Uk Banks, Currency Traders Can No Longer Buy The Baht

[technocracy]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

I've spoken to my bank (Barclays International) and Currenciesdirect.com and both had stopped trading in the Thai Baht.

For me in Laos it's only a hinderance as we have Dollar and Kip to accounts which aren't a problem - but for you folk in Thai and only with the Baht I foresee problems!

CurrenciesDirect use HSBC for buying and said maybe if I go direct to them it *MIGHT* be possible.

I've just read the thread about the currency and people saying it'll only affect business . . . not so!

Edited December 20, 2006 by dr_Pat_Pong
Royal comment

[jumnien]

This is great news for us North Americans at least, could really push the baht down the more stories like this we hear. I'm trying not to get too excited, the baht has only fallen 2% so far. But at least we are heading in the right direction. Let's keep our fingers crossed!

[DFCarlson]

This is great news for us North Americans at least, could really push the baht down the more stories like this we hear. I'm trying not to get too excited, the baht has only fallen 2% so far. But at least we are heading in the right direction. Let's keep our fingers crossed!

Amen to that!

[meom]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

You mean to say I won't be able to send my GF her monthly allowance?

Great

Edited December 20, 2006 by Totster
removed offensive word

[technocracy]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

You mean to say I won't be able to send my GF her monthly allowance?

Great

Very true I guess this might be handy for some folks!!

There maybe many disappointed women around the bars in Thailand in the coming weeks!

[bkkandrew]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

I've spoken to my bank (Barclays International) and Currenciesdirect.com and both had stopped trading in the Thai Baht.

For me in Laos it's only a hinderance as we have Dollar and Kip to accounts which aren't a problem - but for you folk in Thai and only with the Baht I foresee problems!

CurrenciesDirect use HSBC for buying and said maybe if I go direct to them it *MIGHT* be possible.

I've just read the thread about the currency and people saying it'll only affect business . . . not so!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

Just to clarify - are you saying that you requested a SWIFT transfer from your Barclays account to a Thai bank account that was denied? If so, this is a serious development...

[SeanBangkok]

if the thai economy crashs, farang will be in bigger demand. we are gonna be even bigger kings!

[nonthaburial]

I had a call from my UK based Father last night, he wanted to TT me some money from UK for Xmas, Barclays refused to carry out the transaction. And yes in answer to a previous poster this was using SWIFT !!

[sfokevin]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

You mean to say I won't be able to send my hooker GF her monthly allowance?

Great

Transfers for Thai Goods & Services are exempt

On a serious note - Has anyone tried to use their ATM card in Thailand today....

Edited December 20, 2006 by sfokevin

[technocracy]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

I've spoken to my bank (Barclays International) and Currenciesdirect.com and both had stopped trading in the Thai Baht.

For me in Laos it's only a hinderance as we have Dollar and Kip to accounts which aren't a problem - but for you folk in Thai and only with the Baht I foresee problems!

CurrenciesDirect use HSBC for buying and said maybe if I go direct to them it *MIGHT* be possible.

I've just read the thread about the currency and people saying it'll only affect business . . . not so!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

Just to clarify - are you saying that you requested a SWIFT transfer from your Barclays account to a Thai bank account that was denied? If so, this is a serious development...

Only just seen this question but yes it was a SWIFT transfer to a Laos bank account - but it doesn't matter where the account is the basics are they have stopped trading in the Thai Baht due to the restrictions inplace by the Thai Central Bank.

I also see that the impact on the strength of the baht was a temporary blip and it's back to 35.67 again.

All this is pretty gaoling since I my £ could buy 70.4 baht according to XE.com (so call it 69 real)

Seems like a complete <deleted> up if you ask me just because the US$ is dead on it's arse the rest of us have to suffer. The only currency that is weak against the Baht is the US$ - the US$ is weak against everything!! I got a deal of 1.942 USD to the 1 GBP for my transfer (XE.com was showing 1.96 at the time now showing 1.972). However way I look at it having to buy US$ loses me approxmately £50 incomparison to Baht per £5000.

The real reason for this total balls up is the US government and there total inability to manage there own budgets - all too keen on going to war rather than concerning themselves with small things like budgets. I do believe there are well into spending next years budget already!

Edited December 20, 2006 by technocracy

[Totster]

I had a call from my UK based Father last night, he wanted to TT me some money from UK for Xmas, Barclays refused to carry out the transaction. And yes in answer to a previous poster this was using SWIFT !!

Was he sending the money as Pound Sterling or Thai Baht ?

totster

[tonyevans]

Does this mean that monthly pension transfers from companies in the UK will not happen?

That would be a serious development.

[technocracy]

Does this mean that monthly pension transfers from companies in the UK will not happen?

That would be a serious development.

Tony - well if the transfer is done from a UK pension company and the source funds if UK Sterling then I assume they will have the same issues! The be and the end of it is that Banks appear to have for now stopped trading/buying (for how long - Barclays didn't know and CurrenciesDirect were none the wiser) in the Thai Baht. CurrenciesDirect I believe do a lot of Pension transfers so that'll be them out the window.

I don't think the Thai Central Bank have really considered the fully ramifications of these controls. Especially when the likes of Barclays and HSBC have stopped trading in the Baht because of them!

[dclaryjr]

I do a monthly SWIFT transfer in U.S. dollars to an in-law's personal account at a Thai bank. The conversion to baht is done at his end. Is this affected by these restrictions? If so, we're in a big bind. He's making my house payment with that money, and his house is collateral for the loan!

[doctormann]

I requested a SWIFT transfer from Barclays International to the Thai Military Bank yesterday, before I heard about the current problems. The transfer was only for a few hundred GBP (to be sent in GBP) and was for 'Xmas Funds'.

I have just now checked with the Barclays International on-line banking web site and I can see nothing untoward. The transfer appears to have taken place - at least the money has left my international account, whether it's arrived in Thailand I can't say yet. Living in hope.

There are no announcements or messages on the web site concerning a block on the purchase of Thai Baht, as far as I can see.

Hopefully, if this problem is real, it will only be a very short-term thing. Otherwise, living here is going to be a bit difficult if I can't convert my UK pension (paid in GBP) to Baht.

I'm still very unclear, also, about this 30% withholding thingy. Surely the BOT are not likely to implement this on modest pension transfers? The sum of 20000USD has been mentioned as a threshold but whether this is a transaction limit or an annual maximum (and Immigration require more than this amount) is not clear, to me at least.

DM

[ThaiPauly]

I transferred 25,000 Dollars from the UK using HSBC on Friday.....bearing in mind the time it takes to reach LOS, yesterday the full amount was in my Thai Account

[bkkandrew]

I transferred 25,000 Dollars from the UK using HSBC on Friday.....bearing in mind the time it takes to reach LOS, yesterday the full amount was in my Thai Account

Err.. Surely your actioned this transfer before the BOT announcement and therefore it would be unaffected...

[Casanundra]

I have a 1 million or so in Thai baht in my bank account if anyone would like to exchange some... favourable rates Honest Guv!

[Livinginexile]

ANZ and WESTPAC banks in Australia have suspended trading in Thai baht untill "situation is clarified".

Can you imagine how much Thailand is losing daily in foreign capital?

Geez they stuffed up big time.

[ilyushin]

This should not last too long.

[Maestro]

It is quite possible that some foreign banks misunderstand the new Thai rule that took effect yesterday. When your foreign bank remits foreign currency to your Thai account, your foreign bank is not trading in Baht. It is your Thai bank, buying the foreign currency from you, i.e. receiving foreign currency and crediting your Thai account with Baht, that is trading in Baht.

--

Maestro

[mouse]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

You mean to say I won't be able to send my hooker GF her monthly allowance?

Great

Transfers for Thai Goods & Services are exempt

On a serious note - Has anyone tried to use their ATM card in Thailand today....

Used number of Cards today and made withdrawals without a problem. Needed cash for Christmas shopping!

[Rinrada]

Just as a word of warning to folks from the UK wishing to transfer Thai Baht from Sterling to Baht - it cannot be done!

A Royal pain in the butt - particularly on how pitiful the dollar is against both the kip and baht!

You mean to say I won't be able to send my hooker GF her monthly allowance?

Great

Transfers for Thai Goods & Services are exempt

On a serious note - Has anyone tried to use their ATM card in Thailand today....

Used number of Cards today and made withdrawals without a problem. Needed cash for Christmas shopping!

Awwwww.......was hoping......

Anyway even the most impoverished 3rd World tosspot countries dont usually interfer with real money coming in via ATMs....not that for one minute that I am suggesting that Th.........

Looks like that next 15 Rai is still on the cards but maybe room to discuss another wee discount........

must call our friendy Pu Yai bann... for a nose.....(from another thread)

From good old A.D in todays TIMES.... (with thanks)

Banking and finance

The Times December 20, 2006

South-East Asia hit as Black Tuesday engulfs Thailand

(Andrew Drummond in Bangkok)

Shares collapse forces bank U-turn

Further fears for battered exports

The Thai Finance Minister last night reversed a draconian capital control policy after the country’s stock exchange suffered the biggest fall in its history.

After a day dubbed Black Tuesday, some 820 billion Thai baht (£12.23 billion) was wiped off the value of the Stock Exchange of Thailand as the index plunged 14.84 per cent.

Pridiyathorn Devakula later went on national television to admit his error.

He conceded the damage inflicted was far beyond any expectation and said that a 30 per cent capital reserve requirement would no longer be needed for funds brought into Thailand for direct foreign investment.

There were echoes of the 1997 Asian financial crisis as regional markets fell in tandem, with Jakarta down 2.85 per cent, Kuala Lumpur off 2 per cent and Singapore retreating 2.3 per cent after they opened yesterday.

But unlike 1997, when the Bank of Thailand was attempting to shore up the baht, this time it was trying to reduce the value currency, which this year alone has risen 16 percentage points against the US dollar.

Before yesterday’s trading, a baht was worth 35 to the dollar, against 41 at the beginning of the year.

Speculators feared it could rise to 31, obliterating Thailand’s already damaged export market. Last night the dollar was trading at 36 baht, a baht fall of 2 per cent.

Before the doors of the stock exchange opened yesterday Tarisa Watanagase, the Governor of the Bank of Thailand, announced “effective immediately, financial institutions must deduct 30 per cent as a reserve requirement from short-term foreign exchange transactions against the baht”.

Only after one year could customers whose funds had been withheld request a refund of the reserve by submitting evidence that the money has been in Thailand for at least one year, he added.

In effect, anybody speculating on the Thai baht would lose the use of 30 per cent of their investment, which would be held without interest for a year.

Pandemonium followed the opening of the stock exchange.

Shares prices immediately dropped by 10 per cent as trading started.

The moves by Mr Devakula were intended to stop speculation on the baht, which had risen because of massive capital inflows into the country, but there was widespread criticism yesterday that the Bank of Thailand had seriously overreacted to the situation.

[technocracy]

I requested a SWIFT transfer from Barclays International to the Thai Military Bank yesterday, before I heard about the current problems. The transfer was only for a few hundred GBP (to be sent in GBP) and was for 'Xmas Funds'.

I have just now checked with the Barclays International on-line banking web site and I can see nothing untoward. The transfer appears to have taken place - at least the money has left my international account, whether it's arrived in Thailand I can't say yet. Living in hope.

There are no announcements or messages on the web site concerning a block on the purchase of Thai Baht, as far as I can see.

Hopefully, if this problem is real, it will only be a very short-term thing. Otherwise, living here is going to be a bit difficult if I can't convert my UK pension (paid in GBP) to Baht.

I'm still very unclear, also, about this 30% withholding thingy. Surely the BOT are not likely to implement this on modest pension transfers? The sum of 20000USD has been mentioned as a threshold but whether this is a transaction limit or an annual maximum (and Immigration require more than this amount) is not clear, to me at least.

DM

DM,

The same thing happened to me - I arranged the payment on the Monday but then after everything look to be going through normal I then got a phone call asking if I want to send the money in another currency as they could not send Thai baht.

So keep an eye on your phone!

I might just phone them again and see if anything has changed since yesterday.

[doctormann]

I requested a SWIFT transfer from Barclays International to the Thai Military Bank yesterday, before I heard about the current problems. The transfer was only for a few hundred GBP (to be sent in GBP) and was for 'Xmas Funds'.

I have just now checked with the Barclays International on-line banking web site and I can see nothing untoward. The transfer appears to have taken place - at least the money has left my international account, whether it's arrived in Thailand I can't say yet. Living in hope.

There are no announcements or messages on the web site concerning a block on the purchase of Thai Baht, as far as I can see.

Hopefully, if this problem is real, it will only be a very short-term thing. Otherwise, living here is going to be a bit difficult if I can't convert my UK pension (paid in GBP) to Baht.

I'm still very unclear, also, about this 30% withholding thingy. Surely the BOT are not likely to implement this on modest pension transfers? The sum of 20000USD has been mentioned as a threshold but whether this is a transaction limit or an annual maximum (and Immigration require more than this amount) is not clear, to me at least.

DM

DM,

The same thing happened to me - I arranged the payment on the Monday but then after everything look to be going through normal I then got a phone call asking if I want to send the money in another currency as they could not send Thai baht.

So keep an eye on your phone!

I might just phone them again and see if anything has changed since yesterday.

You were sending THB or sending Sterling and having the conversion done by your Thai bank?

Still no contact from Barclays so maybe my transfer went through. I'll go down to the TMB tomorrow and see if it arrived.

DM

[technocracy]

I intended to send Thai Baht which it appears where the problem lies. The problem I have is that it's not going to a Thai bank (Laos) so their exchange rate is invaribly lower than what I can get from a dealer or the bank.

[doctormann]

I requested a SWIFT transfer from Barclays International to the Thai Military Bank yesterday, before I heard about the current problems. The transfer was only for a few hundred GBP (to be sent in GBP) and was for 'Xmas Funds'.

I have just now checked with the Barclays International on-line banking web site and I can see nothing untoward. The transfer appears to have taken place - at least the money has left my international account, whether it's arrived in Thailand I can't say yet. Living in hope.

There are no announcements or messages on the web site concerning a block on the purchase of Thai Baht, as far as I can see.

Hopefully, if this problem is real, it will only be a very short-term thing. Otherwise, living here is going to be a bit difficult if I can't convert my UK pension (paid in GBP) to Baht.

I'm still very unclear, also, about this 30% withholding thingy. Surely the BOT are not likely to implement this on modest pension transfers? The sum of 20000USD has been mentioned as a threshold but whether this is a transaction limit or an annual maximum (and Immigration require more than this amount) is not clear, to me at least.

DM

DM,

The same thing happened to me - I arranged the payment on the Monday but then after everything look to be going through normal I then got a phone call asking if I want to send the money in another currency as they could not send Thai baht.

So keep an eye on your phone!

I might just phone them again and see if anything has changed since yesterday.

You were sending THB or sending Sterling and having the conversion done by your Thai bank?

Still no contact from Barclays so maybe my transfer went through. I'll go down to the TMB tomorrow and see if it arrived.

DM

UPDATE:

Checked with TMB today (22/12/06). Transfer arrived OK - nothing withheld and seem to have got a pretty good rate (about 71 to the GBP). This was for transferring Sterling to Los and having the conversion done here.

DM