Has the baht just suddenly dropped 10%

[finy]

I used to lose 10 British pound in every 100, but just checked on the net and now you don't lose anything.

I confirmed with Bangkok Bank exchange rate.

When did this happend and will in continue?

Cheers

[Pib]

You might want to identify/provide the website you are referring to. Then we can properly ask you why in the heck you were (are) using a transfer method that cost your 10% in transfer fees.

[Naam]

you might also want to tell us the dates of the transfers you are referring to. if the second last transfer was end of may and your last transfer was days ago then you got indeed 10% more Baht for your Pounds.

but that would not warrant the expression "suddenly."

[finy]

Maybe I never explained properly:

Before - Withdraw 5000, pay 110 pound.

Now - Withdraw 5000, pay 100 pound.

If it changed months ago I didn't realize it until now.

[MMarlow]

Maybe I never explained properly:

Before - Withdraw 5000, pay 110 pound.

Now - Withdraw 5000, pay 100 pound.

If it changed months ago I didn't realize it until now.

You're doing better than you thought, a 10GBP reduction from 110GBP is 11%, not 10%.

[lannarebirth]

Maybe I never explained properly:

Before - Withdraw 5000, pay 110 pound.

Now - Withdraw 5000, pay 100 pound.

If it changed months ago I didn't realize it until now.

You're doing better than you thought, a 10GBP reduction from 110GBP is 11%, not 10%.

Actually, it's 9.09%

[brit1984]

thanks to the OP for nearly giving me a heart attack - at least i know i'm still alive

i suppose "suddenly" is a word that can be understood differently by different people

[Pib]

Is this a shred/guessing game....provide a little bit of info...then a little more...etc? You still haven't said "how" your are getting the money (i.e., wire transfer, debit card, etc) and what bank/company you are using for the transfer. Withdrawing 5000 pounds with a 110 pound charge amounts to 2.2% in fees; withdrawing 5000 pounds with a 100 pound charge is 2% in fees. Many, many different banks/companies/cards out there with different fee structures...contact the organization that is providing your this service for the definite answer.

[lopburi3]

I suspect he is talking baht rather than pounds with the 5k withdrawal. Believe pound is now about 50 baht exchange rate so 5k for 100 pounds sounds right. The baht has been falling for several months in relation to most foreign currencies.

[Suradit69]

I suspect he is talking baht rather than pounds with the 5k withdrawal. Believe pound is now about 50 baht exchange rate so 5k for 100 pounds sounds right. The baht has been falling for several months in relation to most foreign currencies.

I still don't understand the reference to "losing."

I used to lose 10 British pound in every 100, but just checked on the net and now you don't lose anything.

If the rate changed from Baht 5000 to ₤110 to Baht 5000 to ₤100 why is he now not "losing" anything?

[Pib]

I suspect he is talking baht rather than pounds with the 5k withdrawal. Believe pound is now about 50 baht exchange rate so 5k for 100 pounds sounds right. The baht has been falling for several months in relation to most foreign currencies.

Assuming he's talking baht rather than pounds and assuming no withdrawal fees (but they probably are some), 5000 baht at 110 pounds equals an exchange rate of 45.45....and 5000 baht at 100 pounds equals an exchange rate of 50 baht. Using this XE.COM Forex two year pound-baht history chart just to show the exchange rate trend, the exchange rate was around the 45 to 46 baht range for a few times around the early part of this year...but for the most part has been significantly higher before and after that.

So, if he's talking exchange rate and discounting any fees, he probably did his last withdrawal earlier in the year and just recently did another withdrawal...and like he said just noticed the big difference...but at least is was a nice surprise. Yeap, the baht has depreciated somewhat after appreciating before that....up and down goes the exchange rate over time.

[Suradit69]

I suspect he is talking baht rather than pounds with the 5k withdrawal. Believe pound is now about 50 baht exchange rate so 5k for 100 pounds sounds right. The baht has been falling for several months in relation to most foreign currencies.

Assuming he's talking baht rather than pounds and assuming no withdrawal fees (but they probably are some), 5000 baht at 110 pounds equals an exchange rate of 45.45....and 5000 baht at 100 pounds equals an exchange rate of 50 baht. Using this XE.COM Forex two year pound-baht history chart just to show the exchange rate trend, the exchange rate was around the 45 to 46 baht range for a few times around the early part of this year...but for the most part has been significantly higher before and after that.

So, if he's talking exchange rate and discounting any fees, he probably did his last withdrawal earlier in the year and just recently did another withdrawal...and like he said just noticed the big difference...but at least is was a nice surprise. Yeap, the baht has depreciated somewhat after appreciating before that....up and down goes the exchange rate over time.

Capture.JPG

"...he probably did his last withdrawal earlier in the year and just recently did another withdrawal..."

Well if this is his sole source of funds, whether resident here or a tourist, he certainly has a knack for frugal living.

[h90]

http://www.oanda.com/currency/converter/

Thai Baht got weaker, but some time ago.

[finy]

So much hostility when someone was just wondering why he got more baht for his pound.

[Suradit69]

So much hostility when someone was just wondering why he got more baht for his pound.

"just wondering"

Well to begin with, checking the exchange rate over time could easily be done to determine that there obviously had not been a sudden 10% drop.

Aside from that, your original post was borderline incoherent. It's usually best to provide some clear information to put your question in context and then to reread what you've written to see if it will make sense to someone who has no idea what your point of reference is.

That would be considered fairly basic courtesy if you expect to get civil responses from people who feel they've wasted their time wading through your post.

Speaking of "losing" something in one case and "not losing" something in the second instance still makes no sense.

Edited October 21, 2013 by Suradit69

[KhunBENQ]

So much hostility when someone was just wondering why he got more baht for his pound.

What a forgotten question mark brings up

Seems some people have not added it in their imagination.

Has the baht just suddenly dropped 10%

->

Has the baht just suddenly dropped 10% ?

My answer would have been:

no, not suddenly but sometime ago quite steep.

Have a look at http://xe.com.

Edited October 21, 2013 by KhunBENQ

[finy]

So much hostility when someone was just wondering why he got more baht for his pound.

"just wondering"

Well to begin with, checking the exchange rate over time could easily be done to determine that there obviously had not been a sudden 10% drop.

Aside from that, your original post was borderline incoherent. It's usually best to provide some clear information to put your question in context and then to reread what you've written to see if it will make sense to someone who has no idea what your point of reference is.

That would be considered fairly basic courtesy if you expect to get civil responses from people who feel they've wasted their time wading through your post.

Speaking of "losing" something in one case and "not losing" something in the second instance still makes no sense.

Keep it for in the ring.

[fletchsmile]

GBP has gained about 10% vs THB in the last 6 months - from around 45 to around 50.

So yes, withdrawing THB 5,000 would have cost you ball park 110 quid vs around 100 today depending on the dates and rates and transaction fees.

Will it continue and gain another 10% in the next 6 months? Possible but unlikely. Might get a bit better than now short term, but longer term I'd expect the baht to strengthen against the pound.

Cheers

Fletch

[el jefe]

So I think we've answered all the questions:

Has the baht just suddenly dropped 10%?

----- No.

When did this happen?

----- over 6 months ago.

Will it continue?

------ No the GBP will not rise by 10% vs THB every 6 months.

[dighambara]

Maybe I never explained properly:

Before - Withdraw 5000, pay 110 pound.

Now - Withdraw 5000, pay 100 pound.

If it changed months ago I didn't realize it until now.

You're doing better than you thought, a 10GBP reduction from 110GBP is 11%, not 10%.

Actually, it's 9.09%

The HORROR of this is that he is paying so much. For direct deposits to Bangkok Bank from the US, there is no fee. Even for In-Bank ATM withdrawls, the fee is never over 1%.

[Pib]

The HORROR of this is that he is paying so much. For direct deposits to Bangkok Bank from the US, there is no fee.

Yes there is....there is a fee as the funds flow through the Bangkok Bank New York branch....go to this Bangkok Bank link and click the Fees sublink for the NY branch funds-passthru fees. And then once it arrives you local in-Thailand Bangkok Bank branch a 0.25% (200 baht min, 500 baht max) currency receipt/conversion fee is applied....go to this Bangkok Bank link and look under the area titled, "Receive an Overseas Funds Transfer." These two fees apply to regular transfers and direct deposits...pretty much any kind of overseas funds transfer unless you have the fees charged back to the sender...but even then the fees are still being levied....and of course if the funds come from a govt agency you can't charge back the fees.

Ex: for any amount between $100.01 to $2,000 which probably cover the great majority direct deposits like for Social Security a $5 fee is applied by the NY branch and the a 200 baht (approx. $6.50 fee by the local branch)...this totals up to $11.50. And lets say you had a 2,500 direct deposit a $10 fee is applied by Bangkok Bank NY plus a 200 baht fee (approx. $6.50) by the local branch for a total of $16.50.

Yes, yes, Bangkok Bank charges a fee although you probably didn't notice it. Here's a Link to the U.S. Embassy in Chiang Mai which talks about direct deposits and here's a partial cut and paste from that document where they give an approx. cost of the transfer which is a basically a rough average between a direct deposit amounts under $2000 and amounts over $2000.

Once Direct Deposit begins, Bangkok Bank charges a transaction fee (about $15.00) for each Direct Deposit.

But with above being said, using Bangkok Bank for direct deposits is definitely a cheap way to go compared to wire/SWIFT transfers.

[thechineseguy]

umm, interesting. maybe to re-attract the hot money back to thailand, or make better farm-product exporting, since the agricultural's been a litter f**ked up due to the government purchases.

[billd766]

Perhaps these 3 files may help you.

I use Kbank and I have for years and every Monday to Friday I log the exchange rate GBP to THB.

5 year trend 2010 to 2014 v01.xls

5 year trend 2005 to 2009 v01.xls

5 year trend 2000 to 2004 v01.xls

Edited October 22, 2013 by billd766

[colin2]

I suspect he is talking baht rather than pounds with the 5k withdrawal. Believe pound is now about 50 baht exchange rate so 5k for 100 pounds sounds right. The baht has been falling for several months in relation to most foreign currencies.

I suspect that he is on the same Prescription drugs as the moderators !.

[yingyo]

So much hostility when someone was just wondering why he got more baht for his pound.

Everyone's a Forex and investment wizard, they need to shout to prove it.