MONEY MONEY MONEY!

[Naam Jai (?2008)]

"Thai deficit put at 160bn bht up from 120bn bht." says Fiscal Policy Office.

"Baht unlikely to rise further" says Central Bank
( Could we read fall?)

"Weaker Consumer and Business confidence is the reason".

"Higher state spending and lower interest rates will help"
(That is true)

Of course the high baht makes Thai exports dearer.
(Floods the home though)

I think I am making a small contribution by exchanging and spending less, but on a much larger scale that is what is happening.

The baht is too high!
Although technically linked to the dollar, the baht has risen, because the dollar has weakened, there is so much money sloshing around the world, that has come out of the dollar,looking for a market and in a world economy downturn, and into Thailand, perceived to be strong.
It seems that the bubble will burst sooner or later.
Hold on to stronger currencies as long as you can. The Euro,the Pound sterling and of course the Yuan.

[KoratCat]

Hold on to stronger currencies as long as you can. The Euro,the Pound sterling and of course the Yuan.

And if you have to exchange don't let the banks do that give you the offshore rates like Chase, Barclays etc. There is a difference of up to 10 - 12 %. That means if you transfer your money and they exchange at the offshore rate you'll get considerably less than transferring through a bank that allows the exchange in Thailand.

In most cases you have little influence on that when transferring in your home currency. Better ask first and make sure. Transfer in THB after exchanging, if their rate suits you. If their rate does not suit you, a SWIFT transfer is most likely to arrive in Thailand in your home currency and will get exchanged here. In case of doubt don't transfer at all, carry cash or traveller checks to exchange here.

[Naam Jai (?2008)]

Exchange rates are what it is all about. Two years ago 1000 pounds sterling would earn 72000bht today 5000bht (72 pounds less).

I transfer some money from the UK to UOB at 1% over cash exchange rates. It costs me a fixed 25 pounds sterling to send by Swift code transfer. Takes up to 5 days, but very easy. UOB also have safe deposit boxes for those "valuables" you don't want to expose!

I find it worth checking UOB cash exchange rates before the others. UOB is a Singapore Bank. They are often the best. You can find the Bank at the corner of Th.Chumpon Rd in central square. Opposite the new Tourist Police box in the City Hall car Park. ( Call in and sign their "Friendship" Book)

[KoratCat]

What is also an option is the withdrawal at most ATMs with your card from your home bank. My bank in Germany charges 1 % of the withdrawn amount, minimum 4 Euros. The rate is at the moment arount 46 - 47 baht per Euro, like the exchange here. I assume they take the rate for SWIFT transfers.

Just take very good care of your card. There are lots of stories going around about cheats with foreign ATM cards. Though I myself never experienced any problems at all.

[dutch (†2012)]

Safety boxes at UOB are 1000 baht/year.

yesterday rate euro/baht 46,07
last months in sequence 46,60/46,19/46,43/45,89/47,50/47,04/46,24/47,12/44,61/44,99/45,79/46,32/ and so on.
Monthly transfer fee per transaction=euro 10,-
Within a day from Holland account on Thai account.

[Naam Jai (?2008)]

Transferring money from the UK by the SWIFT and "chaps" system takes 5 days if you don't put pressure on the central bank to clear it. UK bank sent the money yesterday 6th.( well it left my account there) Today I pestered the UOB in Korat, but they said " 5 days" This means you lose interest in UK,and here. Banks benefit from holding your money here until it is credited to your transfer account.
Don't forget exchange rates are an issue and I tried to plan it for the best rate. Of course that is abit of a lottery.
However, I asked UOB Korat to contact UOB Bangkok, who denied all knowledge of it at 2.30pm but a dig and promise of a further enquiry and hey presto it turned up. I withdrew it all before 3.30pm and deposited in a Tisco Bank (any day access)account paying 3% net ( every 6 months). (A better rate for easy access than UOB).
Tisco in Korat now issue an ATM card which you can use in any ATM machine free ( if you don't ask for a balance slip)( if you do its 3bht)
Hope that helps?

[dutch (†2012)]

Safety boxes at UOB are 1000 baht/year.

yesterday rate euro/baht 46,07
last months in sequence 46,60/46,19/46,43/45,89/47,50/47,04/46,24/47,12/44,61/44,99/45,79/46,32/ and so on.
Monthly transfer fee per transaction=euro 10,-
Within a day from Holland account on Thai account.

I really have it within a day (sometimes 2-3 days,but than there are holidays involved or a unfavorate end of the month on a saterday or sunday).90 % of the transfers within a day at the rates euro/baht that I informed.
No costs at UOB involved.This is a ongoing monthly automatic transaction since start 2004.
I always transfer euro's .
Make sure that the account description that you informed to your UK bank is 100% equal tot the description(name) on your UOB account.Litterally!!

[KoratCat]

Generally it can be said that the transfer from a correspondence bank is a lot faster than from another bank. You can either ask your bank here what their correspondence bank in your home country is or find out on the internet. Use Google with the name of your bank here, "correspondence" and your home country or city. You'll find the page of your thai bank with the listing of the correspondence banks that way.

I assume UOB has ABN amro in Holland as correspondent. Bank of Asia belonged to them before.

For Britain I can find out for you if necessary.

KC

[Naam Jai (?2008)]

It should not be necessary for the banks to be "correspondence" banks to facilitate a speedy SWIFT transaction. The system is international. I bank here and in the UK at banks that suit me. Its just that sometimes they need "prodding"