Do you work for them? I've heard it all before from you, however there are other benefits back home for me as I've banked with Barclays for a millenium or so.Onlyme wrote:Loumart, I don't understand why you appear not to be able to grasp the differentials between Barclays and Nationwide?
I was being offered 70.40 to the UK pound today 31st Jan. I wouldn't pay any charges whatsoever with the Nationwide.
It's pretty obvious that Nationwide is far better!
The danger to me is that it is open to different interpretations and some banks / institutions may try to take advantage and take the difference as extra profit as they know that most of their customers do not understand exchange rates, dealing spreads etc.No. 52/2006
Summary of the Reserve Requirement on Short-Term Capital Inflows
This notice pertains to the Bank of Thailand's announcement regarding the implementation of reserve requirement on short-term capital inflows on 18 December 2006 and its subsequent relaxation. The goal of the measure was to help maintain stability in the Thai baht which is conducive to sustained long-run growth in the Thai economy.
The following summary is intended to help add clarity regarding the measure and serve as a reference for financial institutions in implementing the reserve requirement.
1. Foreign currencies bought or exchanged against baht for the following transactions are exempt from the 30 percent foreign currency reserve requirement:
1.1. Foreign exchange transactions related to current account activities including transactions related to exchange of goods, services, income, transfers and aid.
1.2. Inflows for equity investment in companies listed in the Stock Exchange of Thailand and Market for Alternative Investment (excluding mutual funds and warrants), investment in the Thai Futures Exchange (TFEX), and investment in the Agricultural Futures Exchange of Thailand (AFET). Funds destined for the aforementioned investments should be deposited in the Special Non-resident Baht Account for Securities: SNS.
1.3. Foreign direct investment defined as investments by non-residents in resident entities where the investor owns at least 10 percent of the equity capital and has managerial power.
1.4. Investment in real estate such as land and condominiums (excluding real estate mutual funds).
1.5. Foreign currency borrowings transacted prior to 19 December 2006.
1.6. Currency swap transactions associated with rolling over existing exchange rate hedging contracts with the original financial institution.
1.7. Foreign currencies bought or exchanged against bath amounting to less than 20,000 US dollar or equivalent.
1.8. Foreign exchange bought or exchanged against baht from clients or authorized money changers in the form of travellers' cheques and bank notes.
1.9. Foreign currencies bought or exchanged against baht from (a) foreign embassies, foreign consulates, specialized agencies of the United Nations, international organizations/ institutions incorporated in Thailand; and (b) Thai embassies, Thai consulates or other Thai government entities located outside Thailand. 1.10. Foreign currency borrowings of government entities.
2. Foreign currencies bought or exchanged against baht for the following transactions are subject to the 30 percent foreign currency reserve requirement:
2.1. Investments in debt securities transacted from 19 December 2006 onwards.
2.2. Foreign currency borrowings transacted from 19 December 2006 onwards.
2.3. Foreign currencies bought or exchanged against baht for purposes other than those exempted in 1 above.
3. Balances in Non-resident Baht Accounts are allowed to exceed 300 million baht without limit until 8 January 2007. After that, the balances shall not exceed 300 million baht.
4. From 8 January 2007 onwards, balances in the SNS accounts shall not exceed 300 million baht. The Bank of Thailand will continue to review the appropriateness of this limit.
Bank of Thailand
22 December 2006
This one is interesting, because in Bangkok Bank today a friend was transfering over 2.5M Baht (sizeable amount) into his newly opened account.1. Foreign currencies bought or exchanged against baht for the following transactions are exempt from the 30 percent foreign currency reserve requirement:[/b]
1.1. Foreign exchange transactions related to current account activities including transactions related to exchange of goods, services, income, transfers and aid.
Yes, I think this may be another pool of muddy water. On here I explained the story of the girl who's Mother sent her 5,000 Baht in Swedish Krona and she only got 3,500 Baht and a slip of paper saying to come back in 1 year. However, today I heard from a freind who sent in 18K USD, and although the receiving party was asked "what is if for..." there was no hassle and they got the money. So, the 20K USD rule 'seems' to work with some banks and not with others? If it does, send in multiples of 19.9K on different days if that makes one feel safe.JimboPSM wrote:The danger to me is that it is open to different interpretations and some banks / institutions may try to take advantage and take the difference as extra profit as they know that most of their customers do not understand exchange rates, dealing spreads etc.
