Joint accounts

[sometime]

Hi

Regarding the tightening up on the joint account rule for retirement extension,

My wife and I (both European) both have a separate joint account each do you think the 800,000 plus in each account when we go for our separate retirement extension would be accepted?

Shutting down the accounts and opening one in each name, and notifying the overseas bank and pension companies of our new accounts is a bit of a hassle, but if it has to be so be it.

Thanks

[ubonjoe]

I suggest you check with your local immigration office to see what their policy is.

What they have said is that for one person to get an extension with a joint account requires a 1.6 million minimum balance.

[NancyL]

The OP doesn't make sense on several levels. He says that he and his wife each have a "separate joint account". Huh? Does that mean that he and his wife have two joint accounts, each over 800,000 baht?

Then the real puzzler is when he says that "shutting down the accounts and opening one in each name, and notifying the overseas bank and pension companies of our new accounts is a bit of a hassle" Wait a minute -- don't accounts used to justify extensions on the basis of retirement have to be with banks located in Thailand. So what's the hassle with the overseas bank and pension companies?

I think the OP is confusing the financial assets that can be used to justify an O-A visa application with those that can be used to justify a 12-month extension of permission to remain on the basis of retirement. Two different animals. An overseas account can never be used to justify an extension, unless it's creating an suitable income stream.

Also, it would help if the OP told us the province where he and his wife live.

[ubonjoe]

I read it that they have 2 joint accounts.

Also reference to foreign banks is to change info for new accounts for transfers in I assume.

[sometime]

I read it that they have 2 joint accounts.

Also reference to foreign banks is to change info for new accounts for transfers in I assume.

That is correct, thank you ubonjoe.

[Suradit69]

The OP doesn't make sense on several levels. He says that he and his wife each have a "separate joint account". Huh? Does that mean that he and his wife have two joint accounts, each over 800,000 baht?

Then the real puzzler is when he says that "shutting down the accounts and opening one in each name, and notifying the overseas bank and pension companies of our new accounts is a bit of a hassle" Wait a minute -- don't accounts used to justify extensions on the basis of retirement have to be with banks located in Thailand. So what's the hassle with the overseas bank and pension companies?

I think the OP is confusing the financial assets that can be used to justify an O-A visa application with those that can be used to justify a 12-month extension of permission to remain on the basis of retirement. Two different animals. An overseas account can never be used to justify an extension, unless it's creating an suitable income stream.

Also, it would help if the OP told us the province where he and his wife live.

It seems to me to make sense on every level.

They each have an account that they individually use when applying for an extension, but which is in both their names.

Pensions, banks, social security, whatever that pay directly into any bank account, including their Thai bank accounts have to specify the account number and exact name on those accounts.

[KhunBENQ]

To me this makes sense.

Two joint accounts, one for Mr. and for Ms. with the partner as a second account holder.

Joint accounts: in case of an emergency both have access to the money.

Whether immigration is happy with that? No idea, a very special case.

Ask in advance (if enough time is left).

If they don't like it, shutting down the accounts: NO.

Better spend another small amount per year to open two new accounts with a single account holder and move the money.

(not sure whether is possible to open saving accounts without ATM card and no yearly fee at all)

Edited January 12, 2014 by KhunBENQ

[NancyL]

Ah, now I see.

I have an 800,000 baht account here in Thailand for my retirement visa that is entirely in my name. My husband has access to it by virtue of it being listed in our Thai will -- that's safest way to insure that the spouse has access to the funds.

As for notifying anyone about the account number, etc -- it's no one's business. That account isn't used for any other purpose, like paying bills or collecting pension payments. That's the role of our joint account! That 800,000 baht account has just one purpose, a very important purpose and I'm not going to jeopardize it by using it to pay bills, having it tied to an ATM card, etc. That way it will never "accidentally" fall below 800,000 baht during the 90 days before my visa extension appointment.

I'm heard it's not a good idea to have that much money in any account that can be accessed by an ATM card and besides, you can't get a good interest rate for an account that has ATM card access.

Edited January 12, 2014 by NancyL

[sometime]

Ah, now I see.

I have an 800,000 baht account here in Thailand for my retirement visa that is entirely in my name. My husband has access to it by virtue of it being listed in our Thai will -- that's safest way to insure that the spouse has access to the funds.

As for notifying anyone about the account number, etc -- it's no one's business. That account isn't used for any other purpose, like paying bills or collecting pension payments. That's the role of our joint account! That 800,000 baht account has just one purpose, a very important purpose and I'm not going to jeopardize it by using it to pay bills, having it tied to an ATM card, etc. That way it will never "accidentally" fall below 800,000 baht during the 90 days before my visa extension appointment.

I'm heard it's not a good idea to have that much money in any account that can be accessed by an ATM card and besides, you can't get a good interest rate for an account that has ATM card access.

Hi

By some reports on TV I thought the account with the 800,000 had to be seen to be working, I am sure that some TV users have been sent out from immigration to make a withdrawal of a 1000 baht and produce the atm slip although they have a letter from the bank verifying the amount in the account.

[Mario2008]

The withdrawel is made to update the bank book and confirm the ammount of money in the account.

Yes, soemtimes immirgaiton want to see that you actually spend money. Many people use a second account for that to ensure that the money in the account for immigration doesn't go under the required amount. Other show they spend money with the help of atm-slips.

[Colabamumbai]

An overseas account showing funds coming in, the equivalent of 65,000 Baht per month to an account, a copy of one months bank statement showing the money going in, an income affdavit from your Embassy, a copy of a lease for your apartment or residence if not in a Thai residence.

Four (4), documents and you have a Non O for retirement, and the documents again for extensions, providing you are 50 years old.

No seasoning of funds and the funds remain in the financial institution of your choice in the country of your choice, not in volatile Thailand. Any type of account is fine, as long as they can see the deposit/deposits into that account is 65,000 Baht.

No police check or medical required if obtained at a Consulate in the area. Required in your home country.

Even this is no big deal unless you are afraid of a conviction showing up.

I cannot understand why anyone would do it differently unless they could not show that income, in a month coming in, but had that 800,000. requirement in an account, or could supply more, but not from an income statement.

My spelling was bad today, had to edit.

Edited January 13, 2014 by Colabamumbai

[faith0813]

Thanks OP for bringing this up - I have been wondering about this myself!