GBP to THB Exchange Rate

[PCA]

I think you're getting a little too fancy for your own limited knowledge in your own examples, and in trying to put down other posters.

The result being you're just showing your own lack of knowledge, by not being able to adequately answer and follow thru your own initial example.

I doubt you actually trade futures either, as someone who does would understand how they could indeed use futures as a reasonable hedge regardless of the whether the money has to be transferred in from abroad or not.

Someone who actually trades futures knows they can be bought as well as sold + someone actually trading futures also knows in the majority of cases buyers and sellers close-out/offset their positions by taking out an opposite position rather than letting them mature. So someone trading futures would know the net effect can then debited or credited to the trader's account at settlement date.

Hence if correctly structured the net gain or loss on the futures contracts largely offsets the movement and gain or loss in exchange rates on the underlying exposure of the condo purchase. i.e you don't need to take delivery of the opposite currency on a futures contract, and it's the profit and loss movements that count. So you don't have to worry that the foreign currency needs to be transferred in from overseas or not

Simply put: if you have foreign currency offshore waiting to transfer in, you could indeed take out a futures contract, then take out an opposite contract near maturity instead of letting it mature to close out. You then have the net gain or loss on your futures contracts, you then adjust the amount of foreign currency you transfer by adding or subtracting the profit or loss on the futures.

BTW In your example someone might also use currency options as well.

Moral of the story: play nice with other posters who know less than you do, as there's always someone who knows a little more than you do.

All currency Futures are USD trades so there is no hedge for THB possible using such.

PCA

Currency futures generally come in pairs so it needs to be USD vs something. If you look at the "USD futures" on the Thai Futures Exchange (TFEX) for example you'll see their "USD futures" priced in THB.

Hence the hedge is indeed possible. The following link shows the market prices and you could click on the other tabs for things like contract specification and education.

http://www.tfex.co.th/en/products/usd-mktdata.html

BTW Although it's possible to hedge using futures, I wouldn't recommend it for the average person doing it themselves

Hi fletchsmile, thx for the hint. I did not even know that there are Currency Futures listed on the Thai stock exchange. If then of course there is a way to hedge USD/THB.

[Naam]

All currency Futures are USD trades so there is no hedge for THB possible using such.

an urban legend which does not become true even if repeated very often.

[Naam]

I got 445,000 odd from a 10grand transfer just received.

Does anyone know a good branch to bank with for the rate negotiation in Chiang Mai? My current branch aren't accepting any negotiation at all. Bangkok bank or another if you have good experience.

Cheers

Most bank Treasury Dept's will negotiate to a lesser or greater degree, based on the amount involved, I'm afraid there's unlikley to be any negotiation on GBP 10K, it's just the way things way things are currently.

If first asked them a couple weeks ago when I sent 30k. My wife pointed out that there is 100s of thousands coming but they just weren't interested. I only sent the 10 just now to tied over until the larger funds are ready to move. I intend to find a better branch before then.

it's not the branch that contacts you but the head office. moreover, you are not contacted for GBP 10k peanuts. i managed on monday +8 Satang on a Dollar transfer and today +11 Satang on a transfer in €UR.

[PCA]

All currency Futures are USD trades so there is no hedge for THB possible using such.

an urban legend which does not become true even if repeated very often.

was always the case and still is with globally traded Futures contracts.

[mccw]

I got 445,000 odd from a 10grand transfer just received.

Does anyone know a good branch to bank with for the rate negotiation in Chiang Mai? My current branch aren't accepting any negotiation at all. Bangkok bank or another if you have good experience.

Cheers

Most bank Treasury Dept's will negotiate to a lesser or greater degree, based on the amount involved, I'm afraid there's unlikley to be any negotiation on GBP 10K, it's just the way things way things are currently.

If first asked them a couple weeks ago when I sent 30k. My wife pointed out that there is 100s of thousands coming but they just weren't interested. I only sent the 10 just now to tied over until the larger funds are ready to move. I intend to find a better branch before then.

it's not the branch that contacts you but the head office. moreover, you are not contacted for GBP 10k peanuts. i managed on monday +8 Satang on a Dollar transfer and today +11 Satang on a transfer in €UR.

Read again before belittling my nuts

They said they did nit do such a facility on fx at all. That's why I'm looking to move branch to one that can be bothered to arrange it with head office or fx department or whoever.

Not wanting to brag (im sure you have far more money than me anyway) but just to save beating around the bush, I''ll be moving 750k sterling and would like to know if best to split in 2 lump sums or keep as 1 and hold if needs be on this 4week thing you were talking about. With a target in mind and time on side maybe a single lump has more bargaining power. My other though is yo do 500 and wait and see if a little bounce comes along for the other 250; but I'd hate to be kicking myself too badly if drops down dramatically again worse than if popped up a little, because I expect drop much more than pop.

[Naam]

Read again before belittling my nuts

i read (again) that you want to negotiate the rate for forex on hold but i don't understand what your explanation has to do with any branch of your bank. forex on hold is kept in an escrow at the banks headquarters and not credited to your branch account. your branch is only notified that x-amount of foreign exchange is waiting for your decision.

i do off course understand that you are hesitating because GBP 750k is "quite a lot of peanuts".

now come again and tell us in details what you have in mind.

[chiang mai]

It might behoove you to establish yourself as a preffered customer with an Asian Bank in Thailand such as UOB or CIMB, both have a fairly wide precence here and they operate a little differently than do the Thai banks, it's my view that they actually provide customer service and take customer requests seriously. If you can establish that relationship and aquire preffered status, a lot of your currency conversion problems will evaporate and life will become much easier. I have accounts with both of those banks along with a series of Thai banks and there is no comparisons between the two entities.

[ExpatOilWorker]

I got 445,000 odd from a 10grand transfer just received.

Does anyone know a good branch to bank with for the rate negotiation in Chiang Mai? My current branch aren't accepting any negotiation at all. Bangkok bank or another if you have good experience.

Cheers

Most bank Treasury Dept's will negotiate to a lesser or greater degree, based on the amount involved, I'm afraid there's unlikley to be any negotiation on GBP 10K, it's just the way things way things are currently.

If first asked them a couple weeks ago when I sent 30k. My wife pointed out that there is 100s of thousands coming but they just weren't interested. I only sent the 10 just now to tied over until the larger funds are ready to move. I intend to find a better branch before then.

it's not the branch that contacts you but the head office. moreover, you are not contacted for GBP 10k peanuts. i managed on monday +8 Satang on a Dollar transfer and today +11 Satang on a transfer in €UR.

Are you buying a new Bimmer?

[mccw]

It might behoove you to establish yourself as a preffered customer with an Asian Bank in Thailand such as UOB or CIMB, both have a fairly wide precence here and they operate a little differently than do the Thai banks, it's my view that they actually provide customer service and take customer requests seriously. If you can establish that relationship and aquire preffered status, a lot of your currency conversion problems will evaporate and life will become much easier. I have accounts with both of those banks along with a series of Thai banks and there is no comparisons between the two entities.

Thanks for the advice. I will look in to it.

[mccw]

Read again before belittling my nuts

i read (again) that you want to negotiate the rate for forex on hold but i don't understand what your explanation has to do with any branch of your bank.

because the branch denied they did any such service; that the amount was what ever they fancied to put directly in your account when the money turned up!

But cheers for clarifying the structure of how it works; I did not know exactly that. I thought maybe since many service seem to be branch dependant here, and that the receiving branch of funds is specified on transfer, that there might be someone in branch with power of the click to set / negotiate the rate.

[Naam]

Read again before belittling my nuts

i read (again) that you want to negotiate the rate for forex on hold but i don't understand what your explanation has to do with any branch of your bank.

because the branch denied they did any such service; that the amount was what ever they fancied to put directly in your account when the money turned up!

But cheers for clarifying the structure of how it works; I did not know exactly that. I thought maybe since many service seem to be branch dependant here, and that the receiving branch of funds is specified on transfer, that there might be someone in branch with power of the click to set / negotiate the rate.

you are excused over the years i had to learn the hard way that most (if not all) branches have no power to make decisions which are beyond the day-to-day business. very annoying!

[topt]

Read again before belittling my nuts

i read (again) that you want to negotiate the rate for forex on hold but i don't understand what your explanation has to do with any branch of your bank.

because the branch denied they did any such service; that the amount was what ever they fancied to put directly in your account when the money turned up!

But cheers for clarifying the structure of how it works; I did not know exactly that. I thought maybe since many service seem to be branch dependant here, and that the receiving branch of funds is specified on transfer, that there might be someone in branch with power of the click to set / negotiate the rate.

you are excused over the years i had to learn the hard way that most (if not all) branches have no power to make decisions which are beyond the day-to-day business. very annoying!

As Naam said you need to establish the "relationship" with the HO FX person/s. As an example I sent a reasonable amount of £ (needs to be more than 50k I think now) and it was held by the HO who I spoke to and agreed when it should clear and the exact rate it was credited at. I later had some $ in a foreign currency account with the branch and when I needed to transfer these I first spoke to the contact at the HO and then went to the branch to talk to them about moving the $ into my baht account. They would have processed it at the branch published rate until I asked them for a better rate and suggested they speak to their HO (and gave them the contact name).

I received a better rate - although nowhere near as much an improvement as Naam states in one of his posts above but the sums were probably much smaller

[yoshiwara]

It might behoove you to establish yourself as a preffered customer with an Asian Bank in Thailand such as UOB or CIMB, both have a fairly wide precence here and they operate a little differently than do the Thai banks, it's my view that they actually provide customer service and take customer requests seriously. If you can establish that relationship and aquire preffered status, a lot of your currency conversion problems will evaporate and life will become much easier. I have accounts with both of those banks along with a series of Thai banks and there is no comparisons between the two entities.

Thanks for the advice. I will look in to it.

For that amount of money I would be knocking on the door Of Standard Chartered for advice.

http://www.standardchartered.co.th/en/

[mccw]

It might behoove you to establish yourself as a preffered customer with an Asian Bank in Thailand such as UOB or CIMB, both have a fairly wide precence here and they operate a little differently than do the Thai banks, it's my view that they actually provide customer service and take customer requests seriously. If you can establish that relationship and aquire preffered status, a lot of your currency conversion problems will evaporate and life will become much easier. I have accounts with both of those banks along with a series of Thai banks and there is no comparisons between the two entities.

Thanks for the advice. I will look in to it.

For that amount of money I would be knocking on the door Of Standard Chartered for advice.

http://www.standardchartered.co.th/en/

I don't trust the likes of any of them to be taking thier "advise", but I'll look over what they have to offer happily.

Are you one of thier prefered customers? What do you need to show to qualify? A large enough initial deposit would be ok but through legal good accounting I make almost zero taxable income in any country and have no employer.

I like the free international ATM withdrawals and free fx transfers. Are the exchange rates offered competitive and how generous have you found them when negotiating better rates on the phone dealing with incoming fx?

[chiang mai]

It might behoove you to establish yourself as a preffered customer with an Asian Bank in Thailand such as UOB or CIMB, both have a fairly wide precence here and they operate a little differently than do the Thai banks, it's my view that they actually provide customer service and take customer requests seriously. If you can establish that relationship and aquire preffered status, a lot of your currency conversion problems will evaporate and life will become much easier. I have accounts with both of those banks along with a series of Thai banks and there is no comparisons between the two entities.

Thanks for the advice. I will look in to it.

For that amount of money I would be knocking on the door Of Standard Chartered for advice.

http://www.standardchartered.co.th/en/

Standard Chartered is OK if you live in Bangkok, if you live elsewhere their performance and service is dire, particularly in the North where every action must first be approved by head office - I have a nice letter from their CEO explaining how SCB sattelite branches need a lot of help and support!

[yoshiwara]

Standard Chartered is OK if you live in Bangkok, if you live elsewhere their performance and service is dire, particularly in the North where every action must first be approved by head office - I have a nice letter from their CEO explaining how SCB sattelite branches need a lot of help and support!

For the amount of money quoted I would only want to deal with the head office anyway with a personal visit plus I would also be expecting to open a Priority Banking account. For the security I would put up with the inconvenience. Edited March 8, 2013 by yoshiwara

[mccw]

43.92 when I saw this:

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

[nong38]

43.92 when I saw this:

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

You could also look at www.bankexchangerates.daytodaydata.net I find this gives a good comparison of all Thai banks.

Edited March 10, 2013 by nong38

[Thailand1977]

Carries on like this i can see an interest rate rise.

[nong38]

Carries on like this i can see an interest rate rise.

Well that would at least offset the exchange rate peril but, I thought they were thinking of the rate going down to exports more attractive, not easy this running an economy, especially for boys straight out of the up country karaoke suite!

[mccw]

It might behoove you to establish yourself as a preffered customer with an Asian Bank in Thailand such as UOB or CIMB, both have a fairly wide precence here and they operate a little differently than do the Thai banks, it's my view that they actually provide customer service and take customer requests seriously. If you can establish that relationship and aquire preffered status, a lot of your currency conversion problems will evaporate and life will become much easier. I have accounts with both of those banks along with a series of Thai banks and there is no comparisons between the two entities.

Thanks for the advice. I will look in to it.

For that amount of money I would be knocking on the door Of Standard Chartered for advice.http://www.standardchartered.co.th/en/

Standard Chartered is OK if you live in Bangkok, if you live elsewhere their performance and service is dire, particularly in the North where every action must first be approved by head office - I have a nice letter from their CEO explaining how SCB sattelite branches need a lot of help and support!

I've been trying standard charted "priority banking centres" in Bangkok by one number is not in service while the other two are permanently engaged.

I''ll try walking in to Thierry Chiang mai branch. No way I'm parking any big cash with them if they Cabot even pick up the phone but still they do offer some service that others don't seem to.

[meatboy]

43.92 when I saw this:

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

8.30 today tt rate 43.96,10 minutes later 43.90,the boat is rocking time to jump

[yoshiwara]

I've been trying standard charted "priority banking centres" in Bangkok by one number is not in service while the other two are permanently engaged.

I''ll try walking in to Thierry Chiang mai branch. No way I'm parking any big cash with them if they Cabot even pick up the phone but still they do offer some service that others don't seem to.

That's not good if they are not picking up the phone.

You might also be interested in Citibank if you want to check out their telephone banking service: http://www.citibank.co.th/global_docs/citith_home_en.htm

[Naam]

43.92 when I saw this:

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

8.30 today tt rate 43.96,10 minutes later 43.90,the boat is rocking time to jump

Siam Commercial 43.88

[mccw]

I've been trying standard charted "priority banking centres" in Bangkok by one number is not in service while the other two are permanently engaged.I''ll try walking in to Thierry Chiang mai branch. No way I'm parking any big cash with them if they Cabot even pick up the phone but still they do offer some service that others don't seem to.

That's not good if they are not picking up the phone.You might also be interested in Citibank if you want to check out their telephone banking service: http://www.citibank.co.th/global_docs/citith_home_en.htm

I wonder if there is a central hotline I'm missing. I just searched their website for the priority banking branch contact details. I agree it's still no good. But I like the account opening before arrival in new country service which I dint see offered on citi site. Doesn't mean they cant do it though I suppose.

Example of what I'm interested to find out. I have art for sale privately to say an Indian. He wants to pay cash in to a bank in India; which I then want transferred to Thailand. The art would then be collected by said Indians rep in London. Could citi or standard chartered be good for this? Would the Indian gov want tax , papers, or permits to take money out or Thai side want things coming in? I thought maybe a wi're transfer to a jongkong account in my name and then send to Thailand might be easiest.

[mccw]

Standard chartered have a savings account paying 8% interest on balance up to 200, 000 bht if you use thier credit card over 8k pm.

This looks good to me.

Citi- I like the discounts on offer. 5% at big C and home pro, some restraunts

I will probably take both. But I don't really see any big advantage of citi priority banking. Their deposit rates are not competitive. Which makes me think the fx will not be either. Both SC and Citi do not publish the fx rates. Or at least I couldn't find them.

Leaning towards CIMB because of thier branch network. The free transfers could come in handy.

Still researching though.

[Naam]

Standard chartered have a savings account paying 8% interest on balance
up to 200, 000 bht if you use thier credit card over 8k pm.

This looks good to me.

it looks too good to me and i don't believe that any bank bears 16.66% of your credit card use. check again the fine print!

[mccw]

Standard chartered have a savings account paying 8% interest on balance

up to 200, 000 bht if you use thier credit card over 8k pm.

This looks good to me.

it looks too good to me and i don't believe that any bank bears 16.66% of your credit card use. check again the fine print!

http://www.standardchartered.co.th/personal-banking/deposits/savings-account/bonus-saver/en/index.html?pid=Bonus-Saver-EN

It's 5% rather than 8; so 10k py off the 200k

[Naam]

Standard chartered have a savings account paying 8% interest on balance

up to 200, 000 bht if you use thier credit card over 8k pm.

This looks good to me.

it looks too good to me and i don't believe that any bank bears 16.66% of your credit card use. check again the fine print!

http://www.standardchartered.co.th/personal-banking/deposits/savings-account/bonus-saver/en/index.html?pid=Bonus-Saver-EN

It's 5% rather than 8; so 10k py off the 200k

i still believe there's a catch somewhere. 10,000 Baht bonus on min 96,000 Baht expenditure (10.417%)?

when something seems to good to be true... it most probably is!

[nong38]

Standard chartered have a savings account paying 8% interest on balance

up to 200, 000 bht if you use thier credit card over 8k pm.

This looks good to me.

it looks too good to me and i don't believe that any bank bears 16.66% of your credit card use. check again the fine print!

http://www.standardchartered.co.th/personal-banking/deposits/savings-account/bonus-saver/en/index.html?pid=Bonus-Saver-EN

It's 5% rather than 8; so 10k py off the 200k

i still believe there's a catch somewhere. 10,000 Baht bonus on min 96,000 Baht expenditure (10.417%)?

when something seems to good to be true... it most probably is!

And in Thailand it usually comes down as "you did not understand" YOU!

I went into BIG C the other day, bought a air con, 13900 bts 1000 less than I had seen previously, then the salesman said ( in translation !!!) today you get for 12000 bts and you can spend 1200 bts in the store free. Seemed to good to be true and of course it was, when the price came up it was 13900 bts and you have 1200 bts to spend in the shop today! 12000 and 1200 can only revolve like this in Thailand, snakc bars become snake bars etc be careful, I still got deal but just not what I thought I was getting and remember people tell you what you want to here and you signed for it!!!!!!!