More Baht for your Pound

[Governor]

The BBC website is today showing more than a 7% increase in the value of the pound against the baht, indicating that it is valued at 68 to the pound.

Does anyone know if this is a temporary blip or a move in the right direction?

What are you guys getting over there?

[buksida]

a move in the right direction?

Depends what currency your coins are, not all of us have bags of Sterling.

I always do transactions using xe.com which currently reports the baht at 64.29 to the pound.

[Governor]

Sorry I was being selfish, I'm just about to retire and move to Hua Hin and my pension is in pounds.

Every little helps.

[buksida]

I guess I was too! Strong baht works for me, get it back to 57 which is what it was when I first came here.

A wise man once said, "I came into this world with nothing, and I've still got most of it left". He also said "the only way to become a millionaire in Thailand is to arrive as a billionaire!"

[lomuamart]

The thing is with xe and others, is that they're quoting offshore rates.
The last time I used the ATM here to access my account back home at the weekend, I got over 67. It's been around that figure for some time. One of the other threads has a poster quoting his records of exchange rates over quite a period of time.

[bradders]

Hi Guvernor

Appreciate this will not be much help to you 'today' or even 'tomorrow' becuase of the currency swings - but - during my visit to Chiang Mai in mid to late April 07 I received just over 68 baht for one pound throughout my 3 week visit.

On my return I was a little surprised to see a circa 5% correction take place in the baht/sterling rate (from circa 68 to circa 64) in such a short time frame!

As a long term expat I've had to live with currency 'swings' for 20 years as indeed our friend buksida has!!

Expats have to live with this 'problem' year in year out (week in - week out!!) I guess it's a question of taking the rough with the smooth!

Here's wishing you a happy reitrement in HH!!

bradders

[PeteC]

Pound, USD and probably many others, it's averaging a 3 baht difference between offshore and onshore. I think this is the "groove" until the 30% restriction end. Pete

[2dandan]

I transferred a sum of money last week.

I phoned my UK Bank and they quoted 62 Baht to the UK Pound when transferring Baht from the UK.

They recommended transferring UK Pounds to the recipient Thai bank account, which was in the Bangkok Bank.

I checked their web site and it was showing 68.24 Baht to the UK Pound. I transferred in pounds and received the higher rate.

[JimboPSM]

The BBC website is today showing more than a 7% increase in the value of the pound against the baht, indicating that it is valued at 68 to the pound......

Be wary of any internet figures on currencies by news organisations such as BBC:

All prices carried by BBC News Online enjoy indicative status only. The BBC accepts no responsibility for their accuracy or for any use to which they may be put.

Unfortunately the BBC takes multiple data feeds for the THB which actually includes both onshore and offshore data and the figure quoted is a weighted average with the heaviest weighting being on the most recent transactions on the feeds.

Sometimes one or more of the feeds gets interrupted and then the rate gets further distorted towards the working feeds.

In the past I have been in contact with the BBC to ask them to use either the offshore or onshore rates for a feed but not both as it makes a nonsense of the figures - I have been inundated with a deafening silence by way of reply.

What you saw was IMHO a situation where they were only receiving the average buy/sell feed for the onshore rate and all other feeds were offline.

[lomuamart]

Pound, USD and probably many others, it's averaging a 3 baht difference between offshore and onshore. I think this is the "groove" until the 30% restriction end. Pete

I'd agree with that. If I look at an exchange rate on the internet and it's showing say 64 to the pound, then I simply add another 3 Baht and I'll be close to rate I actually get when withdrawing my money from the ATM.

[Onlyme]

I had a few of my friends put monies into my account in the UK last week.
I received (at no cost) up to 68.8 baht to the pound.
Onlyme.

[Onlyme]

Just to give factual evidence to what I wrote, I went to my account in the UK and came up with this:
21st June. 10,000 baht @ 68.775= 145.87 GBP.
22nd June. 10,000 baht @ 68.780= 145.39 GBP.
25th June. 2,000 Baht @ 68.917= 29.02 GBP.

I've used my Nationwide account over here for many years, have advocated it to many people and those that chose to listen are, satisfied.
Onlyme.

[K2OWN]

Hello Only me
Could you give me some advise as to the best way of sending money to a HuaHin developer to pay for the building of our house. The UK bank give a C*** rate and charge you a fee for the pleasure. Sent by HIFX last time only to find that the developers Thai bank charged them a fee for me depositing it in there bank. I have seven more payments to make before we move out at the end of Januray/Begining of February and would be grateful for any advice you could give. Many Thanks.

[Big Boy]

K2OWN,

The best way I've found for sending large amounts is a standard bank transfer. Insist that you send Sterling, and pay the sending bank charges only. That way you will enjoy the benefits of the onshore exchange rate, and I've never known the Thai bank to make a charge.

[Onlyme]

I can draw out up to 560,000 in any monthly period without incurring charges. I would have thought it would suffice?
Onlyme.