Monday 8am A Big Hug For Tarisa

[Briggsy]

Unlucky Teej. I keep the mangosteen.

For now, yes... but I will find a way to get my hands on that mangosteen! Mark my words!!!

Best of luck I reckon they're safe for now.

[chiang mai]

Offensive to point out that much of the information is misleading, and that the minute it's posted it's usually out of date? Offensive to question credentials for giving advice, when the whole raison d'etre of the threads are to give financial advice?

Offensive for giving the misleading impression that there is an official BOT dual-rate policy, when there patently isn't. But merely saying it gives readers the impression there is one, because he says it enough.

Fact. My company is in touch with BOT daily on this. We have several high-level contacts with BOT officials, including the Governer herself.

There is no dual-rate policy. The BOT is as baffled as anyone as to what is going on.

But, you see, when some of us don't know what is happening, we don't pretend we do . . .

If that's offensive, so be it.

Not necessarily, what I found offensive is that you made a protracted and very public rebuttal of Topfield's efforts here when his sole objectives seem to be to provide current information and add his interpretation - but I think you probably understood that. I think you probably also understand that Topfield may not be a certified IFA but there again there is no legal requirement for him to be so in Thailand.

[goldfish]

Is there any limit on how much thai baht one can take out of the country in cash, and where would be a good place to change it?

[sfokevin]

I seem to recall that Mrs Thaksin was allowed to take some 80+ unchecked suitcases out of the country a little while back

[danone]

If that's offensive, so be it.

appreciate your offensiveness.

couldnt have addressed that topper better.

I guess he has to do a transfer into LOSB (land of strong baht) and had missed the better rates.

Edited January 29, 2007 by danone

[Briggsy]

Is there any limit on how much thai baht one can take out of the country in cash, and where would be a good place to change it?

Excepting neighbouring countries, if you try to exchange baht cash to any other currency in any bank in any country, you will find the exchange rates are very poor. If you accept that, why would you want to take baht out of the country? Just asking. Is your surname Shinawatra?

[bendix]

Is there any limit on how much thai baht one can take out of the country in cash, and where would be a good place to change it?

Yes to your first question. From memory it's 50,000 baht.

To your second - anywhere. That's the whole point; the baht is strong so you will get more of whatever foreign currency you are buying than a few months ago.

[PeaceBlondie]

fieldtop, me old china, thanks for the hugs and kisses and all that smoochy stuff with your buddy Tarisa, but I'm one of those expats who is being pelted with mangosteen pits lately. My monthly income is entirely in dollars, which must be converted to baht. I've gone from getting 41 baht to me dollar, to 35.75, with fears of 32 keeping me awake.

So please, fieldtop, don't get things too turned around, okay? And say hello to Tarisa for me, the next time you're having tea and crumpets with her during the rugby matches, eh wot?

[bendix]

Not necessarily, what I found offensive is that you made a protracted and very public rebuttal of Topfield's efforts here when his sole objectives seem to be to provide current information and add his interpretation - but I think you probably understood that. I think you probably also understand that Topfield may not be a certified IFA but there again there is no legal requirement for him to be so in Thailand.

This is a web forum. Any rebuttal will necessarily be public

But chiang mai, chiang mai . . . relax. This is all it is . . a webforum. I'm not attacking a person, just a cyber entity who chooses to use the word topfield to post his posts in cyberspace. I'm sure he cares as much about my scepticism as I care about his .. ummmm. . . expertise.

Thank you for understanding what I understand. I wish I understood as well as you.

[rogerinthai]

My monthly income is entirely in dollars, which must be converted to baht. I've gone from getting 41 baht to me dollar, to 35.75, with fears of 32 keeping me awake.

One is a victim of currency rates only if choosing not to protect oneself by hedging.

[Barney_the_Dinosaur]

I approve of Bendix's attempts to prove that people here have a tendency to talk empty, unqualified guff about foreign exchange - as if they are derivatives swaps traders; but its immaterial as there's no way I wouldn't take a forex position based on their advice anyway.

[twix38]

I'm a bit (rather) confused.

I am in Thailand.

Say I want to convert from GBP (Pounds) to Thai Baht. I am told here that the offshore rate is around 65 and I use the Nationwide Building society in the UK. So, via an ATM in Thailand I can withdraw and get a rate at nearly 70. I get the onshore rate from an offshore building society/Bank?? I have no problem with withdrawing Thai Baht at an ATM and converting using my UK account online and receive today's Nationwide rate of 69.9741

If there is no devaluation then I am keen to bring in more GBP into baht at this rate, as above. This seems to be opposite to what is being said generally that the offshore rate is around 65?

If there were to be a devaluation how would that effect both those expats with funds already in Thailand and also those expats with funds in their home coutries currency, like GBP for me??

My guess is that those already here with funds in Baht will find that their assets are worth less, but in relation to everything else on a par and those with funds in GBP for instance will see a much better exchange rate. What other factors am I missing, please?

I can exchange at virtually 70/GBP and don't see a major problem, so I am clearing missing a vital piece of the jigsaw or am I?

Edited January 29, 2007 by twix38

[chiang mai]

If that's offensive, so be it.

appreciate your offensiveness.

couldnt have addressed that topper better.

I guess he has to do a transfer into LOSB (land of strong baht) and had missed the better rates.

I almost wish that were the case but the truth is I am sat here holding a cashiers cheque from the sale of my condo in the amount of 6.5 mill baht which when I deposit it I will be required to move it out of Thailand. I'm actually trying to figure out how I can take advantage of the better offshore rate and don't quite see how, yet.

[Barney_the_Dinosaur]

Actually I did see a good piece of forex advice on here recently.

It stated that instead of trying to do an exotic/exotic cross you should change one currency into US$ first, then do a back to back $ with the other currency.

[topfield]

Not necessarily, what I found offensive is that you made a protracted and very public rebuttal of Topfield's efforts here when his sole objectives seem to be to provide current information and add his interpretation - but I think you probably understood that. I think you probably also understand that Topfield may not be a certified IFA but there again there is no legal requirement for him to be so in Thailand.

This is a web forum. Any rebuttal will necessarily be public

But chiang mai, chiang mai . . . relax. This is all it is . . a webforum. I'm not attacking a person, just a cyber entity who chooses to use the word topfield to post his posts in cyberspace. I'm sure he cares as much about my scepticism as I care about his .. ummmm. . . expertise.

Thank you for understanding what I understand. I wish I understood as well as you.

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

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

Dear Bendix,

You wrote this morning that it is 'offensive' to say there is a dual rate for the baht

"There is no dual rate policy. The BOT is as baffled as everyone else what is going on"

Sorry but is this a quote from Alice in Wonderland ?

At this very moment the rate for the pound on Yahoo Finance is : copied and pasted :

Symbol British Pound Exchange

Rate Thai Baht Bid Ask

GBPTHB=X 1 Jan 29 65.408 65.408 65.408 65.464 Yahoo Finance

At this very moment the rate at Bangkok Bank is

GBP United Kingdom 69.20 71.04 69.92750 70.10250 70.78500

If there is not a dual rate system operating , then I will eat my hat and if its offensive to politely point out the truth then we are clearly all living in a dream world or is the The Emperors clothes which do not exist ?

[twix38]

So how am I receiving a rate of 69.9741 TODAY, inside Thailand, when withdrawing funds out from a UK bank via an ATM in Thailand? This is an online UK account with an ATM associated card for withdrawing currency worldwide from my UK, GBP account.

Surely the UK Bank should be giving me the offshore rate of 65/66 and not 69/70 as they are?

Does anyone really know what is going on as it seems not.

Not necessarily, what I found offensive is that you made a protracted and very public rebuttal of Topfield's efforts here when his sole objectives seem to be to provide current information and add his interpretation - but I think you probably understood that. I think you probably also understand that Topfield may not be a certified IFA but there again there is no legal requirement for him to be so in Thailand.

This is a web forum. Any rebuttal will necessarily be public

But chiang mai, chiang mai . . . relax. This is all it is . . a webforum. I'm not attacking a person, just a cyber entity who chooses to use the word topfield to post his posts in cyberspace. I'm sure he cares as much about my scepticism as I care about his .. ummmm. . . expertise.

Thank you for understanding what I understand. I wish I understood as well as you.

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

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

Dear Bendix,

You wrote this morning that it is 'offensive' to say there is a dual rate for the baht

"There is no dual rate policy. The BOT is as baffled as everyone else what is going on"

Sorry but is this a quote from Alice in Wonderland ?

At this very moment the rate for the pound on Yahoo Finance is : copied and pasted :

Symbol British Pound Exchange

Rate Thai Baht Bid Ask

GBPTHB=X 1 Jan 29 65.408 65.408 65.408 65.464 Yahoo Finance

At this very moment the rate at Bangkok Bank is

GBP United Kingdom 69.20 71.04 69.92750 70.10250 70.78500

If there is not a dual rate system operating , then I will eat my hat and if its offensive to politely point out the truth then we are clearly all living in a dream world or is the The Emperors clothes which do not exist ?

Edited January 29, 2007 by twix38

[chiang mai]

Unfortunately this is the case, there does seem to be two very distinct rates for GBP. HSBC just quoted me 70.60 to transfer Baht to GBP and the BB website confirms this rate. Yet Oanda and the likes are showing circa 66 and I can't figure out to take advantage of the better rate with my condo sale proceeds. Any constructive ideas out there?

[billaaa777]

And then you make gross, ill-informed assumptions, such as talking about the BOT's dual-rate policy. Is there an official policy? What basis do you have for knowing there is an intentional policy there?

Whether there is an official policy or not, the facts do not change. There is a huge gap in the international exchange rate and the domestic exchange rate. Next, I find it impossible to come to any other conclusion that this gap is a direct result of the BOT’s interference in the free markets, their total lack of understand the consequences of their action and their attempt to prop of one segment of the economy (the exporters) at the expense of the others.

After all, the management of the BOT is the same group that caused the largest single day drop in the history of the Thai stock market, and then reversed their decision the next day. I will never forget their quote, “We did not realize international investors would react that way.” Well, after you tell an investor they can only invest 70% of the money they deposit in their account and the rest needs to be in an interest free account. Just exactly how did you think they would react?

[bendix]

Not necessarily, what I found offensive is that you made a protracted and very public rebuttal of Topfield's efforts here when his sole objectives seem to be to provide current information and add his interpretation - but I think you probably understood that. I think you probably also understand that Topfield may not be a certified IFA but there again there is no legal requirement for him to be so in Thailand.

This is a web forum. Any rebuttal will necessarily be public

But chiang mai, chiang mai . . . relax. This is all it is . . a webforum. I'm not attacking a person, just a cyber entity who chooses to use the word topfield to post his posts in cyberspace. I'm sure he cares as much about my scepticism as I care about his .. ummmm. . . expertise.

Thank you for understanding what I understand. I wish I understood as well as you.

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

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

Dear Bendix,

You wrote this morning that it is 'offensive' to say there is a dual rate for the baht

"There is no dual rate policy. The BOT is as baffled as everyone else what is going on"

Sorry but is this a quote from Alice in Wonderland ?

At this very moment the rate for the pound on Yahoo Finance is : copied and pasted :

Symbol British Pound Exchange

Rate Thai Baht Bid Ask

GBPTHB=X 1 Jan 29 65.408 65.408 65.408 65.464 Yahoo Finance

At this very moment the rate at Bangkok Bank is

GBP United Kingdom 69.20 71.04 69.92750 70.10250 70.78500

If there is not a dual rate system operating , then I will eat my hat and if its offensive to politely point out the truth then we are clearly all living in a dream world or is the The Emperors clothes which do not exist ?

I did not say it was offensive. I said it was misleading and inaccurate to talk about a 'BOT dual rate policy' (your words). When someone called my comments offensive, I rebutted it.

Topfield, do you understand what the word 'policy' means? It at least implies a pre-thought out, deliberate course of action designed to achieve a certain end.

There is no BOT dual rate policy. There may be a dual rate environment at the moment, but it is not a BOT policy, at least according to the BOT people we are talking to on behalf of clients daily.

You repeatedly saying there is in a feeble attempt to appear credible does not make it so.

If you pay as much attention to the forex markets as you do to these posts refuting your wild assertions, we are all in trouble if we decide to take your word as having any merit at all.

Edited January 29, 2007 by bendix

[topfield]

Offensive to point out that much of the information is misleading, and that the minute it's posted it's usually out of date? Offensive to question credentials for giving advice, when the whole raison d'etre of the threads are to give financial advice?

Offensive for giving the misleading impression that there is an official BOT dual-rate policy, when there patently isn't. But merely saying it gives readers the impression there is one, because he says it enough.

Fact. My company is in touch with BOT daily on this. We have several high-level contacts with BOT officials, including the Governer herself.

There is no dual-rate policy. The BOT is as baffled as anyone as to what is going on.

But, you see, when some of us don't know what is happening, we don't pretend we do . . .

If that's offensive, so be it.

Dear Bendix,

Two points if I may.

Your point about the info posted being out of date first.

You are absolutely right . There is unfortunately no method on this forum by which out of date postings can be deleted ! I tried a few days ago by posting a note to say please ignore earlier posting as it has been overtaken by events. The system on this forum seems to automatically lose any posting past the tenth one so very quickly my posting disappeared. I suppose the only solution is for readers to check the date and time of postings and not to take seriously any such posting more than a few days old.

Secondly is it not splitting hairs to admit there is a de facto dual system but not a BOT dual rate system when the whole reason this system has come about is because of action the BOT has taken ?

Please dont misunderstand ...this dual system is a boon and a blessing for most expats who have currency outside Thailand which they wish to bring in. Also it is generally accepted that exporters would be badly and severely hit were it not for the BOT keeping down the baht's value in Thailand.

[roamer]

There is no dual-rate policy. The BOT is as baffled as anyone as to what is going on.

But, you see, when some of us don't know what is happening, we don't pretend we do . . .

If it has 4 legs wags its tail and barks I think "dog" , surprising how often I find myself to be right.

[Ricardo]

Just a minor point, but the BOT are defending not only their exporters, but also the Thai tourism industry. And their job is surely to try to defend Thai jobs & economy rather than foreign investors or (speaking softly) speculators & hedge-funds ?

Personally I find it bizarre that the Rest of the World views the Baht as being far stronger, than banks & currency-traders inside the country, and have not previously encountered this.

I have seen, several times, situations where the locals view the real rate as being weaker, than the official or overseas view - usually associated with fixed 'official' central-bank rates. And in that situation - an unofficial market rapidly develops, down the souk, or through the muslim or chinese banking-systems. But this is nothing like that situation.

So what will happen here ?

Personally my money is on the domestic-rate rising towards the overseas rate, sooner or later, what do other people think ? This implies a still-stronger baht, and means those of us who have short/medium-term costs here in Thailand, because we live here, should move money over here now, at the better rate available now.

Strange times indeed.

[simon43]

Personally, I think Topfield has the hots for Tarisa . . .