Baht Rates In Thailand

[topfield]

What with different rates for onshore and offshore baht does anyone know of any THAI website showing streaming or at least continous onshore baht rates in Thailand ?

The change offices seem to have a hand held device which does just this.

Anyone use such a device in Thailand or have further info ?

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

" The baht in offshore markets yesterday opened at Bt35.70 per dollar and closed at its peak of Bt35.40, while the onshore baht opened at Bt36.25-Bt36.30 per dollar and closed at Bt36.10 to Bt36.15."

Edited December 29, 2006 by topfield

[naka]

This must be terribly frustrating for you Topfield.

Forever having to worry about every miniscule adjustment to the value

of the Baht or bank charges.

Give yourself a break and convert ALL your assets into (or out of) Baht, then

you can get a good night's sleep.

Naka.

[Naam]

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

there is not much difference between offshore and onshore during "regular" times Topfield. since a 18. december we face an exceptional situation and big fluctuations.

people who are planning to transfer high amounts should use the possibility of buying Baht offshore (hitting the exchange rate when it suits them) and transfer Baht instead of foreign currency. i am doing that since i live in Thailand.

discussing THB rates for small transfers, i.e. <USD 5k is nothing but a waste of time.

[topfield]

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

there is not much difference between offshore and onshore during "regular" times Topfield. since a 18. december we face an exceptional situation and big fluctuations.

people who are planning to transfer high amounts should use the possibility of buying Baht offshore (hitting the exchange rate when it suits them) and transfer Baht instead of foreign currency. i am doing that since i live in Thailand.

discussing THB rates for small transfers, i.e. <USD 5k is nothing but a waste of time.

Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?

We just have to find a local source of information for current tradable onshore rates otherwise we are blind !

Did a google search and only found offshore rates. Onshore rate seems to be an over the counter market between banks and dealers with no access by the public. It seems we can only know the rate the following day when Bangkok Bank publishes its economic report.

[bkkandrew]

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

there is not much difference between offshore and onshore during "regular" times Topfield. since a 18. december we face an exceptional situation and big fluctuations.

people who are planning to transfer high amounts should use the possibility of buying Baht offshore (hitting the exchange rate when it suits them) and transfer Baht instead of foreign currency. i am doing that since i live in Thailand.

discussing THB rates for small transfers, i.e. <USD 5k is nothing but a waste of time.

Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?

We just have to find a local source of information for current tradable onshore rates otherwise we are blind !

Did a google search and only found offshore rates. Onshore rate seems to be an over the counter market between banks and dealers with no access by the public. It seems we can only know the rate the following day when Bangkok Bank publishes its economic report.

Tried phoning Super Rich today, but they are on answer phone..

Assume that once the holiday is over they would be happy to quote the current rate during office hours.

02 254 4444; 02 655 0155; 02 253 5559

[topfield]

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

there is not much difference between offshore and onshore during "regular" times Topfield. since a 18. december we face an exceptional situation and big fluctuations.

people who are planning to transfer high amounts should use the possibility of buying Baht offshore (hitting the exchange rate when it suits them) and transfer Baht instead of foreign currency. i am doing that since i live in Thailand.

discussing THB rates for small transfers, i.e. <USD 5k is nothing but a waste of time.

Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?

We just have to find a local source of information for current tradable onshore rates otherwise we are blind !

Did a google search and only found offshore rates. Onshore rate seems to be an over the counter market between banks and dealers with no access by the public. It seems we can only know the rate the following day when Bangkok Bank publishes its economic report.

Tried phoning Super Rich today, but they are on answer phone..

Assume that once the holiday is over they would be happy to quote the current rate during office hours.

02 254 4444; 02 655 0155; 02 253 5559

Many thanks for that. In fact their rate for pounds was 69.75 today !! Unfortunately they only trade bank notes. Bangkok Bank on the other hand is currently paying 70.25 (for travellers cheques !! )

[JimsKnight]

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

there is not much difference between offshore and onshore during "regular" times Topfield. since a 18. december we face an exceptional situation and big fluctuations.

people who are planning to transfer high amounts should use the possibility of buying Baht offshore (hitting the exchange rate when it suits them) and transfer Baht instead of foreign currency. i am doing that since i live in Thailand.

discussing THB rates for small transfers, i.e. <USD 5k is nothing but a waste of time.

Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?

We just have to find a local source of information for current tradable onshore rates otherwise we are blind !

Did a google search and only found offshore rates. Onshore rate seems to be an over the counter market between banks and dealers with no access by the public. It seems we can only know the rate the following day when Bangkok Bank publishes its economic report.

Tried phoning Super Rich today, but they are on answer phone..

Assume that once the holiday is over they would be happy to quote the current rate during office hours.

02 254 4444; 02 655 0155; 02 253 5559

Many thanks for that. In fact their rate for pounds was 69.75 today !! Unfortunately they only trade bank notes. Bangkok Bank on the other hand is currently paying 70.25 (for travellers cheques !! )

The rates now 71.5 (TQ) at the TMB in Changers.

[bkkandrew]

See below from The Nation 29/12/06 why this is extremely important for investors as the offshore rate is totally different to the onshore rate and all the websites we use quote the offshore rate.

there is not much difference between offshore and onshore during "regular" times Topfield. since a 18. december we face an exceptional situation and big fluctuations.

people who are planning to transfer high amounts should use the possibility of buying Baht offshore (hitting the exchange rate when it suits them) and transfer Baht instead of foreign currency. i am doing that since i live in Thailand.

discussing THB rates for small transfers, i.e. <USD 5k is nothing but a waste of time.

Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?

We just have to find a local source of information for current tradable onshore rates otherwise we are blind !

Did a google search and only found offshore rates. Onshore rate seems to be an over the counter market between banks and dealers with no access by the public. It seems we can only know the rate the following day when Bangkok Bank publishes its economic report.

Tried phoning Super Rich today, but they are on answer phone..

Assume that once the holiday is over they would be happy to quote the current rate during office hours.

02 254 4444; 02 655 0155; 02 253 5559

Many thanks for that. In fact their rate for pounds was 69.75 today !! Unfortunately they only trade bank notes. Bangkok Bank on the other hand is currently paying 70.25 (for travellers cheques !! )

Don't forget that TC's always attract a premium due to the risk/settlement advantage, hence having to pay 1-2% on purchase, negating the rate premium...

[old wanderer]

Don't forget that TC's always attract a premium due to the risk/settlement advantage, hence having to pay 1-2% on purchase, negating the rate premium...

That only applies if you get charged for your TC....So programs provide them free.

[Naam]

"Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?"

*****

that is correct. incorrect is in my experience the perception that you get more onshore. i checked that before my initial two big transfers (buying land / capital for company). the horror stories of U.K. banks giving a sh*tty rate (up to minus 10%) when buying Baht offshore might be true. fortunately i am with a swiss bank.

but even if live rates for onshore THB were available what's the use? rates fluctuate within minutes, no time to react with a local bank except if you have the foreign currency already in your account and want to convert. when i buy (any) currencies offshore i have my bank's currency trader on the phone and tell him "hit" or "forget it and let's wait".

[topfield]

"Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?"

*****

that is correct. incorrect is in my experience the perception that you get more onshore. i checked that before my initial two big transfers (buying land / capital for company). the horror stories of U.K. banks giving a sh*tty rate (up to minus 10%) when buying Baht offshore might be true. fortunately i am with a swiss bank.

but even if live rates for onshore THB were available what's the use? rates fluctuate within minutes, no time to react with a local bank except if you have the foreign currency already in your account and want to convert. when i buy (any) currencies offshore i have my bank's currency trader on the phone and tell him "hit" or "forget it and let's wait".

i

[topfield]

"Thanks for that but would not be stupid to buy baht offshore when you get almost one percent more baht using the onshore rate ?"

*****

that is correct. incorrect is in my experience the perception that you get more onshore. i checked that before my initial two big transfers (buying land / capital for company). the horror stories of U.K. banks giving a sh*tty rate (up to minus 10%) when buying Baht offshore might be true. fortunately i am with a swiss bank.

but even if live rates for onshore THB were available what's the use? rates fluctuate within minutes, no time to react with a local bank except if you have the foreign currency already in your account and want to convert. when i buy (any) currencies offshore i have my bank's currency trader on the phone and tell him "hit" or "forget it and let's wait".

reply :

Surely a fact not a misconception unless the article in the Nation was fictitious ! Clearly you can get up to one and one half percent more on the onshore market. In fact in '97 I remember clearly an up to nIne percent difference; the rate offshore being 23 and the rate in Bangkok being 25. In fact many people loaded up their suitcases with baht and flew to Changi to make a large profit. Illegal but while one or two people were caught, hundreds made it....i saw myself Thais in the Singapore banks emptying large trunks stuffed with banknotes.It is rumourered that and even mentioned in a censure debate at the Ratsasapa that Taksin took advantage of the devaluation his Co being the only major one in Thailand not to take a hit on the baht.

The practicalities ? If you have a dollar or sterling convertible a/c in Bangkok one could do the same.

[Naam]

"Clearly you can get up to one and one half percent more on the onshore market."

*****

where's the proof Topfield? we have no numbers to compare. what we can do is (on tuesday) that i get an offshore quote from my bank and compare it to your onshore quote.

only problem is that we have to synchronize!

Edited December 31, 2006 by Dr. Naam

[topfield]

"Clearly you can get up to one and one half percent more on the onshore market."

*****

where's the proof Topfield? we have no numbers to compare. what we can do is (on tuesday) that i get an offshore quote from my bank and compare it to your onshore quote.

only problem is that we have to synchronize!

reply :

An excellent idea. What I can say is that today I exchanged my sterling for baht at Kasigorn bank Sukumvit soi 3 today at a rate of 70.2475 while the quoted offshore rate is only 69.437 on most websites. You can check and will see the Kasigorn rate on their website at this very moment . It wont change possibly until Tuesday [and their change booths now open do use their webpage rate.]

As for your comparison proposal which I am sure many others will be most interested to know the result of, we are back to square one ...my very first posting on this matter. At the moment I know of no Thai or foreign publicly accessible website which quotes the onshore streaming rate and in my posting I asked whether anyone does know !!

The change offices use some kind of hand held monitor ( Thai Reuters ? ) with up to date onshore rates and fix their rates accordingly. The nearest I can suggest is to call Super Rich....they have two competing offices which use the same name (directly opposite each other) so try both offices.. and get their bid/offer rate. The mid point will be as near to the true onshore rate as one is likely to get at present.

Please remember however that the two Super Riches only deal in banknotes

[bkkandrew]

"Clearly you can get up to one and one half percent more on the onshore market."

*****

where's the proof Topfield? we have no numbers to compare. what we can do is (on tuesday) that i get an offshore quote from my bank and compare it to your onshore quote.

only problem is that we have to synchronize!

reply :

An excellent idea. What I can say is that today I exchanged my sterling for baht at Kasigorn bank Sukumvit soi 3 today at a rate of 70.2475 while the quoted offshore rate is only 69.437 on most websites. You can check and will see the Kasigorn rate on their website at this very moment . It wont change possibly until Tuesday [and their change booths now open do use their webpage rate.]

As for your comparison proposal which I am sure many others will be most interested to know the result of, we are back to square one ...my very first posting on this matter. At the moment I know of no Thai or foreign publicly accessible website which quotes the onshore streaming rate and in my posting I asked whether anyone does know !!

The change offices use some kind of hand held monitor ( Thai Reuters ? ) with up to date onshore rates and fix their rates accordingly. The nearest I can suggest is to call Super Rich....they have two competing offices which use the same name (directly opposite each other) so try both offices.. and get their bid/offer rate. The mid point will be as near to the true onshore rate as one is likely to get at present.

Please remember however that the two Super Riches only deal in banknotes

Bugger. Just changed two grand an hour ago at Super Rich outlet in Big C (Super Rich is closed untill Tuesday) and got 69.80... I bloody well paid the dosh into Kasikorn as well!

[Naam]

What I can say is that today I exchanged my sterling for baht at Kasigorn bank Sukumvit soi 3 today at a rate of 70.2475 while the quoted offshore rate is only 69.437 on most websites.

some minutes ago i checked via the website of my bank in Singapore using the internet banking section (never did that before) and "virtually" converted GBP 10,000 into THB without hitting the "go" button. the offered rate was 70.1952 which is indeed a tad lower than what you received at Kasikorn. what i don't know is whether this is the NY closing rate of friday or perhaps my banks internal rate for THB out of their own "drawers".

will report details on tuesday when the banks are open again. a happy new year to you and all the others who are reading this thread!

[Naam]

What I can say is that today I exchanged my sterling for baht at Kasigorn bank Sukumvit soi 3 today at a rate of 70.2475 while the quoted offshore rate is only 69.437 on most websites.

some minutes ago i checked via the website of my bank in Singapore using the internet banking section (never did that before) and "virtually" converted GBP 10,000 into THB without hitting the "go" button. the offered rate was 70.1952 which is indeed a tad lower than what you received at Kasikorn. what i don't know is whether this is the NY closing rate of friday or perhaps my banks internal rate for THB out of their own "drawers".

will report details on tuesday when the banks are open again. a happy new year to you and all the others who are reading this thread!

addendum: just tried to convert different amounts (GBP 50k, 100k and 250k) but each time the same rate came up.

[Naam]

The change offices use some kind of hand held monitor ( Thai Reuters ? ) with up to date onshore rates and fix their rates accordingly.

my bank provides (free of charge) a similar service for a number of quotes which are sent with a 5 minutes delay via SMS. i used it only for a few days as the near constant beeping of my mobile phone was too bothering.

[topfield]

The change offices use some kind of hand held monitor ( Thai Reuters ? ) with up to date onshore rates and fix their rates accordingly.

my bank provides (free of charge) a similar service for a number of quotes which are sent with a 5 minutes delay via SMS. i used it only for a few days as the near constant beeping of my mobile phone was too bothering.

Question for OLD WANDERER

Yesterday 31/1207 you posted this which I found in 'ten most recent replies section':

"That only applies if you get charged for your TC....So programs provide them free"

Would much appreciate if you can explain who/what "programs" are.

Thanks

[PeaceBlondie]

Another question about the strength of the baht: when currency and stock market exchanges open on Tuesday or Wednesday, what effect will the weekend's bombings have?

[bkkandrew]

Don't forget that TC's always attract a premium due to the risk/settlement advantage, hence having to pay 1-2% on purchase, negating the rate premium...

That only applies if you get charged for your TC....So programs provide them free.

Yes, but the cost of the TC is subsidised by the program. There is still a cost, although not directly levied on the payee in your example..

Edited January 1, 2007 by bkkandrew

[topfield]

Don't forget that TC's always attract a premium due to the risk/settlement advantage, hence having to pay 1-2% on purchase, negating the rate premium...

That only applies if you get charged for your TC....So programs provide them free.

Yes, but the cost of tyhe TC is subsidised by the program. There is still a cost, although not directly levied on the payee in your example..

" 'program '.....what program..BKK Andrew is now the second person to refer to 'program' in relation to travellers cheques

please explain

Thank you

[bkkandrew]

Don't forget that TC's always attract a premium due to the risk/settlement advantage, hence having to pay 1-2% on purchase, negating the rate premium...

That only applies if you get charged for your TC....So programs provide them free.

Yes, but the cost of tyhe TC is subsidised by the program. There is still a cost, although not directly levied on the payee in your example..

" 'program '.....what program..BKK Andrew is now the second person to refer to 'program' in relation to travellers cheques

please explain

Thank you

A "program" is an Americanism (I lived there for 3 long years) for a membership, such as a premium bank account, premium credit card or airline membership etc. where you are rewarded with all manner of things. 0% TC's are one such "freebie"..

[pumpuiman]

Another question about the strength of the baht: when currency and stock market exchanges open on Tuesday or Wednesday, what effect will the weekend's bombings have?

Good question....one I'm anxiously awaiting an opinion on.....Anyone care to make a prediction?

[bkkandrew]

Another question about the strength of the baht: when currency and stock market exchanges open on Tuesday or Wednesday, what effect will the weekend's bombings have?

Good question....one I'm anxiously awaiting an opinion on.....Anyone care to make a prediction?

Well.

There is downward pressure on the USD due to UAE announcing swap of 8% reserve holdings from USD to EUR, not fully tested on the market as it was announced mid Christmas. Also announced was the massive Chinese USD ($1 Trillion) reserve being "used" to purchase energy assets, whatever they mean by that..

Whatever, but this does represent significant trades having to executed from USD to EUR, GBP and YEN (to a lesser degree).

GBP may be boosted by the fact that it is now has overtaken the YEN as a reserve currency, again during the break.

THB will probably open 1-3% off against the above majors, but this would represent flat against the USD, given the above. Reasoning for this is that the spin on the bombings is that it is political and this would get marked down as a govenmental uncertancy risk, thus currency decline.

I would also hunch on a rise on the SET, but this is not my area of expertise, so expect a fall..

[topfield]

Another question about the strength of the baht: when currency and stock market exchanges open on Tuesday or Wednesday, what effect will the weekend's bombings have?

Good question....one I'm anxiously awaiting an opinion on.....Anyone care to make a prediction?

Well.

There is downward pressure on the USD due to UAE announcing swap of 8% reserve holdings from USD to EUR, not fully tested on the market as it was announced mid Christmas. Also announced was the massive Chinese USD ($1 Trillion) reserve being "used" to purchase energy assets, whatever they mean by that..

Whatever, but this does represent significant trades having to executed from USD to EUR, GBP and YEN (to a lesser degree).

GBP may be boosted by the fact that it is now has overtaken the YEN as a reserve currency, again during the break.

THB will probably open 1-3% off against the above majors, but this would represent flat against the USD, given the above. Reasoning for this is that the spin on the bombings is that it is political and this would get marked down as a govenmental uncertancy risk, thus currency decline.

I would also hunch on a rise on the SET, but this is not my area of expertise, so expect a fall..

COMMENT

Was present at midnight with friends at Pratunam when the two bombs exploded ! Only foreigners there as the Thais had the news but the hotels clearly failed to warn the foreigners or they could have checked out on the news and got the first flight home ( guesswork only but logical guesswork)

Anyhow back to the question. Checked the streaming rates following the blasts and was astonishing to see the baht RISE !! It went up 5 satang on the news and hasn't moved since !!!!

[bkkandrew]

Another question about the strength of the baht: when currency and stock market exchanges open on Tuesday or Wednesday, what effect will the weekend's bombings have?

Good question....one I'm anxiously awaiting an opinion on.....Anyone care to make a prediction?

Well.

There is downward pressure on the USD due to UAE announcing swap of 8% reserve holdings from USD to EUR, not fully tested on the market as it was announced mid Christmas. Also announced was the massive Chinese USD ($1 Trillion) reserve being "used" to purchase energy assets, whatever they mean by that..

Whatever, but this does represent significant trades having to executed from USD to EUR, GBP and YEN (to a lesser degree).

GBP may be boosted by the fact that it is now has overtaken the YEN as a reserve currency, again during the break.

THB will probably open 1-3% off against the above majors, but this would represent flat against the USD, given the above. Reasoning for this is that the spin on the bombings is that it is political and this would get marked down as a govenmental uncertancy risk, thus currency decline.

I would also hunch on a rise on the SET, but this is not my area of expertise, so expect a fall..

COMMENT

Was present at midnight with friends at Pratunam when the two bombs exploded ! Only foreigners there as the Thais had the news but the hotels clearly failed to warn the foreigners or they could have checked out on the news and got the first flight home ( guesswork only but logical guesswork)

Anyhow back to the question. Checked the streaming rates following the blasts and was astonishing to see the baht RISE !! It went up 5 satang on the news and hasn't moved since !!!!

Of course it hasn't moved. There is no forex market open anywhere in the world, so no trades, therefore no movement!

The small change you noticed would be just an error on the reporting website as there is no data to base it on...

[Guest RealEstateBroker]

I can't seem to find real time streaming for baht/us dollar. Can some one point me in the right direction, thanks !

[pumpuiman]

I can't seem to find real time streaming for baht/us dollar. Can some one point me in the right direction, thanks !

live mid market rates

Here's a link to live rates, mid market (in between buying and selling rates)