Flooding

[Bazle 1,500]

Does anyone have any informed views as to whether the damage being done to the Thai economy by the floods will affect the value of the Baht?

 

I need to transfer 2 months' spending money at some time in the next five weeks and I'm wondering if it might be good to delay it until the last minute.

[jacko 8,822]

It will affect the price of rice for sure.

And what about what is going on in the UK affecting the old £?

The last big impact was old Melvyn again, causing a 50 satang drop.

There has been partial recovery of that fall over the last 48 hours.

 

Inflation reports may cause the foolish to believe a UK interet rate rise is possible, but that isn't going to happen.

I think Thai flood effects have been factored in already.

 

I too am waiting to make a transfer UK->baht, and have deluded myself to think I can wait for 48.6-48.7 rate to be hit.

[joekicker 53]

The flooding will have a large economic effect, but I can't see it will affect the baht rate so you'd notice. As always, the baht rate is supply and demand, and the brutal truth is that floods and post-flood rehabilitation are GOOD for stock-exchange type businesses. There's already a heavy inflow of dollars and euros and such, and the baht went up this week.

 

/

[Dr Mick 111]

What ever been happening in the UK and Thailand ,I have a standing order set up every month to send money from my UK bank account to my Thai bank account and I have notice i have had between 48.6-48.2 bhts in these months in the last year.

Wish it be 50 bhts but still happy at the rate im still getting at the moment.

I use HSBC Globel transaction between my bank accounts ,so no transfere charge and think a good rate exchange compare to others i have seen .

 

So answer to your question think the baht will stop about the same ,no effect by the floods ,also Thai kept intrest rates the same yesterday

[CheshireTom 1,377]

I too am waiting to make a transfer UK->baht, and have deluded myself to think I can wait for 48.6-48.7 rate to be hit.

 

That wasn't too long a wait ...

 

[jacko 8,822]

I think there is a little more to this rally so am holding out for 49 now.

I never like initiating a transfer over the weekend.

Probably live to regret that, I know Mervyn is anxious to mess with me!

[nidnoyham 30]

I think there is a little more to this rally so am holding out for 49 now.

I never like initiating a transfer over the weekend.

Probably live to regret that, I know Mervyn is anxious to mess with me!

 

 

Lend us a fiver if it hits 50 jacko

[Bazle 1,500]

I think there is a little more to this rally so am holding out for 49 now.

I never like initiating a transfer over the weekend.

Probably live to regret that, I know Mervyn is anxious to mess with me!

Now just a tad over 49 per the BBC. So are you going to hold out for 50?

 

Edit: I decided to take the gamble and have just arranged the transfer (HSBC London to HSBC Bangkok). The indicated* exchange rate was GBP 1 = THB 48.8880369

* The exchange rate displayed is for indication purposes only and may not be the actual rate that is applied to the transfer.

Edited October 21, 2011 by Bazle

[john5001 54]

Everytime a problem befalls Thailand, we all want the Baht to drop..( wishful thinking me included ) The sad truth, I think its more about Sterling weakening.

 

Tghe Euro has taken a battering, but Sterling has not gained..just imagine if the PIG countries had no issues...

 

Best bet Greece to fuck off and UK join Euro.

[nidnoyham 30]

 

Best bet Greece to fuck off and UK join Euro.

 

Blimey, what's the worst one ?

[joekicker 53]

Everytime a problem befalls Thailand, we all want the Baht to drop..( wishful thinking me included ) The sad truth, I think its more about Sterling weakening.

 

Yes. The floods are not going to affect the baht rate so you would notice. They certainly will affect the Thai economy, but that's a very different proposition. If anything.... very, very unlikely but if anything the effects of the floods will push the baht up a tad because of the rehabilitation and reconstruction that's already getting under way.

 

"It's an ill wind..." and so on. The stark, isolated *economic* truth is that even before they come to an end in a couple or few weeks, the floods will have been good for large and important parts of the economy.

 

.

[jacko 8,822]

Lend us a fiver if it hits 50 jacko

I am not paying for the whiskey you put into that thermos of coffee for the steps of St Pauls!

[jacko 8,822]

Now just a tad over 49 per the BBC. So are you going to hold out for 50?

 

Edit: I decided to take the gamble and have just arranged the transfer (HSBC London to HSBC Bangkok). The indicated* exchange rate was GBP 1 = THB 48.8880369

* The exchange rate displayed is for indication purposes only and may not be the actual rate that is applied to the transfer.

Well it can't be initiated until 9am Monday UK time, so I will see how it looks Monday. There were a lot of exchange rate changes yesterday, SCB had 16 issues! Link Highest was 48.87. So a volatile day on the markets.

You did good, (if the weasel words didn't affect the actual exchange rate,) but I don't have a HSBC acct here.

Last time I used HSBC for a transfer I was pissed off as it went from my Manchester branch via Barclays who took another £30 quid (not to LOS). I actually haven't tried HSBC to Thailand yet. How much were you charged?

Edited October 22, 2011 by jacko

[Bazle 1,500]

Well it can't be initiated until 9am Monday UK time, so I will see how it looks Monday. There were a lot of exchange rate changes yesterday, SCB had 16 issues! Link Highest was 48.87. So a volatile day on the markets.

I actually haven't tried HSBC to Thailand yet. How much were you charged?

No charges if you have a Premier account.

 

It works well for me - no transfer charges, rate given is usually about .3 Baht below rate shown on the BBC site, and a Thai ATM card so no 150 Baht charge.

[jacko 8,822]

No charges if you have a Premier account.

 

It works well for me - no transfer charges, rate given is usually about .3 Baht below rate shown on the BBC site, and a Thai ATM card so no 150 Baht charge.

Ah yes, this was mentioned to me at HSBC when I was in the UK.

As a retired person the requirements for having a Premier Account didn't appeal. I can do better with the 50k than the interest offered there. I think my non-resident status for the UK was an issue too.

[Bazle 1,500]

Ah yes, this was mentioned to me at HSBC when I was in the UK.

As a retired person the requirements for having a Premier Account didn't appeal. I can do better with the 50k than the interest offered there. I think my non-resident status for the UK was an issue too.

The £50K doesn't have to be in a deposit account. Investments under their management and investments bought through their on-line brokerage also count.

[jacko 8,822]

The £50K doesn't have to be in a deposit account. Investments under their management and investments bought through their on-line brokerage also count.

They have nothing worth bothering with.....

[Bazle 1,500]

They have nothing worth bothering with.....

It doesn't have to be an HSBC fund. And you can buy most things on the LSE through InvestDirect.

[jacko 8,822]

It doesn't have to be an HSBC fund. And you can buy most things on the LSE through InvestDirect.

That is a fair point, I should invest £50k and buy HSBC shares with it.

But I had a brainstorm some years back and dumped all my managed funds, with an underlying lack in faith in shares generally.

It may have been a fortuitous decision at the time but there seems little around to put cash into these days. Although Gold back then would have been a reasonable stop gap, and I was told only today by a gold fanatic he expects it to rally again to $2000/Oz.

[jacko 8,822]

Well I waited until midday Tuesday (Thai time) to initiate the transfer, it had just passed 49 on SCB and looked to be rising.

Then later, about 12 UK time Mervyn flapped his lips and there was a little dive.

This morning there appears to be rise going on again (49.35 on Yahoo) and SCB at 49.13.

My money arrived early today and Bangkok Bank gave me 49.0175 for it, and then took 500 baht to drop me just below 49 equivalent! I have noticed SCB seem to update their rates more and offer better ones than BB, current £TT rates being 49.1287 and 49.0175 resp.

[Bazle 1,500]

Well I waited until midday Tuesday (Thai time) to initiate the transfer, it had just passed 49 on SCB and looked to be rising.

Then later, about 12 UK time Mervyn flapped his lips and there was a little dive.

This morning there appears to be rise going on again (49.35 on Yahoo) and SCB at 49.13.

My money arrived early today and Bangkok Bank gave me 49.0175 for it, and then took 500 baht to drop me just below 49 equivalent! I have noticed SCB seem to update their rates more and offer better ones than BB, current £TT rates being 49.1287 and 49.0175 resp.

You did better than I did. HSBC took ages to process my transfer and I ended up getting a tad over 48.6.

 

Edit:

I've now received HSBC's explanation for the delay. They say: "Unfortunately, as 24 October was a National Holiday in Thailand, your Global Transfer was not approved until the treasury re-opened on 25 October". Can anyone tell me whether 24 Oct being a public holiday is correct, please?

Edited October 26, 2011 by Bazle

[MM 6,562]

Serious situation for international manufacturing in Thailand....

 

 

[joekicker 53]

Can anyone tell me whether 24 Oct being a public holiday is correct, please?

 

About 65 million people close to you can. Also Google. Here. Here. Here. Here. Even Wikipedia. Local coverage.

 

But look. If you'd take the word of some barroom lawyer sitting in Bumphuock, Timbuktu, on a dedicated foreigners' Internet forum over the written, legal word of your bank -- why are giving your own money to that bank?

 

.

[joekicker 53]

Serious situation for international manufacturing in Thailand....

 

Oh, how I wish that the biggest problem is a pending shortage of MSG.

 

.

[Bazle 1,500]

About 65 million people close to you can. Also Google. Here. Here. Here. Here. Even Wikipedia. Local coverage.

 

But look. If you'd take the word of some barroom lawyer sitting in Bumphuock, Timbuktu, on a dedicated foreigners' Internet forum over the written, legal word of your bank -- why are giving your own money to that bank?

Thank you, Headmaster.