Baht becoming ridiculously strong

[dddave]

  On 9/15/2024 at 9:55 AM, NativeBob said:

Thanks for clarification. I've been told scary stories about those "90+60 days in a sandbox" - seems that 365-(90+60)=215 is quite healthy relieve to me. 

Expand  

One thing I'm not 100% clear on.  I believe you have to be able to show the replenishment funds came from an overseas account, just like the original B800K, but, as I said, not 100% certain.

[NativeBob]

  On 9/15/2024 at 10:08 AM, dddave said:

you have to be able to show the replenishment funds came from an overseas account

Expand  

That is what scares me most. I don't like to collect and show "proof of origin" and had pretty nasty experience with Standard Chartered Bank donkey-manager back then.

 

Yes I can send crypto to some "money helper" and he will use WU, but still not comfortable with such an idea.

[david555]

  On 9/15/2024 at 10:46 AM, NativeBob said:

That is what scares me most. I don't like to collect and show "proof of origin" and had pretty nasty experience with Standard Chartered Bank donkey-manager back then.

 

Yes I can send crypto to some "money helper" and he will use WU, but still not comfortable with such an idea.

Expand  

Not sure about that (?), as when using the 800K om Thai bank  , you can take up to 400 k after 3 months after getting your ext.  but theoretically you could kept those 400 K max. under your pillow head 😉.... safe for in case you " could " die to let to "darling wife/ girlfriend " 😁....until next extension filling them  up to 800K

 

For those on the monthly transfers they need proof  it comes  from abroad transfer

[NativeBob]

  On 9/15/2024 at 2:26 PM, david555 said:

For those on the monthly transfers they need proof  it came  from abroad transfer

Expand  

That's scares me. Proof no proof but proof if monthly. Me head is spinning.

 

Well, @david555 you say I do need to show the "proof of origin" with 400K THB deposit to show?

[david555]

  On 9/15/2024 at 2:46 PM, NativeBob said:

That's scares me. Proof no proof but proof if monthly. Me head is spinning.

 

Well, @david555 you say I do need to show the "proof of origin" with 400K THB deposit to show?

Expand  

Not sure , as reports are that in case money already "some time" on account no questions asked , probably they know so it is your own money , and NOT  from an agent account ...

 

As also you could bring it cash in foreign money in  to Thailand and report it to Suvharnaboum customs red channel , and of course  you also reported it in home country Customs   with a declaration form as proof  .

[NativeBob]

  On 9/15/2024 at 2:56 PM, david555 said:

As also you could bring it cash in foreign money  to Thailand and report it to Suvharnaboum customs red channel

Expand  

Yes that was fun some years ago! Customs took $XK from me, make a gazzilion copies, asked me to signed them, after IO run away with my cash, returned like 15-20 minutes later. 

Issue some form that I never used applying for RT visa.

 

They were nice and kind people, they just didn't know what exactly to do. 

Thanks, I'll keep it still in the bank until ...

[david555]

  On 9/15/2024 at 3:13 PM, NativeBob said:

Yes that was fun some years ago! Customs took $XK from me, make a gazzilion copies, asked me to signed them, after IO run away with my cash, returned like 15-20 minutes later. 

Issue some form that I never used applying for RT visa.

 

They were nice and kind people, they just didn't know what exactly to do. 

Thanks, I'll keep it still in the bank until ...

Expand  

Of course they have to check deep or just on surface , but it is possible to do , IF following the rules with proof ....

But i took the example that you would be living in Thailand , not traveling with those 400 K to home country , because that would be a hassle

And in your home country you could have the same hassle 

 

PS  :  you should followed the custom officer when he went counting the money by machine !!

[david555]

This would be the form of Thai customs they gave you after declaring the ,money brought in on airport, i have an original in PDF  but this site does not accept PDF attachments

[NativeBob]

  On 9/15/2024 at 3:22 PM, david555 said:

PS  :  you should followed the custom officer when he went counting the money by machine !!

Expand  

Old time switcharoo. I was scammed exactly same way in Turkey, and my friends called me "a careless idiot". Yet the IO was fat and very intimidating. He said "You stay here and wait". 

That was years ago, but still feel aftertaste.

 

Yes @david555 ^^^ that form.

[david555]

Example why taking the cash to Thailand  yourself :

 

A) get a Non o in home country following the requirements proof of value on Home country bank of 800K

B) as you do not have a Thai bank yet , you can not transfer by bank

C) you need Non O visa  for opening Bank in Thailand , so you take it cash  to Th. following customs procedures

D) Once in Thailand with the Non O open Th bank account and deposit the 800 K

E)  after 2 months money on bank  you can start  the extension

 

that is why it is possible to make a foreign Cash transfer by flight , unless you like flying 2 times up and down to make first flight for opening Th. bank account and so transferring by bank to Thai account

[StandardIssue]

For whatever reason it seems that when the US stock exchange does well the Baht strengthens against the USD. I don't quite know how those correlate but I've noticed it.

 

I have found it beneficial to keep my immigration funds in a FCA and trade into Baht when the exchange rates are favorable. That's worked pretty well for me. I'll be buying some more baht soon.. the Baht will probably get stronger as the US Fed will be lowering interest rates fairly soon.

[JoseThailand]

  On 9/6/2024 at 4:58 AM, Raindancer said:

Just doesn't make sense to me.

 

In simplistic terms, tourists get less for their exchange currency.   So, their spending power is less.

 

Exports cost more to other countries,  because they actually pay more for the same items, than when the exchange rate was more in their favour.

 

Or are those thought incorrect?

Expand  

 

It makes total sense. Supply and demand. The more tourists come in, bring in foreign currencies and buy Thai baht, the stronger the baht becomes.

[In Full Agreement]

  On 9/6/2024 at 4:51 AM, MalcolmB said:

So my 800,000 baht in my retirement visa fund has gone up in value even more.

 

Thankyou Thailand! 

probably because we have Thaksin back in charge I am guessing?

Expand  

 

 

Are you able to use or spend that money?

 

 

[MalcolmB]

  On 9/15/2024 at 5:28 PM, In Full Agreement said:

 

 

Are you able to use or spend that money?

 

 

Expand  

Yeah, got plenty.

[In Full Agreement]

  On 9/16/2024 at 12:14 AM, MalcolmB said:

Yeah, got plenty.

Expand  

 

I thought the 800,000 THB deposited in a fixed deposit account had to remain in the account if it was intended to be used for an annual extension.

[swissie]

I mentioned before how important the central banks and their "actions" are, concerning exchange rates.

In the case of Thailand: Among many other considerations, Thailand wants to remain an "export nation" as this will generate a lot more revenue as the "tourist sector".

Therefore, the BoT will see to it that the Bht does not strenghten any more in a meaningful way. The Bht may well be near a "peak".

 

Giving solace to Farangs living in Thailand.

[mstevens]

The Fed just lowered the interest rate by 0.5%. Watch the baht shoot up against the USD today. Go, baht, go! Getting 33.xx at exchange outlets looks like it will be a memory for a while. Hello, 32.xx!

[TheAppletons]

  On 9/18/2024 at 6:42 PM, mstevens said:

The Fed just lowered the interest rate by 0.5%. Watch the baht shoot up against the USD today. Go, baht, go! Getting 33.xx at exchange outlets looks like it will be a memory for a while. Hello, 32.xx!

Expand  

 

  Doubtful.  US Fed rate cut was already factored into the prevailing exchange rate.  

[Mike Teavee]

  On 9/19/2024 at 2:51 AM, TheAppletons said:

 

  Doubtful.  US Fed rate cut was already factored into the prevailing exchange rate.  

Expand  

A 25Bps was already factored in but the larger 50Bps cut could have an impact on the rate today, it dropped to 33.06 when the cut was announced but seems to have more or less reverted back to where it started now.

 

https://tradingeconomics.com/usdthb:cur (Look at the 1Day chart).

[harryviking]

The Baht's strength is a mayor problem for many, as it might even chase expats away more efficient than any change to tax and visa policies! What about the export? More unemployment! I am sitting on cash that should have been in the bank in Thailand already. But I will wait....and wait....for as long as it takes.

[RichardColeman]

I think there is a direct link to high baht and no tourism.

baht rises 5% - 5% less tourists

baht rises 10% - 10% less tourists

baht rises  30% - 30% less tourists................you get the picture

[brianthainess]

The Baht has gone down a bit in the last few days. 

[farangkinok]

  On 9/6/2024 at 6:40 AM, impulse said:

How is the price of gold in Thai shops?

 

Expand  

The Thai gold price has just been meandering since April, because the $US is falling against the baht as fast as the price of gold is rising against the dollar. As of 9/19/24, the price is ฿40,410 bid ฿40,460 ask (per Baht weight of 0.965 fine gold) at Hua Seng Heng. They have shops in Chinatown and at Seacon Square.

   

[farangkinok]

  On 9/6/2024 at 5:07 AM, John Drake said:

 

The 800,000 you can't touch until you leave the country, which will just sit there otherwise until you die?  Meanwhile, what about the money you're bringing into Thailand in order to live on that retirement visa? That's going down. You're losing both ways.

Expand  

Patrick McGoohan was such a great actor. He had a distinguished career and was magnificent as Longshanks (English King Edward I) in the film Braveheart.

 

[farangkinok]

  On 9/6/2024 at 7:35 AM, John Drake said:

Well, one thing. Now that the baht is stronger, imports of things like foreign food will be cheaper. That block of imported cheese that went from 169 baht before Covid to 239 baht today will drop significantly. Right? Right? Right?

Expand  

Not necessarily. Some will enjoy a fatter profit margin, but you knew that. 😃 

[John Drake]

  On 9/19/2024 at 7:46 AM, farangkinok said:

Patrick McGoohan was such a great actor. He had a distinguished career and was magnificent as Longshanks (English King Edward I) in the film Braveheart.

 

Expand  

 

Great man and a visionary in the field of television. Danger Man and The Prisoner. 

[farangkinok]

  On 9/6/2024 at 8:24 AM, KhunLA said:

USD-THB has been 30 to 35 for the past 19 years.  Rarely does it dip below 30 or above 35 and it doesn't last long.

Expand  

Apart from the period between 2004 and 2006 when it meandered in the neighborhood of 40, a few brief slight dips below 30 between 2010 and 2020, and a couple of forays up to the area of 38 in the past 2 years, this is essentially correct. This chart goes back far enough to show the "Asian Contagion" which started in Thailand in July of 1997. 

[farangkinok]

  On 9/6/2024 at 9:07 AM, Cameroni said:

 

Yes, hence USD/CAD is known as the "loony" the currency pair that does what it wants.

 

 

Expand  

Well actually, it's because the Canadian dollar coin features the image of a common loon, a bird that is as quintessentially Canadian as the Royal Canadian Mounted Police (Mounties). 

[Cameroni]

  On 9/19/2024 at 8:22 AM, farangkinok said:

Well actually, the Canadian dollar coin features the image of a common loon, a bird that is as quintessentially Canadian as Mounties (RCMP) and maple syrup. 

Expand  

Indeed! 

 

Loonie by name, Loonie by nature!

[soalbundy]

  On 9/6/2024 at 5:05 AM, Cameroni said:

 

It's very simple. All the currencies of the world are valued against the dollar. If the dollar is strong, the other currency falls. If the dollar is weak, the other currency goes up, unless there are very particular reasons that prevent this. At the moment it is absolutely clear that the Fed will weaken the dollar, because they have said so and given big hints this will happen. They will cut interest rates, so this will weaken the dollar.

 

As a result the dollar is weakening at the moment. Therefore the Baht is going up. 

 

This will get worse, because when the interests rates are cut the dollar will fall more, so the Baht will go up further.

Expand  

What I don't understand is that the Euro has risen against the dollar (ok due to dollars weakness) but fallen against the baht