Thread: Thai Bank Accounts - P.O.D.?

While at the bank this morning, I asked the manager about changing the payable on death name on my account. He said they don’t have P.O.D. in Thailand. Admittedly, it has been many years since I opened those accounts so I may not be remembering correctly. The bank manager says it all has to go through the court system in Thailand for someone to collect the funds when someone passes away. Egads.

Anyone with experience with this?

That is correct according to the bank personnel I spoke with. The court system could add a few months before the bank money becomes available to a beneficiary.

Ya know MK, A few trips back I asked the bank if they can add my wife to my acct. This way if something was to ever happen she can access the funds without delay. Its how i have it set up with my Dad at BofA. He is primary acct holder for tax purposes but in the event of something happening, I can become the primary acct holder. Can't do it here they say. Can't even put her as a beneficiary. If I understand it right, she would have to take a death certificate and a bunch of other documents to begin the long process and even more odd, She is a US citizen.

Originally Posted by Stumpy

even more odd, She is a US citizen.

Don't hold it against her there are some very nice Americans here.

I asked my missus to whom I'm married and she says, as far as she knows. that all she does is to get the death certificate off of the hospital and just show that. Providing you can confirm next of kin.

Originally Posted by misskit

While at the bank this morning, I asked the manager about changing the payable on death name on my account. He said they don’t have P.O.D. in Thailand. Admittedly, it has been many years since I opened those accounts so I may not be remembering correctly. The bank manager says it all has to go through the court system in Thailand for someone to collect the funds when someone passes away. Egads.

Anyone with experience with this?

Do not think it will help you, but maybe will be useful for someone else. I have a special account with SCB, opened a few years back it is a designated "jai" account or similar in which my boy is named as the second name on the account - that will default to him on my passing. Only allowed to have one apparently.

I have been through this last week with my brother who is in a bad way in Chiangmai after a couple of falls which have accelerated the onset of dementia and physical decline. He has considerable funds in a Thai bank (>20 million baht). I have left one account in his sole name with about 1M baht to cover the 800K he needs to guarantee his retirement visa. I opened up a separate joint account where he and I can both sign independently for withdrawals and he transferred the bulk of his deposits into that (it took over 2 hours). I am aware of who the beneficiaries are in his overseas Will and in the event of his death, I would drain the account and distribute the funds according to his wishes. I also have a Will prepared to cover his Thai assets only, where I am the beneficiary. I still have to get him to sign this. The purpose of this is to recover the funds from the account used for his visa guarantee and would have to be put through the Thai probate system. It would also allow transfer of a couple of other assets e.g car and motorbike.

I would suggest to Stumpy that instead of trying to add his wife to his account, open a new joint account and then transfer funds from existing sole accounts into the new account. It's legal and I have done it both here and Singapore with my wife as joint account owner.

Sorry to hear about your bro. guava, sounds complex but certainly seems like you have thought it out
And yes the 800k is to much to ignore or loose should he pass away. While i lived in Lao i thought about what my family would do should i suddenly pass and drew up a will with my brother as executer , she wouldnt know where to start but my bros a good guy and would help her get her head around it. Im not plannin on popping my clogs anytime soon but you never know. And so far im.worth more alive than dead. So shes in a good paddock.

Originally Posted by david44

Maybe a joint account, however these are not acceptable to immigration for the 800k retirement nor 400k married non O type extensions.

I have shown my wife the process to liberate these funds

Via 1 Death certificate
2 Trip to my consulate with passport (no need take the body, but Dr or Hospital Death cert etc)for some reason? I cannot remember I did ask a lawyer many years ago, perhaps in case I am impersonating a corpse do a Harold Holt Reggie Perrin John Stonehouse type of scam and reappear next weak as Edward Cheddarnibbles at Drink Caerphily Bar in Bangkok?
3 Take it all to the bank
4 If dealing with tiny up country offices may want to enquire what paperwork at a large city office

You would think it would be a standard procedure but all of us who have lived here long enough know there is always one more copy, form, chop or signature and it's all very fuzzy

I am sure a decent tontine will generate the required enthusiasm to liquidate the Pitti money, I did tell my wife save 200k and pop me in a Jiffy bag back to Lazada for a replacement

Good luck

Up until now my plan has been to get a Will drawn up locally just for my BKK bank account funds to go to my wife to circumvent the government probate process or whatever it’s called here.

Is that not the best way to ensure a specific person gets a farang’s 800K retirement account money?

Originally Posted by Storekeeper

Up until now my plan has been to get a Will drawn up locally just for my BKK bank account funds to go to my wife to circumvent the government probate process or whatever it’s called here.

Is that not the best way to ensure a specific person gets a farang’s 800K retirement account money?

Some precautions need to be taken with a Will. From a legal point of view, the last Will you have is the one regarded as binding. If you have a previous Will made outside of Thailand, you should specify in the Thai Will that it does not negate the previous Will and is for Thai assets only. This is to circumvent some arsehole disputing probate of your overseas assets if they feel they can derive benefit. If your previous Will is held with some kind of government Public Trustee, they would do it just for fun.

My will consists of my wife getting equal portions of whatever i have in my bank account, superannuation account and real estate assets here, tried to set it up to make it easy as possible for her/ them . I just hope they give me a bloody good send of. Invite all me mates put a sheep on a spit. That sort of thing.