International Joint Account Banking Suggestion?

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Declan MacPherson
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International Joint Account Banking Suggestion?

Post by Declan MacPherson » 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.



dunroaming
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Re: International Joint Account Banking Suggestion?

Post by dunroaming » August 11, 2020, 11:17 am

Have you tried Lloyds international

Declan MacPherson
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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 11, 2020, 11:38 am

Thanks! I will check out Lloyds. Forgot about them.

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Re: International Joint Account Banking Suggestion?

Post by dunroaming » August 11, 2020, 11:44 am

Another option is HSBC as easy to go to Bangkok if required

Declan MacPherson
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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 11, 2020, 11:51 am

Maybe I was looking at the wrong web site, but HSBC required a US ID. That was one of the first places I went.

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Re: International Joint Account Banking Suggestion?

Post by dunroaming » August 11, 2020, 2:05 pm

Since HSBC is a UK bank not sure why you would need a tank ID

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tamada
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Re: International Joint Account Banking Suggestion?

Post by tamada » August 11, 2020, 2:16 pm

HSBC are best avoided. Their vaunted 'global bank' for the new millennium is a sham.

All these formerly friendly UK high street banks are all into 'high net worth' individuals these days, even Barclay's. RBS International fobbed their low net worth customers onto their Natwest offshoot.

Metro Bank is one of the newer ones with a high customer satisfaction rating. first direct is another. Nationwide is also still up there.

https://www.hsbc.co.uk/help/csqi/#GB

The workaround I have found most resilient is having an account that allows two debit cards, one in Mrs tam's name but over which I control the access and limits online as the account holder. Note, she is not a joint account holder. If a bank won't allow that, then a separate travel card like Caxton fx MasterCard debit card can do the same. We still have US$ eBay MasterCard debit cards that again, I can control the use of. I think Amex also allow a supplemental card in a partners name. Another benefit of using these cards is avoiding tax implications and associated complications with banking. Simply set a monthly lump sum 'top up' of the debit card from your account then she uses her card at the ATM to draw down on.

Have you looked at the purely digital banks like Starling and Mondo?

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maaka
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Re: International Joint Account Banking Suggestion?

Post by maaka » August 11, 2020, 5:16 pm

just have your missus open a thai bank account, and you drip feed her from yours. no hassle then if thing goes pear shape, and alot go pear shape..

Declan MacPherson
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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 11, 2020, 7:23 pm

Thanks for all the tips.

I am looking for a joint account situation so that she does not have to rely on my will when I pass on. No other reason.

After going through some chat with HSBC, they can't oblige.

I'll look at some of the other suggestions above. Thanks!

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maaka
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Re: International Joint Account Banking Suggestion?

Post by maaka » August 11, 2020, 8:35 pm

I quite understand Declan, we are assisting in a case where the man did not have a shared bank account, or a Will, or Enduring Power of Attorney, and the trouble his wife has had trying to assess funds to care for him, is not something I would which on any man and wife.

I would just ask you to check up on what happens to a farang who dies in Thailand. Does the Embassy get involved. Is his Estate, his accounts, his shared accounts, frozen until Probate, and things of that nature.

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International Joint Account Banking Suggestion?

Post by Barney » August 11, 2020, 8:55 pm

I use Citibank for all my international transfersfers to my local Thai banking. They have an immediate free international transfer from citi to citi accounts.
I do not have a joint Citibank account with my Thai partner. I transfer from my Thai Citibank phone app to her Thai bank account. Drip feeding as required, mentioned by maaka.
I’m not sure how you would fare with a joint account if you pass-away , you would have to check with the individual bank if one account holder can continue to use the account if the other has passed away.
I’m happy with Citibank.


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dunroaming
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Re: International Joint Account Banking Suggestion?

Post by dunroaming » August 11, 2020, 9:15 pm

Shared account is simply that can be used by either party and if one party dies the other party has full access. No one can freeze the assets in that account but single named account would of course be frozen if the bank knew the holder has passed on. The laws are of course different for each country but this is my understanding and the reason I have a joint account.

Declan MacPherson
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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 12, 2020, 10:37 am

dunroaming wrote:
August 11, 2020, 9:15 pm
Shared account is simply that can be used by either party and if one party dies the other party has full access. No one can freeze the assets in that account but single named account would of course be frozen if the bank knew the holder has passed on. The laws are of course different for each country but this is my understanding and the reason I have a joint account.
You are correct, and that is what I am trying to do. Make it easier for her upon my death even though I have a will.

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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 12, 2020, 10:42 am

Barney wrote:
August 11, 2020, 8:55 pm
I use Citibank for all my international transfersfers to my local Thai banking. They have an immediate free international transfer from citi to citi accounts.
I do not have a joint Citibank account with my Thai partner. I transfer from my Thai Citibank phone app to her Thai bank account. Drip feeding as required, mentioned by maaka.
I’m not sure how you would fare with a joint account if you pass-away , you would have to check with the individual bank if one account holder can continue to use the account if the other has passed away.
I’m happy with Citibank.


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I provide cash funds to my wife every month without fail. That's not the purpose of my search.

If the joint account is set up properly as a Joint Tenant with Right of Survivorship, my wife would be able to access the funds even though I have passed.

Is your account with Citibank in Thailand set up to transfer funds by ACH from your home country?

Thanks for that information.

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Re: International Joint Account Banking Suggestion?

Post by pipoz4444 » 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

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Re: International Joint Account Banking Suggestion?

Post by dunroaming » August 12, 2020, 11:02 am

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
Not the best plan if your a British citizen, Lloyds international in the Isle of Man and Guernsey branches are better for us. I've been with them over 12 years and never had any issues with the accounts it tax man

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Re: International Joint Account Banking Suggestion?

Post by pipoz4444 » August 12, 2020, 11:09 am

DRM

I don't know the citizenship of DM, but agree that it is getting harder to hide from the T Man every day, short of stuffing you money under your bed

I also tried setting up a joint FCD Account in Thailand and the Thai Banks would have a bar of it. Told me that only one name (that of the Foreigner) could go on the FCD Account).

pipoz4444

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Re: International Joint Account Banking Suggestion?

Post by dunroaming » August 12, 2020, 11:34 am

To be sure a good old Irish name but nationality u are correct unknown, Hong Kong offers many banking services to expats but prefer to deal with someone I know

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Re: International Joint Account Banking Suggestion?

Post by semperfiguy » 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.
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.

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Re: International Joint Account Banking Suggestion?

Post by Declan MacPherson » August 13, 2020, 2:49 pm

Citibank in Bangkok could not help with the joint International account for foreign currency. Their regulations require that both account holders have the same country of citizenship. There was no problem other than that.

Thanks for all of the help.

I will keep looking.

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