjoy if it's going to be a hassle for her to do probate I have decided to get a halfway decent home safe that can be bolted down and keep half or more of my cash in it, just leaving enough in the bank to enjoy having an ATM card. This way , if I die it will not be an issue for her.

 

On the other hand ....if she dies first a bigger headache for me having to sell her house etc but at least I can drive and have the tenacity to pursue things.

[billd766]

2 hours ago, Denim said:

 

Similar issue to me compounded by the fact that we live in a rural village , 7 kilometers from town and my wife can't drive. She has enough personal savings to get by should I die but why just leave my 400,000 for a bank to enjoy if it's going to be a hassle for her to do probate I have decided to get a halfway decent home safe that can be bolted down and keep half or more of my cash in it, just leaving enough in the bank to enjoy having an ATM card. This way , if I die it will not be an issue for her.

 

On the other hand ....if she dies first a bigger headache for me having to sell her house etc but at least I can drive and have the tenacity to pursue things.

We also live in a rural village, only 6 km from the bank and 65 km from Kamphaeng Phet. luckily she can drive the pickup, and the house and land is in her name.

 

IF my wife dies before me then it all goes to our son, who has told me that I can stay here until I die.

 

We have had a safe for years, so that isn't a problem, and my marriage extension is on income so there is no 400,000 or 800,000 baht to worry about.

 

I need to contact Wise in the UK on sorting out my bank account there, hopefully into an either/or account as my wife of 24 years (who will be 59 this year) can get my military and company pensions.

Edited January 25 by billd766

[Yellowtail]

16 hours ago, Mike Lister said:

You are not alone in this respect! 

I have two sisters and a brother in the US that can help my wife when I croak. 

 

I also have a 19-year-old boy here that's pretty sharp, though I wish I could get him to pay a bid more attention to financial stuff. 

[Negita43]

Either or Account at Bangkok Bank in Korat

Tried to set one up yesterday could not they would only offer a normal joint account.

Went to Siam (where I already had an account) they claimed to have set up an either or account BUT I am sceptical that it actually just a normal joint.

asked for copy of the papers that I had signed - they refused!!!!

My feeling like the banks the world over - we are there to serve their profit motive - they are not there to serve us.

[Mike Lister]

2 hours ago, Negita43 said:

Either or Account at Bangkok Bank in Korat

Tried to set one up yesterday could not they would only offer a normal joint account.

Went to Siam (where I already had an account) they claimed to have set up an either or account BUT I am sceptical that it actually just a normal joint.

asked for copy of the papers that I had signed - they refused!!!!

My feeling like the banks the world over - we are there to serve their profit motive - they are not there to serve us.

I'm sorry to hear that, we have one at UOB. I suspect you may get a different answer in places such as Bangkok where the request is perhaps more normal.

[AlexRich]

Would it be possible to open a foreign account, say in Singapore, that your wife could access should something happen to you? 

[Negita43]

10 minutes ago, AlexRich said:

Would it be possible to open a foreign account, say in Singapore, that your wife could access should something happen to you?

Yes, I tried to open a Standard Chartered Singapore account (who used to say you only needed £2000 to open one) a couple of months ago (shortly after the big huha about money laundering in Singapore). I actually had a telcon with someone there he said you need a minimum of $200,000 to open an account.

[Negita43]

27 minutes ago, Mike Lister said:

'm sorry to hear that, we have one at UOB. I suspect you may get a different answer in places such as Bangkok where the request is perhaps more normal.

Yes that crossed my mind too - Korat is not at the center of international banking - I had a kasikorn external Euro account for several years,  when I tried to tranfer the funds to my UK bank Euro account using Swift/BIC codes they couldn't do it - ended up paying me around 7000 Euro in cash which caused no end of issues as most FC accounts only accept bank transfers in not cash. Upside was it meant I had to make several trips to Spain to spend it!

[Negita43]

20 hours ago, Mike Lister said:

My wife has a selectively deaf ear when it comes to things like pensions, RD tax and stuff like that. I am not even sure if she knows what to do or who to contact when I die

Not just your wife -  I think that syndrome is in many Thais' DNA (que sera sera)

[Yellowtail]

8 hours ago, Mike Lister said:

I'm sorry to hear that, we have one at UOB. I suspect you may get a different answer in places such as Bangkok where the request is perhaps more normal.

I opened a Roth for my wife at Fidelity without any difficulty, and we have a joint checking account at Chase. 

 

 

[Negita43]

2 hours ago, Yellowtail said:

I opened a Roth for my wife at Fidelity without any difficulty, and we have a joint checking account at Chase

Roth??

[Yellowtail]

8 hours ago, Negita43 said:

Roth??

Roth IRA retirement savings account. If you're a US citizen and are married, and if your wife has a taxpayer ID number, she does not have to have income, and you can fund her account with your earnings.