When Is A Good Time To Change Pound Sterling Into Thai Baht?

[jossy]

Am thinking exchanging my pounds into baht. Is now a good time or should i wait a bit?

[12DrinkMore]

Am thinking exchanging my pounds into baht. Is now a good time or should i wait a bit?

yes or no, depending on the fluttering of a butterfly's wings in South America. But possibly the wind eminating from Samak might have a more immediate influence.

But IMO

Yes, if you need the Bahts tomorrow. And No, if you need the Bahts in five years.

7%+ interest in GBP tax free, <2% taxed in THB, with the added bonus of wondering where the Thaitannic is heading. Same applies to the UK, but I have a little more faith over there.

[libya 115]

If you check this link:

Bank of England

And look for Current Bank Rate it is set at 5%

The closer it gets to the next MPC meeting (August 7th) then the higher the value of the GBP against the THB.

Aim at 67 and hope for 67.33 early August.

[jossy]

thanks guys, great help.

[Chaimai]

Put your money in the Nationwide Flex account then you can withdraw it as and when you need. No charge for ATM withdrawals and you will get a better rate than anything on the UK side (travelex 61.224, Post Office 62.137, Thomas Cook 61.92).

Bangkok Bank 65.25 (but you have to carry your cash over)

Nationwide ATM rate 66.8

[tattoodrob]

Put your money in the Nationwide Flex account then you can withdraw it as and when you need. No charge for ATM withdrawals and you will get a better rate than anything on the UK side (travelex 61.224, Post Office 62.137, Thomas Cook 61.92).

Bangkok Bank 65.25 (but you have to carry your cash over)

Nationwide ATM rate 66.8

how can nationwide give more than the cash rate at bangkok bank and not even charge for atm withdrawals.......seems to good to be true. sign me up........infact i tried to open a new bank account in uk and was declined(im english by the way and never been in debt) ....i think it was nationwide that i tried,was a few years ago now so cant remember......anyway whats that all about,only wanted a deposit account,didnt want to borrow or anything!!!

[kennkate]

I opened Nationwide Flex Account last week.

If you are in the UK you need to Telephone them first to make appointment.

You will need ID. Pasport and utility bill or enything that can verify your address in the Uk. Best to ask

money laundering and all that

And take cash to open account with EASY

Just got my card Thro the post Password came Yesterday 3 days after card arrived.

Just hope it's as good as it sounds.

[cophen]

I opened Nationwide Flex Account last week.

If you are in the UK you need to Telephone them first to make appointment.

You will need ID. Pasport and utility bill or enything that can verify your address in the Uk. Best to ask

money laundering and all that

And take cash to open account with EASY

Just got my card Thro the post Password came Yesterday 3 days after card arrived.

Just hope it's as good as it sounds.

If you're going to use internet banking with your Flexaccount what you need to do now is open up the associated Esave account which is paying approx 5%. You can move funds instantaneously between the 2 accounts.

[marshbags]

Put your money in the Nationwide Flex account then you can withdraw it as and when you need. No charge for ATM withdrawals and you will get a better rate than anything on the UK side (travelex 61.224, Post Office 62.137, Thomas Cook 61.92).

Bangkok Bank 65.25 (but you have to carry your cash over)

Nationwide ATM rate 66.8

how can nationwide give more than the cash rate at bangkok bank and not even charge for atm withdrawals.......seems to good to be true. sign me up........infact i tried to open a new bank account in uk and was declined(im english by the way and never been in debt) ....i think it was nationwide that i tried,was a few years ago now so cant remember......anyway whats that all about,only wanted a deposit account,didnt want to borrow or anything!!!

Is anyone using a pre 2008 card at the ATM ? ( Flexi Card. )

I was told they were updating the cards security wise and additional security information / imput would be needed, in addition to your pin number

May 2008 I think ????

I also wonder if it,s better to use swift for larger money transactions, indeed is there a standard limit or is it down to each individual holders pre arrangement.

My new card will be waiting at the local office for collection, when i shortly return to the U.K.

Thank you in advance.

marshbags

Edited July 27, 2008 by marshbags

[Chaimai]

Is anyone using a pre 2008 card at the ATM ? ( Flexi Card. )

I was told they were updating the cards security wise and additional security information / imput would be needed, in addition to your pin number

May 2008 I think ????

I also wonder if it,s better to use swift for larger money transactions, indeed is there a standard limit or is it down to each individual holders pre arrangement.

My new card will be waiting at the local office for collection, when i shortly return to the U.K.

Thank you in advance.

marshbags

They are issuing card readers as an additional security device. However, I believe that this will only be required for certain higher value instructions:-

http://www.nationwide.co.uk/rca/Introducti...ty_lhs_25072008

All the guys in the UK with Thai wives/girlfriends using 'second' cards, on Flex accounts, to withdraw cash need not panic.

SWIFT for larger transactions certainly. I am not aware that any limits now exist on the amount of transfers - search this forum for previous topics, I am sure I have read something in the last few months. Cost £21 - £25 and send in Sterling to get better rate at Thai bank.

and to Tattoodrob, they can give a better rate because they are a building society accountable to members not a greedy bank that panders to shareholder returns.

[marshbags]

They are issuing card readers as an additional security device. However, I believe that this will only be required for certain higher value instructions:-

http://www.nationwide.co.uk/rca/Introducti...ty_lhs_25072008

All the guys in the UK with Thai wives/girlfriends using 'second' cards, on Flex accounts, to withdraw cash need not panic.

SWIFT for larger transactions certainly. I am not aware that any limits now exist on the amount of transfers - search this forum for previous topics, I am sure I have read something in the last few months. Cost £21 - £25 and send in Sterling to get better rate at Thai bank.

and to Tattoodrob, they can give a better rate because they are a building society accountable to members not a greedy bank that panders to shareholder returns.

Thanks for the reply Cm.

One other question as i,ve only attempted to use my card at the local Thai bank once to test it out. ( it wouldn,t accept my imput and i bottled out on trying again, just in case it retained it. )

Do i use the same precedures as back home please ?

E.g. Insert the card and then key pad my pin number i use back home to access my account and select the facilites i want to use.

It,s a standard Nationwide Flexi VISA debit card ....exp date 2010

Thanks

marshbags

Edited July 28, 2008 by marshbags

[jossy]

QUOTE

"And look for Current Bank Rate it is set at 5%

The closer it gets to the next MPC meeting (August 7th) then the higher the value of the GBP against the THB.

Aim at 67 and hope for 67.33 early August."

so, can you shed any light on what's gone on here. it seems to me the exact opposite to what you said!

i not having a go or anything, please don't get me wrong. i was just wondering if you had any explaination...

kind reagrds,

[chiang mai]

QUOTE

"And look for Current Bank Rate it is set at 5%

The closer it gets to the next MPC meeting (August 7th) then the higher the value of the GBP against the THB.

Aim at 67 and hope for 67.33 early August."

so, can you shed any light on what's gone on here. it seems to me the exact opposite to what you said!

i not having a go or anything, please don't get me wrong. i was just wondering if you had any explaination...

kind reagrds,

The trade to be aware of is between USD and THB and USD has been strengthening in recent weeks, there is no real market as such between GBP and THB. The second part of the equation is the relationship between USD and GBP - as already stated USD is strengthening BUT GBP is also weakening because the UK economic picture is looking grim and there is no good news on the horizon. Net result is that the value of GBP/THB has fallen. Watch the direction of USD/GBP for further clues in the future. BTW, US rates are only likely to go in one direction, upwards at some point in time. GBP rates are on hold for the year but look for them to fall in the first quarter of next year. When that happens, watch out because if the Thai economy is roughly the same as it is today, the GBP/THB rate could be uncomfortably low and Thailand will become an expensive place for holders of GBP.

[PattayaParent]

I've always found that the best time to transfer money is when you need it.

For example when I needed to transfer 250k quids to buy a condo I did. And this month I need to transfer 30k quids to buy the missus a car, so I will.

Looking at the exchange rate every day will only give you grey hairs and worries about 'losing' money that you never had in the first place.

[chiang mai]

I've always found that the best time to transfer money is when you need it.

For example when I needed to transfer 250k quids to buy a condo I did. And this month I need to transfer 30k quids to buy the missus a car, so I will.

Looking at the exchange rate every day will only give you grey hairs and worries about 'losing' money that you never had in the first place.

That's a funny post.

[jossy]

Thanks Chiang Mai for that valid information

Kind Regards

[Doalittle]

Sterling droping fast to the Baht short term or long term ?.

[chiang mai]

Sterling droping fast to the Baht short term or long term ?.

I am no expert in all of this but I don't see how GBP can recover much over the next eighteen months - I reckon that it's a one way bet for that timeframe unless something really odd happens to the Thai economy that forces the Baht down the pan.

[johnson36]

Nationwide flexaccount is the best way to get your money into baht, I alway bring my fexaccount card to thailand.

They also offer some good savings deals 6.70% for a 1 or 2 year bond, it was 6.80% up untill a few days ago. If you take monthly interest they pay slightly less but they pay the interest into the fexaccount every month. This is what I plan to do when I sell my house in 2009.

[mikethevigoman]

Anything over 65,

[mikedbelluk]

Put your money in the Nationwide Flex account then you can withdraw it as and when you need. No charge for ATM withdrawals and you will get a better rate than anything on the UK side (travelex 61.224, Post Office 62.137, Thomas Cook 61.92).

Bangkok Bank 65.25 (but you have to carry your cash over)

Nationwide ATM rate 66.8

how can nationwide give more than the cash rate at bangkok bank and not even charge for atm withdrawals.......seems to good to be true. sign me up........infact i tried to open a new bank account in uk and was declined(im english by the way and never been in debt) ....i think it was nationwide that i tried,was a few years ago now so cant remember......anyway whats that all about,only wanted a deposit account,didnt want to borrow or anything!!!

THE NATIONWIDE WILL BEGIN TO CHARGE 1% FOR ALL ATM WITHDRAWELS AS THE MAXIMUM AMOUT IS £300, IT IS ONLY £3.00 CAOMAPRED TO THE REST OF THE UK BANKING INSTITUTIONS. THERE ARE NO OTHER HIDDEN CHARGES INVOLVED. IF YOU DO TAKE CASH TO THAILAND CHANGE THE £50.00 BILLS IN GOOD CONDITION AT SUPERRICH EXCHANGE SHOPS. ONE IS ACROOS FROM CENTAL WORLD IN THE SIDE STREET.

[ChiangMaiFun]

52.8 get in quick if it holds