Currency Rates

[sassienie]

I am not feeling so bad now with 10M Baht in the bank here. Won't have to import for a little while

I had been thinking that I would have to repatriate some dosh back home.

Well done, my main man.

Good planning and at long last someone on here that uses common sense and has some foresight.

It is inevitable that bank rates will decrease one time or another. Anyone considering living in Thailand long term should be aware of this, plan well for the furture and have invested here enough funds to be able to ride out these financial storms.

[sassienie]

Just checked the Bangkok bank FX rates and it seems the US dollar rate is almost the same as last year, yet the £ has dropped down to 55 baht = £1.

Why oh why?

Edited October 22, 2008 by sassienie

[lazeeboy]

Just checked the Bangkok bank FX rates and it seems the US dollar rate is almost the same as last year, yet the £ has dropped down to 55 baht = £1.

Why oh why?

bank of ayuttaya is the same 55b to the pound

[sassienie]

A friend just informed me that the reason the £ has been hit so hard is because yesterday Britain declared it`s self in recession.

As an Englishman this is the first time in my life that I wish I was an American and didn`t have to be lumbered with all the crap, Britain throws out to it`s subjects.

God bless George Bush and the American people. I say this because I may have to approach some of my American counterparts here with my begging bowl if things get any worse.

Edited October 22, 2008 by sassienie

[Mattchu9999]

Dear oh dear . . you really don't have a clue about the dynamics of exchange rates, do you?

Are you seriously suggesting the plunging pound and Oz dollar against the baht is some kind of scam?

With this kind of financial sophistication so prevalent, it's no wonder things are in such a mess now.

Hmmm Than why would US President Andrew Jackson have carved on his tombstone the words "I killed the bank" ??

"Give me control of a country's money and I care not whom makes the rules" -Mayer Rothschild

"If my son's did not want wars there would be no wars" -Guttle Rothschild

Most of the country's across the globe have central banks that are private for profit entities.

[sassienie]

Are there any financial wizards out there who could give us poor suckers some valid advice?

Is there any way that the £ can be exchanged into US $ and than to bahts without making a loss on the deal?

Come on, why not make this a ThaiVisa first, with some real solid contructive ideas and advice.

Edited October 22, 2008 by sassienie

[sassienie]

Are there any financial wizards out there who could give us poor suckers some valid advice?

Is there any way that the £ can be exchanged into US $ and than to bahts without making a loss on the deal?

Come on, why not make this a ThaiVisa first, with some real solid contructive ideas and advice.

I think asking for anything contructive has knocked this thread stone dead.

It appears that there is no intelligent life on ThaiVisa.

Edited October 22, 2008 by sassienie

[zorro1]

Are there any financial wizards out there who could give us poor suckers some valid advice?

Is there any way that the £ can be exchanged into US $ and than to bahts without making a loss on the deal?

Come on, why not make this a ThaiVisa first, with some real solid contructive ideas and advice.

I think asking for anything contructive has knocked this thread stone dead.

It appears that there is no intelligent life on ThaiVisa.

I will step up and back you. Somehow I think the yen needs to be thrown into the mix. Surely someone can help here. Naam??

[Maverell]

Something fishy is going on with the Thai baht so strong. The recession is coming here for sure, I believe the baht is being artificially propped up. No evidence - just a feeling. Perhaps I have been here too long......everything in this country is not as it appears !

Edited October 22, 2008 by Maverell

[ThaiPauly]

Sadly it's locked up until end of November!

And the rate has dropped another 1bht since my post earlier this morning

now down to 56! aaaaargh!

Switching from Heineken to Chang is advisable in situations like these David

You not only save money, but your hangover will keep you from worrying about it

[DavidOxon]

More like Chang to Leo!

You about this weekend?

D

[pete_r]

Are there any financial wizards out there who could give us poor suckers some valid advice?

Is there any way that the £ can be exchanged into US $ and than to bahts without making a loss on the deal?

Come on, why not make this a ThaiVisa first, with some real solid contructive ideas and advice.

I'm no wizard but will put in my two cents of observations in the last couple of months:

- The Baht has remained almost constant versus the USD in the range 34.0-34.6 THB/USD.

- The Baht has strengthened against most other western currencies (GBP, EUR, AUD).

- The USD has also strengthened against the same other western currencies.

Which I take as a sign that the BOT is pegging the Baht to the USD, and because the USD has been strengthening against the GBP-EUR-AUD, so has the Baht.

If not for that peg by the BOT, the Baht would be weakening against the USD like other currencies (due to investors buying USD as a safe currency), and the exchange rates GBP-EUR-AUD to THB would be more favorable.

A possible reason for the peg is to control inflation, which seems to be the priority of the BOT at the moment, and in disagreement with the finance minister who advocates supporting the economy by devaluing the Baht (http://www.thaivisa.com/forum/Finance-Minister-5-Baht-Devaluati-t218565.html).

[Naam]

Are there any financial wizards out there who could give us poor suckers some valid advice?

Is there any way that the £ can be exchanged into US $ and than to bahts without making a loss on the deal?

Come on, why not make this a ThaiVisa first, with some real solid contructive ideas and advice.

I think asking for anything contructive has knocked this thread stone dead.

It appears that there is no intelligent life on ThaiVisa.

I will step up and back you. Somehow I think the yen needs to be thrown into the mix. Surely someone can help here. Naam??

i can only agree with Sassienie when i see his/her question "Is there any way that the £ can be exchanged into US $ and than to bahts without making a loss on the deal?"

[thaibeachlovers]

Sadly it's locked up until end of November!

And the rate has dropped another 1bht since my post earlier this morning

now down to 56! aaaaargh!

and double aaaaaargh! Just as I'm about to go there; bummer.

We have Gordon and the plonker running the BoE to thank, doing their best to talk us into a recession. 2 days ago 58, today 56. ( mind you, the £ fell 6 cents, so it could have been a bigger drop against the baht. I think David Cameron is going to enjoy taunting Gordon about the "end of boom and bust" for some time to come.

Anyone know an easy way to explain to the friendly ladies of NEP that their asking price is no longer realistic?

[cmsally]

Strange that the GBP should take a nosedive as Europe announces a massive bailout for Georgia. Not to mention that Osbourne is being investigated for trying to solicit donations on the Russian front. To a certain extent has the rise of the Euro and GBP been pushed along by the Russians over the past years and have they now pulled the plug?

[pab]

I don't think anyone really knows. My income is in Oz dollars so hurting right now

Me too Zorro. However, at least make sure that any money transfer you do make from Oz to your Thai bank is in A$ and not Thai baht as you will get a better exchange rate here than in Oz. For example, 2 days ago the Commonwealth Bank was offerring 21.5 baht to the dollar for an IMT but at least my Thai bank gave me 23.6 baht. With some luck the currently high Thai currency rate will soon soften but I also know that the A$/Thai baht rate was around 25 for a long time a few years back. So good luck mate and spend wisely.

[hullmonkey1]

Strange that the GBP should take a nosedive as Europe announces a massive bailout for Georgia. Not to mention that Osbourne is being investigated for trying to solicit donations on the Russian front. To a certain extent has the rise of the Euro and GBP been pushed along by the Russians over the past years and have they now pulled the plug?

Not strange at all.

quote from BBC WEBSITE:

"UK recession likely, says Brown

Britain's economic downturn is likely to cause a recession, warns the PM"

the GBP has nosedived twice in the last few weeks. both times occuring after prats from the labour goverment mentioned deppression of the UK economy. Brown may be a decent 'bean counter' but his political skill is non-existant..unless of course his hidden agenda is to devalue the pound in a bid to boost our nonexistant export industry

If the labour prats back home can keep their mouths shut for a while we might be back up to 60bht -GBP before my wages are tranfered at the end of the month

[thaibeachlovers]

Strange that the GBP should take a nosedive as Europe announces a massive bailout for Georgia. Not to mention that Osbourne is being investigated for trying to solicit donations on the Russian front. To a certain extent has the rise of the Euro and GBP been pushed along by the Russians over the past years and have they now pulled the plug?

While I am not an economist, IMO the present situation is only to be expected, as the long awaited "financial correction" has at last arrived. Personally I wish it had waited another year, but there you are.

Can't speak for any other country, but the UK has been pursuing policies that could only lead to disaster. Basically encouraging growth by getting as many people into massive debt as possible. Banks almost giving money away, even to people that were bad risks. Mortages of over 100 %. Housing vastly overpriced. Then the incompetent policies of new labour, allowing as many unskilled people as could get into the country to stay, but not making them work or train. Allowing more people to claim larger benefits for longer. Spending vast sums on illegal wars overseas. Taxing the lower and middle classes till they no longer had sufficient to spend on non essentials. Allowing the industrialsts to export most of the real jobs to cheaper countries so they could make even more profits ( well, they won't be happy now, when no one can afford to buy their imported products- factories already closing in China ). Allowing all essential industries to be taken over by foreign owners who only want to make a profit; fewer and crowded public transportation, electricity and gas too expensive for pensioners to use, airports become huge shopping areas at expense of passengers comfort. Public services underfunded, the NHS only functions as they have poached trained staff from overseas prepared to work for low wages ( haven't seen any English people training as nurses in London for years; in fact, hardly any English people work in London hospitals ).

Then, when it all goes wrong, the authorities dither, till finally they give the very people that caused the crisis vast sums of taxpayer's money, but without even stopping them rewarding themselves with huge bonuses for incompetence. To add insult to injury, the Chancellor now claims that giving the Americans billions of £ for a new Trident system will stimulate the economy! We need more people doing real jobs, not buying better ways to kill millions of innocent people.

After the crisis really started to take effect, I was shocked when, on going into my bank, I was approached by a staff member who had been assigned to try and get customers to take on a new credit card. Just what we need, even more debt!

As for the Osbourne affair, it's just a smoke screen to take people's minds off the farce going on in Parliament.

The last time the world was in a really serious financial crisis, it took a world war and millions of dead people to recover, hopefully it won't get that bad this time.

[meltnp]

hi im new on here and havin trouble navigating but this page is the closest subject to my question! any advice is well appreciated. i am off to thailand in 3 weeks after coming home for a bit, got some money together and not sure the best way to get the best out of my pound/ baht situation. is it best to change it all here ( i think not?) or to change it all there at an exchange or pay it in pounds into a thai account? last time i paid it straight into the thai account but it was only a few hundred pound but this time will be more like a few thousand. obviously i want to get the best rate and not really happy about carrying a load of money around with me while im getting from BK to Koh Tao. will the bank be funny about me paying in so much pounds or will it be ok? im really confused....maybe i could keep it somewhere safe in pounds and then change it up when the rate is better???

[roamer]

Strange that the GBP should take a nosedive as Europe announces a massive bailout for Georgia. Not to mention that Osbourne is being investigated for trying to solicit donations on the Russian front. To a certain extent has the rise of the Euro and GBP been pushed along by the Russians over the past years and have they now pulled the plug?

Not strange at all.

quote from BBC WEBSITE:

"UK recession likely, says Brown

Britain's economic downturn is likely to cause a recession, warns the PM"

the GBP has nosedived twice in the last few weeks. both times occuring after prats from the labour goverment mentioned deppression of the UK economy. Brown may be a decent 'bean counter' but his political skill is non-existant..unless of course his hidden agenda is to devalue the pound in a bid to boost our nonexistant export industry

If the labour prats back home can keep their mouths shut for a while we might be back up to 60bht -GBP before my wages are tranfered at the end of the month

I can see what your saying,but they might have got it right,own up to what is happening...your going into recession, buckle your belts and get ready for it. Hiding your head in the sand won't make it go away. Regardless of your political views the simple fact is that the official figures due later this month will confirm it.

Of course you could simply take the Thai gov attitude that everything about their economy is rosy, Thailand is an export led economy unlike our "non-existant export industry" , they are behind the curve, the problems will soon become apparrent as the demand for their goods collapses, sit and watch the amount of Thai business's go tits up in the next few months, watch as the tourist industry gets decimated by the high baht and global recession. Then watch as their futile efforts to prop up the baht run into trouble when they no longer have the reserves to do so.

If Thailand and the baht emerge from this unscathed then the worlds economists will be beating a path to their door wanting to learn the secrets behind it. Can't happen, won't happen.

Still possible that sterling has a little way to go though.

[Bizz]

Euro and British Pound Drop As Lehman CDS Deadline Increases Dollar Demand.

The Euro fell to its lowest level in nineteen months as the appetite for dollars was fueled by today’s deadline for settlement of Lehman Brothers CDS’s. Rumors are that banks and other sellers are hoarding cash to payout a estimated 91% loss on the investments. Meanwhile, France’s government announced the investment of 10.5 billion euros in the country’s largest banks including BNP Baribus SA, Societe Generale SA, and Agricole SA.

[hullmonkey1]

Strange that the GBP should take a nosedive as Europe announces a massive bailout for Georgia. Not to mention that Osbourne is being investigated for trying to solicit donations on the Russian front. To a certain extent has the rise of the Euro and GBP been pushed along by the Russians over the past years and have they now pulled the plug?

Not strange at all.

quote from BBC WEBSITE:

"UK recession likely, says Brown

Britain's economic downturn is likely to cause a recession, warns the PM"

the GBP has nosedived twice in the last few weeks. both times occuring after prats from the labour goverment mentioned deppression of the UK economy. Brown may be a decent 'bean counter' but his political skill is non-existant..unless of course his hidden agenda is to devalue the pound in a bid to boost our nonexistant export industry

If the labour prats back home can keep their mouths shut for a while we might be back up to 60bht -GBP before my wages are tranfered at the end of the month

I can see what your saying,but they might have got it right,own up to what is happening...your going into recession, buckle your belts and get ready for it. Hiding your head in the sand won't make it go away. Regardless of your political views the simple fact is that the official figures due later this month will confirm it.

Of course you could simply take the Thai gov attitude that everything about their economy is rosy, Thailand is an export led economy unlike our "non-existant export industry" , they are behind the curve, the problems will soon become apparrent as the demand for their goods collapses, sit and watch the amount of Thai business's go tits up in the next few months, watch as the tourist industry gets decimated by the high baht and global recession. Then watch as their futile efforts to prop up the baht run into trouble when they no longer have the reserves to do so.

If Thailand and the baht emerge from this unscathed then the worlds economists will be beating a path to their door wanting to learn the secrets behind it. Can't happen, won't happen.

Still possible that sterling has a little way to go though.

In a wobbly volatile world market I wouldnt expect leading member's of the goverment to be harping on about iminent UK recession (thats the job of the press) I would be much happier hearing about a 'hard road ahead' and 'a challenge for the brit economy' bla bla bla. My point is that the the UK economy is no worse state than most at the moment but the gbp has taken big hits due to comments made by our goverment.

I am amazed that the bht is holding up and pray that your forecast is correct

[Pakboong]

Data collected by the Bank for International Settlements shows that European and UK banks have five times as much exposure to emerging markets as US and Japans banks, with surprisingly big bets in Latin America and emerging Asia - where they rely on dollar funding rather than euros.

http://www.telegraph.co.uk/finance/comment...-called-in.html

[sassienie]

£ rate has crashed down 3 baht since this morning. This evening (October 24, 2008) 52 baht = £1

I noticed that the euro seems to have fell down with the £, but the Yen and some other currencies have actually increased, which means there is hope yet, as when the economy of Britain improves, exchange rates for us Brits should increase, unless it spreads worldwide.

This is going to separate the men from the boys and wait and see who can financially last here.

Will keep a view on ThaiVisa and see who`s panicking.

It could be bye bye for some ex-pats who did not come over financially prepared.

[Super Hans]

Strange that the GBP should take a nosedive as Europe announces a massive bailout for Georgia. Not to mention that Osbourne is being investigated for trying to solicit donations on the Russian front. To a certain extent has the rise of the Euro and GBP been pushed along by the Russians over the past years and have they now pulled the plug?

While I am not an economist,

No you're not, are you?

[bravingbangkok]

The Thais just make stuff up as they go along ! including the property market.

[spiderman2]

£ rate has crashed down 3 baht since this morning. This evening (October 24, 2008) 52 baht = £1

Ive only been away for 5 days and its quoting 54 bht to the GBP on xe.com, a drop of 10% wit interest rates expected to drop considerably in the coming months in the UK this may get worse.

This is going to separate the men from the boys and wait and see who can financially last here.

I was going to be coming for a 2 month holiday soon, when its the equivilant of 2GBP for a small Heineken and 30% more for a meal then last year, it certainly means i wont be ringing any bells.

Will keep a view on ThaiVisa and see who`s panicking.

Tourists like myself wont be panicking, we can stay in farangland and keep the money in the bank until the sun comes out again, but Thai people who rely on exports to the UK, EU, AUS will be.

[bravingbangkok]

I do not think this wave has hit Thailand yet ? I hope it does because I rely on a weak baht and a strong pound and $.

[spiderman2]

My point is that the the UK economy is no worse state than most at the moment but the gbp has taken big hits due to comments made by our goverment.

We have far greater debt per person then any other country in the G7, our banks have higher debt then any other country in the G7, we've an economy that is almost wholly reliant on the financial service industry which at the moment is F*&k%d, the housing market which is totally F*&k%d and people buying Chinese/Indian/Cheap goods on the high street on credit this industry isnt looking good.

Apart from having high interest rates which we can lower to get the markets moving again i cant see any plus points.

[spiderman2]

While I am not an economist.

Thats a good start.

IMO the present situation is only to be expected, as the long awaited "financial correction" has at last arrived. Personally I wish it had waited another year, but there you are.

Can't speak for any other country, but the UK has been pursuing policies that could only lead to disaster. Basically encouraging growth by getting as many people into massive debt as possible. Banks almost giving money away, even to people that were bad risks. Mortages of over 100 %. Housing vastly overpriced. Then the incompetent policies of new labour, allowing as many unskilled people as could get into the country to stay, but not making them work or train. Allowing more people to claim larger benefits for longer. Spending vast sums on illegal wars overseas. Taxing the lower and middle classes till they no longer had sufficient to spend on non essentials. Allowing the industrialsts to export most of the real jobs to cheaper countries so they could make even more profits ( well, they won't be happy now, when no one can afford to buy their imported products- factories already closing in China ). Allowing all essential industries to be taken over by foreign owners who only want to make a profit; fewer and crowded public transportation, electricity and gas too expensive for pensioners to use, airports become huge shopping areas at expense of passengers comfort. Public services underfunded, the NHS only functions as they have poached trained staff from overseas prepared to work for low wages ( haven't seen any English people training as nurses in London for years; in fact, hardly any English people work in London hospitals ).

Then, when it all goes wrong, the authorities dither, till finally they give the very people that caused the crisis vast sums of taxpayer's money, but without even stopping them rewarding themselves with huge bonuses for incompetence. To add insult to injury, the Chancellor now claims that giving the Americans billions of £ for a new Trident system will stimulate the economy! We need more people doing real jobs, not buying better ways to kill millions of innocent people.

After the crisis really started to take effect, I was shocked when, on going into my bank, I was approached by a staff member who had been assigned to try and get customers to take on a new credit card. Just what we need, even more debt!

As for the Osbourne affair, it's just a smoke screen to take people's minds off the farce going on in Parliament.

The last time the world was in a really serious financial crisis, it took a world war and millions of dead people to recover, hopefully it won't get that bad this time.

The most perfect description about the UK and its economy, exactly what the indigenous British worker has been saying for a while now.

Yet politicians/ journalists/ liberals/ university educated folk call them racist, nationalist, uneducated, xenophobic or whatever names they use to shield their lies and incompetence.

PS - We know the Polish work hard.