That's another tenner they've cost me!

[sniggie]

OK. So it's the end of the month. Sufficient funds in my UK bank to make June's 65k baht transfer so I went onto Transferwise this morning (31st) to start the process. Got to the final screen before confirming the transaction and there was a statement that it would be in my Bankok bank account TODAY! I had to cancel it in case they were telling the truth. Now this evening I go to the site to do the transfer once the Thai banks are closed and there was no possibility of the transfer arriving in my account before June and the bloody pound has fallen again. 65K baht now costs just over a tenner more than it did this morning. If only we could be certain that Immigration would accept that a foreign transfer arriving on the last day of the previous month would be treated as being for the next month but we can't, can we?        

[ubonjoe]

I think immigration would understand and be flexible about a transfer arriving on the last day of the month if it happened to fall on a Friday.

There are people that get direct deposits of their pension payments that come early due to the 1st of the month falling on a weekend and the provider sends it on the 29th or 30th so they have it before the 1st.

[Blue Muton]

Maybe you should start a "GoFundMe" to make up the shortfall.

[Orton Rd]

800k is a lot less hassle than this monthly transfer. It cost me 13k pounds when I stuck it  in there, it's now worth about 20k were I to send it back, which I'm getting tempted to do.

[baansgr]

Isn't it possible to set the date you want to transfer...better still if you have the funds available, do the transfer mid month.

[sniggie]

15 minutes ago, Orton Rd said:

800k is a lot less hassle than this monthly transfer. It cost me 13k pounds when I stuck it  in there, it's now worth about 20k were I to send it back, which I'm getting tempted to do.

Thanks for your suggestion. For reasons I have stated in earlier posts I don't wish to liquidise part of my holdings in the UK which are earning nice dividends to deposit 800k in a Thai bank for minimal interest. On principle I want to make the income system work, partly in continuing anger at the behaviour of the British Embassy in cancelling letters that other embassies are still happy to provide.   

[sniggie]

17 minutes ago, baansgr said:

Isn't it possible to set the date you want to transfer...better still if you have the funds available, do the transfer mid month.

There are problems with this once one is up and running on the income method. It has been suggested that Immigration will want to see the transfer at around the same time each month to prove that they are indeed pensions. So I am transferring exactly 65K at the beginning of each month to make it easy for an IO and topping up as necessary later in the month.  As I posted once before, if I tried to live on only 65K a month I'd soon be single! There is also the thought that, if I fall foul of the dreaded 'internal transfer' scenario one month, there should be time to do a Swift transfer to cover it.    

[doctormann]

My transfers via SWIFT are set up to leave my UK bank on the 27th of every month, or nearest available date.  Only once has the money failed to appear in my Thai account by the last day of the month and that was at the end of December 2018.  Money left as scheduled but the Thai bank took eight days to clear the transfer because of the New Year closures.  My account was credited on 03 Jan so, I ended up with two transfers in January but none in December.

 

I suppose that the answer if to reschedule the transfer date to a few days earlier.  I wonder what Immigration would make of it though?  Luckily, it's not an issue this year - extend in June - as I have one of the last ever Income Letters from the BE, dated 31/12/18 so should be good until the end of June.  I did ask Jomptien about the validity of the letter and was told 'no problem'.  We shall see.

[sniggie]

42 minutes ago, ubonjoe said:

I think immigration would understand and be flexible about a transfer arriving on the last day of the month if it happened to fall on a Friday.

There are people that get direct deposits of their pension payments that come early due to the 1st of the month falling on a weekend and the provider sends it on the 29th or 30th so they have it before the 1st.

Of course they will be flexible - until the day they won't!

[sniggie]

4 minutes ago, doctormann said:

My transfers via SWIFT are set up to leave my UK bank on the 27th of every month, or nearest available date.  Only once has the money failed to appear in my Thai account by the last day of the month and that was at the end of December 2018.  Money left as scheduled but the Thai bank took eight days to clear the transfer because of the New Year closures.  My account was credited on 03 Jan so, I ended up with two transfers in January but none in December.

 

I suppose that the answer if to reschedule the transfer date to a few days earlier.  I wonder what Immigration would make of it though?  Luckily, it's not an issue this year - extend in June - as I have one of the last ever Income Letters from the BE, dated 31/12/18 so should be good until the end of June.  I did ask Jomptien about the validity of the letter and was told 'no problem'.  We shall see.

Thanks. Yes, I was able to use my embassy letter in April no problem. On principle I want to operate as closely to the system I was comfortable with before April. On principle I want to use Transferwise, not Swift. As the next year unfolds it will become more clear how Jomtien Immigration are applying the new regulations. It will start to become serious after the end of June when all embassy letters will have expired.   

[Saltire]

I did a Transferwise transfer today around 8 AM before the pound dropped further and the Thai Baht was in my account at 2 PM today, same day. Suits me as I use the 800k method but I can see your problem!

 

Anyone think the pound will ever recover or are we doomed?

 

 

[sniggie]

11 minutes ago, Saltire said:

I did a Transferwise transfer today around 8 AM before the pound dropped further and the Thai Baht was in my account at 2 PM today, same day. Suits me as I use the 800k method but I can see your problem!

 

Anyone think the pound will ever recover or are we doomed?

 

 

The pound will shoot up the very day the Government revokes Article 50. If they don't, yes, we are doomed. 

[lamyai3]

52 minutes ago, Saltire said:

Anyone think the pound will ever recover or are we doomed?

It's plummeted to the lowest point against the baht in 22 years this afternoon. 

[overherebc]

2 hours ago, sniggie said:

Thanks for your suggestion. For reasons I have stated in earlier posts I don't wish to liquidise part of my holdings in the UK which are earning nice dividends to deposit 800k in a Thai bank for minimal interest. On principle I want to make the income system work, partly in continuing anger at the behaviour of the British Embassy in cancelling letters that other embassies are still happy to provide.   

Go O-A and forget all the hassles.

[sumrit]

5 hours ago, sniggie said:

OK. So it's the end of the month. Sufficient funds in my UK bank to make June's 65k baht transfer so I went onto Transferwise this morning (31st) to start the process. Got to the final screen before confirming the transaction and there was a statement that it would be in my Bankok bank account TODAY! I had to cancel it in case they were telling the truth. Now this evening I go to the site to do the transfer once the Thai banks are closed and there was no possibility of the transfer arriving in my account before June and the bloody pound has fallen again. 65K baht now costs just over a tenner more than it did this morning. If only we could be certain that Immigration would accept that a foreign transfer arriving on the last day of the previous month would be treated as being for the next month but we can't, can we? 

Transferwise guarentees the rate for twenty four hours when you set up the transfer, so you don't have to transfer the money immediately. Just set up the transfer on line, to the point of sending the money, then transfer the actual money later in the day, as long as it's transfered into their account the same day you'll get that rateyou were originally offered.

 

I've found that, if I complete a transfer before 8 - 9am Thai time (8am during the UK winter time, 9am during the UK summer time), the money is in my Bangkok bank by about 2-2.30pm (Thai time) the same day. If I complete the transfer after that time the money will arrive the following day.

[DaRoadrunner]

4 hours ago, Saltire said:

Anyone think the pound will ever recover or are we doomed? 

It will recover after Brexit (and, of course, after you and I have transferred our money here!). However, only Buddha knows when the useless British Govt will finally get its act together.

[Delight]

4 hours ago, Saltire said:

I did a Transferwise transfer today around 8 AM before the pound dropped further and the Thai Baht was in my account at 2 PM today, same day. Suits me as I use the 800k method but I can see your problem!

 

Anyone think the pound will ever recover or are we doomed?

 

 

 In the short term -say 18 months after a no deal brexit -it will be tough . Probably 35 Baht.

Then it all depends on the skill of UK negotiators.

The aim will be to get a free trade deal with EU.. Goods only.

Gemany will be our biggest ally in this.

WTO  rules will always be bad news for Germany.

Hopefully with the help from the Germans a suitable free trade deal will emerge.

Then the UK can do deals with the rest of the world

Probably buy medication from Thailand. Generic -half price

So for no-deal read multi deal.

Sterling will improve in the medium/long term

[BertM]

6 hours ago, sniggie said:

There are problems with this once one is up and running on the income method. It has been suggested that Immigration will want to see the transfer at around the same time each month to prove that they are indeed pensions. So I am transferring exactly 65K at the beginning of each month to make it easy for an IO and topping up as necessary later in the month.  As I posted once before, if I tried to live on only 65K a month I'd soon be single! There is also the thought that, if I fall foul of the dreaded 'internal transfer' scenario one month, there should be time to do a Swift transfer to cover it.    

Why don't you just transfer on the 5th of each month instead of trying to time it exactly for the 1st of each month. You seem to be causing yourself added anxiety each month for no good reason. Nothing in the rules state that it needs to be on the 1st of each month. And, since it's not really a pension being directly transferred over, then trying to do it on the first to make it seem like a pension is really a wasted effort. All they have to do is ask for your pension statement and you're found out. I'm on the 800k method now, but if I ever decide to switch to the monthly xfers, I would do them in the middle of the month. Up to you...

Edited May 31, 2019 by BertM

[UKresonant]

1 hour ago, Delight said:

In the short term -say 18 months after a no deal brexit -it will be tough . Probably 35 Baht.

That's no fun at 35, I remember that's what I got the first time when I came to Thailand Dec 1993.....(strange thing that I remember was that disposable nappies for the Daughter were extortionate at that time ????. that requirement came to a conclusion quicker than the Brexit debate at least, both had similar content however)

1 hour ago, Delight said:

Sterling will improve in the medium/long term

I think they just need to put the new system in place, what ever it is, and it will improve a bit, this limbo is killing the pound and business confidence in some sectors. 

Edited May 31, 2019 by UKresonant

[arithai12]

7 hours ago, Orton Rd said:

800k is a lot less hassle than this monthly transfer. It cost me 13k pounds when I stuck it  in there, it's now worth about 20k were I to send it back, which I'm getting tempted to do.

The defining point is whether one actually needs 65k/month or not. I need considerably less, so in my case the 800k is a no brainer - and as you say, peace of mind too especially on that special day of the year.

[Suradit69]

11 hours ago, overherebc said:

Go O-A and forget all the hassles.

Assuming you already have acceptable medical insurance.

[overherebc]

6 minutes ago, Suradit69 said:

Assuming you already have acceptable medical insurance.

Age would be the factor in that one.

Probably do-able in your 50's but over 70 will be a problem

 

Edited June 1, 2019 by overherebc

[sniggie]

8 hours ago, Delight said:

 In the short term -say 18 months after a no deal brexit -it will be tough . Probably 35 Baht.

Then it all depends on the skill of UK negotiators.

The aim will be to get a free trade deal with EU.. Goods only.

Gemany will be our biggest ally in this.

WTO  rules will always be bad news for Germany.

Hopefully with the help from the Germans a suitable free trade deal will emerge.

Then the UK can do deals with the rest of the world

Probably buy medication from Thailand. Generic -half price

So for no-deal read multi deal.

Sterling will improve in the medium/long term

A price worth paying? I think not. At 73 I think I'll be gone before the pound even reaches 50 baht again.

[cracker1]

Why don't you arrange for your monthly transfers to come on the 10th of each month ?

[NoshowJones]

13 hours ago, DaRoadrunner said:

It will recover after Brexit (and, of course, after you and I have transferred our money here!). However, only Buddha knows when the useless British Govt will finally get its act together.

Is this really all because of Brexit? Does the strength of the Thai Baht not come into it?

[wgdanson]

1 minute ago, possum1931 said:

Is this really all because of Brexit? Does the strength of the Thai Baht not come into it?

Just look at a chart of the exchange rate GBP to THB and note that on Referendum Day in June 2016 it dropped overnight from 52 to about 45.

[NoshowJones]

2 minutes ago, wgdanson said:

Just look at a chart of the exchange rate GBP to THB and note that on Referendum Day in June 2016 it dropped overnight from 52 to about 45.

Was the GBP up at 52 to the Thai Baht only about three years ago? That's really surprised me.

[VBF]

7 minutes ago, possum1931 said:

Is this really all because of Brexit? Does the strength of the Thai Baht not come into it?

Markets hate uncertainty - it's arguable whether the political situation is more uncertain in Thailand or UK!

My guess?  The £ will either go up, go down or stay the same. There you are - simples! ????

[yodsak]

 

 

 

 

 

 

 

June 25th 2016.. Was 48.4.   went to 46.5 on the 27th   and 47. 2 on the 28th

Edited June 1, 2019 by yodsak

[stephenterry]

11 minutes ago, possum1931 said:

Was the GBP up at 52 to the Thai Baht only about three years ago? That's really surprised me.

Yes, that's correct. While the Brexit uncertainty continues sterling is more likely to fall a bit, and because the baht is strong against the dollar, which also affects sterling.

 

As for a no-deal, it won't happen as the Chancellor has made quite clear to the PM contenders that the top tories would ensure parliament is dissolved by making a humble address to the Queen.