The Thai Banks Xchange Rates This Holiday

[topfield]

[sORRY...SOMETHING WRONG ON THE WEBSITE ! HENCE BLANK ABOVE !]

The Thai banks failed to update their exchange rates the last two extended bank holiday resulting in a loss of up to two baht per pound for tourists and visitors.. This is because the pound ROSE strongly in New York the night before the holiday . No updates were issued 'due to the holiday', they claimed.

This upcoming extended holiday will be a true test of their integrityas the pound FELL this evening in New York by a full one percent . Will the banks update their exchange rate lists or let us have baht at the higher Thurday afternoon rate ?

No need to visit the banks in person ...we can check their websites, to see if they have updated their lists or not this holiday

Edited June 8, 2006 by topfield

[topfield]

OK FOLKS, WE NOW HAVE DEFINITIVE PROOF THAT THE THAI BANKS ARE UNFAIRLY PROFITEERING AT THE EXPENSE OF VISITORS TO THAILAND AND TOURISTS.

Have now checked the websites of all the major Thai banks

DESPITE IT BEING A PUBLIC HOLIDAY TODAY ,ALL HAVE ISSUED A NEW UPDATED RATE SHEET OFFERING CONSIDERABLY LESS BAHT PER POUND .

Earlier this month they failed to update their rate sheet on two separate national holidays when the baht fell subtantially thereby gaing an extra 2 percent profit on each exchange of pounds.

the lesson ; ALWAYS CHECK THE RATE BEFORE YOU EXCHANGE MONEY WITH THAI BANKS ON WEEKENDS AND BANK HOLIDAYS......as you COULD be seriously out of pocket.

What the Thai banks are doing is WRONG and a SERIOUS breach of their foreign exchange licences issued to them by the Bank of Thailand.

[Please note Governor DEVAKUN (spelt Dracula)]

Edited June 9, 2006 by topfield

[bendix]

oh god, here we go again . . . . .

Which part of this don't you understand: The banks are completely free to set whatever exchange rates they deem appropriate. If they feel like it, they can set it at 1 pound per baht. It is then up to you to decide if you want to participate in a transaction with them.

There is no 'legal' requirement for them to change rates, either in the same direction as forex markets, in the opposite direction, or even at all.

That they do so is a result of the free market and competition.

For gods sake man . . . . .let it go, will ya? Or take your pound and exchange them at a back street money changer.

What is the big deal?

Edited June 9, 2006 by bendix

[Totster]

Stop it please....

totster

[Losangels]

I tend to agree that banks in Thailand do take advantage of the public. A lot of times the rules, regulations and contracts are all in favor of the bank. Of course the banks are not entirely to blame, Bank of Thailand is also guilty. In my opinion outdated regulations and general incompetence are to blame.

[samran]

Goodness gracious me. Toppy still hasn’t read up on economics yet. In economics you see, there is a concept called ‘the market’. If you study economics for a bit, you find that rather than being one market, there is often more than one market…often for the same good!!!! Each of those markets, while similar, still have their unique underling supply and demand factors.

Now, based on this, trying to compare spot rates, or even what is posted online, with what the FOREX rate is down on the street makes no sense…Why?? Cause down on the street, they are going to charge what the market will bear, not what some geriatric miser says it should be. You see, the street is a market all to itself.

And on the weekend, of course they are going to charge a premium, as that is when the demand is highest, especially from visitors. So if you are a tourist who happens to be in BKK for the weekend, be prepared to pay a premium for the same amount of baht. If they charge a rate that the market doesn’t like, they’d be out of business, and people would go elsewhere. Turns out they don’t though, and people are happy to exchange their money at booths which are still probably the most competitive anywhere in the world for basic cash currency exchanges, and still give ATM cards a run for their money.

If you want a good rate, change it during the week where there are more choices, and the demand is lower.

If you want to get the spot rate you so yearn for, then once you have GBP 100K scraped together, I know a few people who will be able to get you the spot rate, or even a forward contract where you can convert the money at the rate you yearn for.

Remember toppy, good economies are based on good business practices. People have to make a profit out of these things, they need to pay their staff, guard their money, pay their overheads, hey…and even line their own pockets. No risk, no reward there hey Toppy? If you want to do us all a favour, trot off to the BOT, get a FOREX license, and then get back with the rate that you want to sell it for. I guarantee you that your ‘business’ wouldn’t last too long.

Until then though, this topic is CLOSED!