yeasin17 Posted November 14, 2006 Share Posted November 14, 2006 just worried very much.. as what's gonna happen when all these foreign investments on Thai Stock Market and Bond Market will be withdrawn. Another big fall in currency is yet to come. I hope these so called currency specialists will be able to foresee the tragedy in Thai Economoy in near future and take special pre-cautions. Link to comment Share on other sites More sharing options...
tutsiwarrior Posted November 14, 2006 Share Posted November 14, 2006 (edited) "Pattaravadee Chinkulkitniwat, the money dealer of Kasikornbank Plc, said the baht had continued to strengthened in the same direction with the Japanese yen, which appreciated to 118 from 117.55 to the US dollar since the economy expanded more than expected."This doesn't make sense. It the Yen went fro 117.55 to 118, it depreciated. At 118, you get more yen for your dollar. At 36.39, you get ""less baht, not more. Does anybody here really think that the Thai people are interested in converting American dollars into baht? It seems that if it only takes 36 baht to make a dollar instead of say 40 baht, the baht is stronger against the dollar. The complaints are coming from those with foreign money that want the most out of a conversion. I'm not quite sure, but som nom na almost seems in order. what thai people think is not a consideration regarding this thread, in my view...falangs that live here already got problems with arbitrary shifts in immigration policy, no legal rights to speak of and now seeing their savings diminished... this is war...open up when you see the whites of their eyes... I intend to self immolate (with enuf 7-11 hot dogs and plenty of vodka anything is possible)...please feel free to assemble the 'tutsiwarrior falang liberation front' on news of my demise... Edited November 14, 2006 by tutsiwarrior Link to comment Share on other sites More sharing options...
PeaceBlondie Posted November 14, 2006 Share Posted November 14, 2006 We as US citizens have to have US Bank accounts and a US address for our pensionor social security to be automatic deposit in our accounts. We then withdraw the money with our ATM cards. Some US banks have stopped ATM withdrawals in most countries included Thailand. I have 3 US Bank accounts and I can shift money from one to the other, but I can not transfer them into my Thai bank accounts. There is no agreement between Thailand and the US. Also because of Bushes Homeland Security Act everyone is a terrorist suspect so one bank has cut my daily withdrawal limit just 6 month ago from $1000 a day to $200. IF SOMEONE KNOW A BETTER WAY TO TRANSFER MONEY PLEASE LET ME KNOW Hardy, all my US govt. pensions including SSA are deposited directly into my WellsFargo account, and I've been withdrawing funds at a daily limit of $500 per day for several years now. They've just been bought up by Bank of America, I think. But when I phone and ask, they increase my limit to $1,000 per day. I use an address in the USA. Link to comment Share on other sites More sharing options...
george Posted November 14, 2006 Author Share Posted November 14, 2006 Update: Stronger baht not affect exports: Pridiyathorn BANGKOK: -- Finance Minister and Deputy Prime Minister MR Pridiyathorn Devakula said current baht appreciation would not affect much on exports after the Thai unit rose to almost eight-year high Tuesday. Thai baht Tuesday was opened at Bt36.50 to Bt36.52 per dollar before it went to the peak of Bt36.38, the level unseen for almost eight years, the currency was closed at Bt36.40 to Bt36.42 Tuesday. The baht has broken the key resistance level of Bt36.50. Investors have sold dollar in offshore market after several countries said they would diversify their international reserves rather than holding mainly US dollar currency. Dealers said the baht is expected to be slightly stronger everyday and is likely to appreciate above Bt36 per dollar within this year. -- The Nation 2006-11-14 Link to comment Share on other sites More sharing options...
kevinsan Posted November 14, 2006 Share Posted November 14, 2006 The real question: What currency should one change that 800k Baht into while awaiting its rise back to the roaring 40's? Swiss Francs The Yen The US Dollar The Euro Or perhaps some local yokel like the Sing to get more Bling Bling? Sure do miss Tommy's Travel. All strategic suggestions welcome. Link to comment Share on other sites More sharing options...
britmaveric Posted November 14, 2006 Share Posted November 14, 2006 The real question:What currency should one change that 800k Baht into while awaiting its rise back to the roaring 40's? Swiss Francs The Yen The US Dollar The Euro Or perhaps some local yokel like the Sing to get more Bling Bling? Sure do miss Tommy's Travel. All strategic suggestions welcome. none.... think long term, and mucking about will cost you. Link to comment Share on other sites More sharing options...
Hadrian1 Posted November 14, 2006 Share Posted November 14, 2006 Don't listen to me.....but.....if I had to buy one of those then it would possilby be the Eur. Strngthening economy and interest rates are going up. It should get quite a big stronger v the dollar in the longer term. Link to comment Share on other sites More sharing options...
pap Posted November 14, 2006 Share Posted November 14, 2006 Times are getting hard for US citizens getting the $$$ transferred across from the states.... You are right, but it is because of Bush and his incompetence and his lies and getting the Patriot Act passed and everyone is a terrorist suspect. Let hope the newly elected Democratic Congress will repeal some of ridiculous and unconstitutional laws. Not quit true. Its due to an ever increasing deficit. This has been a problem under both parties. What the US needs to get it together is anyone with some fiscal responsibility. That has applied to neither party so maybe they need to look at other countries that actually have more than 2 opinions on everything. Maybe a couple more parties would be better. You points may be of value but not in the context you used them in. I have been around long enough to watch both parties squander money like they have their own printing presses. Oh thats right they do. Link to comment Share on other sites More sharing options...
pap Posted November 14, 2006 Share Posted November 14, 2006 Times are getting hard for US citizens getting the $$$ transferred across from the states.... Yep and good for people with Baht Lets face it even if the Baht goes to 35 per Dollar. Thailand still is a beautiful and inexpensive place to live. We which are from the US were getting spoiled 1$ =40+ Baht. Under the Clinton administration in the 90's and the US was healthy and running a surplus the Baht was around 35. Let not complain so much we are living in a wonderful country and let enjoy to live in the land of SMILES You are right to be happy if you are there. But a strong currency for an export country is not good for very long. I have friends exporting products and in shipping as well. Both areas are seeing hits from the strong currency. A strong baht effects the locals in that the jobs that are created by export start to disappear. It may be good for you but it is not good for the bulk of the Thais. When it was 40 to 1 China was still taking jobs due to being cheaper. This simply makes the Thais less competitive. Link to comment Share on other sites More sharing options...
Sunderland Posted November 14, 2006 Share Posted November 14, 2006 the baht is and remains a banana currency.investors have absolutely no reason at the moment to put money into thailand, as insecure the whole nominee and similar issues are. but: the currency can easily be influenced/attacked. the central bank already jumped on the bandwaggon. by squeezing the central bank quite some money can be made. the strengthening of the baht therefore has nothing to do with fundamental values. its pure speculation, furthermore related to the movements of the dollar towards other currencies. What makes you so sure of that, Bananaman? Are you a banana expert???? Link to comment Share on other sites More sharing options...
pap Posted November 14, 2006 Share Posted November 14, 2006 the baht is and remains a banana currency. investors have absolutely no reason at the moment to put money into thailand, as insecure the whole nominee and similar issues are. but: the currency can easily be influenced/attacked. the central bank already jumped on the bandwaggon. by squeezing the central bank quite some money can be made. the strengthening of the baht therefore has nothing to do with fundamental values. its pure speculation, furthermore related to the movements of the dollar towards other currencies. One thing that is "different this time" is the Thai Bond market. It did not exist at the time of the '96 meltdown. Bonds tend to spread risk around and "usually" are held by strong hands, as opposed to the fast money emerging equity crowd that hits and runs from Thai markets every few years. If Bonds are appreciating things ARE more stable. They do spread risk better but it is entirely dependent on the grades of bonds being issued. Link to comment Share on other sites More sharing options...
jellykookabanj Posted November 14, 2006 Share Posted November 14, 2006 How is it getting harder to transfer the money? We as US citizens have to have US Bank accounts and a US address for our pension or social security to be automatic deposit in our accounts. We then withdraw the money with our ATM cards. Some US banks have stopped ATM withdrawals in most countries included Thailand. I have 3 US Bank accounts and I can shift money from one to the other, but I can not transfer them into my Thai bank accounts. There is no agreement between Thailand and the US. Also because of Bushes Homeland Security Act everyone is a terrorist suspect so one bank has cut my daily withdrawal limit just 6 month ago from $1000 a day to $200. IF SOMEONE KNOW A BETTER WAY TO TRANSFER MONEY PLEASE LET ME KNOW As a British citizen, settling in Thailand, I also have to declare a UK home address for my pension to be paid into a UK bank. Once or twice a year I travel to the UK to visit family and friends and at the same time I withdraw those funds and bring the cash back to Thailand, ensuring I don't break the limit allowed to leave the UK or enter Thailand. This cash is then converted in my local Thai bank at a far superior rate than the exchange agencies will give you for funds electronically transferred. The only crazy thing is that if I declared to the GB government that I am permanently settled, then I would never receive any pension increases as UK has no agreements with Thai authorities like they do within the EEC, so I have to stay in UK a short while plus I have to pay UK taxes on the pension. (The loss of annual pension increase would very soon be greater than the tax I pay) Basically all I am saying is that the clearing houses for fund transfers rob everybody blind as you will see if you pop into your local bank and see the rates they are offering for cash/travllers cheques and electronic transfers. I think you will be surprised. Link to comment Share on other sites More sharing options...
dclaryjr Posted November 14, 2006 Share Posted November 14, 2006 Times are getting hard for US citizens getting the $$$ transferred across from the states.... I'm paying a mortgage in baht using transferred dollars! I'm trying to console myself with the thought that I will have a paid-for house when I retire and then I don't care if the exchange rate drops to 25 to 1--I'll still be in great shape. But it sure s*cks now! Link to comment Share on other sites More sharing options...
dclaryjr Posted November 14, 2006 Share Posted November 14, 2006 Hardy, all my US govt. pensions including SSA are deposited directly into my WellsFargo account, and I've been withdrawing funds at a daily limit of $500 per day for several years now. They've just been bought up by Bank of America, I think. But when I phone and ask, they increase my limit to $1,000 per day. I use an address in the USA. Are you withdrawing this through ATMs? I set up a Wells Fargo account so that my brother-in-law could draw funds to make my house payment and the monthly support we give my wife's relatives in the village. But they capped the withdrawal at $300 a day and it was a PITA. Instead they do monthly wire transfers for me for $15. Link to comment Share on other sites More sharing options...
Virgil Posted November 14, 2006 Share Posted November 14, 2006 The poor little Thai Baht is just getting swept along by the S E Asian economic tide. No political or economic achievement in Thailand is responsible for the strengthening of the Baht. It is a result of external factors. After all, do you think the US$ would strengthen on the back of a peaceful coup in the USA? I think not. In fact, the strengthening of the Baht is contradictory to what we would have expected following on from recent political events in the country. Virgil, Out! Link to comment Share on other sites More sharing options...
iang Posted November 14, 2006 Share Posted November 14, 2006 How is it getting harder to transfer the money? We as US citizens have to have US Bank accounts and a US address for our pension or social security to be automatic deposit in our accounts. We then withdraw the money with our ATM cards. Some US banks have stopped ATM withdrawals in most countries included Thailand. I have 3 US Bank accounts and I can shift money from one to the other, but I can not transfer them into my Thai bank accounts. There is no agreement between Thailand and the US. Also because of Bushes Homeland Security Act everyone is a terrorist suspect so one bank has cut my daily withdrawal limit just 6 month ago from $1000 a day to $200. IF SOMEONE KNOW A BETTER WAY TO TRANSFER MONEY PLEASE LET ME KNOW If you don't want to be restricted by your daily ATM daily limit, the answer's easy. If I want more from my US account than the ATM will give me, I simply go into the bank with my card & passport and tell them I want a 'cash advance'. I don't really want a cash advance (can't actually as mine is a pure debit card), but this is a term they understand. I then tell them how much I want & they put it through their card machine (sometimes a phone authorisation is necessary & they ask the bank officer if they know you) and it's done & I just tell them to put the money into my local Thai account. The most I've transacted in this way at one time, is about US$10,000 & it only took a few minutes. Easy - give it a try - could solve your problems & you'll probably find that your US bank fees are lower on 1 larger transaction than on numerous ATM transactions to obtain the same ammount. Link to comment Share on other sites More sharing options...
bkk_mike Posted November 14, 2006 Share Posted November 14, 2006 (edited) How is it getting harder to transfer the money? We as US citizens have to have US Bank accounts and a US address for our pension or social security to be automatic deposit in our accounts. We then withdraw the money with our ATM cards. Some US banks have stopped ATM withdrawals in most countries included Thailand. I have 3 US Bank accounts and I can shift money from one to the other, but I can not transfer them into my Thai bank accounts. There is no agreement between Thailand and the US. Also because of Bushes Homeland Security Act everyone is a terrorist suspect so one bank has cut my daily withdrawal limit just 6 month ago from $1000 a day to $200. IF SOMEONE KNOW A BETTER WAY TO TRANSFER MONEY PLEASE LET ME KNOW As a British citizen, settling in Thailand, I also have to declare a UK home address for my pension to be paid into a UK bank. Once or twice a year I travel to the UK to visit family and friends and at the same time I withdraw those funds and bring the cash back to Thailand, ensuring I don't break the limit allowed to leave the UK or enter Thailand. This cash is then converted in my local Thai bank at a far superior rate than the exchange agencies will give you for funds electronically transferred. The only crazy thing is that if I declared to the GB government that I am permanently settled, then I would never receive any pension increases as UK has no agreements with Thai authorities like they do within the EEC, so I have to stay in UK a short while plus I have to pay UK taxes on the pension. (The loss of annual pension increase would very soon be greater than the tax I pay) Basically all I am saying is that the clearing houses for fund transfers rob everybody blind as you will see if you pop into your local bank and see the rates they are offering for cash/travllers cheques and electronic transfers. I think you will be surprised. As you're British, you should look at switching to the Nationwide... No charge for ATM withdrawals, and you get the market FX rates with no FX spread applied... (i.e. It's better than the rates the Thai banks give for changing Notes) PS. You've got to pay UK taxes on a UK government-paid pension, regardless of where you live... Edited November 14, 2006 by bkk_mike Link to comment Share on other sites More sharing options...
davidmny Posted November 14, 2006 Share Posted November 14, 2006 Another perfect example of 'Thai Thinking". it's a mistake... I don't know what you mean by "Thai thinking" but your comment suggests that either you should get to know more Thai people or remove yourself from an environment you don't like. Link to comment Share on other sites More sharing options...
nikster Posted November 15, 2006 Share Posted November 15, 2006 It should say that the dollar has weakened to its lowest level in 8 years, as the dollar decreases against all major currencies.The baht itself has decreased against euro this month... thanks for that info, that's all i needed to know. it's always important to note whether the USD is just dropping - as everyone predicted it would for almost a year now - or whether the THB is actually going up. IMHO the baht is a small currency and so is always threatened by speculators but whether or not that is happening at any given moment is impossible to tell. and lets be honest the thai national bank can maybe fend off small time speculators but other than that they can only print more money (devaluates the baht and increases inflation)... Link to comment Share on other sites More sharing options...
nikster Posted November 15, 2006 Share Posted November 15, 2006 Times are getting hard for US citizens getting the $$$ transferred across from the states.... Yep and good for people with Baht i make USD and spend baht, but really i don't worry too much. after all, i am spending my baht here on investments - house, even the car can be considered one (a bad investment but i can still sell it, can't i). so while my USD are worth less, my house is worth more. it's a toss-up. as long as I keep my assets spread 50/50 the exchange rate doesn't matter at all. Link to comment Share on other sites More sharing options...
Bruce1 Posted November 15, 2006 Share Posted November 15, 2006 Are houses really a good investment in Thailand? I haven't seen any evidence, but maybe I'm not looking in the right places. I'm bringing as little money as possible into Thailand cause I can't see any good use for it here, and instead living off my Thai income. Link to comment Share on other sites More sharing options...
farang2002 Posted November 15, 2006 Share Posted November 15, 2006 Times are getting hard for US citizens getting the $$$ transferred across from the states.... If the dollar continues slumping and the baht increasing it may be financially prudent to stay in the US for retirement. Link to comment Share on other sites More sharing options...
wolfmanjack Posted November 15, 2006 Share Posted November 15, 2006 Bangkok bank has a branch in the USA. Create an account there and have your social security deposited in that account. Then draw it out with you ATM here. I think you can set it at 100,000 baht per day. I have mine set at 40,000 baht per day Link to comment Share on other sites More sharing options...
wolfmanjack Posted November 15, 2006 Share Posted November 15, 2006 Houses are not a good investment unless it is something special or is in Bangkk. You can rent cheaper than what the payments would be if you buy. I rented a house that was up for sale for 1.8 mill baht. I paid 3,500 baht per month. The monthly payments would have been over 10,000 per month if I would have bought. I looked at houses in Chiang Mai in the city and there were many 3 bedroom house for 6,000 or less. Link to comment Share on other sites More sharing options...
wolfmanjack Posted November 15, 2006 Share Posted November 15, 2006 And yes the weak dollar is hurting exports. I export and my sales are down. I have to compete with Indonesia, Philliphines, and Vietnam. Also even my UK customers want quotes in US $. I offered quotes in Pounds or Euro but they said all of the other countries are quoting US $ and they wanted to be consistent. Link to comment Share on other sites More sharing options...
s.pylos Posted November 15, 2006 Share Posted November 15, 2006 How is it getting harder to transfer the money? We as US citizens have to have US Bank accounts and a US address for our pension or social security to be automatic deposit in our accounts. We then withdraw the money with our ATM cards. Some US banks have stopped ATM withdrawals in most countries included Thailand. I have 3 US Bank accounts and I can shift money from one to the other, but I can not transfer them into my Thai bank accounts. There is no agreement between Thailand and the US. Also because of Bushes Homeland Security Act everyone is a terrorist suspect so one bank has cut my daily withdrawal limit just 6 month ago from $1000 a day to $200. IF SOMEONE KNOW A BETTER WAY TO TRANSFER MONEY PLEASE LET ME KNOW Don't know western union !? ask a bar girl... Link to comment Share on other sites More sharing options...
BigSnake Posted November 15, 2006 Share Posted November 15, 2006 bad bad News for pensioner on a fix income from the dollar, guest all must pick up and go home, which is what the Thai government seem to want. OH well Link to comment Share on other sites More sharing options...
samran Posted November 15, 2006 Share Posted November 15, 2006 bad bad News for pensioner on a fix income from the dollar, guest all must pick up and go home, which is what the Thai government seem to want. OH well You seem to be implying that the Bank of Thailand is forsaking export competiveness for the sake of pricing out a few already disgruntled farangs out of Thailand. Well, while some like you would not doubt like to believe this particular conspiracy theory, the fact is that they aren't going to willing screw up foreign income receipts for the sake of getting rid of a few on the edge pensioners. Link to comment Share on other sites More sharing options...
gmac Posted November 15, 2006 Share Posted November 15, 2006 Are houses really a good investment in Thailand? I haven't seen any evidence, but maybe I'm not looking in the right places. I'm bringing as little money as possible into Thailand cause I can't see any good use for it here, and instead living off my Thai income. I wouldn't have thought a house was a particularly good investment. My own cost 2 million Baht two years ago and is allegedly now valued at 4 million but I'm not confident that I could actually sell it with the amount of new property continually being built in Pattaya. The foreign capitalistic mentality has been wholeheartedly jumped on by the Thais and prices of property seem to be rising astronomically while building costs remain low. The only winners are the developers and real estate agents. I I long for a property market crash and to see the profiteers catching a serious cold; while lining their pockets they are pushing housing out of the reach of the Thai people and even retired foreigners such as myself who do not have an increasing income to enable us the 'move up the property ladder" as the agents are so keen on telling us. Pensioners don't need "starter" homes and Thais need affordable property!! Link to comment Share on other sites More sharing options...
george Posted November 15, 2006 Author Share Posted November 15, 2006 Update: Central bank urged to act more strictly to oversee baht BANGKOK: -- Thailand's central bank --The Bank of Thailand --should take stricter measures to oversee the movement of the baht, after the local currency appreciated to 36.39 to the US dollar, the strongest in almost eight years, on Tuesday, the Kasikorn Research Centre said Wednesday. The leading think tank reported although the central bank only recently came up with additional measures to curb speculation on the baht (early this month), Thailand's currency continued to strengthen. So, money dealers and market observers expected the bank would come up with new measures to more closely supervise the baht's stability. KRC believed the baht would probably continue to appreciate, and rapidly, particularly if the American economy slows down considerably. Under the circumstances, the Bank of Thailand is likely to -- and should -- take additional measures to maintain the stability of the baht. One measure is to reduce the policy interest rate. The strengthening of the baht stemmed in part from a foreign capital inflow into Asian countries including Thailand due to the weakening of the US dollar. Another reason behind the stronger baht is that local interest rates remain higher than those of most countries in the region. So, should the bank cut the policy interest rate, it would help narrow a gap between local interest rates and those of other countries. It would help ease the foreign capital inflow into the country to a certain extent. KRC conceded the implementation of the interest policy might neither help slow the foreign capital inflow nor ease the strengthening of the baht if foreign investors had confidence in the economic and political stability in Thailand. It suggested that added measures to be taken by the bank to oversee the baht not be too strict because it could affect foreign investor confidence. Kasikorn viewed the bank should gradually increase the degree of controls to curb speculation on the baht, such as controlling more kinds of business transactions and seeking cooperation from financial institutions to report information in detail and with greater caution. --TNA 2006-11-15 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now