One Student Killed, One Critically Injured in Collision with Russian’s Maserati: Na Jomtien

[astromash]

As far GBP goes, right now the offshore rate here (£1 = 63.10 baht, as I type this):

http://www.xe.com/

looks better than the onshore rate here (£1 = 61.56, as I type this):

http://www.scb.co.th/html/exchange/bk-txtexchange.htm

I've not been watching exchange rates recently. How long has this been going on?

Or maybe I'm just confused today

[melbat]

As far GBP goes, right now the offshore rate here (£1 = 63.10 baht, as I type this):

http://www.xe.com/

looks better than the onshore rate here (£1 = 61.56, as I type this):

http://www.scb.co.th/html/exchange/bk-txtexchange.htm

I've not been watching exchange rates recently. How long has this been going on?

Or maybe I'm just confused today

Are they both 'MID MARKET' rates? I see the mid market rate today is 63.39 in bkk bank

[astromash]

Are they both 'MID MARKET' rates? I see the mid market rate today is 63.39 in bkk bank

Sorry I have no idea what you mean by 'mid market'.

Isn't 63.39 the rate the bank will sell you sterling for your baht?

I'm talking about how many baht you get when you exchange GBP sterling for baht.

Right now at http://www.xe.com they're showing an offshore rate of 62.69 baht to the pound and http://www.worldfirst.com is showing 62.67.

At Bangkok Bank they're showing an onshore rate of 61.64. I always look at the "bank note' - buying rates" figure. It usually corresponds more or less with what I get from an ATM machine in Thailand. (Or so I thought!) I'm not in Thailand right now so can't check at an ATM. But I've just read on another board that the street rate in Thailand is 61.63 - which more or less fits in with this figure.

http://www.bangkokbank.com/Bangkok+Bank/We...es/FX+Rates.htm

Sorry, this is elementary stuff, I've no wish to waste anyone's time here - I must be reading these figures wrong so I'd be grateful if someone would correct me!

Cheers.

[JAS21]

Are they both 'MID MARKET' rates? I see the mid market rate today is 63.39 in bkk bank

Sorry I have no idea what you mean by 'mid market'.

Isn't 63.39 the rate the bank will sell you sterling for your baht?

I'm talking about how many baht you get when you exchange GBP sterling for baht.

Right now at http://www.xe.com they're showing an offshore rate of 62.69 baht to the pound and http://www.worldfirst.com is showing 62.67.

At Bangkok Bank they're showing an onshore rate of 61.64. I always look at the "bank note' - buying rates" figure. It usually corresponds more or less with what I get from an ATM machine in Thailand. (Or so I thought!) I'm not in Thailand right now so can't check at an ATM. But I've just read on another board that the street rate in Thailand is 61.63 - which more or less fits in with this figure.

http://www.bangkokbank.com/Bangkok+Bank/We...es/FX+Rates.htm

Sorry, this is elementary stuff, I've no wish to waste anyone's time here - I must be reading these figures wrong so I'd be grateful if someone would correct me!

Cheers.

Don't know if its any help but I used my Nationwide Card in ATM and got 62.9 on 19th and 62.898 on 21st.

[Marvo]

Sorry I have no idea what you mean by 'mid market'.

Isn't 63.39 the rate the bank will sell you sterling for your baht?

XE don't buy or sell Thai Baht, they only "publish" the interbank mid-market rate

Have a look at the rocket science FAQ section on XE's site http://www.xe.com/faq.php

No.2 "mid-market" currency rates buy rates or sell rates?

1. 
   The mid-market rates shown in our information services are neither "buy" rates nor "sell" rates. Mid-market rates are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets.
   Since "buy rates" and "sell rates" include overheads and profit margins that are set independently by each foreign exchange provider, they will vary depending on who you're talking to, and will always be different than the mid-market rate.
   
   
   

[Maestro]

As Marvo hinted, you have to compare like with like. If it is the rate for bank notes you want to compare you have to ask your bank how many Baht they give you for a pound and then compare it with what a Bank in Thailand offers you. For example yesterdays rates:

NatWest: 57.5824 Baht http://www.natwest.com/tools/personal/curr...tes/default.asp

Bangkok Bank: 62.29'Baht http://www.bangkokbank.com/bangkok+bank/pe...tes/default.htm

--

Maestro

[astromash]

Thank you Marvo and Maestro. You taught me something there.

In the 2 years I've been coming to Thailand I've only ever exchanged tiny amounts in the UK, so the precise offshore rate has never been an issue for me - and so I never paid it much attention. I just needed to know the onshore rate was better and this interbank rate served that purpose - whenever I looked it was always worse than the onshore rate!

For what it's worth, I guess I'll re-phrase my original comment. Over the last 2 years, it's only in the last week or two that I've noticed the interbank rate is now (sometimes?) better than the inshore rate. But I'm just an expat/tourist and not a bank so I suppose this interbank rate is of little interest!

Thanks again.

[thetravellingcat]

here is a nice graph from http://www.x-rates.com I have it on my homepage.

[bkk_mike]

Thank you Marvo and Maestro. You taught me something there.

In the 2 years I've been coming to Thailand I've only ever exchanged tiny amounts in the UK, so the precise offshore rate has never been an issue for me - and so I never paid it much attention. I just needed to know the onshore rate was better and this interbank rate served that purpose - whenever I looked it was always worse than the onshore rate!

For what it's worth, I guess I'll re-phrase my original comment. Over the last 2 years, it's only in the last week or two that I've noticed the interbank rate is now (sometimes?) better than the inshore rate. But I'm just an expat/tourist and not a bank so I suppose this interbank rate is of little interest!

Thanks again.

It's simple - the new government got rid of the stupid currency controls that the military junta brought in almost 2 years ago.

i.e. For most of the last two years, traders weren't able to arbitrage between the offshore and onshore rates, so that the offshore rate was always worse. Now, there's no issue with transferring large amounts to arbitrage between the two, so that effectively they're the same rate now.

However, as xe.com is quoting a mid-market rate, it will always appear better than the Buy rate from anyone else.

If you're changing currency, the thing to always remember is - you're better off changing notes in Thailand than in the UK. (UK banks have some of the widest FX spreads and highest bank charges in the world).

If you're planning on using a debit card or credit card here, check the small print. (i.e. I have a Bank of Scotland card that charges me a spread on the FX rate, AND has the affront to also charge a fee for using the card abroad on top of the hidden charge in the FX spread... - Surprisingly enough, I tend to avoid using it when abroad, and will generally use my Nationwide card which has no FX spread applied, and no extra charge for use abroad...)

[JAS21]

Thank you Marvo and Maestro. You taught me something there.

In the 2 years I've been coming to Thailand I've only ever exchanged tiny amounts in the UK, so the precise offshore rate has never been an issue for me - and so I never paid it much attention. I just needed to know the onshore rate was better and this interbank rate served that purpose - whenever I looked it was always worse than the onshore rate!

For what it's worth, I guess I'll re-phrase my original comment. Over the last 2 years, it's only in the last week or two that I've noticed the interbank rate is now (sometimes?) better than the inshore rate. But I'm just an expat/tourist and not a bank so I suppose this interbank rate is of little interest!

Thanks again.

It's simple - the new government got rid of the stupid currency controls that the military junta brought in almost 2 years ago.

i.e. For most of the last two years, traders weren't able to arbitrage between the offshore and onshore rates, so that the offshore rate was always worse. Now, there's no issue with transferring large amounts to arbitrage between the two, so that effectively they're the same rate now.

However, as xe.com is quoting a mid-market rate, it will always appear better than the Buy rate from anyone else.

If you're changing currency, the thing to always remember is - you're better off changing notes in Thailand than in the UK. (UK banks have some of the widest FX spreads and highest bank charges in the world).

If you're planning on using a debit card or credit card here, check the small print. (i.e. I have a Bank of Scotland card that charges me a spread on the FX rate, AND has the affront to also charge a fee for using the card abroad on top of the hidden charge in the FX spread... - Surprisingly enough, I tend to avoid using it when abroad, and will generally use my Nationwide card which has no FX spread applied, and no extra charge for use abroad...)

For interest.........I've just used my Nationwide card..came home and checked on Internet Banking and I got 63.64....BB TT rate shows 63.68.