Joint Bank Account for Retirement Extension

[daystick]

Hello

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

[Pib]

No.  Must be in your name only.

[giddyup]

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

[billsmart]

17 hours ago, Pib said:

No.  Must be in your name only.

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

[ubonjoe]

52 minutes ago, giddyup said:

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

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.

[giddyup]

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.

[Pib]

1 hour ago, billsmart said:

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

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.

[yankyoakum]

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 July 9, 2020 by yankyoakum
additional info..

[Pib]

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.

[Pib]

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

[Farang99]

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

[gerrytraveller]

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..

[Almer]

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

[Malawi]

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.

[Kenneth White]

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?

[trd]

5 hours ago, billsmart said:

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

I didn't know that which is why I have both a joint account and a single account for immigration purposes. But I just phoned Krungsri customer services and it seems to be more complicated. There is one solution based on death which involves providing a death certificate to the bank and and another solution if you are still alive and wish to give your wife access to the funds. You have to sign a fresh power of attorney form dated on the same day she wants to withdraw the funds and you have to do that on every single occasion that she withdraws the funds. That might be a problem if you are incapacitated.

[StevieAus]

25 minutes ago, Kenneth White said:

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?

I have been using that method for the last few years, you need to be able show that the money is coming from overseas.

Suggest you check with the Immigration office you use as to what documentation they require as it seems to vary.

[lopburi3]

38 minutes ago, Kenneth White said:

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?

It is 65k per month income and has become problematic in last year for some as normally an Embassy letter of income is how proven but several major Embassies have stopped issuing them so alternative is proof of transfer of 65k per month into a Thai bank account for preceding year and ownership of that account.  And yes many people use both methods.  

[Pib]

1 hour ago, trd said:

I didn't know that which is why I have both a joint account and a single account for immigration purposes. But I just phoned Krungsri customer services and it seems to be more complicated. There is one solution based on death which involves providing a death certificate to the bank and and another solution if you are still alive and wish to give your wife access to the funds. You have to sign a fresh power of attorney form dated on the same day she wants to withdraw the funds and you have to do that on every single occasion that she withdraws the funds. That might be a problem if you are incapacitated.

The wife is signatory on my Krungsri acct as I posted earlier.  A month or so after designating her as signatory we did a test run of her withdrawing on her own by withdrawing 1K baht.  No problem....no extra paperwork....just like me walking in and withdrawing funds.  This occurred about a year ago.

 

I'm thinking the answer they gave you regarding the signatory is if you had "not" went in before hand, completed their paperwork which includes a POA type document, and having the wife's signature added to the passbook.

Edited July 9, 2020 by Pib

[Orton Rd]

6 hours ago, billsmart said:

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

I did that at krungsri and watched her take out a big sum to see if it worked, I hide the bank book of course ???? Got a will but no real need as that is the only asset I have here.

[trd]

7 hours ago, billsmart said:

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

 

52 minutes ago, Pib said:

The wife is signatory on my Krungsri acct as I posted earlier.  A month or so after designating her as signatory we did a test run of her withdrawing on her own by withdrawing 1K baht.  No problem....no extra paperwork....just like me walking in and withdrawing funds.  This occurred about a year ago.

 

I'm thinking the answer they gave you regarding the signatory is if you had "not" went in before hand, completed their paperwork which includes a POA type document, and having the wife's signature added to the passbook.

I was talking to them specifically about an FCD account not a savings account so maybe the rules are different but I didn't feel very confident about what they were telling me on the phone so I think I'll go into the actual branch and speak to them.

[Max69xl]

7 hours ago, giddyup said:

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

If you mean 2x 800k, it won't work at most immigration offices. 

[LeoCesar]

T

8 hours ago, billsmart said:

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

Set a limit on how much she can withdraw from the acnt if you dont trust her 100 and tell the bank to alert you if it happens.

[giddyup]

1 hour ago, Max69xl said:

If you mean 2x 800k, it won't work at most immigration offices. 

It did for me one year even though I had just under the 1.6 mill., but my partner knew the immigration officer. The next year I opened a term deposit account with 800K.

[Gandtee]

8 hours ago, billsmart said:

That is true, it must be only in your name, but you can, at least I can and did, allow my wife to have the authority to withdraw the funds with her signature. I bank at Krungsri Bank. I did this in case I am incapacitated or die. She then could have access to the funds without going through some kind of probate. Of course, you also have to trust your wife. ????

I looked into this today with Siam Commercial bank. They don't do this. They said you have to have a 'Love account.'? A form of insurance account as I, or I should say my wife understands it. 

[thainet]

6 hours ago, Pib said:

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

Yes exactly correct information. I have recently done it at Bangkok Bank.

[OneZero]

Kasikorn on Jomtien Beach Rd absolutely refused me on multiple attempts to talk to different folks on sight & over phone in Bangkok.  I finally just gave up.

[thainet]

I found that only the older staff seem to know about this. The inexperienced newer staff had no idea.