jesimps

So it's taking a downward spiral?

That's the story, Rip Van Winkle.

Check this out for chapter and verse. http://www.thaivisa.com/forum/Free-fall-t209847.html

What you been doing while the rest of us have been worried to death? Innocence is bliss!

A friend has spent a significant amount in buying his own countries currency here and sending it back "home". Is and when it gets back to something like he will change back. On another note I did see that inflation has gone down in the UK, but this had nothing to doo with the govenment but more to do with the oil prices. IMHO labour are worse than useless in a financial crisis. Always have been and always will be. They have had a good run because they were following the finacial policies of the last tory government. Now it's time for them to go.

It's a fact of life that Labour is bad for the economy. It's always been the same, as soon as they get voted in the stock market nose-dives, which says everything economically speaking. They're ok if you're a layabout and don't need to worry about high taxes, they're going to throw public money at you without wanting you to do anything in return. When you get to retirement age, you'll be given lots more pension than someone who's worked all his life and is bang up to date with his nhs contributions. This money has to come from somewere, hence the failing economy. Basic economics, if money isn't earned, it isn't there, even if you print shedloads of it. Only thing that worries me is that I don't have a lot of faith in the present Tory contingent.

As Lite Beer and Totser say, definitely no transfer fees with Nationwide - added to which they give a consistently good exchange rate.

As I've posted before, you can take your Nationwide Debit card (must be the Debit card not just a cash card) into a Thai bank and draw what you want over the counter. I have done this twice with Siam Commercial Bank here in Chiang Mai - once for 200,000 and once for 400,000 baht. If you choose a major branch, I see no reason why any of the Thai banks wouldn't treat it the same. In your case, it makes sense to choose a branch of your own Thai bank - the one where you opened the account if it's a reasonable size.

The process is like using your Debit card to make a purchase in a store. They will take your card and run it to check that you have sufficient funds in the account - then you sign the transaction (like a sales) slip they'll give you. They might ask you for an explanation of what the money's for (with me they did one time and not the other) and will almost certainly want to make a photocopy of your passport which they'll ask you to sign. That's it - you then immediately have the 200,000 baht to deposit into your Thai account. The usual ATM withdrawal per day limit doesn't apply - because you're not using an ATM. The GBP deduction from your Nationwide account will be the same as if you had made x number of ATM withdrawals.

Armed with my Nationwide debit card and my passport, I went to my local (Jomtien) Kasikorn bank today (I have an account there) and asked them to 'swipe' me 100.000 baht. They said 'No way, but try our big bank in South Pattaya near Tuk Com' Took a taxi to there and was told I could only have 20.000. I argued that lots of people (didn't actually quote this forum) draw 200.000 and more over the counter with their UK debit cards, but they wouldn't budge. They did however, point me in the direction of TNB on Pattaya Central Road who they said would let me have up to 200,000, but by that time I'd lost the will to live and went for a beer instead. The moral of this tale is that SCB, TNB and maybe some other Thai banks will give you loads of dosh by debit card, but Kasikorn won't; at least not in Pattaya.

You claim to know nothing about the FOREX trade, but nevertheless you think you have a plan to use USD to hedge pounds against the baht? And, you are going to us a USD account in Thai bank to do this?

How much are going to bet on this scheme ? How much do you expect to gain?

TH

Haven't done anything as yet, mainly because, as I've said, I know nothing about the foreign exchange trade and keep bottling it. However, I have all my savings in Nationwide in the UK and have been seeing the pound fall steadily against the baht and nothing I have read has convinced me that this isn't about to change in the near future. If you think what I plan to do is wrong ie buying dollars to hedge against the pound falling further against the dollar and the baht, please let me know and save me trouble and expense. I wasn't thinking of MAKING lots of money, just trying to ensure I get a reasonable rate of exchange. If this is totally the wrong way to go about it, I should be grateful if you would suggest a scheme that is more appropriate, bearing in mind that my pension and savings are all in pounds and have to be changed to bahts.

Grateful no high handed comments please, I already know that I'm financially stupid (lifetime building society saver) I just need some sensible advice.

Cheers

It is possinle to open a $USD account at Kasikorn Bank but I would implore you not to do it. My doing so led to my single greatest outburst of anger since moving to Thailand. Who needs that. Look anywhere else.

Are you willing to elaborate as I'm thinking of doing the deal tomorrow morning and it may make me have a rethink. I'm not well up on currency exchange, but it does seem that the pound still has a way to fall against the dollar and therefore the baht. Any info gratefully accepted.

My views are that UK (like the US) is considerably jaded from a long running incompetent government.

New elections and new government to turn things around, much as in the US.

Strange the opposition should get their knuckles wrapped for speaking out on the state of things, when the govt. and BOE can't seem to open their mouth without uttering the big R word.

You're right of course, the govt and Boe have been talking down the economy for a long time now, hence the plunging pound. They don't need any help from the Tories. Still think it has to be part of some fiendish plan though otherwise the permanent under secretaries would have gagged them before now. I think the pound will fall a lot further, as the Boe isn't going to start buying pounds in the near future.

All interesting stuff for sure but this topic is about the fall of Sterling so perhaps helpful if we can redirect away from the US car companies et al!!!.

It now looks like a UK politician has done the unthinkable and stated the obvious by suggesting that there may be a run on Sterling. A little late for sure but nevertheless significant that it should get so much press. I wonder what the coming week will bring - either the Pound is going to nosedive and plumb new depths, in which case the Baht rate is going to plummet and a load of Thai based Brits will suffer. Alternatively this could signal a reversal or floor and be viewed as the point when things leveled off. Personally I don't have high hopes for the latter, can't see a real reason why that should happen, but we have to have something positive to look forward to.

Views anyone?

I surmise that it has to be a pre-arranged plan between Brown/Darling/Merv and that Tory guy Osborne to force sterling to drop as low as possible. After all, no one in their right mind could be stupid enough to risk a run on the pound accidentally........could they?

Grateful to know if its possible to open a dollar savings account at Kasikorn Bank? The reason being that I want to hedge against the pound/baht exchange rate. I need to transfer pounds from my bank in Uk to buy the dollars, do I have to change them to baht first or can I do a straight pound/dollar conversion here?

Please excuse my niaivity, I just have a feeling that the baht is going to go much stronger against the pound, but weaker against the dollar. I could be wrong, but it's good to know that I'm making an effort!

Hey Marshbags! You are a simple t#*t! Obviously a raving lefty to boot. I'm an expat, but most of the opinions I hear from expats in Thailand are left-leaning, so blaming it on Mrs Thatcher is just political ranting. By the way, although a right winger, I was pleased to see Mr Obama win the US election. Mr Mac, despite being a legend, is just too old. Why does anyone want to be president, with all it's responsibilities, at 72 YOA? I'd rather play golf every day and get whiffled at night.

Regarding pension, I have given the Inland Revenue my daughter's address and am hoping they don't cotton on. If they do, cest la vie. I'll plead ignorance. Buggered if I know why my pension isn't index linked when I've paid nhs contributions and UK tax all my life. Some fickle so and so who's never even thought about paying tax/nhs, not only has the index linking but also gets about 50 quid a week more than me anyway!

Rant over. B^*)_r off Marshbags, you p@#s me off.