June 24, 20169 yr Author 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.
June 24, 20169 yr 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.
June 24, 20169 yr Author 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.
June 24, 20169 yr 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.
June 24, 20169 yr Why not buy GBP at suvarnahbumi or a money changer in bkk? no need for transfers fees
June 24, 20169 yr 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.
June 24, 20169 yr 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.
June 24, 20169 yr Author I'm transferring the other way. I make my money here and send back to my family.
June 24, 20169 yr 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.
June 24, 20169 yr 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.
June 24, 20169 yr 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.
June 24, 20169 yr 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.
June 24, 20169 yr well as far as the baht is concerned the pound is hardly any different - so hey Brexxit no problemo
June 24, 20169 yr 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.
June 24, 20169 yr 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.
June 25, 20169 yr 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
June 25, 20169 yr 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.
June 26, 20169 yr . 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
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