'Untouchable' savings account for 11 year old son

[simon43]

I note with displeasure that my ex has been dipping into the savings bank account of my son

Does any Thai bank offer a child's savings term account, which I can open in my Thai son's name (using just my passport or his Thai birth certificate), without requiring the signature from my ex? An account that I can contribute to each month, and where the balance can only be withdrawn by my son when he reaches adulthood?

[Gutenberg]

You could setup an offshore trust for your son and send a small amount every month to your son's Thai bank account. The beneficial is solely your son and nobody could get to the money/assets belonging to it except him.

[simon43]

I looked into this further and it seems that I cannot open a Thai bank account in his name, even with a copy of his birth certificate. The bank help desks say that he must go to the bank with his ID card and tabian bahn

Since his mother 'controls' these, and since I doubt that she will allow him to go to the bank alone, I can't see a solution to my request.

[regedit]

You can open a bank account in Your Name for Childs Name, so only the 'Your name' can withdraw funds from it.

Easier to do as a Thai parent for a Thai child but not too difficult for non-Thai parent with Thai child if you have all the usual paperwork required for opening a bank account here.

[colinneil]

You can open an account in your name/childs name, with a proviso that child cannot take monies out before 16th or 18th birthday.
I have done this with Krung Thai bank.

[fletchsmile]

Yes you can open in the "child's name by your name".

We've done this for our kids in both "child by mother" and "child by father". The mother only can sign in the first case and father only in the second.

You're sticking point is the documents as you mention, if she won't give you access.

For child's docs: They will usually ask for tabian bahn and ID card of the child (if they're over 7 and have an ID card). In the case where the child is too young for an ID card (under 7) they'll ask for a passport if they have one and Thai birth certificate

For your docs: They usually ask for passport, visa page and work permit (if you have one - if no work permit then the others usually suffice)

As for making in untouchable. That will only be untouchable by your child. Whoever is the parent who set up the account will be able to withdraw any time as normal.

Your only real solution within Thailand I can see is to just open an account in your name for this specific purpose. For most people that'll be OK, unless you're talking large sums of money that might impact things like inheritance tax, or you go bankrupt etc Income will be taxed as yours, but on bank accounts that's the standard deduction rate anyway.

Actually that's what we did for our second child. When I opened savings and investments for our oldest, the youngest wasn't born yet. Knowing we'd probably have another I just opened parallel accounts in my name. Then later just opened accounts in the youngest's name when she finally arrived, and moved the money. In your case, that a few years wait, until he can open an account in his own name, but shouldn't be a big deal sticking it in your name until then.

[jimmybkk]

Unless you are an "Untouchable" any account you set up will never be 100% untouchable.

[thailand49]

You can open a bank account in Your Name for Childs Name, so only the 'Your name' can withdraw funds from it.

Easier to do as a Thai parent for a Thai child but not too difficult for non-Thai parent with Thai child if you have all the usual paperwork required for opening a bank account here.

This is correct!

I assume your son account now does not have your name on it?

Your ex does not nor do your son need to know. I can't remember what I use for his I.D. I believe it was his Passport? I open one under his name only with me being like the guardian of the account. I remember when I did he was too around 11 years old and that he can't touch the account until he turns 15 years old and gets a I.D. card. It was no problem since he doesn't even know about it. As long as it is active they will never at least I've haven't see on heard the bank will send you anything about it. Each month, I make a deposit for him.

If for some reason you name is on your son's account now... go in even without the book and close it and transfer it to the new account for your son.

[scorecard]

You can open a bank account in Your Name for Childs Name, so only the 'Your name' can withdraw funds from it.

Easier to do as a Thai parent for a Thai child but not too difficult for non-Thai parent with Thai child if you have all the usual paperwork required for opening a bank account here.

My Thai adult son has 3 such accounts at different Thai banks for both of his two Thai children.

All set up so that nobody, including my son or his wife, can withdraw. Can only be accessed by the child on turning 20 years old or on the earlier death of the child in which case the money reverts back to my son.

One of the banks he's used is the Government Savings Bank, because he also got a small death / incapacitated benefit thrown in.

Sorry I don't recall the names of the other two Thai banks.

Since then he has also taken endowment policies with Tokio Marine Insurance for both kids, again nobody can touch it until maturity (20 years old) and he set this up so that the payout can only be into a bank account specifically in the name of the child and only the child can sign to withdraw.

My son very careful about who can access because he has concerns about possible 'sticky fingers' of some extended family members.

He took an option to pay all the Tokio Marine endowment contributions over 5 years, then it 'sleeps' for many years until pay out at 20, with a good return, better than 'A!!' and similar companies.

Son also has a personal pension plan with Tokio Marine, his wife also. All of the above enabled son to get a better (lower) rate on health insurance for whole family, a little cheaper than the other good Health companies but much better / broader overall coverage, numerous options.

All of the above opened up a different personal accident cover possibility which my son took.

Tokio Marine also has a 'pension plan for kids', pay out starts at 60 years old from memory but this needs checking, maybe 65. Contributions can start when child is 30 days old.

Tokio Marine is the biggest insurer in Japan, excellent credentials. Big office in Bangkok and also Chiang Mai, maybe other locations also.

In Bkk the national Sales Manager (very professional pleasant Thai lady, speaks very good English, good listener) usually takes care of any discussions with foreigners, one senior Thai staff member in Chiang Mai, excellent English, pleasant lady, good listener usually takes care of foreigners. No push whatever.

If your in Chiang Mai, please PM to me if you want the name and mobile no. of the Chiang Mai senior lady.

My understanding is that where there is any difficulty with personal documents Tokio Marine, with your written permission can usually gain access to 'certified' copies of the needed documents.

Edited January 21, 2016 by scorecard

[prakhonchai nick]

I looked into this further and it seems that I cannot open a Thai bank account in his name, even with a copy of his birth certificate. The bank help desks say that he must go to the bank with his ID card and tabian bahn

Since his mother 'controls' these, and since I doubt that she will allow him to go to the bank alone, I can't see a solution to my request.

His Mother "controls them" ?

You are the father....DEMAND them!

[CapeCobra]

My solution would be

a) open savings/investment account in my name, make payments

give him the funds, whenever fit

c) make a will covering my untimely voyage to other dimensions

[1FinickyOne]

Why not just open an account in your own name and leave it to him in your Will should anything happen to you - then as he gets older, you can draw money down for him as needed and also at your own discretion.

good luck.

[Dumbastheycome]

Who has " custody" of this minor?

If your ex then can access.

If yourself how have you allowed access?

Jurisdiction by country varies so the "assets" of a minor are subject to equally variable interpretation.

As in where state social support funding for the custodial parent is re approppriated from the non custodial parent who has failed or declined to pay.

[F4UCorsair]

Deleted. I hadn't adequately read the OP.

Edited January 21, 2016 by F4UCorsair

[fletchsmile]

Deleted. I hadn't adequately read the OP.

Come on. If everyone did that there'd be hardly any posts left