International Joint Account Banking Suggestion?

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Declan MacPherson
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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 13, 2020, 2:51 pm

pipoz4444 wrote:
August 12, 2020, 10:56 am
Declan MacPherson wrote:
August 11, 2020, 11:10 am
Looking for an international online bank account that will allow my Thai wife to be a joint account holder as a Thai citizen. All except Barclays wants the joint account holder to be a citizen where the bank is located or to come into the office. Neither is possible. With Barclays, I can't meet their minimum deposit requirement in one transaction. I'd have to move the money in stages.

Can anyone recommend a bank that I can check out? Thanks.
Lloyds Bank in Gibraltar.

Email them and then do an on-line Application. They will advise you what documentation they need, then they will set up a time to interview you buy phone and ask you a whole lot of questions. I think you can also contact them on UK 03457 449900 or International +44 (0) 1539 736626. Takes about a 3 - 4 weeks to set up. You don't need to be a Resident of Gibraltar and you don't need to go there to open the account.

You can hold your money in that account a Foreign Currency (USD or GBP or EUR) and then your or the wife can do an on-line transfers from anywhere, from your Lloyds G Account straight to your Thai Bank (TB) or her Thai Bank (TB), at any time, same day transfer (Max transfer limit each time, is USD 10,000). They will also give you and ATM Card

https://international.lloydsbank.com/in ... ces-terms/

pipoz4444
I will check out Lloyds. Thanks.

Everywhere I have been has had the same requirement. The joint account holders must have the same citizenship. I will see what they say.


"Put on the whole armor of God, that ye may be able to stand against the wiles of the devil." - Ephesians 6:11

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Declan MacPherson
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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 13, 2020, 2:53 pm

semperfiguy wrote:
August 12, 2020, 5:32 pm
Declan, I had the same problem and with the same reasons as you, so I decided to open up USD Foreign Currency Deposit and Fixed Deposit Savings accounts at Bangkok Bank, Phosri Road Branch (see Pia in the international department...speaks good English). I was assured by the branch manager and two other higher ranking staff members in the Bangkok head office that if I used their standard Power of Attorney to give permission for each of us to have authority over the others accounts, then in the event of death of either of us the surviving spouse could walk into the bank and transfer funds from one single account to the other with no problems...SO LONG AS WE DIDN'T TELL THE BANK THAT ONE OF US HAS PASSED AWAY! Everyone gave me that assurance, so they obviously have experienced such incidences in the past. It's sort of their "unspoken" way to fix our problem if you're brave enough to trust in it. I control the passbooks and the Fixed Deposit Savings Certificates, and my wife would only have access to them in the event of my death, and I have given her detailed instructions of how and when to make the transfers should I pass on. I have actually tested it and sent her in the bank alone to transfer from my account to hers, and she had no problems. Just make sure when she goes in there after you have passed on that she keeps her mouth shut and doesn't start shedding alligator tears in front of the staff. I also have Wills made up for both of us just in case Plan A fails, in which case the deceased's Will would have to be probated, but I'm praying one of us will never have to use the Will. It's your gamble, so up to you, but I feel safe enough with that arrangement.

Also, you will have an online iBanking account, so if you have the USD Foreign Currency Deposit Savings Account, she can go online and exchange USD for Thai Baht at the most favorable rate available, the Buying TT rate, and transfer the Baht to her own Baht account at any bank from the convenience of home. That service is not available with a USD FCD Fixed Deposit Account. I control the iBanking account and my wife would only know those instructions in the event of my death, so she could go online immediately and exchange and transfer the money to her personal account at any bank.
Thanks for all of the details. Very good information.

My will drawn up in Thailand will cover all of my bank accounts in Thailand. I am looking for something for my offshore accounts.
"Put on the whole armor of God, that ye may be able to stand against the wiles of the devil." - Ephesians 6:11

tamada
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Re: International Joint Account Banking Suggestion?

Post by tamada » August 13, 2020, 4:01 pm

^ I surmise that will be increasingly difficult to do.

pal52
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Re: International Joint Account Banking Suggestion?

Post by pal52 » August 13, 2020, 6:56 pm

Declan MacPherson wrote:
August 13, 2020, 2:53 pm
semperfiguy wrote:
August 12, 2020, 5:32 pm
Declan, I had the same problem and with the same reasons as you, so I decided to open up USD Foreign Currency Deposit and Fixed Deposit Savings accounts at Bangkok Bank, Phosri Road Branch (see Pia in the international department...speaks good English). I was assured by the branch manager and two other higher ranking staff members in the Bangkok head office that if I used their standard Power of Attorney to give permission for each of us to have authority over the others accounts, then in the event of death of either of us the surviving spouse could walk into the bank and transfer funds from one single account to the other with no problems...SO LONG AS WE DIDN'T TELL THE BANK THAT ONE OF US HAS PASSED AWAY! Everyone gave me that assurance, so they obviously have experienced such incidences in the past. It's sort of their "unspoken" way to fix our problem if you're brave enough to trust in it. I control the passbooks and the Fixed Deposit Savings Certificates, and my wife would only have access to them in the event of my death, and I have given her detailed instructions of how and when to make the transfers should I pass on. I have actually tested it and sent her in the bank alone to transfer from my account to hers, and she had no problems. Just make sure when she goes in there after you have passed on that she keeps her mouth shut and doesn't start shedding alligator tears in front of the staff. I also have Wills made up for both of us just in case Plan A fails, in which case the deceased's Will would have to be probated, but I'm praying one of us will never have to use the Will. It's your gamble, so up to you, but I feel safe enough with that arrangement.

Also, you will have an online iBanking account, so if you have the USD Foreign Currency Deposit Savings Account, she can go online and exchange USD for Thai Baht at the most favorable rate available, the Buying TT rate, and transfer the Baht to her own Baht account at any bank from the convenience of home. That service is not available with a USD FCD Fixed Deposit Account. I control the iBanking account and my wife would only know those instructions in the event of my death, so she could go online immediately and exchange and transfer the money to her personal account at any bank.
Thanks for all of the details. Very good information.

My will drawn up in Thailand will cover all of my bank accounts in Thailand. I am looking for something for my offshore accounts.
I think your will drawn up in Thailand will only cover your bank accounts in Thailand.
I know for a fact any will drawn up in Thailand is not valid in the UK.

You must make a Will in the country you have money in or are claim to have residence in or your wife will have to go through the legal system to get the money.

Which can be expensive.

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Stantheman
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Re: International Joint Account Banking Suggestion?

Post by Stantheman » August 13, 2020, 8:33 pm

Pals52
You might read this about Thai Wills being valid in the
U.K.
https://www.anthonygold.co.uk/latest/bl ... n-england/
Last edited by Stantheman on August 15, 2020, 6:21 pm, edited 1 time in total.

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pipoz4444
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Re: International Joint Account Banking Suggestion?

Post by pipoz4444 » August 15, 2020, 2:50 pm

Before I embarked on doing my Thai Will, I spoke with my Australian Lawyer, who 10 years earlier had prepared my Australian Will.

My question was, did I need two have separate Wills, one for Australia and one for Thailand or could I use one Will for both.

His answer was - that I could use the one from Thailand in Australia, but to try and follow the format and terminology of the current Australian Will, when drafting the Thai Will. So I did. I sent my Draft of what I wanted to a Thai Legal Firm, we made some minor additions and adjustment and then I formalized the Thai Will in Thailand, written in both Thai and English. Had it signed by one Australian Witness and two Thai Witnesses. The left a copy with the Thai Legal Firm

I then sent my Thai Will version to the Australian lawyer, (which presents very similar to my older Australian Will), and which also clearly states that "This Will revokes all previous Wills................". The Thailand Will version, was then notarized in Australia by him and duly Registered in Australia, by him, thus revoking the previous Australian Will.

As far as I know from speaking with him (the A L), the Will that was prepared in Thailand will govern for all Assets including those that are still held by me in Australian when the time comes. Although he noted, that there is always a chance that individuals in Australia (my relatives), can contest it in Australia, through the Probate Court or System and so make it difficult. But I won’t be here to witness that.

The Thai Lawyer advice was that, They (Australian relatives) cannot challenge the Authority of the Named Executors and or the disbursement of assets held in Thailand, as stated in the Thai Will, in a Thai Court. Possibly because they are not Thai citizens, I didn't ask him why, but will check with him next time.

I am not suggesting that this will apply in other Countries, it may not.

Anyway, the Assets in Australia have since been minimized and comfortably parked elsewhere, in reach of that Thai Will. Job done =D>

pipoz4444
That's one small step for a man, one giant leap for mankind.

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