Is now a good time to transfer baht back to the UK?

[angryfarang]

With the pound so weak?

[daveAustin]

I'd wait a few days, then buy some pounds and sit on it over there for a bit.

[angryfarang]

Do you think it will fall further? I guess that's the question...

At the moment if I transfer 500,000 baht across I'd only make 1,000GBP extra. Not worth the hassle.

[thai3]

Don't bother then whats a grand ho ho

[Suradit69]

I'd be careful. With such volatile rates the buy/sell spread will widen for the pound and Euro and you may find it difficult to get the rate you expect. One European bank (can't recall which now) already said they might refuse trades during extreme volatility.

Suggest you try buying a small number of pounds at a bank or currency exchange to see what they're actually willing to do.

Bangkok Bank is showing cash buy/sell spreads over 6% for the pound, which is extremely wide for a major currency.

Edited June 24, 2016 by Suradit69

[angryfarang]

I would be making an online transfer back to the UK via Bangkok Bank. They're currently offering 49.81750 / 1 GBP. I'll wait.

[Inn Between]

Do you think it will fall further? I guess that's the question...

At the moment if I transfer 500,000 baht across I'd only make 1,000GBP extra. Not worth the hassle.

A thousand pounds isn't worth a trip to to bank? I'm not hurting for money, but still...

Do some now then wait a few days to see what happens. Last time I did a transfer it cost about 600 baht, so not terribly expensive.

[norbra]

Why not buy GBP at suvarnahbumi or a money changer in bkk? no need for transfers fees

[lucky11]

Do you think it will fall further? I guess that's the question...

At the moment if I transfer 500,000 baht across I'd only make 1,000GBP extra. Not worth the hassle.

NO!! it will rebound within the week if not sooner.

[nickmondo]

not really sure how you chaps do things.........I transfer money from the UK via a broker in London. they fix the rate for me, and it costs me a tenner......they pay it into my BKK account, for which BKK bank charge around 18 quid commission.

I knew this problem would happen if we exited so I transferred enough for two years already.

my advice would be to hang on for a bit........at the moment I can get 49.13, but it looks like its recovering already.

[angryfarang]

I'm transferring the other way. I make my money here and send back to my family.

[GAZZPA]

Might be too late. The currency fall was all about sentiment and for big currency traders to make enormous amounts of money.

The pound is already bouncing back and I suspect will return to previous form fairly quickly.

The wine bars around Canary Wharf will be full of currency traders tonight.

[dotpoom]

Do you think it will fall further? I guess that's the question...

At the moment if I transfer 500,000 baht across I'd only make 1,000GBP extra. Not worth the hassle.

A 1000 pounds would be a good week's wages for a few minutes work.....take longer to cross Sukhumvit Rd.

[FT10toLOS]

aaah?? The pounds the lowest its been in 35 years, maybe the answer is yes?????

[Pib]

Guess a person should also consider what exchange rate they got when transferring the GBP to THB earlier/initially bringing the money over (unless earning the baht in Thailand from employment). Now that you want to convert THB to GBP how does it balance out (profit or lose-wise) from the earlier GBP to THB conversion? I expect based on the history of the GBP-THB a person would still profit.

[Suradit69]

I would be making an online transfer back to the UK via Bangkok Bank. They're currently offering 49.81750 / 1 GBP. I'll wait.

"I would be making an online transfer back to the UK via Bangkok Bank."

Yes, but if they're hit with a massively imbalanced trade order balance in the pound and/or the Euro they may halt trading or delay execution. I imagine they have some force majeure conditional trading policy and unless they have some contractual obligation with someone, they don't have to accept foreign exchange business. Not as likely to be a problem with the major Thai banks, but some of these small scale currency exchanges may just refuse currency transactions in currencies that are so volatile. Obviously one way they can deter such business is simply to offer uneconomic rates.

[djlest]

well as far as the baht is concerned the pound is hardly any different - so hey Brexxit no problemo

[Johnniey]

aaah?? The pounds the lowest its been in 35 years, maybe the answer is yes?????

No it isn't. In 1992 I got only 37 or 38 baht to the pound.

[Suradit69]

well as far as the baht is concerned the pound is hardly any different - so hey Brexxit no problemo

Hardly any different? The rate might have been as low or lower if you want to look back years, but compared to more recent rates, hey it's a problemo for some people.

Edited June 24, 2016 by Suradit69

[Senior Player]

aaah?? The pounds the lowest its been in 35 years, maybe the answer is yes?????

No it isn't. In 1992 I got only 37 or 38 baht to the pound.

Yes, agreed. And in 2010 it was 44 baht to the Pound. I think the Pound being the lowest in 35 years is in relation to the Dollar. How long this will last is anyone's guess

[JacChang]

The problem with most people is they catch a falling knife. What's the hurry? In investing, we think of the future, not at the present. What do you see at the present? A weak pound. What do you see tomorrow and the days ahead? A magical rise suddenly? And we are the smart ones who took advantage of the 1 day situation to buy it cheap? Being realistic, keeps losses low, and gains above the horizon.

I would expect a continue decline for atleast a few weeks, and even if it stopped dropping and become neutralized. That's not yet the time to buy yet, we wait when there is a gradual trend of going up. That is when to enter.

[Aussie69]

. I think the Pound being the lowest in 35 years is in relation to the Dollar. How long this will last is anyone's guess

Yes, they are talking against USD