60% devaluation of the Danish Krone?

[webfact]

file photo

 

by Flemming Kruhoeffer

The Danish krone is no longer what it used to be. From being the star on the European sky, the Danish krone has now apparently been relegated to pariah status.

 

When a Danish tourist in Thailand goes to the exchange booths to get Thai baht for their – in the eyes of the Danish tourist – good solid Danish kroner, they will be met with a wall of rejections and – if lucky – will be offered a “grey-market” suggestion of around 40 pct. of the official exchange rate.

 

Currently, a 1000 krone note is worth only 2000 Thai Baht despite the flashing light-board promising 4.970 Baht.

 

What is going on?

 

The problem is that the strict Danish money laundering-rules have crippled the foreign cash-exchange between Denmark and abroad. The private Danish banks no longer want to buy back from abroad large amount of cash money due to the risk of violating the tough money laundering regulations.

 

Full story: https://scandasia.com/60-devaluation-of-the-danish-krone/

 

-- © Copyright ScandAsia 2022-12-05

 

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[jacko45k]

TT Exchange yesterday, buying at 3.00 baht, selling at 4.95 baht, quite a spread!

[Gsxrnz]

Governments have developed an aversion to paper money.  It allows far too much freedom to the serfs.  Give it ten years (or less) and the WEF idea of digital currency will be the norm.

 

If your government doesn't like you, they may let you buy food with your digital currency, but not an airline ticket.  Or if they think you're too fat, your digital currency will only buy healthy food.  

 

And what better way to ensure your personal carbon footprint allocation is policed. 

 

But don't worry, Victory Gin will still be available at the Chestnut Tree Cafe.

[PJPom]

I think Orwell might have been a few years out with his title but it looks as though his predictions are beginning to happen.

History is being rewritten, minority rules are applied for the obeyance of all and dissent is a crime. The brave new world, you will obey.

[jacko45k]

1 minute ago, PJPom said:

I think Orwell might have been a few years out with his title but it looks as though his predictions are beginning to happen.

History is being rewritten, minority rules are applied for the obeyance of all and dissent is a crime. The brave new world, you will obey.

What has Animal Farm etc got to do with the Danish Krone?

[BE88]

The excuse of undeclared money hides other more worrying reasons.

 

[nigelforbes]

9 minutes ago, jacko45k said:

What has Animal Farm etc got to do with the Danish Krone?

It's obvious, they both contain the letters "a", "i", "r" and "n".

[KhunLA]

35 minutes ago, Gsxrnz said:

Or if they think you're too fat, your digital currency will only buy healthy food..

"You're special"... but won't be going to the island ????

[internationalism]

whoever has krone has to travel back to europe and exchange for euro.

They should do it beforehand, before coming to thailand.

 

[sandyf]

False headline, there is no devaluation unless the Danish central bank says so.

Exchange rates for tourists have always been at the whim of the exchanger.

A few years back I was stood behind a group of Russian girls in tears when roubles were not even being accepted.

When I went to Bali a couple of years ago the exchange rate on the THB in some places was about 50% of what it should have been, nothing new here.

 

[lapamita]

I represent a economic theory, that a society without black money in the lower and middleclass, is extremly vulnerable. 

Our problem across the west is, that there is so much unprodcutive black money in the top 5% of the society,whats unproductive. The point is this people dont need cash or use cash in any way.

Black money in the lower and mediumclass , produce secondary taxes and push local economys

Black money at the richs ( up 50m§) are completly conterproductive in every means, and if it is productive its only in speculation

 

but the brainless societys they tell ist anti terror and so on

[ikke1959]

nothing on european news channels .....fake news?

 

[Gsxrnz]

1 hour ago, sandyf said:

False headline, there is no devaluation unless the Danish central bank says so.

Exchange rates for tourists have always been at the whim of the exchanger.

A few years back I was stood behind a group of Russian girls in tears when roubles were not even being accepted.

When I went to Bali a couple of years ago the exchange rate on the THB in some places was about 50% of what it should have been, nothing new here.

 

I helped a few of those Russian girls out when the rouble was non-negotiable.  ????

[Merrill]

38 minutes ago, Gsxrnz said:

I helped a few of those Russian girls out when the rouble was non-negotiable.  ????

I bet 

[Dogmatix]

So presumably Danes have figured out their currency is now worthless abroad and they change to euros or USD before travelling. A terrific advantage of Denmark's currency independence wrangled from the EU.

[mfd101]

I had assumed (silly me) that Denmark was on Euros.

[edwinchester]

6 hours ago, jacko45k said:

What has Animal Farm etc got to do with the Danish Krone?

Pig production is a large earner for Denmark, Animal Farm produced an elite class of pigs in charge. Scary when you think about it.

[ukrules]

6 hours ago, webfact said:

The problem is that the strict Danish money laundering-rules have crippled the foreign cash-exchange between Denmark and abroad.

This AML stuff is getting out of hand lately.

 

I sent a wire to myself last week and I know it's been flagged for 'extra scrutiny' as it didn't arrive the next day like it normally does.

 

How much did I send? Only about 100,000 Baht - it's pathetic. All in the name of AML / anti terrorist regulations - and this is money sitting in a private bank account, not cash.

 

I hope countries with overzealous regulations really suffer from rejection internationally - it might teach them a lesson in the medium term.

 

[Hammerite]

Danes or any  one else can just use an ATM when they arrive and will get the official rate . Simples.

Personally have not bothered with money changers for over 20 years, not just in LOS. .

[timendres]

2 hours ago, ukrules said:

This AML stuff is getting out of hand lately.

 

I sent a wire to myself last week and I know it's been flagged for 'extra scrutiny' as it didn't arrive the next day like it normally does.

 

How much did I send? Only about 100,000 Baht - it's pathetic. All in the name of AML / anti terrorist regulations - and this is money sitting in a private bank account, not cash.

 

I hope countries with overzealous regulations really suffer from rejection internationally - it might teach them a lesson in the medium term.

Likewise. When I wanted to transfer just $1,000 USD from my account in the US to Thailand, I was prompted for a copy of my passport. Okay. Fair enough. But, I am logging into my account, which I feel should adequately verify my identity. Then they required that I explain what I am going to use the money for! W_T_F?!! What business is that of the bank? I answered: "I don't trust US banks". Answer accepted, money transferred.

[Peterphuket]

9 hours ago, Gsxrnz said:

Governments have developed an aversion to paper money.  It allows far too much freedom to the serfs.  Give it ten years (or less) and the WEF idea of digital currency will be the norm.

 

If your government doesn't like you, they may let you buy food with your digital currency, but not an airline ticket.  Or if they think you're too fat, your digital currency will only buy healthy food.  

 

And what better way to ensure your personal carbon footprint allocation is policed. 

 

But don't worry, Victory Gin will still be available at the Chestnut Tree Cafe.

in Europe you can buy 1 gram gold buillons, maybe the future?

[Peterphuket]

3 hours ago, mfd101 said:

I had assumed (silly me) that Denmark was on Euros.

No, they are clever that time not to accept the Euro.

[ExpatOilWorker]

Denmark got new notes in 1997 and then again in 2009. They are due for new notes very soon.

The Queen is 82 years old, how healthy is she?

[ExpatOilWorker]

Hang on, what kind of plastic kingdom doesn't have the monarch printed on the face of their currency notes?

Denmark have bridges and some old relics. 

 

[zoltannyc]

11 hours ago, jacko45k said:

What has Animal Farm etc got to do with the Danish Krone?

I guess the poster refers to Orwell's book titled '1984'  which conveys the extreme level of control and power possible under truly totalitarian regimes.  It explores how such a governmental system would impact society and the people who live in it.

[Enzian]

I just wired $2K to BK to cover my new apt (plus some) getting ready for my arrival this weekend, and Chase asked what the money was for. Family Expenses seemed to satisfy them. 

Money changing seems to have virtually ended in Europe. I spent just under the 90 day limit in the Schengen zone 2nd half this year, and spent less than 300 in Euros cash. Money changing rates are not reasonable, and ATMs can be a complicated <deleted> shoot and require some trial and error, or friends with experience. Everything, even an espresso, went on the credit cards. 

 

[redwood1]

21 hours ago, Gsxrnz said:

Governments have developed an aversion to paper money.  It allows far too much freedom to the serfs.  Give it ten years (or less) and the WEF idea of digital currency will be the norm.

 

If your government doesn't like you, they may let you buy food with your digital currency, but not an airline ticket.  Or if they think you're too fat, your digital currency will only buy healthy food.  

 

And what better way to ensure your personal carbon footprint allocation is policed. 

 

But don't worry, Victory Gin will still be available at the Chestnut Tree Cafe.

100% correct......With only digital currency, prisons will hardly be needed....They could just allow your card to work in a very small area,and you would be stuck there..

[jacko45k]

10 hours ago, zoltannyc said:

I guess the poster refers to Orwell's book titled '1984'  which conveys the extreme level of control and power possible under truly totalitarian regimes.  It explores how such a governmental system would impact society and the people who live in it.

Oh, is that what is going on with the Danish Krone here in Thailand? All fronted by TT Exchanges?

[Phnom Penh Trader]

First the Krone next the Euro,thank goodness for the mighty British Pound Sterling keeping tourist resorts afloat worldwide!

[Phnom Penh Trader]

34 minutes ago, redwood1 said:

100% correct......With only digital currency, prisons will hardly be needed....They could just allow your card to work in a very small area,and you would be stuck there..

So a bit like a Thai bank card then?