Bequeathing deposits in Cambodian banks?
Re: Bequeathing deposits in Cambodian banks?
There is no doubt it is illegal everywhere to take money from a deceased persons account. Nevertheless it can and does happen. In Cambodia nobody is going to do anything about it as long as it is kept quiet.
Re: Bequeathing deposits in Cambodian banks?
Easy just make a will and think of the cost of the Will $1000 as insurance, your making it back in extra % income anyway than having it sitting back home at 0.5%
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What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
- Freightdog
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Re: Bequeathing deposits in Cambodian banks?
For my accounts in Cambodia, we have one joint account with ABA, with only one ATM card issued in her name. I have the second account in my name, with a bank card issued, as well, but in my name. This is done simply because I can manage all the bills, international incoming transfers, etc, and just make frequent transfers between the main account and the joint account for daily running needs. House keeping etc.
In another bank, we have our savings deposit, and one joint account which is little used. The annual interest of the savings account simply gets rolled back in automatically. Done for expediency in the first year that I was here, and about time I reviewed it- it was simple to setup, but it’s hopelessly complicated online banking.
In all cases, though, she is co-signatory of all the accounts, but needs only one of us to sign.
It was the simplest thing to do at the time, with limited time to spend on the subject. Everything is written into my will in the UK (yes I know, it’s a different country, different laws)
I’ve no idea if this is good enough in the short term.
In another bank, we have our savings deposit, and one joint account which is little used. The annual interest of the savings account simply gets rolled back in automatically. Done for expediency in the first year that I was here, and about time I reviewed it- it was simple to setup, but it’s hopelessly complicated online banking.
In all cases, though, she is co-signatory of all the accounts, but needs only one of us to sign.
It was the simplest thing to do at the time, with limited time to spend on the subject. Everything is written into my will in the UK (yes I know, it’s a different country, different laws)
I’ve no idea if this is good enough in the short term.
Re: Bequeathing deposits in Cambodian banks?
That's ok if you have a partner here , but many of us are single all beneficiary are O/S .
Your Will in england is worth diddly squat here if the laws are the same as Australia
My will in Australia says "refer will in Cambodia" from memory.
Your Will in england is worth diddly squat here if the laws are the same as Australia
My will in Australia says "refer will in Cambodia" from memory.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
- phuketrichard
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Re: Bequeathing deposits in Cambodian banks?
that works fine on a joint account, but not sure how it would work on an account in ur name.....In all cases, though, she is co-signatory of all the accounts, but needs only one of us to sign.
I'd think, If ur single , make sure someone, anyone, overseas has access to ur online bank account an hopefully when you pass they will be made aware of it fast and they can drain ur account. Technically i would think this is illegal BUT Cambodia wont go after someone over seas.
IN our US passports we have a section in the front that says in case of emergency "to notify ..........."
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
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Re: Bequeathing deposits in Cambodian banks?
Another area where Cambodia is such a mess. Will in Cambodia costs 1000 when in other countries it’s nearly free. Then if the person dies the will has to go to court- sounds concerning. Then after all that armchairlawyer thinks the banks will still stall on you.
I wonder how Cambodians manage this? There must be a large share of Cambodians now with a big chunk of change?
I wonder how Cambodians manage this? There must be a large share of Cambodians now with a big chunk of change?
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Re: Bequeathing deposits in Cambodian banks?
I went to several deposit taking institutions including Canadia, ABA, Prasac and CIMB to ask for the procedures/document requirements for someone to access my deposits should I not be here. Most said they don't give out that information and I would have to consult a lawyer. CIMB said that it would have to be a family member. Does anyone have ancedotal evidence from people who have had to get deposits from banks here but are not family? Aside I was also told that if you pass away here the police will instruct banks to freeze your accounts 'immediately'. Another issue is even if someone had online access you typically have to go in person to the branch to close.
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