how things change in a year
Average Rates
January
47.9216 THB (21 days average)
February
46.9669 THB (19 days average)
March
46.8466 THB (23 days average)
April
46.576 THB (20 days average)
May
48.4661 THB (23 days average)
June
48.5501 THB (22 days average)
July
48.1465 THB (20 days average)
August
48.1507 THB (23 days average)
September
47.6379 THB (21 days average)
October
47.048 THB (22 days average)
November
47.048 THB (22 days average)
December
47.1589 THB (21 days average
Baht Rises Dramatically Against Pound/Dollar - Problems!
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bozzman101
- Guru
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Yeah, Barclays used to be like that years ago, from what I remember, but change their goalposts every now and then.Mack111 wrote:thats pretty high, i'm with Abbey international and they only charge flat fee for using ATM card overseas at 3 GBP regardless of the amount
you can work with that and just take out bigger sums at a time
Just checked with my Broker in London the Baht/Pound rate in London for Telex Transfers is 64.78. The Siam Commercial Bank rate on their web site for notes is 69.33 and Bangkok Bank has 69.20. It would seem that there are indeed 2 rates offshore & onshore.
Lomuarmart you must have got an onshore rate at the ATM.(Even though this does not seem to make sense). I guess the thing to do at the moment is transfer money in Sterling and change it locally if that is possible.
Lomuarmart you must have got an onshore rate at the ATM.(Even though this does not seem to make sense). I guess the thing to do at the moment is transfer money in Sterling and change it locally if that is possible.
I appreciate that this is slightly off-topic, but from what I've read recently the banks back in the UK are a bit under siege because of their charges.
Everything's electronic these days, but I'm still reasonable enough to understand that a bank may lose a few pence on one of my transactions if they don't charge commission. They're in business, so am I.
However, why does it still take 3+days for a cheque to clear and why do some of my standing orders come out a day or two early, rather than ever late and maybe embarrass me with cash flow? These transactions will almost always be done on a Saturday, so debited, when any credit to my account can't be seen until the Monday. I know it's only small money again, but the banks seem happy to pay out money on the holiday days that they are not happy about crediting to mine.
I understand that's there's a big stink going on in the UK about this, but every time I go back, my family and friends say there's nothing that can be done about it. We'll see. I reckon it will change within the next 3-5 years. Dunno why, I just do.
Anyway. rant over. Normally, I end up paying around 20-30 pounds a month to good old Barclays for access to my money over here. It's a lot better than the 50-60 a month I was paying a few years ago, simply because I was too lazy to look at it.
Everything's electronic these days, but I'm still reasonable enough to understand that a bank may lose a few pence on one of my transactions if they don't charge commission. They're in business, so am I.
However, why does it still take 3+days for a cheque to clear and why do some of my standing orders come out a day or two early, rather than ever late and maybe embarrass me with cash flow? These transactions will almost always be done on a Saturday, so debited, when any credit to my account can't be seen until the Monday. I know it's only small money again, but the banks seem happy to pay out money on the holiday days that they are not happy about crediting to mine.
I understand that's there's a big stink going on in the UK about this, but every time I go back, my family and friends say there's nothing that can be done about it. We'll see. I reckon it will change within the next 3-5 years. Dunno why, I just do.
Anyway. rant over. Normally, I end up paying around 20-30 pounds a month to good old Barclays for access to my money over here. It's a lot better than the 50-60 a month I was paying a few years ago, simply because I was too lazy to look at it.
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JimboPSM
- Specialist
- Posts: 159
- Joined: Sun Dec 17, 2006 11:38 pm
- Location: Isle of Man, Udon Thani & HH
But comparatively, it has never cost more than now to change your money overseas rather than in Thailand.Big Boy wrote:PJG wrote:I've never known it to be any different for about 20 years.I guess the thing to do at the moment is transfer money in Sterling and change it locally if that is possible.
According to my calculations the difference between the "onshore" and "offshore" rates for TT's widened to as much as 7.5% earlier today but has now eased back to about 6.5% - and that's still a lot to lose.
I am worried that some banks may see the two-tier rate as yet another opportunity to rip off their customers, so check the rate you get after using ATM's.
Could the Thai government be behind this, enticing people to transfer in foreign currency, therefore allowing them to hold 30% for a year? Maybe there's a bigger deficit here than we are aware of and they're trying to finance it this way?JimboPSM wrote:But comparatively, it has never cost more than now to change your money overseas rather than in Thailand.Big Boy wrote:PJG wrote:I've never known it to be any different for about 20 years.I guess the thing to do at the moment is transfer money in Sterling and change it locally if that is possible.
According to my calculations the difference between the "onshore" and "offshore" rates for TT's widened to as much as 7.5% earlier today but has now eased back to about 6.5% - and that's still a lot to lose.
I am worried that some banks may see the two-tier rate as yet another opportunity to rip off their customers, so check the rate you get after using ATM's.
You may be right Jimbo. If the Thai banks see an opening because of this, they will use it. If they do, how can we fight it? Take our ATM slips and a printout of our home bank statement showing the bogus exchange rate? I tend to think we'll get laughed at.
Pete 
I suppose that's what I was trying to get at earlier.
All of a sudden there's an approx THB4 reduction instead of the 3 that I'm used to. Is Barclays ripping me off again, because I bet it's not the Thai banks.
Or should I just go out, withdraw 10k or so and see how the land lies tomorrow.? 'Cause if I do, it's unlikely that I'll be any fit state to decide anything afterwards.
All of a sudden there's an approx THB4 reduction instead of the 3 that I'm used to. Is Barclays ripping me off again, because I bet it's not the Thai banks.
Or should I just go out, withdraw 10k or so and see how the land lies tomorrow.? 'Cause if I do, it's unlikely that I'll be any fit state to decide anything afterwards.
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JimmyGreaves
- Legend
- Posts: 2923
- Joined: Mon Oct 17, 2005 5:06 am
- Location: HuaEireHin
Who knows what is happening?
Nationwide Debit Card transfer yeaterday at about 17.00. Exchange booths were quoting 69 something at the time. www.xe.com was quoting 66.87.
25 January 2007 Cash Siam Commercia/SCB/7-11 C BANGKOK. 10,000.00THB at 70.551 £141.74
Anyone know if a bank transfer from the UK for less than 20,000 USD will get the crap or decent rate as I want to sent a bit of doe this end to balance this kind of malarkey!
Nationwide Debit Card transfer yeaterday at about 17.00. Exchange booths were quoting 69 something at the time. www.xe.com was quoting 66.87.
25 January 2007 Cash Siam Commercia/SCB/7-11 C BANGKOK. 10,000.00THB at 70.551 £141.74
Anyone know if a bank transfer from the UK for less than 20,000 USD will get the crap or decent rate as I want to sent a bit of doe this end to balance this kind of malarkey!
The London rate I was quoted 64.78 to the Pound was for Commercial T/T transfer i.e. large amounts. If you transfer the funds in Sterling it remains to be seen what rate you will get when changed by the Bank in Thailand. I think that it will be changed automatically for you unless you have a Sterling Account in Thailand.
Do not know how Thailand can sustain such a large differential in exchange rates for very long. Surely it will lead to more Black Market trading as there is obviously a profit to be made.
Do not know how Thailand can sustain such a large differential in exchange rates for very long. Surely it will lead to more Black Market trading as there is obviously a profit to be made.
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JimmyGreaves
- Legend
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- Joined: Mon Oct 17, 2005 5:06 am
- Location: HuaEireHin
To take this a step further, I personally witnessed this week a Thai woman living in Sweden, sending 5,000 Baht to her daughter here in Thailand as the monthly stipend. The daughter was given 3,500 Baht and a slip of paper to come back in 1 year to claim the rest.
So, this new 30% rule is hitting hard on everyone, even the small players trying to support families. Thai Mai Luk Thai for sure now. They are biting each other.
I've given them the advice to either #1 send Baht from Sweden, but presently the sender may get about 7.5% less due to the two tier exchange rates. #2 to counter #1, keep doing what you're doing and at least at present the Thai government is paying you about 7.5% interest on your 5,000 Baht, (due to the two tier exchange rates) but you still have to wait a year to get the balance. #3 Open up a small bank account in Sweden, put equiv of 5,000 Baht into it per month, and Fedex me an ATM card I can give to her daughter to use. I think at present at least, #3 may be the best solution and best value. Next week may be different.
What a headache for these small players and people abroad simply trying to support their families back here. This whole deal seems almost as down and dirty as things during the Thaksin era. Pete. Pete
So, this new 30% rule is hitting hard on everyone, even the small players trying to support families. Thai Mai Luk Thai for sure now. They are biting each other.
I've given them the advice to either #1 send Baht from Sweden, but presently the sender may get about 7.5% less due to the two tier exchange rates. #2 to counter #1, keep doing what you're doing and at least at present the Thai government is paying you about 7.5% interest on your 5,000 Baht, (due to the two tier exchange rates) but you still have to wait a year to get the balance. #3 Open up a small bank account in Sweden, put equiv of 5,000 Baht into it per month, and Fedex me an ATM card I can give to her daughter to use. I think at present at least, #3 may be the best solution and best value. Next week may be different.
What a headache for these small players and people abroad simply trying to support their families back here. This whole deal seems almost as down and dirty as things during the Thaksin era. Pete.
PeteI find this Onshore/Offshore stuff very confusing. All I know is the rates that I receive when transferring money from the UK ie:
1. If my daughter user my ATM that she takes care of, the exchange rate I receive is comparable to what the Thai Banks are advertising.
2. In the unlikely event that there is a crisis in Thailand (wash my mouth out at the sheer thought), and I have to transfer a large amount, then providing I tell my bank to transfer Pounds Sterling, the exchange rate is still comparable to what the Thai Banks are advertising. However, I must admit, there hasn't been a serious crisis for several years.
I really can't see what this discussion is about - transfer sterling, and you lose nothing..............unless this 30% thing kicks in.
1. If my daughter user my ATM that she takes care of, the exchange rate I receive is comparable to what the Thai Banks are advertising.
2. In the unlikely event that there is a crisis in Thailand (wash my mouth out at the sheer thought), and I have to transfer a large amount, then providing I tell my bank to transfer Pounds Sterling, the exchange rate is still comparable to what the Thai Banks are advertising. However, I must admit, there hasn't been a serious crisis for several years.
I really can't see what this discussion is about - transfer sterling, and you lose nothing..............unless this 30% thing kicks in.
Championship Plymouth Argyle 1 - 2 Leeds Utd 
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Just me thinking out loud again, but I want to go on record in case we see 3" headlines sometime in the future.
I wonder if Thaksin and his cronies have actually bankrupted this place?
There's no problem here hiding this type of information from the press or anyone else. It happened before for several months in 1997 before they just couldn't hide what was going on anymore.
Some of these strange new laws, currency restrictions and ping pong ball exchange rates could be a sign.
Interesting times. Pete
I wonder if Thaksin and his cronies have actually bankrupted this place?
There's no problem here hiding this type of information from the press or anyone else. It happened before for several months in 1997 before they just couldn't hide what was going on anymore.
Some of these strange new laws, currency restrictions and ping pong ball exchange rates could be a sign.
Interesting times. Pete