GBP vs THB

sargeant · Post by **sargeant** » Thu Jan 01, 2009 7:16 pm

rriiiiggghhhhttt Condo so its the Bolivian escudo for you then

I am sticking to south pacific conch shells

sargeant · Post by **sargeant** » Thu Jan 01, 2009 7:25 pm

I just went outside for a sly puff and it hit me

I have depression guess has an ulcer and i have the answer

Doubloons and pieces of eight its gorra be the way to go

sargeant · Post by **sargeant** » Fri Jan 02, 2009 11:09 am

Just off down town for a meeting / appointment / chat / tryst

Any idea how many changs / barfines to the groat or should i take Talons

Post by **Norseman** » Fri Jan 02, 2009 1:24 pm

Back on track Sarge.

Spitfire · Post by **Spitfire** » Fri Jan 02, 2009 5:05 pm

OK gents, I looked at the XE Currency Exchange site today and they are quoting 50.5 or so Baht to the Pound, which is slowly slipping a bit.

However, had a thought, and could any fiscal wizards comment on the following idea and explain the credits, or lack there of, of opening a foreign currency account with say 'The Krung Thai Bank' etc. I think you can easily open an account in Dollars/Pounds or whatever if you have a certain amount of Baht to deposit/change into the other currency. This is a recent change, I think.

Surely now is a good time to open an account here in Dollars or better still Pounds and change your Baht to Pounds/Dollars as you would get a lot Pounds for your Baht at 50 in a Pound. The Pound is not going to stay there for ever(maybe a while) and will move back towards where it was, thus you would make money.

OK, you would be speculating on currency movements but I'd say that this wasn't too risky, in this case.

I'm sure there are perfectly good reasons for not doing it, but when I found out about it, I have been seriously considering it to recoup some of the losses over the recent past.

Open to all comment.

Post by **sandman67** » Fri Jan 02, 2009 6:19 pm

the yellow bank (Ayuddhya?) does a user friendly foreign currency deposit account open to all farangs. Money stays in whatever currency you pay in until you withdraw it, when it gets converted into baht. $500 minimum balance.

A good idea if you have excess dosh....

Post by **Big Boy** » Fri Jan 02, 2009 7:32 pm

spitfire wrote:

Surely now is a good time to open an account here in Dollars or better still Pounds and change your Baht to Pounds/Dollars as you would get a lot Pounds for your Baht at 50 in a Pound. The Pound is not going to stay there for ever(maybe a while) and will move back towards where it was, thus you would make money.

I was listening to the news before coming to work this morning, and they were talking about another probable cut in interest rates next week, so your pound is probably going to get a bit weaker before it starts to go the other way.

Spitfire · Post by **Spitfire** » Fri Jan 02, 2009 7:44 pm

Well Lomu, with what BB said about interest rates, it looks like you might have been right about it getting weaker again before it starts to stabilise.

Next few months are going be interesting/annoying/humilitating/curtailing etc. Oh! The days of going out 'on the beers' every night seem a distant fairy tales that are slowly drifting into myth.

Post by **redzonerocker** » Fri Jan 02, 2009 7:48 pm

spitfire wrote:Well Lomu, with what BB said about interest rates, it looks like you might have been right about it getting weaker again before it starts to stabilise.

i heard a financial reporter on the radio suggesting that interest rates could fall another 1.5% over the next 3 months

if that happens, the pound is in for a severe nosedive

Spitfire · Post by **Spitfire** » Fri Jan 02, 2009 7:50 pm

If that happens RZR then the lucky ones will be the foreigners on work permits earning Baht, how things will have changed.

Post by **richard** » Fri Jan 02, 2009 7:52 pm

Good time to sell Baht and ship it home for some sterling.

Watch the properties hit the market

Post by **cookmanchef** » Fri Jan 02, 2009 11:56 pm

The further interest rate cuts will not have much effect on the pound this time as they have already been built in to the current value. The ECB will almost certainly have to start cutting rates soon so £ will strengthen against €.
I believe the $ will weaken once the recession bottoms out and green shoots of recovery appear. People will abandon the so called safe haven as the problems in the US are more deep seated than those in the UK and Japan. Eurozone probably has the least problems but will be hampered by a single interest rate and countries recovering at different levels.

If I had a lot of cash in baht I would definitely take a punt on streling!

Post by **caller** » Sat Jan 03, 2009 12:24 am

I read an article the other day (here?) that Italy & Spain are suffering under the euro and could be considering their options?

More importantly, I thought our Gord's philosophy on the crisis was for the UK to hit rock bottom first (as in ahead of the rest) and also to be the first to zoom out of recession (preferebly in time for the next general election).

Whatever, it will be a bumpy ride.

Post by **PeteC** » Sat Jan 03, 2009 2:30 pm

Here you go. You can set up a practice account with $50,000 of play money in it to see how you do. Who knows, some of you may have a talent and the time for it and make some money by doing it for real. Pete

http://www.forex.com/

Super Joe · Post by **Super Joe** » Sun Jan 04, 2009 3:47 am

richard wrote:Good time to sell Baht and ship it home for some sterling.

Makes sense Richard but as Sandman said above you can open a Sterling account at the banks here, lot easier to manage if living here.
Quote From Bangkok Bank:
Foreign Currency Deposit Account for Non-Residents
Foreign individual can also open a Foreign Currency Deposit Account in any of the nine major foreign currencies. You can withdraw, deposit or transfer the funds without converting the funds into Thai Baht and make savings with every transaction.

Ditto in UK, I had a Baht foreign currency account with my local HSBC.
Just a case of when you need to change it back again into Baht, all about need and timing.

SJ