thai baht where is it going

[lomuamart]

I've always done my budgets on about 65 to the pound for the past couple of years. That wouldn't be far out as an average.
However, I am mindful of the volatility of "things" over here. If ever the pound went to 55 odd, the Baht's overinflated again and time to move on for a while.
The country is struggling between getting some international recognition and appeasing her biggest earners - exports.
In my book, they havn't got a clue how to do it - but then, many countries don't have either.
Inflation = unemployment. Keynesian stuff, I know, but show me a country that's managed to balance those books.
I'm open to offers and learn.

[STEVE G]

Pete, I just had a look and I see what you mean, I don't know what the Bangkok Post is quting there, maybe it's the bank note selling rate or something?

[PeteC]

Pete, I just had a look and I see what you mean, I don't know what the Bangkok Post is quting there, maybe it's the bank note selling rate or something?

Well, in a very Thai way it a nice social service the Post is providing. Reading their numbers at 0630 in the morning, sipping your first cup of coffee, listening to the birds, enjoying the cool air and the first rays of the sun, with a big smile thinking your home currency is worth more than it is. Life don't get much better than that.... mai pen rai! Pete

[JimboPSM]

Do not take too much notice of rates quoted on some of the internet sites such as BBC Business and Yahoo Finance.

Over the last few weeks rates quoted on BBC and Yahoo for GBP/THB and USD/THB have become increasingly at variance with actual rates quoted by Bangkok & Kasikorn Banks.

Yesterday, rates on BBC & Yahoo were about 3% adrift of the actual rates.

Most sites appear to use some kind of data feed from Comstock for their rates and it looks like there is some kind of software problem or glitch attached to that data feed.

If you want the latest actual rates available, you can get them at these sites:

• http://www.bangkokbank.com/Bangkok+Bank ... +Rates.htm
  
  http://www.kasikornbank.com/GlobalHome/ ... /rate.html
  
  Note that their rates often change several times during the day.

If you doubt the quoted rates on Bangkok & Kasikorn banks, the real test is to see whether they give you that rate on transactions.

I have always got their quoted rates every time I have exchanged money - but being careful, I always check their rates before making any transaction.

[PeteC]

That's good info Jimbo, thanks. See Steve, life gets better and better, now the rates I'm reading in the Post are probably right. My smile just got bigger, Thai magic. Pete

[JimboPSM]

Be careful about relying on any xe.com currency conversion calculations.

I have just checked out the rates on the currency converter link to xe.com from the HHAD bank page for GBP & USD against THB - IMHO, they are both also incorrect at the present time.

They are supposed to be mid-market rates, but according to my calculations they are approx 3% out when I compare them to my records as at close of business Friday.

[lomuamart]

Crikey,
I missed the general flow. I'll never rely on all those "forex" calculations again.
All those people who say "sell, sell, buy, buy" don't deserve to be in this country anyway.
Sorry people, but that's the way I feel.

[JimboPSM]

For those who are still concerned about USD & GBP rates against THB, I have just checked Kasikorn Bank opening numbers for this morning and these are the numbers:

• USD
  TT Buy - 35.920
  TT Sell - 36.120
  Mid Mkt - 36.020
  This is only a 0.06% change from Friday close
  
  GBP
  TT Buy - 70.81000
  TT Sell - 71.42250
  Mid Mkt - 71.11625
  This is a 0.15% change from Friday close

The opening Bangkok and Siam Commercial Bank Forex rates are the same as Kasikorn.

BBC Business and Yahoo Finance numbers for THB are still all over the place and cannot be relied on.

[Mack111]

do you get a different rate when you are doing a bank transfer?

[Winkie]

The TT rates quoted by Jimbo should be the ones the bank uses for a Telegraphic Transfer

[Mack111]

thanks

[JimboPSM]

do you get a different rate when you are doing a bank transfer?

TT Buy rate is what you should receive on a bank transfer.

Rates vary according to type of transaction, for example this mornings rates are:

• USD
  TT or Bank transfer - 35.92
  Travellers Cheques - 35.82
  Cash ($50-$100) - 35.66
  Cash ($5-$20) - 35.23
  Cash ($1) - 34.89
  
  GBP
  TT or Bank transfer - 70.81
  Travellers Cheques - 70.61375
  Cash - 69.92975

Note, there can also be additional fees which the bank may deduct from the proceeds.

[Mack111]

cheers, understand now

[sargeant]

sorry been unavailable i have 4 years of calenders on which each day i go to bloomberg take the thai bah trate to the dollar multiply it by the pound rate against the dollar
I then divide by 100 multiply by 95.5 and that gives me the figure that my atm card gives me give or take a few pee and takes into account charges etc as well
I then check it againt my bank statements each month its worked for 4 years

[JimboPSM]

sorry been unavailable i have 4 years of calenders on which each day i go to bloomberg take the thai bah trate to the dollar multiply it by the pound rate against the dollar
I then divide by 100 multiply by 95.5 and that gives me the figure that my atm card gives me give or take a few pee and takes into account charges etc as well
I then check it againt my bank statements each month its worked for 4 years

That is a combined charge or fee of 4.5% against mid market rate - IMHO, you need to find another way (or bank) to get your money, you are being ripped off.