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Joint Bank Account for Retirement Extension

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Hello

Does anyone know if $800k in a joint account meets the requirement to apply for a retirement extension?

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You'll need a minimum of $1600, already put it to the test.

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17 minutes ago, ubonjoe said:

I think you mean 1.6 million baht with a joint account. Not all offices will accept even that amount in a joint account. They will say your name only or no extension.

Sorry, I meant 1.6 mill., But I did use a joint account one year before I realized that I had to have double the 800K. I was short about 20K but the immigration officer gave my my extension anyway. Next year I had an account in my name with the 800K.

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Posted (edited)

Just got here 8 months ago and never heard of Kungsri Bank. But see them on Google Maps... Anyone know if Bangkok Bank will do this wife signatory as well or what exactly we would ask them for, I struggle here as the bank I go to few if any speak English and my Thai speaking is 46 years rusty...was born married so not concerned about Thai wife having access to my stuff.. My better half is stroke victim, has expressive aphasia and hard time communicating so kinda left to my own poor attempts at communication..

 

 

Edited by yankyoakum
additional info..

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46 minutes ago, yankyoakum said:

Just got here 8 months ago and never heard of Kungsri Bank. But see them on Google Maps... Anyone know if Bangkok Bank will do this wife signatory as well or what exactly we would ask them for, I struggle here as the bank I go to few if any speak English and my Thai speaking is 46 years rusty...was born married so not concerned about Thai wife having access to my stuff.. My better half is stroke victim, has expressive aphasia and hard time communicating so kinda left to my own poor attempts at communication..

 

 

Yes...Bangkok Bank will do it....I use to do that with the wife when I was doing Bangkok Bank fixed savings accts.  Expect "any" Thai bank will do it.

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At the bottom is a partial quote from a Pattaya Expats Club 2013 meeting where a Bangkok Bank rep gave a Q&A session.  The quote is talking adding a "signatory" to your acct.   

 

Basically you and your signatory go to your home branch and complete/sign a couple of simple forms...one is actually a power of attorney type form where you are authorizing a person the authority to withdraw funds from your account on your behalf.  Since this a power of attorney type form there is a govt Bt30 stamp fee.   

 

The bank will create a new passbook for you which still only reflects your name as the acct owner in the very back of the book where you sign the book during the passbook creation both you and your signatory will sign the passbook (signatures that can only be seen under a black light after the passbook creation). The paperwork you completed is used to update the bank IT system to show the signatory has the withdrawal authority (bank will probably tell you it may take about a week for the system to update fully) and as mentioned the new passbook will also show the signatory's signature which bank reps look for when going to the bank to accomplish a withdrawal....that is, putting the passbook signature page under the black light.

 

Exact same process at Krungsri Bank I can confirm from my personal experience...probably a standardized process at all/most Thai banks.

 

http://www.pattayacityexpatsclub.com/expats/docs/BangkokBankservicesReport.pdf

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You can have two (or more) signatories on the account but it MUST BE IN YOUR NAME ONLY.

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If we want to be totally correct in the case of a power of attorney or similar..just remember if the owner of the account passes away the power of attorney lapses including the extra signatory..

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2 hours ago, Pib said:

Yeap....I have the same setup on my Krungsri acct used for my annual extension of stay where the wife is not a joint owner but does has signatory authority allowing her to withdraw funds from my acct.

Or you can have a debit card and if you go to the future the wife can take 200.000 a day from ATM, but only after you go to future

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28 minutes ago, Almer said:

Or you can have a debit card and if you go to the future the wife can take 200.000 a day from ATM, but only after you go to future

Not if the account is a fixed deposit account like most of us use.

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Isn't there an either or statement in the retirement VISA law that says 800,000 baht deposited in a Thai Bank or 64,000 baht per month income? Has anyone used the monthly income for their retirement VISA extension?

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