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topfield

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Posts posted by topfield

  1. Been trying to get enough cash from England to change into Thai Baht to fund my stay here in Thailand for the next three years. I've finally got my cash here but the baht seems to have taken a real dip over the last few days. Whats the chance of the baht getting back to 70 to the £ like it was a couple of weeks ago? I have enough money changed to keep me going for a few months so what do you think my best move would be? Should i change now or wait?

    ................................................................................

    ................................................................

    You missed the posting below. Read and i9t should help you make a decision

    Nobody can explain why a country in political turmoil and under a military junta should have a currency that rises and rises on an almost daily basis. It can be argued that the baht is now amongst the strongest currencies in the world. Did you know that the rate in the UK today is only 63 ?... the pound not been so low in ten years !

    The following is for UK sterling based expats :

    You should know that the baht is invariably quoted against the US dollar not against sterling. The baht pound rate is really two rates...the pound against the dollar and the baht against the dollar multiplied together and each is governed by entirely different considerations.

    1. The cable or sterling dollar rate : more predictable free market rate influenced directly by factors such as UK interest rates , inflation rates , UK house prices and the UK economy in general. This half of the equation is predictable and if you know your stuff you can make a reasoned prediction/judgement.

    2. The other half of the equation is the baht dollar rate onshore. Thus part is totally unpredictable and largely controlled by political factors. Not once has the BOT explained how it gets the onshore rate.

    A cabal of bankers perhaps meeting at 7.30 every morning in K.Tarisa's office at the BOT to decide the rate ? [ not so fanciful as this is exactly what happened on the 2nd July 1997 if you read A Century of Asia published by Citibank . A rate was just drawn out of a hat ! ]

    Every day politicians talk about the 30 percent rule...but not about the onshore rate ..at least not publicly . Its almost as if a conspiracy existed to prevent the dual rate system being known. The proof lies in the fact that there exists no public rate sheet to my knowledge showing onshore and offshore rates side by side.

    To sum up : take your reasoned view on the cable rate and take your guess on the onshore baht dollar rate, multiply them together ...and BINGO you have your prediction !

    topfield: 2007-03-12 17:55:45

  2. I have a final payment due on a condo purchase due in September of this year ($200,000USD) I would like to purchase some sort of hedge to lock in the present rate – Can someone advise how I as a US citizen could buy such a hedge contract to lock in the present rate…

    Quite simply swift the money now and invest the baht in fixed deposit until september, so you can earn 4% interest.

    And what if the OP does not have the money now ? Maybe he is receiving it in September.

    Anyway my advice is always DO NOT INVEST IN THIS COUNTRY (unfortunately it seems you have to complete purchase to avoid losing what you paid already :o )

    I can only assume that you have had some bad experiences. In 10 years of investing here I have also had some bad experiences, but it's not difficult to learn from mistakes. Overall I have done quite nicely. There is always risk with any investment, it's a question of risk vs reward - that is what investment is all about. It seems to be disingenuous to give such jaded advice as "do not invest in this country".

    Yes but expertise like that of sonic dragon and Dr Naam helps

  3. Yes, it is possible.

    If you have a Thai baht account with an overseas bank, then you need to ask them for their correspondent bank details. Then you give the instruction to your thai bank to make a local baht transfer to the correspondent bank, with "onward credit instruction" to your own named account with your bank (the receiving bank). In many cases the correspondent bank will be the bangkok branch of your overseas branch.

    Not absolutely certain if you mean sending baht from a bank in Thailand to a baht a/c in say Singapore.

    If so beware.

    Sending out foreign currency is subject to a low fixed tt charge. Send out baht and a different charging regime applies which is a fixed percentage amount with no maximum. So in theory a tt in baht for a large amount could cost B100,000 for the one tt !

    The charges cannot be reduced or negotiated as they are a 'cartel price' regulated by the Association of Thai Banks.

    I know ....as have been subjected to these outrageous fees.....and could find no way out at the time..

  4. Cambodian officials seem to be even more corrupt that thai officials.

    they work these shakedowns together.

    Happens in Europe also NOT just S.E.Asia

    . Stopped some years ago at Belgium French border as no GB plate. Had to buy one for a fiver before I could drive on. Work out the profit if a hundred cars a day and the sticker costing perhaps 20 P.!

    SimilarLY at Swiss brder exiting autobahn from Germany. Every car had its tyres carefully inspected and if not brand new sent to a garage a few hundred meters away where the price of tyres double the norm. Only then could drive into Switzerland !

  5. Think how lucky we are here in Thailand..

    Astro, ...the UBC/True Vision equivalent in Malaysia has a three minute delay on all their channels and a censor on hand in Langkawi 24 hours a day ready to delete antyhing obcence or inapppropriate before its shown !

    Did you not notice BBC News starts three minutes PAST the hour down there ?

  6. Big interest rate cut expected next month

    BANGKOK: -- The Bank of Thailand (BOT) is likely to sharply cut the interest rate by half a percentage point next month, paving the way for the eventual removal of the 30-per-cent capital control measure.

    Amid massive pressure from various parties on its foreign-exchange and monetary policies, the BOT's Monetary Policy Committee (MPC) is likely to slash its policy interest rate by a half percentage point during its next meeting on April 11.

    Since the beginning of this year, the central bank has cut the interest rate twice, by 0.25 percentage point each time - from 5 per cent to 4.50 per cent - in spite of the market expectation that the cut should have been deeper.

    Analysts expect the MPC to cut the rate by half a percentage point during the meeting on April 11 to ease pressure on the baht and pave the way for revocation of capital control.

    Analysts believe the revocation, if it happens, will have a positive psychological impact on the market and bring the sentiment back on track, even though the measure itself has been considerably diluted after a series of exemptions.

    The central bank has introduced a series of measures to relax the 30-per-cent withholding rule. Early this month, the central bank exempted the debt market, mutual funds and property funds, if hedged in foreign exchange swaps, from capital control. The option is viewed by the market as the last of the series to adjust the 30 per cent withholding before the measure will be eventually lifted.

    The market believes the policy correction is imminent after Chalongphob Sussangkarn took over the finance ministry. Chalongphob had opposed the Draconian withholding measure and the high-interest rate policy since the time he was president of the Thailand Development Research Institute (TDRI). He had said earlier that the 30-per-cent withholding was too harsh and it could damage the bond market.

    Yesterday, Chalongphob said there was greater room for use of monetary policy to stimulate the economy, given a lack of inflationary pressure from global oil prices.

    "There is more chance for us to use monetary policy to boost the economy thanks to declining pressure from high oil prices," Chalongphob told reporters. The comments did not surprise or move markets, but were broadly supportive of expectations that interest rates remain on a downward trend.

    But as a former member of the Monetary Policy Committee, Chalongphob would likely give the BOT a free hand to make a policy decision rather than impose policies, as long as he thinks the monetary policy is on the right track.

    Central Bank Governor Tarisa Watanagase said earlier the unremunerated reserve requirement would be removed when the BOT was sure there were no loopholes on fully-hedged measures and there was enough liquidity in the banking system.

    "The revocation [of capital control] will restore confidence because the withholding reserve has been considered an 'obvious' measure to rein in the strong baht. It will indicate the BOT is adopting a more friendly approach," said Chodechai Suwanaporn, director of the Finance Ministry's financial policy section.

    However, the markets are confident the full-hedge measure would only slow down appreciation of the baht but cannot resist a global trend, which is causing the baht to appreciate. Many parties have called on the BOT to go for an aggressive cut in its policy interest rate to help discourage the strong baht.

    Chodechai suggested the central bank should cut the rate by one percentage point at its upcoming meeting to reduce attractive returns in order to slow down capital inflows, and decelerate the baht's appreciation.

    He said some central banks, such as the Hungarian central bank, have cut the policy rate by one percentage point for two days in a row and intervened in the foreign-exchange market to stabilise their currencies and made profits by selling the Euro back.

    "The BOT's rate-cut will be a good sign although it should have been done last December. Inflationary pressure is no longer an issue due to sluggish domestic consumption, and a decline in oil prices," he said.

    Korn Chatikavnij, Democrat party deputy secretary-general, earlier said the current economic situation had given the BOT room to cut the rate by as much as two percentage points by the year end without triggering inflationary pressure.

    However, a foreign-exchange expert who asked not be named believed that the BOT, widely known to prefer a conservative approach, would not cut the rate by one percentage point in one meeting. He noted, however, that "the BOT will not lose face and will not be hurt from a half-percentage-point cut," he said.

    The forex expert added that lowering the interest rate would encourage capital outflows, leading to the baht's depreciation like the 'carry trade' phenomenon in Japan where investors could obtain low-cost funding and seek higher returns in other countries.

    Moreover, lowering the interest rate meant higher cost of hedging. That would discourage capital inflows when foreign investors compare the rising hedging cost with the returns. This would cool down the strong baht, he said.

    "Market mechanism will adjust itself when investors calculate their cost and return. It is not worth investing here if the hedging cost rises but it is worthwhile to borrow with the low cost of funds and carry the money out of the country," he said.

    Chavalit Nimlaor, chairman of the Industry and Commerce Committee of the National Economic and Social Advisory Board, said the Thai baht may be appreciating after Chalongphob's appointment but it's likely to be stable soon.

    He is confident the baht would move in the range of Bt35-35.50 per US dollar, which is all right for export industries.

    --The Nation 2007-03-13

    Too little too late.

    Rates should be slashed immediately down to one or two percent. This is the only move likely to bring the baht down from its lofty heights and as an important by-product will greatly assist with the economic outlook. A business boom could follow driven by the new low rates. Indeed many new jobs will be created and the economy will take off. Did you know the baht is the best performing currency in Asia this year ?

    What are you waiting for BOT ! By the way nothing original in this. Sontee Limtongkun who I greatly admire has been pushing for a dramatic cut in interest rates for several months now.

  7. Am I the only one who is not concerned about this trend? I earn a salary here in Thailand and it is now cheaper for me to travel outside the country. My Baht goes further.

    I am concerned that it might come crashing down though. So I have been buying gold as a safety net. If the Baht crashes, gold should go up as it is tied to an international rate.

    My personal opinion is that the baht will not crash in the near and medium term. Reserves are rising at an astonishing pace and might even top a hundred billion if this dual eachange rate continues. Also note how the rate rises each day little by little , not in one swift jump. This is a sign of solid stability especially as the yuan is also rising in a similar fashion.

    Others may of course think differently about prospects for the baht.

  8. There are two types of savings account, a normal savings account which is just a bank account and pays poor interest, and fixed deposit savings accounts, whereby you choose 3,6,12 months of which you will either leave your money in teh account or pay x baht into the account every month.

    Think of the standard savings account as the equivelant of a current account in the West, but without a cheque book and it tallies quite well. The fixed account will NOT have an ATM card or anything attached to it and is what I gues syou would call a deposit account in the West.

    Hi Ben

    There is rather more choice than that . There are in fact six different types of account !

    Below you will find the rates of each of these accounts at the bank that probably gives the highest rates of any bank in Thailand, namely the Government Housing Bank or Prachasongkkro in Thai. Good luck with your choice.

    กระแสรายวัน (Current Deposit)

    - กระแสรายวัน (Current Deposit) 0.25

    ออมทรัพย์ (Saving Deposit)

    - ออมทรัพย์ (Saving Deposit) 1.00

    ออมทรัพย์พิเศษ (Special Saving Deposit)

    - ต่ำกว่า 5 ล้านบาท (Less than Bt5 million) 3.00

    - ตั้งแต่ 5 ล้านบาท ไม่เกิน 10 ล้านบาท (Form Bt5 million) 3.00

    - ตั้งแต่ 10 ล้านบาท (From Bt10 million) 3.00

    - ตั้งแต่ 20 ล้านบาท (Form Bt20 Million) 3.00

    ประจำ (Fixed Deposit)

    - 3 เดือน ( 3 Months) 3.75

    - 6 เดือน (6 Months) 4.00

    - 1 ปี (1 Year) 4.00

    - 2 ปี (2 Years) 4.00

    - 3 ปี (3 Years) 4.00

    - 5 ปี (5 Years) 4.25

    ประจำสินเคหะ (Fixed Deposit Sin K-ha)

    - ประจำสินเคหะ : อิงอัตราดอกเบี้ยเงินฝากประจำ 1 ปี (Fixed Deposit Sin K-ha) 4.00

    ตั๋วสัญญาใช้เงิน (Promissory Note)

    - 7 วัน (7 Days) 3.00

    - 14 วัน (14 Days) 3.25

    - 1 เดือน (1 Month) 3.75

    - 2 เดือน (2 Months) 3.75

    - 3 เดือน ( 3 Months) 3.75

    - 6 เดือน (6 Months) 4.00

    - 1 ปี (1 Year) 4.00

    - 2 ปี (2 Years) 4.00

    - 3 ปี (3 Years) 4.00

    - 5 ปี (5 Years) 4.25

  9. Topfield,

    Sometimes your posts are logical, at other times, not.

    There is more to getting promotion in the civil service than meeting, what judging by your views's, is an easy target and one, which if not correct can lead to more work and expense through the appeal process.

    It beggers all belief to say that there is a target to reject x% of visas, for what purpose? Wouldn't it make more sense to just announce a quota system?

    And where did the (incorrect) rant about the Police come from?

    Having a bad day? You should have seen mine - I spent it on a training course with a bunch of lawyers!! :o

    I won't tell you what it was about.

    Apologies to the OP, as his thread has well and truly gone AWOL. :D

    Many thanks for your views . May I be permitted to offer my response please :

    1."There is more to getting promotion in the civil service"

    Please read the facts of the posting. The issue raised by the parliamentary committee was bonuses not promotion. It has now been admitted by all that these are paid to staff . The disagreement is what they were paid for. One person suggested they were for the number of applications processed . Really ? Any fool at the Embassy can grant a visa....a dozen in 10 minutes and there is no obvious comeback and no appeal against the issue by the other side.

    Once a visa is granted thats it.

    A refusal on the other hand is a different matter. The applicant will be agrieved if refused ...and this grievance will soon be greatly magnified when fees payable for settlement approach the six hundred pound mark and applicants are turned down find their fees were wasted

    Visa staff therefore have to take care to justify their refusals both to their ECM and later to the Adjudicator . Therefore since granting visas is so easy it is MOST UNLIKELY staff would be given bonuses for this. Refusals are a different matter as diligence is needed to justify refusals and to show the staff are doing their job properly.

    2. "Would it not make more sense to announce a quota system "

    What an amazing statement. How could the FCO justify such a system ? Impossible ! The whole point of targets and bonuses is that they can be kept secret and confidential by the FCO staff Hence MP'S raising the issue at the Parliamentary Audit Committee where all must be revealed.

    3. "And where did the (incorrect) rant about the Police come from?"

    What rant ? Just about everyone knows about the targets set for the police and their promotion or demotion depending on results. Have you not seen "the Bill " or practically any police series. ? The serge is often seen warning his officers that they will be back on the beat if they dont come up will the goods. Every criminal lawyer is aware of 'verballing' and other police tactics to obtain a conviction. Please dont pretend to be so naive on this issue.

    4."Having a bad day? "

    Certainly . The rules of this forum state clearly "No flaming of fellow members!"

    The definition of flaming is : the act of sending or posting messages that are deliberately hostile and insulting, usually in the social context of a discussion board on the Internet.

    For someone with over 20 years experience with the Embassy and its numerous Visa Managers each with their own slant on things, having dealt with many hundreds of applications ( most of which were successfull I might add ) and having legal qualifications to boot, having someone like the person above in this thread be he man or even woman as has been suggested , who clearly has not the slightest qualification and by his own admission reading his postings ,very few years of practical experience, dealing with the Embassy , not you Ollie but the other person severely criticised above by gent and others , continually breaking forum rules and the Administration not wishing to take action to bar this extremely rude and bad mannered person from the forum is indeed ............having a bad day.

  10. I suspect that this accusation is as true as all his other posts.

    As I said when this ridiculous accusation was made before, if true how come over 80% of applications worldwide are successful (over 90% in Bangkok)? (source) These ECOs are not very good at getting their bonus, are they?

    I am sure that they do have targets, but they relate to the number of applications processed, not the result. In which case, as an acceptance requires less work than a refusal, this would encourage them to accept, not refuse.

    Again our resident visa guru refuses to look at the facts and decries every posting even though honest and truthful and written by someone with far more practical visa experience than that he has admitted . Were the writer to say two and two were four he would even dispute that from past experience.

    OK, I agree ; my wording was wrong ; of course payment is not made for refusals. I'll therefore reword : "bonuses are paid for dilligent work and meeting targets " In practice however this is what happens and the meaning is the same only worded differently..

    Is this guru saying no bonuses are paid or is he saying they are paid for other reasons ?

    Let him answer .....and we will get the facts directly from the relevant government departments ..but due to the lengthy work that may be involved will do this only if this guru is prepared to admit he is wrong when the bonuses are confirmed in writing as they will be.

    I have a feeling nevertheless that even with confirmation of bonuses in writing in front of him he will claim they are not relevant or a forgery !!

    Anyhow the only other explanation for the visa officer's decision in the above case according to the facts presented above can be that he or she is an imbecile and /or of extremely low intelligence ...is that what he is saying or implying ?

    In the final analysis readers must decide themselves how and for what possible reason a visa officer can conceivably deal with an application in the atrocious way described in the above posting (which we have to assume is true and accurate). Is the visa officer a fool or just after a bonus and promotion ? It clearly by common consent has to be the one or the other.

  11. these officials receive their bonuses by proving their diligence and worth by spotting false and dubious applications AND TURNING DOWN APPLICANTS.

    Get the point now , friends ??? THEY ARE PAID FOR TURNING DOWN APPLICANTS !!

    Thats quite a big statement topfield, can anyone else add to this?

    Mark

    Yes indeed it is, but this was NOT an opinion but based on the fact that bonuses are paid for diligent work and what other sanction do visa officers have other than turning down applicants ? They can't arrest and charge applicants for perjury/forgery can they ...not in Thailand anyway.?

    Also its a generally known and accepted fact that the police will often do just about anything to get a conviction with not only a promotion on offer but spending the rest of their career on the beat if targets are not met. As mentioned why should visa staff be any different ?

  12. This refusal is just so contrived it beggars belief.

    It seems to me, and possibly any other normal sentient civilized being, that your wife has simply been refused because ' they ' thought they could rather than for any compelling reason that might justify the bankrupt notion the shiney arsed clerk of a visa officer is protecting the fabric of British society.

    Any witless buffoon, even the dullest of dullbrained civil servants, realises that nobody under the age of 30 is living anywhere in Britain except with their parents not least because the housing market has become so bizarrely distorted. To gainsay what your parents have already vouchsafed in their correspondence supporting your wife's application by introducing a snide inference they failed to provide sufficient ' evidence ' of the available accommodation is beyond contempt not least because the whole process is based on the balance of probability and not some <deleted> surveyor's report supported by a sworn affidavit! Jesus H. Christ who in Britain gives a flying <deleted> if someone shares more than 1 room in a house anyway ?

    Simply appeal the vacuous refusal and await the hearing. There is NO WAY this putrid, meanminded, stupid, ill founded, flawed ramblings of a decision will be sustained by an adjudicator.

    The only real consequence of the idiot visa officer's decision is that your family's plan to settle in the UK has been delayed unnecessarily. Should you find yourself weakening in pursuing your fight just consider the fact that the gormless prat that has screwed your life is living the life of Riley in circumstances that he/she's own innate mediocrity could not possibly achieve otherwise, and all subsidised by the taxes you and your parents have paid over the years.

    Christ, if this is the level of decision making in Wireless Rd then God help us. The truth of the matter probably lies in the fact that the arselicking lower middle management of the Foreign Office is only too happy to pick on easy, soft targets in order to meet some spurious performance indicator set by an equally sycophantic bean counter untrammelled by any conscience.

    Nearly 2000 foreign ragbag convicts wander Blighty at will free to do as they wish and after all the hooha how many have been kicked out? Less than 200. But hey, the Home Office is getting tough, let's up the refusal quota and show just how ' robust ' Labour is on migration.

    Go stick it to the tossers.

    ................................................................................

    .............................................

    My friend...of course you and the others criticising the decision are 100 percent right ! But none of you have considered THE MOTIVE for stupid officers to make such ridiculous judgements/decisions..

    Of course...how are you to know ? How is anyone to know ? !

    Well the Summer before last , when in the UK, not being able to sleep being 3am in the night, I switched to the Parliament Channel which I don't normally watch.. What a shame I did not record the programme and place the video or transcript thereof on this forum.

    What I was watching was a Parliamentary Audit Comittee questioning and indeed interrogating the following civil servants. 1. The Director of UK Visas 2. Person in Charge of Immigration at the Home office 3. The Head of the Visa section at the Foreign and Commonwealth Office ! Yes ALL three bigwigs sitting side by side.

    Astonishing what was said and too long to report here but one example that stood out was an MP questioning them about the danger of foreign criminals obtaining visas to enter the UK. 'Nothing to worry about 'said one of the officials..'before a visa is granted we check each applicant to see if he or she has a criminal record' !!! LIE LIE LIE ! I thought to myself.

    When questioned further about this by the MP, the official 'clarified' the matter : "We have" he said "a list of all known dangerous criminals which we keep at our Embassies and High Commissions and all applicants' names are cross checked against this list !!! ...finally the truth, but only under cross examination by the alert MP

    The MP's then went on about the efficiency or otherwise of the work done by these three bigwigs. It then came out that large bonuses were paid to staff who show exceptional efficiency in their work .

    Further questioning then revealed the truth...these officials receive their bonuses by proving their diligence and worth by spotting false and dubious applications AND TURNING DOWN APPLICANTS.

    Get the point now , friends ??? THEY ARE PAID FOR TURNING DOWN APPLICANTS !!

    A final note....dont be too shocked ...the police have always been rewarded for their success in catching "criminals" and obtaining convictions with rewards and promotion. Why should Embassy staff be any different ?

  13. Bendix is so right. Nobody can explain why a country in political turmoil and under a military junta should have a currency that rises and rises on an almost daily basis. It can be argued that the baht is now amongst the strongest currencies in the world. Did you know that the rate in the UK today is only 63 ?... the pound not been so low in ten years !

    The following is for UK sterling based expats :

    You should know that the baht is invariably quoted against the US dollar not against sterling. The baht pound rate is really two rates...the pound against the dollar and the baht against the dollar multiplied together and each is governed by entirely different considerations.

    1. The cable or sterling dollar rate : more predictable free market rate influenced directly by factors such as UK interest rates , inflation rates , UK house prices and the UK economy in general. This half of the equation is predictable and if you know your stuff you can make a reasoned prediction/judgement.

    2. The other half of the equation is the baht dollar rate onshore. Thus part is totally unpredictable and largely controlled by political factors. Not once has the BOT explained how it gets the onshore rate.

    A cabal of bankers perhaps meeting at 7.30 every morning in K.Tarisa's office at the BOT to decide the rate ? [ not so fanciful as this is exactly what happened on the 2nd July 1997 if you read A Century of Asia published by Citibank . A rate was just drawn out of a hat ! ]

    Every day politicians talk about the 30 percent rule...but not about the onshore rate ..at least not publicly . Its almost as if a conspiracy existed to prevent the dual rate system being known. The proof lies in the fact that there exists no public rate sheet to my knowledge showing onshore and offshore rates side by side.

    To sum up : take your reasoned view on the cable rate and take your guess on the onshore baht dollar rate, multiply them together ...and BINGO you have your prediction !

    Steve, Not intended as a guide to quick profit taking only as a way to make a reasoned judgement on which way the baht is likely to go against the pound !

  14. Bendix is so right. Nobody can explain why a country in political turmoil and under a military junta should have a currency that rises and rises on an almost daily basis. It can be argued that the baht is now amongst the strongest currencies in the world. Did you know that the rate in the UK today is only 63 ?... the pound not been so low in ten years !

    The following is for UK sterling based expats :

    You should know that the baht is invariably quoted against the US dollar not against sterling. The baht pound rate is really two rates...the pound against the dollar and the baht against the dollar multiplied together and each is governed by entirely different considerations.

    1. The cable or sterling dollar rate : more predictable free market rate influenced directly by factors such as UK interest rates , inflation rates , UK house prices and the UK economy in general. This half of the equation is predictable and if you know your stuff you can make a reasoned prediction/judgement.

    2. The other half of the equation is the baht dollar rate onshore. Thus part is totally unpredictable and largely controlled by political factors. Not once has the BOT explained how it gets the onshore rate.

    A cabal of bankers perhaps meeting at 7.30 every morning in K.Tarisa's office at the BOT to decide the rate ? [ not so fanciful as this is exactly what happened on the 2nd July 1997 if you read A Century of Asia published by Citibank . A rate was just drawn out of a hat ! ]

    Every day politicians talk about the 30 percent rule...but not about the onshore rate ..at least not publicly . Its almost as if a conspiracy existed to prevent the dual rate system being known. The proof lies in the fact that there exists no public rate sheet to my knowledge showing onshore and offshore rates side by side.

    To sum up : take your reasoned view on the cable rate and take your guess on the onshore baht dollar rate, multiply them together ...and BINGO you have your prediction !

  15. Dear All

    In fact the settlement visa will not be charged at 500 pounds at the British Embassy. If one tried to pay in sterling whether by cheque or cash it would be refused.

    The amount for the Embassy will be Bht 37,500.as the exchange rate currently fixed by the Consul is

    75 baht to the pound.

    What will this mean in practice ? Were you to buy the baht in the UK whether by bankers draft or in cash (to buy the draft later) you will pay at least 593.60 probably ten pounds more plus charges..lets say 610 pounds at the very minimum. Then in addition you must pay the processing fees.

    37500 THAI BAHT (THB) = 593.6054 BRITISH POUND (GBP) Current Bloomberg pasted rate 12 March

    Were you however to change your pounds in Thailand you would pay 562 pounds

    GBP United Kingdom 66.70 Bangkok Bank rate 12 March (pasted from their website)

    To sum up after 1 April you will be paying nearer 600 pounds for the settlement visa, not 500 pounds .

  16. In Thailand there is a fifteen percent withholding tax on the interest.

    If you file a Thai tax return you may get the tax back depending on your income .

    No...no loopholes...but if the funds in baht a/c in Lao, Cambodia or Singapore no witholding tax.

    And what would be the INCOME tax situation on any income earned on savings?

    Penkoprod

    GREAT question ..know little about Thai tax law but often wondered the position on a 10 million baht a year taxpayer subject to the Thai 40 percent rate . Would he be expected to pay a further 25 percent ??

  17. Actually you do have problems even with Freeview, there is a TV license to pay for and I'm faily sure that you would breach other laws regarding transmission etc... It may be freeview for a single family paying the TV license on their home but I doubt that covers hundreds of viewers over the globe.

    You are one hundred prcent correct ! But at least we wont have Rupert on our back the only person likely to take action to shut down anything that would detrimentally affect his income flow and its unlikely the Beeb would be concerned or want to get involved unless as you say large numbers of people were involved.

  18. Dear Scouse,

    Herewith the follow up of the Cyprus couple’s Family Permit refusal previously mentioned some months back., The FCO has now produced documentation requested under the Data Protection Act..

    If you remember no explanation was given as to why the couple’s marriage was considered to be one of convenience with only vague remarks weeks later that ‘the only evidence of the marriage was the marriage certificate’ and that ‘no independent evidence of cohabitation was provided ‘( nor indeed was any requested at the interview or on the pending notice )

    The bundle received was a real shocker ! Only copies of documents already submitted by the couple and to and from the Embassy. !

    The couple have therefore requested a transcript of the interview that astonishingly was never sent and all faxes emails memos notes and other correspondence concerning the couple which passed between the Embassy and UK Visas , the British Embassy Bangkok and the British High Commission in Cyprus that issued the Permit and UK Solvit.

    Also everything that passed between the ECO and her ECM. None of the above mentioned was provided despite the earlier request..

    In the meanwhile the EU Commission in Brussels have taken up the case and if satisfied there was a breach of EU law will be taking action against the UK government.

    Will be posting the results.

    Topfield,

    This is a genuine question and I have no desire to get into a slanging match about this, but have you asked for all the information you require via the DP Act?

    What exemptions do the various bodies you mention have? Has the whole process been completed? Would releasing the data now have an impact on decicions if the case is still ongoing?

    In my line of work, there are several exemptions and I have had a few run in's with the information commissioners and usually they have backed down.

    Edited as I had to put the thinking cap on. not easy when life is getting blurry after a few beers and a bottle of wine!!

    Thanks for your interest in the case.

    Was just providing an update and hopefully will get some answers in the next 40 days re exemptions to the obligation on the Embassy to provide the info requested.

    In fact not a single document was received which we did not already have , which in my view makes a mockery of the whole system.

    Not yet reached the stage of complaining to the Information Commissioners as first one has to raise the issue with the FCO and only if not satisfied can the matter be taken higher. Will keep you all posted.

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