AyG
Crazy Mango Extraordinaire
Posts: 5,871 
Likes: 4,555
|
Post by AyG on Oct 17, 2017 12:55:00 GMT 7
Quick, and I hope easy, questions about buying gold in Thailand:
Do you need to prove identity:
(1) When buying gold?
(2) When selling gold?
And if yes/yes, do the two identities need to be the same?
(The background is that when I eventually die my partner won't have immediate access to my bank accounts, so I though having 10 baht of gold available that he could sell would pay for my cremation and household expenses for a few weeks. I want to be sure that if I buy it he'll be able to sell it.)
|
|
|
|
Post by Soutpeel on Oct 17, 2017 13:11:38 GMT 7
Quick, and I hope easy, questions about buying gold in Thailand: Do you need to prove identity: (1) When buying gold? (2) When selling gold? And if yes/yes, do the two identities need to be the same? (The background is that when I eventually die my partner won't have immediate access to my bank accounts, so I though having 10 baht of gold available that he could sell would pay for my cremation and household expenses for a few weeks. I want to be sure that if I buy it he'll be able to sell it.) certain the answer is no but who is to say what the future will bring ? |
|
buhi
Crazy Mango Extraordinaire
Posts: 4,846
Likes: 1,431
|
Post by buhi on Oct 17, 2017 13:13:10 GMT 7
Not sure of the law on this, but i have never had any problem buying gold.
I admit i have never sold any, but doubt if there would be a problem selling it.
|
|
|
|
Post by Soutpeel on Oct 17, 2017 13:16:25 GMT 7
Not sure of the law on this, but i have never had any problem buying gold. I admit i have never sold any, but doubt if there would be a problem selling it. I suspect if they need anything it will be the ID of the seller as record thats all... Think about it....2 week farang millionaire buys beer bar teerak/slapper a few baht in gold how would she sell when she kicks him to the kerb if he bought it...? It does not compute Captain, its illogical |
|
siampolee
Detective
Alive alive O
Posts: 14,355
Likes: 9,179
|
Post by siampolee on Oct 17, 2017 13:19:04 GMT 7
No problems in buying gold no I D needed, however I think you'll find that your partner or yourself will or would in fact have to show I D when selling or pawning said gold. Remember that gold shops act in many cases as pawnbrokers, thus you pop your gold and as long as you pay the interest each month or two you won't lose your gold before the redemption or the promise runs out and after the redemption date too, keep paying the interest and you don't lose your gold. That situation applies also to the state run pawn shops too No shame here as ''er what spends the money and shouts'' has availed herself of the service at times in the past when demand for immediate cash has been higher than the supply could satisfy or the cache available could plug the gap so I know it works.  This link below gives far better and more information than I do or in fact can. www.pressreader.com/thailand/bangkok-post/20160502/281509340383561 |
|
buhi
Crazy Mango Extraordinaire
Posts: 4,846
Likes: 1,431
|
Post by buhi on Oct 17, 2017 13:59:21 GMT 7
Last month, a non ostentatious gold chain i wear, with an amulet, broke. It was twenty years old. I went to the local gold shop and it was weighed, verified as pure Thai gold and bought a replacement.
So in fact i sold my gold to buy a new chain.
No identity required.
The replacement was not satisfactory, it got knotted as being of very fine thread.
Resold and replaced again.
Sure i paid a few hundred baht for replacing, but never any question of identity.
As for why i wear it, two fold.
One the amulet has sentimental value ; i never knew of its monetary value until people remarked.
That they remarked also increased its value to me; they knew i was not a tourist, was resident and Buddhist.
It has proven its value on numerous occasions.
|
|
bowie
Crazy Mango Extraordinaire
Posts: 2,592
Likes: 698
|
Post by bowie on Oct 17, 2017 14:13:14 GMT 7
Of the amulet, it is very small, not some large gaudy thing, i would not wear such.
I had no idea of its significance to Thai.
Thai study amulets and have knowledge of such things.
A farang with that?
How?
Well that's another story.
|
|
buhi
Crazy Mango Extraordinaire
Posts: 4,846
Likes: 1,431
|
Post by buhi on Oct 17, 2017 14:29:17 GMT 7
Thai monks get a bad press, rightly so.
There are some genuine ones though.
You will not find them in fabulous wats.
You may not find them in the forest.
To find out conversation is necessary.
Difficult if you do not speak fluent Thai.
Some, a few, genuine monks are highly educated and do speak English.
Also know that i am not a fake, have knowledge of their , my beliefs.
I could never make that step, of worldly renunciation.
The amulet was given to me by a monk.
|
|
me
Crazy Mango Extraordinaire
Posts: 6,342
Likes: 3,980
|
Post by me on Oct 17, 2017 14:33:25 GMT 7
No problem buying or selling but may have to declare if exporting if you take it with you. Do not leave it in safe deposit in the bank in your name or she will not get it.
|
|
AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
|
Post by AyG on Oct 17, 2017 14:38:48 GMT 7
Thanks for all the reassuring replies.
|
|
chiangmai
Crazy Mango Extraordinaire
Posts: 6,482
Likes: 5,572
|
Post by chiangmai on Oct 17, 2017 15:19:30 GMT 7
Quick, and I hope easy, questions about buying gold in Thailand: Do you need to prove identity: (1) When buying gold? (2) When selling gold? And if yes/yes, do the two identities need to be the same? (The background is that when I eventually die my partner won't have immediate access to my bank accounts, so I though having 10 baht of gold available that he could sell would pay for my cremation and household expenses for a few weeks. I want to be sure that if I buy it he'll be able to sell it.) Another option might be an either/or investment account, for that same purpose. My "wife" and I have one at UOB with 200k in it, invested in CG-LTF which over the past month has increased in value by around 17k. The money is intended as a stop-gap between me passing and probate being sorted, it's easier to manage than gold since there's no storage issues. |
|
me
Crazy Mango Extraordinaire
Posts: 6,342
Likes: 3,980
|
Post by me on Oct 17, 2017 15:50:15 GMT 7
Quick, and I hope easy, questions about buying gold in Thailand: Do you need to prove identity: (1) When buying gold? (2) When selling gold? And if yes/yes, do the two identities need to be the same? (The background is that when I eventually die my partner won't have immediate access to my bank accounts, so I though having 10 baht of gold available that he could sell would pay for my cremation and household expenses for a few weeks. I want to be sure that if I buy it he'll be able to sell it.) Another option might be an either/or investment account, for that same purpose. My "wife" and I have one at UOB with 200k in it, invested in CG-LTF which over the past month has increased in value by around 17k. The money is intended as a stop-gap between me passing and probate being sorted, it's easier to manage than gold since there's no storage issues. if it is in both names she will not be able to get access to it. |
|
chiangmai
Crazy Mango Extraordinaire
Posts: 6,482
Likes: 5,572
|
Post by chiangmai on Oct 17, 2017 16:29:20 GMT 7
Another option might be an either/or investment account, for that same purpose. My "wife" and I have one at UOB with 200k in it, invested in CG-LTF which over the past month has increased in value by around 17k. The money is intended as a stop-gap between me passing and probate being sorted, it's easier to manage than gold since there's no storage issues. if it is in both names she will not be able to get access to it. Not so, either one of the parties in an "either/or" account can withdraw funds, both parties are required to close the account. The banking convention is "and", as in the case of a joint account, in which case both parties must sign, or, "either/or" meaning either party can sign |
|
me
Crazy Mango Extraordinaire
Posts: 6,342
Likes: 3,980
|
Post by me on Oct 17, 2017 19:57:56 GMT 7
if it is in both names she will not be able to get access to it. Not so, either one of the parties in an "either/or" account can withdraw funds, both parties are required to close the account. The banking convention is "and", as in the case of a joint account, in which case both parties must sign, or, "either/or" meaning either party can sign Not in the case of death of one of the parties. Here any account in joint names is locked. Her id card record will show this imediately and I understand the banks have access to this. |
|
chiangmai
Crazy Mango Extraordinaire
Posts: 6,482
Likes: 5,572
|
Post by chiangmai on Oct 17, 2017 20:04:44 GMT 7
Not so, either one of the parties in an "either/or" account can withdraw funds, both parties are required to close the account. The banking convention is "and", as in the case of a joint account, in which case both parties must sign, or, "either/or" meaning either party can sign Not in the case of death of one of the parties. Here any account in joint names is locked. Her id card record will show this imediately and I understand the banks have access to this. You may need Fletch to satisfy you on this but "either/or" is not "joint" and is not the same as "and" accounts. Either/or accounts are not treated as you suggest and are not frozen, they remain accessible to the second party, per UOB and a long discussion on this aspect. |
|
