bkkandrew

everything is ok in fantasyland.....nothing to see here.....how many banks does this make? nothing like a 10 BILLION baht swing in 1 year.......

BAY loses Bt8.8 bn in 2Q

Bank of Ayudhya announced on Friday it recorded net loss of Bt8.81 billion in the second quarter 2007, compared to a net profit of Bt1.61 billion in the same period last year.

http://www.nationmultimedia.com/2007/07/20/business/business_30041719.php

Thank God I only keep a few baht in my Ayudhya account

It's not only the dollar that's losing steam against the baht. The pound is at 61 to the baht and the Euro is at 41. It wasn't long ago that the Euro was up around 50 to the baht and the pound was near 70. Those are mighty big dips, in my humble opinion.

No, onshore the Euro is IRO 45 and GBP 67. The Euro has not really been highr in Baht terms than its value today... Historical data is difficult to compare, due to the offshore/onshore disparity caused by the currency controls imposed by BOT 6-months ago..

Dekka, your glib "scary airplane" comments just foster yet more unnecessary fear amongst travellers.

Boeing 747 - 14.8 million flights - 24 fatal events = Rate of 1.62 per million flights.

Airbus 300 - 8 million flights - 9 fatal events = Rate of 1.13 per million flights.

Dec 2004 statistics (airdisaster.com)

Sorry for being ignorent, but doesn't that make the Airbus safer than the 747?

Oops, just read your previous post. Will eat my own weight in food at the Londoner's buffet instead!

What time from and to?

He proposed that the BOT immediately cut the repurchase rate by 1-1.5% and also heavily intervene in the forex market. Many observers who remember the past intervention by the central bank, which cost the country billions in losses, were worried that it might happen again.

However, Dr Virabongsa argued that if the BOT successfully intervenes and the baht is weakened, the bank will make a profit. Thailand would not be bankrupted by buying a lot of dollars because the currency can be used as external reserve, which can then be used to invest in government bonds and other financial instruments overseas which yield higher returns than in Thailand. The best example is China, which uses its huge reserve to buy debt instruments in the US market.

Its actually pretty simple. Buy dollars to prevent local currency apprication, but accept that you will lose out on them due to their devaluation, or lose money by letting the Baht appriciate and hit exporting businesses. Its also called being between a rock and hard place. China is there too, but has much more money to throw around...

Another new high on the offshore rate with the USD:

Live rates at 2007.07.20 08:19:33 UTC

Notice: The THB rate shown below is the international rate. Rates used within Thailand may vary.

1.00 USD = 29.8595 THB

United States Dollars Thailand Baht

1 USD = 29.8595 THB 1 THB = 0.0334901 USD

Source: xe.com

Oh dear oh dear. NOW PLEASE for the umpteenth time what is their rate for buying Baht back and selling you US$'s ?? Only then can we all see clearly that their mid rate is pretty much the same and that they are supporting the rip off brigade with disgusting 20% plus spreads between buying and selling rates. Why pray tell me do they not quote their buy and sell rates like the FT reports and the Thai banks do hmm ?? It seems difficult to establish what the other rate is from them, strange don't you think??? Because they have something to hide maybe ???

Oh dear indeed. This is the mid market rate, i.e. the middle point between buying and selling of THB and USD. 'Their' rate for selling USD will be higher that their buying rate. Thats called business...

Oh I do not know of Super Rich and have not bothered to search for it here but will do if you like. It still cannot change anything about the rates I quoted factually off of he various currency boards.including the FT money Market Bid and Offer rates and those are not Onshore Thai rates but somehow they seem to be pretty much in sync with BoT I never said you were defending the rip off merchants but the point I was making is it is pointless in quoting their rates as nobody here would surely use them and also those rates are of course no truer than a Gold trader selling gold at 15K Baht a baht and buying it at 5K per baht ripping off unsuspecting tourists, it does not then make the gold rate 20K Baht per baht does it ?? though the middle rate will remain about the same as the true rate.

Yes - you can't be bothered to look for the facts, just would rather spout opinions and false assumptions. This creates misleading advice and confusion. Clearly a common factor when you are concerned.

For other people's information Super Rich (and their competitors), no commission is charged. Cash only, passports/ID cards needed. You lose 10 satang per $ or pound for non high value notes ($100) GBP 50's.

No idea what you are on about regarding gold trading, but I guess it makes as little sense as the rest of your posts...

As a direct piece of advice nobody here with even a modicum of common sense would use an offshore rate to buy or sell their required Thai Baht whether for a holiday or buying a property or car. So the on shore rate is really what we all should be using and sod the western banks and their fraudulent ways. I have only a small pension each month to convert so it effects me very little but I do pay attention to what is happening, even with interest rates and the related forward currency markets. What I state is to help others not to knock any country or people just to try and be helpful. As I said up to every one if they want to listen or ignore it but I assure you I only quote what I see and know are the facts. Do what you want with it I am done with it, hope it has not been a waste of time and effort for most of the sensible guys here.

You really have a bee in your bonnet about those Western Banks! Guess you were sacked from the one in London. I can see why!

I wonder if you include Nationwide in your sideswipe, as they often offer an ATM rate on par with Super Rich!

This IS tedious indeed, as you just fail to understand what I have quoted. I stand by ALL I have quoted here and no my friend I worked in the City of London in a busy bank dealing room not a Thomas Cook Currency Exchange Counter !!! I was also a full member of the London Forex Club if you are aware of what that is (or what it was as I am admittedly out of touch with it now so may it have changed name for all I know). So yes I do resent your insults as they are not called for, so give over as it makes you look silly not me which I don't want either. Seriously there is no need for anyone to look silly or feel embarrassed we are all human and thus can make mistakes and be able to realistically admit them, though I have so far made none I can see here as yet. If you read one of my earlier posts here I am sure I did say I worked it the forex money markets which should imply not a currency exchange counter for tourists!! No I do not claim to be an expert or up to date but I do have good ground knowledge and understanding of this field which you do NOT appear to fully have by what you state!! I have read all of this thread and have said from the beginning, as I think you have too, that it is NOT so much the strong Baht but much more so the very weak dollar and several head in the sand "God Bless Bloody America 'guys here would not accept that saying how good the US economy is !!! Crazy. Fortunately I have many American friends who are more realistic

I have no idea what you are trying to get across with this rant. Maybe you could explain. On reflection, no, don't bother...

I KEEP SAYING MIDDLE RATES no matter if you go offshore or onshore the middle rate is the international mid point between buying and selling a particular currency in respect of another currency (usually against the majors like US$, £, Euro etc.) SO PLEASE just do what I ask, if you can, and get the FULL offshore rates and quote me today's OFFSHORE Buying AND Selling rate for Baht against the US$ or £ and I think my point will be made that the middle market rate will be pretty much the same at any given point in time. It is when they are out of kilter form one curency marke to another that the switched on Forex dealing rooms make their money. My posts have been here to try and help those not so much in the know to save being screwed by western crooks (read Banks). Jeez you are hard work matey. Of course as said from the start I know what the offshore rates are, they are the rip off ones whether buying or selling with around 20% spread and rates nobody in their right mind should be using if they can avoid it.

What a muddle you are in. By middle rate, I assume you mean mid-market rate. Well, offshore-wise, that is precisely what I and others on this forum have quoted from Bloomberg, Reuters et al. Quite what you mean by FULL offshore rate, who knows? Who cares?

Whilst anyone who read this forum in detail (unlike you) would be aware not to use the offshore rate when doing transactions to THB, your rambling serves no purpose or help whatsoever.

Thailand launches 'Seven Amazing Wonders' campaign

Posted : Fri, 20 Jul 2007 11:30:00 GMT

Author : DPA

Bangkok - As part of an effort to attract 14.8 million tourists to Thailand this year, the government on Friday announced its "Seven Amazing Wonders" tourism marketing campaign, even though Thailand does not claim any of the world's seven wonders. The campaign is designed to help Thailand attain its target of 14.8 million international visitor arrivals in 2007 and 15.7 million in 2008, said Tourism Authority of Thailand (TAT) Governor Phornsiri Manoharn.

Thailand's seven "wonders" have been identified as: Thai hospitality, historical sites, beaches, natural attractions, health services, "trendy" spots such as boutique hotels and festivals.

earthtimes.org

Some would say (Not I ) that the seven are: Nana , Cowboy , Patpong , Pattaya , Phuket , Ping-pong and the Thermea Coffee Shop!

At this stage, we believed they may be Thais living in Germany," Pol Col Yannaphon Yangyuen, chief of DSI's technology and information section said.

Good luck to the Junta in persuading the EU to extradite... I can just see it now in the European Court of Human Rights:

"Your Honour - we must imprison those who protest against a Military Dictatorship"

The currencies that I would expect to strengthen are dinars, roubles and Canadian, Australian and New Zealand dollars.

And if you cannot work out what has happened to your own currency during the past year, God help anyone who follows you 'advice' on predicting other currencies' movements in the future!

And he wants Thai's to go back to the land and produce rice to feed themselves and sell thus a rising baht ;-)

"The Good Life"

That would make Thailand the part of Tom and Barbara, with Singapore playing the Ledbetters

There seems to be a serious danger of China finding it has brought people off the land into the city factories just when the demand for manufactured products dries up, as its previous customers spend their money on food and fueds and have little left for their previous levels of consumerism.

They do start drinking early up in the Boonies, don't they!

Demand for manufactured products drying up? Are you for real?

Better sleep it off, the headache will be worse else...

The currencies that I would expect to strengthen are dinars, roubles and Canadian, Australian and New Zealand dollars.

And if you cannot work out what has happened to your own currency during the past year, God help anyone who follows you 'advice' on predicting other currencies' movements in the future!

whilst many currencies are weakening a bit, the pound is weakening considerably,

What planet are you on? Onshore, GBP has gone from 70 to 68, or 3%.

Chart (from BBC) shows a misleading dip when they used offshore rates (Jan-June 07), but now quote onshore rates...

GBP is rising against virtually all currencies worldwide and is expected to continue, caused by rising interest rates in UK!

Another new high on the offshore rate with the USD:

Live rates at 2007.07.20 08:19:33 UTC

Notice: The THB rate shown below is the international rate. Rates used within Thailand may vary.

1.00 USD = 29.8595 THB

United States Dollars Thailand Baht

1 USD = 29.8595 THB 1 THB = 0.0334901 USD

Source: xe.com

They have contacted me by e-mail and said they are raising 4 post dated cheques with the frst one due 1st August.

so at least I have an addmission of liability.

But no cheques yet !

As you are no doubt aware - cheques are a pretty serious business in Thailand. The issuers of bounced cheques can be locked up in double quick time, so when you get hold of them, hang on to them.

Hope it all works out.

I am pretty sure this is no longer true.

I believe that several years ago issuing "Dud" cheques was made a Civil offense, not a Criminal one.

Patrick

Nope, you will still be escorted to the nick, until they clear!

http://www.thaivisa.com/forum/index.php?showtopic=13054

Not sure if this actually became Law of course but I believe it did.

Patrick

Pretty certain it didn't, as the article is dated 2004 and I discussed such a matter with the police in 2006, who said that a remedy to a problem I had encountered would be to get a debtor to issue post-dated cheques due to the criminal implications of them not being honoured. Many laws are proposed here that come to nought...

All right, I check my diary for a week on Wednesday. She has to bring her own gear though...

A simple - maybe crude to an expert - question.

1. Wire transfer £sterling to thai bank with latter making exchange into baht for credit to my account with them (ignoring the £20 transfer fee).

2. Use my nationwide atm card in thailand (natwide makes no charge for this overseas use.

3. Use £s currency to exchange at thai bank/kiosk.

Other things being equal which of these will give me the best rate for my sterling amount, ie the most baht?

Lowest is changing in UK at, say Thomas Cook;

Then TT, changed to THB in UK;

Then cash changed in Thailand;

Then TC's changed in Thailand;

Then the trusty N/W Card;

Then TT changed locally in Thailand

Then, highest, is note exchange rate at Money Changer, such as (the now infamous) Super Rich..

I actually know a fair bit about this subject as I did work directly in the Forex money markets for nearly 10 years, okay some while ago but the same logic and maths apply still today.

Oh dear, so long ago you had the teller position in a Thomas Cook Booth on a provincial town high street, shame you have forgotten even this elimentary understanding of Forex (which I trade daily).

Whether you take notice of what I said or not is entirely up to you of course, but just in case I do have a spare bucket of sand here you can borrow as I tend to never use it

Speaks volumes. Making sandcastles is clearly your limit...

I am just trying to be a realist so I say it again clearly

You have not said anything clearly or accurately so far...

The Baht is not particularly a lot stronger than it has been for the last 6 months against most currencies but the weak dollar falsely makes it look incredibly strong in comparison and this is the whole topic of this thread. So lets stop talking about the Baht and talk about what is important, that is the serious demise of the US$ which is very important to us all. It really amazes and stuns me that some guys here seem not to accept that the US $ is so very weak and an unwanted currency right now, that is a FACT and all I quote is facts here. They seem to think if it is anything to do with the USA then it has to be good, what sad thinking as although much is good in the USA much is also currently very bad indeed unfortunately.

Hooray, you have now bothered to read my (any numerous other's) posts and now repeated them - whats the saying about the sinner repenteth??

Mind you it might be good to buy US$ soon as it cannot go much lower ... or can it ?? !!!

Oh dear, rambling again...

The rate today is indeed higher as the Baht has weakened a little.

Sure?

The rates I quoted were nothing to do with my knowledge or guess work they were quoted direct off of one of the main banks here in Thailand on 17th July. Thai banks only make about a 2.5% spread between buying and selling bank notes here so they are FAR closer to true money rates which vary less than 0.5% in their spread normally.

So what? - this is nothing to do with the offshore rate, Thai banks (the key is in the name...) use the onshore rate - sorry to get technical, you know Thai banks being onshore in Thailand and all..

That rate of 68.60 I have not seen anywhere on 18th in fact I would say that you did very well as it looks like the clerk who changed your money gave you the rate for buying Baht back off of you rather than selling Baht to you. Yesterday the £ bank note rate was around 67.40 Baht per pound sterling. Where is this Super Rich place I must go and buy some Baht bank notes I could make a nice little profit on that. I wasn't ripped off either as was only quoting you the true rates form the various Thai banks updated websites.

You lack of knowledge of such places happily demonstrates your inability to read this board (or presumably any other). Why not try a search of this forum for the words "Super Rich" and you may be able to see why you are now embarrassed...

STILL nobody has got onto these western organisations who are quoting silly rates like 29.xx Baht/US$ or 61.xx Baht/UK Pound and asked them what rate they buy say 1000 Baht bank notes back. That would tell the story finally and completely !!

Who has been defending them? Why would anyone want to?

The Bank of Thailand as I say quote the true rates for both buying and selling Baht just use that it is accurate and close to what you get in the Thai High Soi Banks again here is the website url :-

http://www.bot.or.th/Bothomepage/databank/.../exchange_e.asp

Note that today this site quote the Average Interbank Exchange Rate = 33.446 Baht/US Dollar and this is indeed a proper middle rate so take off about 2.5 % (twice the percentage the main Thai banks take off) = 32.60, getting less Baht per dollar than this then you ARE being ripped off for certain. Today 33.15 is the going rate for US$ bank notes ($50-$100 notes) in the main Thai public banks.

You should find that the middle money market rate is the average between the buying and selling rates on that BoT site. It will be about the same middle rate as the rip off western rate tourist traders, it is just the spread that is fair and honest here but far from it in the west.

No, the BOT is simply the indicator of onshore rates. A fact that you are seemingly not able to understand...

Please read the rest of the forum on this subject before posting again, as this is tedious..

“I will not be pushed, filed, stamped, indexed, briefed, debriefed, or numbered! My life is my own.”

The Prisoner.

welcome to UK, the most monitored country in the world.

at least we will be safe in the village.

You can be monitored 300 times in one day in London. you think good no good? if you have something to hide NO good

What have you got to hide?

Mr. Wissanu admitted the ministry's website security was not state-of-the-art and is to be enhanced shortly.

--TNA 2007-07-19

More like the ministry, come to think of it the whole Government is not state-of-the-art. More's the pity it won't be 'enhanced shortly' either...

This has got to be the silliest thread for soooo long!

Next, someone from UK will post for help operating a UK bank account. Oh no, they already did!