When Should I Change Uk £ Into Thai Baht?

[Lesh]

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?

[topfield]

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?

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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

[sonicdragon]

No one knows, and you can get as many different opinions from experts and amateurs alike as you want - there will not be a consensus about the future direction.

I have always lived by the rule of: transfer enough money now for what I resonably expect to need in the forseeable future. Sometimes this has worked against me, and other times it has worked out very well. If you foresee yourself being here for 3 years FOR SURE then I would seriously consider transferring it all now. If the baht goes to 25 you will be very happy. If it goes back to 40 you will be kicking yourself, but you will always be able to say that there was no way to know in advance.

[Casanundra]

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?

I keep offering this but no-one wants to take me up on the offer. I wonder why sometimes

I have a fair chunk of baht here sitting in an account earning interest which I intend to finally take out in April / May. If anyone is sitting here in Thailand with GBP and wants to change it to baht then we are in a prime position here to help each other and to avoid silly fees and silly exchange rates.

I exchanged when it was around 71.8 which is great for me now but terrible for when I want to take it back to England. So is there anyone out there looking to do a sensible swap or not?

[samran]

I exchanged when it was around 71.8 which is great for me now but terrible for when I want to take it back to England. So is there anyone out there looking to do a sensible swap or not?

Casanundra,

Unless I miss read, you'd do well to change your baht back to pounds by yourself at this stronger baht rate @67 to the pound.

Every 100 pounds you originally transferred over into baht will now buy back 107 pounds. Unless you are going to be massively killed on transaction costs, fees and charges, then I'd be looking at making a 7% return on my money.

Not a bad outcome!

[topfield]

I exchanged when it was around 71.8 which is great for me now but terrible for when I want to take it back to England. So is there anyone out there looking to do a sensible swap or not?

Casanundra,

Unless I miss read, you'd do well to change your baht back to pounds by yourself at this stronger baht rate @67 to the pound.

Every 100 pounds you originally transferred over into baht will now buy back 107 pounds. Unless you are going to be massively killed on transaction costs, fees and charges, then I'd be looking at making a 7% return on my money.

Not a bad outcome!

Of couse you are right ..............but surely Casanunra knows this ??? Perhaps he is worried how to take out such a large quantity of baht cash without being caught at Customs ??

[sonicdragon]

I keep offering this but no-one wants to take me up on the offer. I wonder why sometimes

I have a fair chunk of baht here sitting in an account earning interest which I intend to finally take out in April / May. If anyone is sitting here in Thailand with GBP and wants to change it to baht then we are in a prime position here to help each other and to avoid silly fees and silly exchange rates.

I exchanged when it was around 71.8 which is great for me now but terrible for when I want to take it back to England. So is there anyone out there looking to do a sensible swap or not?

Well, it might be because there are probably not that many people here who have actual pounds in cash. Their pounds are probably in the bank, which is not the same thing at all. Even if you have a UK pound bank account in thailand, I don't know any bank here that will let you withdraw those pounds in cash.

Maybe you can find someone who will do a bank-to-bank transfer and send the pounds to your UK account in return for the baht in cash that you will give them here. For that to work there would need to be a certain amount of trust between you.

[samran]

I exchanged when it was around 71.8 which is great for me now but terrible for when I want to take it back to England. So is there anyone out there looking to do a sensible swap or not?

Casanundra,

Unless I miss read, you'd do well to change your baht back to pounds by yourself at this stronger baht rate @67 to the pound.

Every 100 pounds you originally transferred over into baht will now buy back 107 pounds. Unless you are going to be massively killed on transaction costs, fees and charges, then I'd be looking at making a 7% return on my money.

Not a bad outcome!

Of couse you are right ..............but surely Casanunra knows this ??? Perhaps he is worried how to take out such a large quantity of baht cash without being caught at Customs ??

simple wire transfers back home for legitimate purposes are always allowed.

[bendix]

simple wire transfers back home for legitimate purposes are always allowed.

Yes, but why do something so simple and easy when it's so much more fun to over-engineer it and then complain when it all turns to custard?

[samran]

some people like custard I guess.

[andy1308]

It doesn't take a lot to confuse me where exchange rates are concerned. I am in the opposite situation, but on a much smaller scale. I work in Bangkok and earn Thai baht. Would I be better to exchange my baht for UK pounds here or when I arrive? I'm only going for a week so it's not mega money.

[bendix]

Exchange here.

Firstly you'll benefit from better onshore rate (enter, stage right, topfield with banners and flags).

Secondly, you'll get crap rate in UK cos, let's face it, what would they want your baht for over there?

[sonicdragon]

Is it just me, or are the same questions being asked and answered again and again and again ? Sometimes several times on the same day.....

[andy1308]

Thanks for that advice Bendix, it's much appreciated. Before I came out here I didn't seem to have much success buying Thai baht, so the thought of trying to sell them at 7am on Good Friday at Gatwick isn't especially appealing.