Do I need to deposit 1.6 million baht for a joint account in Thailand for a retirement visa?

@Jim *******

actually he is wrong! My wife passed in Thailand with joint accounts with me in Thailand and the USA. I was not denied access at any time! Yes, the Banks knew she passed.

FYI the below information is for the USA and posters need to research and clearly state if they only taking about their home country. In my case I actually experienced the passing of a joint account holder in two countries and based my reply on actual experience.

Most joint bank or credit union accounts are held with “rights of survivorship.” This means that when one account owner dies, the money passes to the surviving owner, or equally to the rest of the owners if there are multiple people on the account. Or, the account could be titled as “tenants in common.” This means that after the death of one of the owners, that person’s share of the account passes to their heirs, either as described in their will or per their state’s laws.

The Federal Deposit Insurance Corporate (FDIC) and National Credit Union Administration (NCUA) have detailed information about how federal deposit insurance applies to bank and credit union accounts after the death of a joint account holder. See the FDIC’s online guide and the NCUA’s questions and answers for more information.

The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren't the one to deposit the funds. The bank makes no distinction between money deposited by one person or the other, making a joint account useful for handling shared expenses.