Can I open a Thai bank account for my 6 week old son?

[ryanhull]

Hi all,

I am wondering if I can open a thai bank account for my 6 week old son? does my son need to be of a certain age before I can open him an account or can he get one now under his name?

Thanks

[CharlieH]

Moved to Banking forum

[fletchsmile]

You can open one with most banks in the form of "your kids name by mother's name" or "your kids name by father's name".

So:

John Hull by Ryan Hull if you're the parent

John Hull by Yingluck Hull if your wife is the parent

Check with your bank what form of IDs they want from both parent and child, eg passport for you, Thai ID card (if your wife), tabian bahn (house registration) for any Thai people, child's passport/birth certificate etc

Cheers

Fletch

[Johnniey]

Why do you want to do this? He is too young use it. I waited until my kids were prathom age before opening bank acconts. I did open a high interest savings account for ny first child as a way to save for her uni. Trust ne the time fkiesbby so quickly.

[ryanhull]

You can open one with most banks in the form of "your kids name by mother's name" or "your kids name by father's name".

So:

John Hull by Ryan Hull if you're the parent

John Hull by Yingluck Hull if your wife is the parent

Check with your bank what form of IDs they want from both parent and child, eg passport for you, Thai ID card (if your wife), tabian bahn (house registration) for any Thai people, child's passport/birth certificate etc

Cheers

Fletch

Thanks for the info,

Why do you want to do this? He is too young use it. I waited until my kids were prathom age before opening bank acconts. I did open a high interest savings account for ny first child as a way to save for her uni. Trust ne the time fkiesbby so quickly.

I just wanted to put a few thousand bhat away each month for him for beer tokens when he gets older

[catman20]

why are all these old retired men still keep having babies ???????

[yankee99]

why are all these old retired men still keep having babies ???????

What makes you think hes old or retired.

[fletchsmile]

Why do you want to do this? He is too young use it. I waited until my kids were prathom age before opening bank acconts. I did open a high interest savings account for ny first child as a way to save for her uni. Trust ne the time fkiesbby so quickly.

A few of many reasons:

-Sensible financial planning for the future

-To facilitate transactions on investments such as mutual funds and unit trusts which often require the investment acc to match the savings acc for purchases sales or dividend ease of processing

-Inesvtment accs in the kids name are particularly useful for long term savings things like education funds.

-Some accounts are limited by value and one per person. So using the kids we can open 4 instead of just two adults

-Tax planning. Particularly inheritance tax.

-Sometimes accounts are targeted specifically at young savers with promotional aspects.

-To receive monetary gifts given by relatives for various reasons.

Hope that gives a flavour...

Cheers

Fletch:)

Edited March 5, 2015 by fletchsmile

[scorecard]

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why are all these old retired men still keep having babies ???????

What makes you think hes old or retired.

And why do you somehow suggest they shouldn't take care of children they father?

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Why do you want to do this? He is too young use it. I waited until my kids were prathom age before opening bank acconts. I did open a high interest savings account for ny first child as a way to save for her uni. Trust ne the time fkiesbby so quickly.

;b++){var>Would you please share some details of the high interest savings account you are using. Thanks.

[Benmart]

why are all these old retired men still keep having babies ???????

What is "old"?

What is "retired"?

What business is it of mine?

There is more beauty and positive things in life. The challenge is to remove the blinders of ugliness and negativity, which for some, may never happen.

[ryanhull]

why are all these old retired men still keep having babies ???????

Thanks for your input but I am 31, and I wish I was retired! cheeky git

[rosco14]

I opened an account for my son when when he was 2 months old (10 months ago). My bank, SCB, wouldn't do it so I walked next door to the Kasikorn Bank(the green bank) and they happily obliged. I just took his birth certificate, my passport and my baby's smiling face and it was done very easily. SCB bank have now lost out on a life long customer. I've also got him Australian citizenship and both a Thai and Australian passports

[ryanhull]

I opened an account for my son when when he was 2 months old (10 months ago). My bank, SCB, wouldn't do it so I walked next door to the Kasikorn Bank(the green bank) and they happily obliged. I just took his birth certificate, my passport and my baby's smiling face and it was done very easily. SCB bank have now lost out on a life long customer. I've also got him Australian citizenship and both a Thai and Australian passports

Thanks, I will take a trip down to the Kasikorn Bank this weekend

[khunPer]

You can easily open account for a minor if the minor is a Thai national – both child savings account, normal account and Fund Books; the latter may be a better child saving keep up with inflation or being above, depending of the risk factor, i.e. bonds or equity.

The account will be in two names, the child’s name and a guardian that can be either the mum or the dad.

You will need the child’s Birth Certificate and ID’s for the guardian; as above poster mention, check with the bank what the want. The guardian can normally act on behalf of the child, and also withdraw money.

Most Thais prefer the Government Savings Bank. We opened an account there for my child shortly after birth and the only need Birth Certificate and mum’s ID. A 12-month fixed account – think the also have 36-month – gives a slightly higher interest than other banks, close to average inflation rate, but 15% interest-tax will be deducted; perhaps that can be reclaimed at tax-office (don’t know about the procedure, but other posters has mentioned it, and that it’s fairly simple; may also depend of the amount if it’s worth the effort).

I mentioned Fund Book, where there in many (or all) banks is a mutual accumulated bond-series with low risk factor, slightly higher outcome than fixed accounts, and no capital gain tax withheld; which may be worth thinking of with up to 20 years investment horizon. Also some LTF (Long Term Funds) can be worth looking at, they are available in mixed bonds and stocks; on the LTF there is capital gain tax if held for more than 5 years.

[Jaggg88]

why are all these old retired men still keep having babies ???????

....because they can

[leo202]

why are all these old retired men still keep having babies ???????

Why not, I'm 82 years old and have 6 young children and another on the way, though it's early days yet the doctor says it might be twins.

[malt25]

Ever thought of asking at your local, or any bank branch ? Maybe they might know if you can open an account for bub.

Just sayin..... Mal.