bangkok bank - online banking, beneficiary

[buick]

i have a USD and a THB account at bangkok bank's silom branch.  i've obtained my first extension on a non imm O visa.  when i opened the accounts (on a tourist visa) i was told i could get online banking service once i had a retirement visa.  so i'm getting ready to go over and get that set up.  i'm assuming i will just fill out a form and then set up a username/password.  any advice from TV members on the process is appreciated (i assume bringing my passport and bank books will be sufficient).

 

also, i read somewhere that if i end up dead, my parents would not be able to access these funds.  i've given them the account info.  and i assume if i get online banking and give them the passwords and such, they would be able to wire money back to USA even though i'm history (i'm not planning to jump from a bldg, don't worry !!).  can someone enlighten me on what you've done to make sure someone gets your deposited money (thai bank) in the event of your death.  i'm used to just naming a beneficiary, maybe that is possible.  maybe i need a will that applies to thailand assets ?  not sure.

[lopburi3]

At main branch should not be a problem and account book and passport/form filling should be all that is required - normally password is mailed later however.  At my large branch first told could not have as foreigner - then without work permit - then they allowed second application by wife.  Came back in my name.  But as that is main office should not have that issue.

 

As for beneficiary mine is joint account with wife so no issue there and if both die same time believe procedure is court to divide among children.  If you get information on beneficiary would be good to post and do not recall seeing good information about that.

[Pib]

The don't do bank account beneficiary like you are use to in the U.S.  In the U.S. you could designate a person(s) to receive the proceeds of your bank account regardless of what your Will might say.  In Thailand they use the court probate process.  

 

However, you can setup a power of attorney against your bank account which allows a designated person to show-up in person to withdraw funds.  I did this once with a Fixed Savings Account at a Bangkok Bank branch around 4 years ago to allow my wife to access the funds for the account which was in my name only.   Bangkok Bank has a form for this...but some branches may seem clueless about the process.  This cut and paste from the Bangkok Bank FAQ section gives some more info although it talking a situation of where you would be out of country versus dead.  

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/FAQs.aspx

 

Regarding use of "ibanking" to transfer funds out of the country, it's very limited for a foreigner...and not really that wide-open for a Thai due to Bank of Thailand regulations.   For a foreigner it's pretty much limited to repatriating salary from a job in Thailand.  There is an approval process and various documents you have to provide Bangkok Bank to get this authorization added to your ibanking. Other Thai banks the same way as it's driven by Bank of Thailand regulations.   In cases like where you might have sold your condo and want to repatriate the funds then that is handled differently by physically going to a branch with the required documents. More info at below bank webpage regarding ibanking international transfers.

 

http://www.bangkokbank.com/OnlineBanking/PersonalBanking/iBanking/BualuangiBanking/Services/Pages/IFTiBanking.aspx

 

 

Below is what the Bangkok Bank website use to say about relatives obtaining funds from an account owner who has passed.  I can find the current webpage.

[buick]

Pib, thanks for the extra detail.  i'm headed out of town tomorrow and will visit the bank when i get back at the end of the month.  my parents have plenty of money and i imagine my premature death would be far more troubling than not being able to control my account at bangkok bank.  but i don't really want to 'gift' bangkok bank the money.  maybe i can set up a will that leaves that to my thai GF.  in any case, i'll be sure to report back what i find out.  it is always easier to know a few things before you step into the bank to get some help.  the 'floor boss' (a thai woman) on the foreign currency floor (floor 2) at silom branch is very helpful.  i usually talk to her before i get a queue number to talk with the customer service people. 

[silverhawk_usa]

I can second what Pib posted above.  I attempted to add a beneficiary and was told they did not do that in Thailand and related the same info that is in Post ID3.

 

I did set up a joint account with enough funds to cover expenses while the listed legalities were completed.  I later saw on Thai Visa someone posted that with a joint account, if they knew one party had died, the remaining person on the joint account could only withdraw half the funds in the account.  I have no idea if this is a fact (its on ThaiVisa it must be true :) ), it is something that one should research if this would create a problem. 

 

Edited May 10, 2017 by silverhawk_usa
Edit: added second paragraph

[buick]

23 minutes ago, silverhawk_usa said:

I can second what Pib posted above.  I attempted to add a beneficiary and was told they did not do that in Thailand and related the same info that is in Post ID3.

are you just letting it go then ? meaning the bank will keep the money in the event of your death.

 

ps.  i'm thinking the best solution may be get the income letter from US embassy to qualify for the retirement extension.  forget about using 800,000thb.  i don't qualify for the income method yet but i'll definitely switch when i do.

 

Edited May 10, 2017 by buick

[silverhawk_usa]

4 hours ago, buick said:

are you just letting it go then ? meaning the bank will keep the money in the event of your death.

 

ps.  i'm thinking the best solution may be get the income letter from US embassy to qualify for the retirement extension.  forget about using 800,000thb.  i don't qualify for the income method yet but i'll definitely switch when i do.

 

No.  As stated in Pib's post. She will be entitled to all the money and my other accounts once my will is processed and the court recognizes her as the administrator and other red tape.  I put funds in the joint account to cover costs while all this is transpiring.  Nothing should be lost or go to the bank. 

[Pib]

A person just has to do the Thai probate process.  A fair amount of posts on ThaiVisa over the years taking probate....some probates seemed to go smooth; some didn't.  But with some ThaiVisa you never get all the details which would explain why something didn't work out.    Now if you expect your money to go to your girl friend expect you better marry her and/or make a will giving her the money.

 

Best to have a Will if living in Thailand if nothing else in case you die in Thailand.