Looks like Russian rubles are no longer being accepted at TT exchange booths in Pattaya. Best to dump all rubles elsewhere before others follow.

 

 

So what does that mean? That Russians in Thailand can't exchange their money to baht in Thailand?

Just now, EricTh said:

So what does that mean? That Russians in Thailand can't exchange their money to baht in Thailand?

It means you'll have to find other money changers to change rubles into baht. TT has many exchange booths but there are only a few competitors in Pattaya.

 

Maybe try a bank exchange booth. Some exchange houses in Bangkok are still accepting rubles, but maybe not for long.

 

I don't blame them. With how hard the currency and economy will crash for the longterm with the harsh sanctions, they lose money by accepting any. If Russia is removed from SWIFT eventually, it will be even worse.

Looks like the TT guys are quite smart, acting quickly. Here's an article explaining where Russian economy is headed.

 

https://www.msn.com/en-gb/money/other/analysis-russias-economic-defences-likely-to-crumble-over-time-under-sanctions-onslaught/ar-AAUh8zX

 

It's still on the TT Facebook page although a Ruble only buys 0.250 baht 

Good

47 minutes ago, Ohyesuare said:

I don't blame them. With how hard the currency and economy will crash for the longterm with the harsh sanctions, they lose money by accepting any. If Russia is removed from SWIFT eventually, it will be even worse.

According to news they will be removed from SWIFT.

And today TAT admit that the problems about russia WILL impact the tourism.

They even like to get rid of them selling  at 0.45 ????

T.T. Currency Exchange (ttexchange.com)

Wars cost money, the USA found that out as far back as Vietnam.

For Russia, the difference is the ruble has no status as a stable or trusted currency. Whereas America can go on printing dollars, safe in the knowledge it is the world's reserve currency.

Putin was a KGB operative, then a taxi driver, now a dictator. I doubt he knows anything about money except how to steal it.

10 minutes ago, stigar said:

And today TAT admit that the problems about russia WILL impact the tourism.

Must be those Russian oligarch's  not being able to get enough dollars or having no access anymore to their western bank accounts for buying dollars or others for their  rubbles... to buy those 10 millions baht condos visas ????

Might be a good idea to buy a lot if you can wait for the long term payout. ????

57 minutes ago, stigar said:

According to news they will be removed from SWIFT.

Not so easy to do as it kickback's  , as many E.U. banks have money on Russian banks because of trade , also they gave loans etc. so also they would not see their money back .... Germany in first line to suffer on that ....

For USA different matter as lesser trade with Russia  ????????

 

if read the whole article you would see the dilemma ????

 

 

https://www.standaard.be/cnt/dmf20220223_98106464

SANCTIONS
Why Europe is not yet deploying a 'financial nuclear bomb'
If it depends on the United States, Russia will be excluded from the international payment system Swift. It has its headquarters in Belgium. But experts warn that Europe will mainly be shooting itself in the foot.

Nico Tanghe

Thursday 24 February 2022 at 3.25 am

 

Many European banks have billions of euros outstanding in Russia. Most of that they won't see again if Russia gets kicked out of Swift
That this strategy works is shown by the example of Iran, which was banned from the Swift system twice (in 2012 and in 2018) because of its nuclear program, under pressure from the US. With the push of a button, a large part of the international payment traffic to the banks of the country concerned is paralyzed. And that had serious consequences. Because no one was sure he would get his money, Iran lost half of its revenue from oil exports and 30 percent of its foreign trade, according to a recent report by think tank Breugel. So why not use the same financial weapon against Putin?

 

Financial instability

 

But with this Europe risks shooting itself in the foot economically and financially, Germany leading the way. Not only will the import of oil, gas and other Russian products to Europe be largely stopped due to lack of payments. Numerous European banks also jointly have many tens of billions of euros in loans outstanding in Russia. They won't see most of that borrowed money again if Russia is kicked out of the Swift system. This could lead to global financial instability, warned Klaas Knot, chairman of the financial watchdog FSB (Financial Stability Board), recently in The Financial Times.

 

Banks that are very active in Russia, such as the French Société Générale, the Italian Unicredit or the Austrian Raiffeisen, risk having to write off many billions in loans on their books, just as many European banks in the full euro crisis had to do with their loans that became worthless. to Greece. If one of those banks gets into trouble, it could set off a dangerous chain reaction. The Swift sanction then threatens to return like a boomerang in the face of Europe.

 

Yet another danger

 

No wonder Heinrich Steinhauer, a banker at Germany's Helaba in Moscow, has previously described Russia's exclusion from Swift as "a kind of atomic bomb." A financial atomic bomb indeed, which, according to the banker, would hit both the European Union and Russia hard. America would be much less hit, because economic ties between Washington and Moscow are limited.

 

But there is another danger. Excluding Moscow from the Swift system could in the slightly longer term lead to the building of a parallel financial transaction system, warned Jan Pieter Krahnen, a financial expert at Goethe University in Frankfurt and advisor to the German Ministry of Finance via the Reuters news agency. Russia has even started doing this regionally since the Ukraine crisis began in 2014. A further expansion and even a link with Chinese payment systems are not excluded in the long term. And that, according to Krahnen, would not only undermine the trustworthiness of Swift itself, it could even facilitate later military conflicts. And that only because a number of opportunity costs of war would then gradually disappear for some countries.

 

Delay, no adjustment

 

In short, for now the European enthusiasm to expel Russia from Swift is not very great. That makes it especially difficult for the Americans. Swift is a cooperative company, located near Brussels and therefore under Belgian and European jurisdiction. Washington does have a lot of influence in practice, but legally Joe Biden cannot make the decision to exclude Russia himself. Washington will first have to maneuver carefully politically and diplomatically to find sufficient support for this. For the time being, the exclusion of Russia is therefore not yet on the table, not even for the White House, Reuters reported recently.

 

But delay does not necessarily mean adjustment. Whether the US will eventually find enough allies within Swift ultimately depends mainly on Putin himself. The more ambitious and bloody the Russian invasion of Ukraine becomes, the greater the chance that the financial atomic bomb will be uncovered in La Hulpe, Belgium.

 

How does Swift work?

When bank A transfers a sum of money to bank B, all associated information is electronically encrypted and forwarded via Swift. In this way, the transaction is not only secured, the system also immediately checks whether the transaction details are the same for both parties and then confirms the transaction. 

According to a report on 103FM the Ukranian currency is not being accepted at exchanges too. 

I imagine that many visitors from both those countries are stocked up with US Dollars or Euros. I would reckon there is plenty of gold stashed in safety deposit boxes here for such an event as well.

Some richer Russians have passports from EU countries; Cypriot ones are very popular and easily available.

9 minutes ago, champers said:

According to a report on 103FM the Ukranian currency is not being accepted at exchanges too. 

I imagine that many visitors from both those countries are stocked up with US Dollars or Euros. I would reckon there is plenty of gold stashed in safety deposit boxes here for such an event as well.

Some richer Russians have passports from EU countries; Cypriot ones are very popular and easily available.

The passports includes names , and names are used for persons who are on  restricted persons lists or blocked bank accounts lists i guess

2 hours ago, EricTh said:

So what does that mean? That Russians in Thailand can't exchange their money to baht in Thailand?

Russia banks have been removed from using main foreign currencies  thus no trading into USD/EUR/Pound/NZD/AUSD and so many more, if there are exchange booth buying Rubble they are taking a huge risk as they may have to sit on them for quite (long) sometime....

17 minutes ago, champers said:

According to a report on 103FM the Ukranian currency is not being accepted at exchanges too. 

I imagine that many visitors from both those countries are stocked up with US Dollars or Euros. I would reckon there is plenty of gold stashed in safety deposit boxes here for such an event as well.

Some richer Russians have passports from EU countries; Cypriot ones are very popular and easily available.

Yeah I doubt most of the Russian tourists coming to Thailand at the moment arrived with Rubles and came stocked up with USD or Euros instead as you said.

1 hour ago, stigar said:

According to news they will be removed from SWIFT.

Not according to the up to date news.   There are suggestions that Russia should but no one has said that it will be.

When they arrive back in Russia they can ask Pukein why ????

But another thing to worry about is the flight plans /route that airlines take from and to Thailand , as i see now already because that plane shot down before above disputed area years ago above Ukraine by Russian separatists  they diverted  ...to Russia , but now with those sanctions must expect not allowed that airspace ....(possible) ... , but a bit farther you see the airspace from that other creep Lukashenko from Belarus  ...."Putins buddy ".... so the flight plans need to be changed again ....

 

i hope so as in a few months i need to fly home , and by home i do not mean "God's Paradise " ????

 

Good time to buy rubles at fire-sale prices.

4 hours ago, Banana7 said:

It means you'll have to find other money changers to change rubles into baht. TT has many exchange booths but there are only a few competitors in Pattaya.

 

Maybe try a bank exchange booth. Some exchange houses in Bangkok are still accepting rubles, but maybe not for long.

 

I'm not Russian so you're targeting the wrong person. I am just worried for the Russian tourists who are already in Thailand who are not involved in what their government is doing.

 

 

33 minutes ago, EricTh said:

I'm not Russian so you're targeting the wrong person. I am just worried for the Russian tourists who are already in Thailand who are not involved in what their government is doing.

 

 

Their government is not worried about their citizens abroad so why should anyone else?

2 hours ago, david555 said:

The passports includes names , and names are used for persons who are on  restricted persons lists or blocked bank accounts lists i guess

Although you are somewhat right, we have a cheat called "transliteration" - many russian letters could be written in multiple ways, giving a lot of possibilities to change passports back and forth.

 

Lets take a random name - "Евгений Конюхов", it could be transliterated as:

- Evgeniy Konyuhov

- Evgeniy Koniuhov

- Evgeniy Koniukhov

- Evgeniy Konyuhoff

. . .

- Evgenii ...

- Eugeniy ...

- Eugene . . .

. . .

 

 

And people are allowed to choose whichever transliteration they prefer, just tell that you've lost your old passport and get a new one.

Also Russian citizens are allowed to have 2 different passports with different numbers at the same time, totally legal ????

 

20 minutes ago, petermik said:

Their government is not worried about their citizens abroad so why should anyone else?

If your government did the same thing, would you not be in the same situation? It's called compassion which transcends national boundaries.

4 hours ago, stigar said:

According to news they will be removed from SWIFT.

Apparently Italy, Swiss and Germany are blocking swift removal

Confirmed, Russian ruble at the exchange booths is no longer accepted in Pattaya at TT exchange.

It will be like the Mexican peso years back.  Buy a truckload of the stuff and HODL.

3 hours ago, Mavideol said:

Russia banks have been removed from using main foreign currencies  thus no trading into USD/EUR/Pound/NZD/AUSD and so many more, if there are exchange booth buying Rubble they are taking a huge risk as they may have to sit on them for quite (long) sometime....

Kasikorn Bank Forex does not even have a listing for the Ukrainian currency.

 

The hryvnia, hryvna, or sometimes gryvnya, has been the national currency of Ukraine since 2 September 1996. The hryvnia is subdivided into 100 kopiyok. It is named after a measure of weight used in medieval Kyivan Rus'. Wikipedia