Fourteen years ago I used a joint account to show the 800K to Immigration, but I had to have at least 1.6 million baht for it to be accepted. Now I have a separate term deposit in my name only that has 800K  and never touched. My worry is that 800K may be difficult for my Thai partner to lay her hands on upon my demise, so thinking of going back to the joint account method if it's still available.  Anyone go that route?

I'm sure people have done it, as the first time I did the 800k in the bank it was a joint account and when I went to the IO, they said for joint accounts, the amount needs to be 1.6 mil.  It didn't seem like a big deal, and it's easy for the spouse to take out the money if the frarang passes, just make sure it's not touched or goes below 1.8mil.

I strongly suggest you ask at whatever is "your" immigration office. Yes, things can and do vary, but I believe the official answer is NO.

1 minute ago, bbko said:

I'm sure people have done it, as the first time I did the 800k in the bank it was a joint account and when I went to the IO, they said for joint accounts, the amount needs to be 1.6 mil.  It didn't seem like a big deal, and it's easy for the spouse to take out the money if the frarang passes, just make sure it's not touched or goes below 1.8mil.

Just wondering if the rules may have changed.

Just now, CharlieH said:

I strongly suggest you ask at whatever is "your" immigration office. Yes, things can and do vary, but I believe the official answer is NO.

That's why I asked if anyone is using the joint account, in the Pattaya forum.

20 minutes ago, giddyup said:

Fourteen years ago I used a joint account to show the 800K to Immigration, but I had to have at least 1.6 million baht for it to be accepted. Now I have a separate term deposit in my name only that has 800K  and never touched. My worry is that 800K may be difficult for my Thai partner to lay her hands on upon my demise, so thinking of going back to the joint account method if it's still available.  Anyone go that route?

Make a will bequeathing the assets kin the bank account to her. 

6 minutes ago, giddyup said:

That's why I asked if anyone is using the joint account, in the Pattaya forum.

My experience was with the Pattaya IO, but that incident was about 15 years ago, since then I went with the single account then more recently, changed to the easier extension based on retirement & monthly transfers, note my wife and I have a joint account in the USA and she has her own debit card if/when she needs to w/d money from that account.

An aside from the opening post Me and the wife were able to open a teachers cooperative savings account giving 6% interest. Who could resist? The first year the IO accepted the cooperative as a bank and gave me my extension. The second year some smart ass said 'a saving cooperative is not a bank' so not allowed for an extension. I had to go to the cooperative and pull out 400000 Baht, take it to my Bangkok Bank and put it in. The IO agreed that they would look at it as though my money was seasoned due to the time it had been in the cooperative. Just a warning to others to make sure your money is put in a proper bank. BTW We are still in the cooperative and we still get 6% interest every year.

9 minutes ago, IvorBiggun2 said:

An aside from the opening post Me and the wife were able to open a teachers cooperative savings account giving 6% interest. Who could resist? The first year the IO accepted the cooperative as a bank and gave me my extension. The second year some smart ass said 'a saving cooperative is not a bank' so not allowed for an extension. I had to go to the cooperative and pull out 400000 Baht, take it to my Bangkok Bank and put it in. The IO agreed that they would look at it as though my money was seasoned due to the time it had been in the cooperative. Just a warning to others to make sure your money is put in a proper bank. BTW We are still in the cooperative and we still get 6% interest every year.

Which cooperative is that?

OP, extensions based on retirement must be in your name only. 

Some immigration offices may have accepted double the financial requirements for a joint account (many years ago) 

 

A better solution is to use income method. 

This has a bonus. 

Use the account in your name only for the 65k transfers every month.

(I use WISE) then straight away transfer the money into either a joint account or account in wife's name. 

 

Basically the account for immigration purposes always has a minimal balance.

If hit by a bus no money is tied up in a bank. 

 

38 minutes ago, retarius said:

Make a will bequeathing the assets kin the bank account to her. 

Already done, but I'm trying to avoid her having to pay outrageous lawyers fees for doing probate. If all my money is in joint accounts it will simplify matters.

1 minute ago, DrJack54 said:

OP, extensions based on retirement must be in your name only. 

Some immigration offices may accept double the requirements for a joint account (many years ago) 

 

A better solution is to use income method. 

This has a bonus. 

Use the account in your name only for the 65k transfer every month.

(I use WISE) then straight away transfer the money into either a joint account or account in wife's name. 

 

Basically the account for immigration purposes always has a minimal balance.

If hit by a bus no money is tied up in a bank. 

 

Every satang I have is in Thai banks. I transfer my Aussie pension here as soon as it builds to $10K.

1 minute ago, giddyup said:

Every satang I have is in Thai banks. I transfer my Aussie pension here as soon as it builds to $10K.

Don't follow. 

Yes keep all your money in Thai banks (joint account).

Have ONE bank in your name only to transfer whatever amount as long as it's 65k+ baht.

I transfer 120k baht every month.

As soon as that hits the account it is transfered into Thai partner account.

She then pays for everything using those funds.

 

1 hour ago, giddyup said:

That's why I asked if anyone is using the joint account, in the Pattaya forum.

 

This is the "Thai Visas, Residency, and Work Permits" forum.

16 minutes ago, giddyup said:

Which cooperative is that?

Buriram Teachers Savings Cooperative. Don't bother trying to get the 6% option as it was reduced to 4% a few years but being as we signed up when it was 6% interest so we retain that figure until we make a withdraw.  There was a thread on this subject a while back. I'll try and find it.

3 minutes ago, Lemsta69 said:

 

This is the "Thai Visas, Residency, and Work Permits" forum.

No idea how that happened, I had the Pattaya forum open when I posted.

Would a moderator please transfer the post to the Pattaya forum?

1 minute ago, IvorBiggun2 said:

Buriram Teachers Savings Cooperative. Don't bother trying to get the 6% option as it was reduced to 4% a few years but being as we signed up when it was 6% interest so we retain that figure until we make a withdraw.  There was a thread on this subject a while back. I'll try and find it.

How long is the money tied up? Is it like a term deposit?

7 minutes ago, Lemsta69 said:

 

This is the "Thai Visas, Residency, and Work Permits" forum.

Ah, I see, a moderator moved it.

 

It doesn't have to be a joint account for a person to take money out-- They can have signing rights (signature shows up under the blue light) I have 2 accounts like that, just in my name but wife has  signing rights. (I have not had to used them for Visa renewal)

 

Also you can think about an ATM card with that account and a high withdrawal limit. (100,000 a day) so she could empty account it in a week.

As requested by you in the letter you left.

48 minutes ago, giddyup said:

Ah, I see, a moderator moved it.

 

They didn't leave a note, tsk tsk 😉

1 minute ago, Lemsta69 said:

 

They didn't leave a note, tsk tsk 😉

Yes, it's there, saying my post has been moved.

2 hours ago, giddyup said:

How long is the money tied up? Is it like a term deposit?

When me and the wife signed up we signed up for the rate that it was at the time, guaranteed to remain at that until we ever decided to break into the agreement. If we break the agreement now we will only get 4%.

9 hours ago, giddyup said:

Fourteen years ago I used a joint account to show the 800K to Immigration, but I had to have at least 1.6 million baht for it to be accepted. Now I have a separate term deposit in my name only that has 800K  and never touched. My worry is that 800K may be difficult for my Thai partner to lay her hands on upon my demise, so thinking of going back to the joint account method if it's still available.  Anyone go that route?

 

a

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16 hours ago, CharlieH said:

I strongly suggest you ask at whatever is "your" immigration office. Yes, things can and do vary, but I believe the official answer is NO.

Iven if the IO said it's Ok, I would not take a chance unless I got it in writing which is not going to happen,

You could  for your extension a few months later only to have the IO say that he never said such a thing, 

Or there my be another IO, and the one you spoke with is transfered or out sick, or on vection, and you are screwed. Better play it straight, speak to your bank explaining the concern of what happens to the funds in the unfortunate event of your untimely demise, and see if they have any options, 

In the US I have funds in my Charles Schwab account and I have a beneficiary assigned.  Perhaps something similar can be arranged with your bank,  

I will be honest, I never considered what would happen to the funds in my personal account here until this thread brought it to my attention.  If I have the time , I will stop by the bank today and ask. 

It is my understanding that the bank account you use for your immigration visa purposes has to ONLY be in your name. I have a savings account for that.

However, at least at my bank, Ayudyha (Krungsri), I can authorize my wife to have the authority to make transactions (like withdrawals) on that account using the passbook and her signature and IDs. This is how I have set up my account to give her access to the account in case of my incapacitation or death without having to go through some legal process. 

18 hours ago, giddyup said:

That's why I asked if anyone is using the joint account, in the Pattaya forum.

Dont forget a lot of us come here via Newsletter links so no idea what forum its in unless searching specifically.

I used two accounts for many years. One day the IO decided i had to transfer funds and use one account. After renewal i transferred the funds back. Have used one account specially for visa since then

It’s not permitted