Pound Falling What To Do

[thaimate]

to all you experts ,in the next few weeks i have to bring over 600,000 baht,will the pound against the baht change much?

up down sideways ,i think its going to cost me.

[issanpaul]

to all you experts ,in the next few weeks i have to bring over 600,000 baht,will the pound against the baht change much?

up down sideways ,i think its going to cost me.

Sure Is

[thaimate]

to all you experts ,in the next few weeks i have to bring over 600,000 baht,will the pound against the baht change much?

up down sideways ,i think its going to cost me.

Sure Is

come on ,give me some good news

[BEENTHEREDONETHAT]

to all you experts ,in the next few weeks i have to bring over 600,000 baht,will the pound against the baht change much?

up down sideways ,i think its going to cost me.

Sure Is

come on ,give me some good news

The good news is........you are here not the UK.

[Wrong Turn]

to all you experts ,in the next few weeks i have to bring over 600,000 baht,will the pound against the baht change much?

up down sideways ,i think its going to cost me.

Nobody knows what will happen in the future. It's too difficult to tell.

The bloomberg financial experts were on cable TV recently predicted gloom and a decline of currency. And people wired their money home.

And it didn't go down. And they are out of luck.

Best of luck.

[samuiseagull]

Absolutely plummeting mate.

The only thing i do know is that hard currency should NOT be changed in the UK as you'll get an even weaker rate. Maybe stick it all in a Nationwide Flex Account and just draw it out (no charges) when and if the rate goes up when you are in Thailand.

Gone are the days of the strong Pound..just look at it against the Euro now!!!!

[GungaDin]

So is the Aussie Potato. 0.816cents

[Nongwahyay]

We transferred Euros to the UK a few times in the last 2 years because of the higher interest rate in the UK (as well as profiting interest-wise from the non-resident status we have), "assuming".. ( ...) that the pound would remain strong. We gained perhaps 2 percent or so in interest.... but lost about 20 percent due to the depreciation of the pound!! My advice (take it at your own risk........ ) would be to transfer it now, accept what amount you get and don´t think about it any more..........

[bravingbangkok]

The recent sharp full of the pound had much to do with certain comments that have been made about the state of the British economy. Put that together with the problems in the property market, high oil prices and nobody trusting Brownboy there is no doubt the pound is heading for a hard and long road against the Thai Baht. Luckily the Thai economy is not the US, Japanese or Euro economy both so I would not think their is too much to worry about. The pound should not sink below 58 baht to the pound, It should hang around the 59/60 mark and then slowly start to gain again. The price of oil is starting to show signs of decline but you can never rely on that, If you can wait a few months I would and am.

[bravingbangkok]

Remember the days of 75 up baht to the pound urgggggggggggggggggggggggggggg those were the good days

[cmsally]

News on US economy not at all good today. So maybe we will get a swing in the other direction.

Personally I would have thought the Euro was overvalued, but maybe Action man Sarkozy is keeping the ship afloat.

The trouble is I do remember the days of 75-80 Baht to the pound but I also remember the days of 45Bt to the pound. So maybe better to leave memory out of this.

[goldfish]

There's a couple of links here worth reading

http://www.thaivisa.com/forum/Global-Correction-t138039.html

http://www.thaivisa.com/forum/Free-fall-t209847.html

Someone called it a race to the bottom. Sounds about right

[bravingbangkok]

News on US economy not at all good today. So maybe we will get a swing in the other direction.

Personally I would have thought the Euro was overvalued, but maybe Action man Sarkozy is keeping the ship afloat.

The trouble is I do remember the days of 75-80 Baht to the pound but I also remember the days of 45Bt to the pound. So maybe better to leave memory out of this.

When was it 45Bt to the pound ?

[bkkmick]

Think it was in 45thb around 97. Shortly before that it was in its 90's and I was getting paid in baht. Quite Christmas in Ireland when it dropped to 45ish and I had to exchange money to go home.

[Denim]

News on US economy not at all good today. So maybe we will get a swing in the other direction.

Personally I would have thought the Euro was overvalued, but maybe Action man Sarkozy is keeping the ship afloat.

The trouble is I do remember the days of 75-80 Baht to the pound but I also remember the days of 45Bt to the pound. So maybe better to leave memory out of this.

I remember the days when it was 28 baht to the pound !!!! That was when the pound dropped to parity with the dollar. Forget what year it was but I was about to embark on my first trip to Asia and had to put it off for a year.

[cmsally]

Just looked on the SCB website and it has dipped below 60 Bt for cash

SCB

[lannarebirth]

The "handwriting was on the wall", as they say:

http://www.thaivisa.com/forum/index.php?s=...t&p=1542228

[yaketyak]

Look whilst all us Brits love the rate to be higher , me included, i still remember that from around Feb 1993 to mid 1997 the rate was constantly between 35 and 40 baht to the pound , mostly 37,38. And even at that rate Thailand was cheap cheap cheap compared with overpriced Britain. The poster who refers to it being 28 is talking about 1983. Between the dates 1983 to 1993 it was mostly in the 40's and never rose above about 49. It was not until the Asian crisis of 1997 that 50 was first breached in modern times although it had been 60 in the very early 1970's.

The way to look at the current low rate (compared with recent years) is to realise that the years 1997-2008 we have been spoilt by an extremely high rate , almost exclusively above 60 and mostly mid 60's and above , and that now we are at the bottom of that band. But its still pretty good . As long as it stays above 60 i don't think us rich Brits can really complain ... although that won't stop us nonetheless

[PhilHarries]

As somebody has said, bring the money over and quit checking on the exchange rate.

Four scenarios.

1a. You bring it over and the pound bounces back. If it bounces back from 60 to 67 you've "lost" just over a grand (1000 GBP).

1b. You bring it over and it continues to decline. You win.

2a. You hold off and it continues to decline. Depending on how long it declines and how fast depends on how much you lose.

2b. You hold off and it bounces back. If it bounces back to 67 you made a grand.

So we're not likely to be talking megabucks, yes okay a grand is good money you'd not throw away but it's hardly the end of the world.

[thaimate]

Absolutely plummeting mate.

The only thing i do know is that hard currency should NOT be changed in the UK as you'll get an even weaker rate. Maybe stick it all in a Nationwide Flex Account and just draw it out (no charges) when and if the rate goes up when you are in Thailand.

Gone are the days of the strong Pound..just look at it against the Euro now!!!!

thats what i do now ,but 61 to the pound

[Bjorn]

Always keep a basket of currencies. By doing this you always have a choice of which currency to use at a specific moment. For history of exchange rates, I recommend the site oanda.com

[Cuban]

If you need to transfer the money then instead of playing guess the market you are best to find a cheap means of transfer at a good rate - look at some of the private banks and trading houses, some can beat Nationwide on a one off transaction.

[Naam]

News on US economy not at all good today. So maybe we will get a swing in the other direction.

Personally I would have thought the Euro was overvalued, but maybe Action man Sarkozy is keeping the ship afloat.

The trouble is I do remember the days of 75-80 Baht to the pound but I also remember the days of 45Bt to the pound. So maybe better to leave memory out of this.

I remember the days when it was 28 baht to the pound !!!! That was when the pound dropped to parity with the dollar. Forget what year it was but I was about to embark on my first trip to Asia and had to put it off for a year.

you missed just 10% and the year was 1985 (spring).

[yabaaaa]

I am and was this year in a similar predicament to the OP, its sods law you cannot predict bugger all, honestly Naams dog could do as good a job as the top money expert and probably better!!. Way back in April I struggled to get around 63 then the bloody rate went up in August to 67now back down at 60.96 (as of right now mid market) I arive again in October to buy a car 700k am planning it will be around 58 but no one really knows. If it all kicks off in Thailand with the govt who knows. Our beloved "Darling" has done his best to bugger things up too with his big gob. I'll still get the car but who knows the real cost , same as s aid above the difference now for me is £1000 more bummer!!!!

I mustn't complain too much I bought most of my condos when it was at 72 . at least the wife will be happy.........."oh I got new Jazz I so lucky good husband" hahhaahahhaah

[rudi2008]

We can open here (in Thailand) a bankaccount in Euro. Maybe you can do in pound? If you don't need the money immediatly you can change during high course - normally around december it's always better!

[Naam]

We can open here (in Thailand) a bankaccount in Euro. Maybe you can do in pound? If you don't need the money immediatly you can change during high course - normally around december it's always better!

but Santa Claus only rewards those who have been good boys during the whole year

[Ricardo]

Might I (nervously) mention my own theory, which is that a Sterling-transfer arriving here on a Monday gets a relatively-bad rate, thanks to a week-end's worth of exchanged tourist-money hitting the market, and that it is better (all other things being equal) to arrange a transfer to arrive on a Wednesday or Thursday, when the market is more normal, whatever that might be ! ?

I may well be wrong ... but it's my money ... and at least I've got a reason for my decision, however wrong it might be.

Whatever, experience invariably shown that the rate always moves, a week or two later, in what would have been my favour. But that is 'Sod's Law', not mine.