Thai Banks Holding Monies in Dead Friend's Accounts

[DocTom]

A year ago this month , an old friend died (in the UK). He was a frequent holiday visitor to Phuket, and had two accounts in two different Thai banks.

Since then, for a full year, the UK solicitors attending to his estate have been trying to get the two banks to release the funds to the estate, but with no success. They are (apparently) asked for more documents each time letters are exchanged.

The amount is unlikely to be huge - perhaps a few thousand pounds equivalent - but the principal beneficiaries are two young girls, just starting families, so they could find the money very useful. In any case it offends my sense of decency and fairness that the banks should retain these funds, as it appears they intend.

The UK solicitor is about to throw in the towel. I live in Thailand and tried to get help from the UK Embassy, but only got a list of Thai lawyers.

So, to the point: can any of you knowledgeable guys suggest ways to get the Thai banks to do the decent thing? I will be grateful indeed for any help.

DocTom.

[fletchsmile]

Best thing really is to engage a Thai lawyer. Thailand like the UK has its own probate rules around how the estates of deceased people are dealt with in Thailand. The problem with UK lawyers/ solicitors is that they won't be familiar with the procedures for Thai probate and the way things work here. There's are legal procedures to go thru in Thailand to access the assets, and the bank needs to follow those and ensure everything is above board.

Cheers

Fletch

[Daffy D]

Very difficult to get the banks to release the money.

Some years ago my wife father died and she tried to get the money from his account. Only a few thousand baht but In the end just gave up.

Just not worth it.

[NamKAheng]

So how much money those Thai banks embezzle every year?

[wooloomooloo]

So how much money those Thai banks embezzle every year?

There's are legal procedures to go thru in Thailand to access the assets, and the bank needs to follow those and ensure everything is above board.

Or we could rephrase the question, 'so how easy is it to make NamKAheng appear dim?'.

[Pib]

Here's what the Bangkok Bank website says about the subject under FAQ, Closing A Bank Account, which is talking obtaining funds from an account of a person who has passed.

[Sviss Geez]

Very difficult to get the banks to release the money.

Some years ago my wife father died and she tried to get the money from his account. Only a few thousand baht but In the end just gave up.

Just not worth it.

Nonsense, following the bank's required procedures is all that is necessary.

[Sviss Geez]

So how much money those Thai banks embezzle every year?

Probably nothing. How much do you embezzle each year?

Edited November 19, 2014 by Sviss Geez

[craigt3365]

The last few pages of this topic talk about a guy who just went through this. Took quite a few months, but it ended up OK. I would guess it's hard to do it all from the UK. You're going to need somebody locally here to deal with this. A lawyer would be best.

[Daffy D]

Very difficult to get the banks to release the money.

Some years ago my wife father died and she tried to get the money from his account. Only a few thousand baht but In the end just gave up.

Just not worth it.

Nonsense, following the bank's required procedures is all that is necessary.

It's not worth it

[prakhonchai nick]

I and another resident were executors, for a foreigner living here. His will left the content of his bank account to his wife, but to be drip fed to her. She did not like this and obtained Thai probate/letters of Admin behind our backs using an out of town lawyer, stating there was no will.

The bank (one of Thailands largest) knew there was a will and had a copy. They were dealing with our Thai lawyer, and were warned that the widow might attempt to obtain the money fraudulently. yet when the letters od Admin were presented to the bank branch, no questions were asked and all the money was handed over to the widow.

Complaints to the banks HO, and to the Bank of Thailand Fraud dept fell on deaf ears.

[cardinalblue]

Just follow the rules but must show due diligence....

Really shouldn't need a lawyer if the request is from the executor trustee lawyer foreign bank with proper documentation to back it up....

I would like to believe that monies aren't stolen from these types of accounts but Thai bank personnel is no different from other Thais so opportunity does exist for crime...

And if they know that enough barriers are put up that eventually people give up allows for this practice to happen unmitigated (if it does happen)...

This type of activity should be monitored by a third party but in a dev country, I would be shocked if random or selected audits are conducted...

A lot of opportunity for dishonest behavior exists here unless proper policies and protocol are carried out...

This is probably a real grey area unless one is really on top of things...

CB

Edited November 20, 2014 by cardinalblue

[Dublin]

They have already spent the money,,, hence all the walls being thrown up every time his solicitor requests release,.,

not to hard to figure that out,,,,

[GarryP]

Very difficult to get the banks to release the money.

Some years ago my wife father died and she tried to get the money from his account. Only a few thousand baht but In the end just gave up.

Just not worth it.

Nonsense, following the bank's required procedures is all that is necessary.

But it ties the money up in probate for at least 12 months while potential creditors are located, an estate manager is appointed and the estate then distributed. When my wife died I withdrew all her money using her ATM over several weeks. The account can now die its own death. Technically what I did was illegal but sod it, the only people due anything (according to the law) on her property was myself and our son. In fact a number of lawyers told me that the best thing to do was use her ATM and avoid the rigmarole many people go through.

[GarryP]

They have already spent the money,,, hence all the walls being thrown up every time his solicitor requests release,.,

not to hard to figure that out,,,,

That is a crock of #$%@.

[Liquorice]

Helps to make a Will and appoint an Administrator.

[Suradit69]

So how much money those Thai banks embezzle every year?

Probably nothing. How much do you embezzle each year?

A glance at the headlines any day will give you a clue how much major banks in the US and Europe "steal" from customers and shareholders almost without cease. The court-ordered fines alone for misconduct and fraud are in the $ billions. Thai banks are an oasis of sanity compared to them.

The best way to make any assets held in Thailand available to an heir is by having an up to date Thai will. Absent a will, a bank can only be expected to release money after a lawyer presents required documentation to a Thai court and they give their official approval. Banks need legal authority before they start dispensing the cash.

I hope, whether I'm alive or dead, that my Thai bank doesn't start handing out my money to some farang lawyer emailing them claiming they have a right to my money. That's a popular tactic in Nigeria, judging by some of the emails I get.

Edited November 20, 2014 by Suradit69

[prakhonchai nick]

Helps to make a Will and appoint an Administrator.

It didn't in my friends case. see my post of an hour or so ago.

[Liquorice]

prakhonchai nick, on 20 Nov 2014 - 16:28, said:

Faz, on 20 Nov 2014 - 16:12, said:

Helps to make a Will and appoint an Administrator.

It didn't in my friends case. see my post of an hour or so ago.

Different scenario Nick. The OP posted about getting funds released.

In your friends case the funds were released but not as requested in the Will.

[Gandtee]

Interesting! My Thai wife and I have a joint account which enables either of us to draw funds. Should either of us pop off will the survivor still be able to access the account?

It seems Garryp has answered my question.

Edited November 20, 2014 by Gandtee

[Pib]

Interesting! My Thai wife and I have a joint account which enables either of us to draw funds. Should either of us pop off will the survivor still be able to access the account?

It seems Garryp has answered my question.

Yeap, joint account allows full access by the surviving member as long as it's an "or" joint account where either account owner has full access to the money. I guess in Thailand they also have an "and" type of joint account which requires both account owners to be present to get money. But when a person dies and has a Thai bank account only in their name (and possibility an "and" type of joint account) then the court must get involved to clear the way to the money for the surviving spouse, what ever the will may say, other owner, etc....that is, do the probate process.

Edited November 20, 2014 by Pib

[Strangebrew]

One way is to take his atm card and with draw the funds another a wire transfer funds from his account here to his probate account there there are international banking laws that they must obey or they could be blocked from useing the international banking system Thus effectively cutting out international travel of there customers.

[DocTom]

Many thanks for your interest and responses. The overall impression that I get is that the recovery is very improbable. The banks have been asking for documents from the UK solicitors for a year now, and it seems inconceivable to me that they still do not have what is required. I fear that they have no intention of releasing the monies to his estate.

In view of the rather small amount of money, I think that hiring a Thai solicitor is not worthwhile.

As to withdrawing the money from the ATM, it is an appealing thought, but of course we do not know his PIN.

Nobody suggested that publicity (adverse) might create persuasive pressure. I wonder whether the BKK Post, and/or the Nation, might be prepared to print a critical letter, sent with copies to the CEOs of the two banks. Any opinions?

Thanks again for your collective wisdom.

DocTom.

[Pib]

Nobody suggested that publicity (adverse) might create persuasive pressure. I wonder whether the BKK Post, and/or the Nation, might be prepared to print a critical letter, sent with copies to the CEOs of the two banks. Any opinions?

It would be considered just another rant from a farang then appropriately filed into File 13.

[wvavin]

Mates, why bother with their agencies and institutions? Its all about this Thai mentality, which any reasonably right thinking person could never be able to comprehend in their lifetime.

[JacChang]

They already paid out the money as dividends to the shareholders.

Hate bankers and how they make money? Join them and become one of them.

[micmichd]

Very difficult to get the banks to release the money.

Some years ago my wife father died and she tried to get the money from his account. Only a few thousand baht but In the end just gave up.

Just not worth it.

[micmichd]

Even much more difficult to get your money handed over from Farang banks to Thailand.

After one year in Thailand, Farang banks still come up with all kinds of silly excuses to hold back my property. Pay pay pay, and I never get anything. This is Scam !

If you dare to complain they start running mad like rats in a cage. One Farang bank consultant went to the Police to get me for stalking, another one for defamation, and one was even talking about Money Laundering and Cyber crime.

Just saying. ...

[Bakeman]

JOINT ACCOUNT

[Strangebrew]

Just get the banks in his home country to stop transfer any funds to Thailand period.