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[Noodles]

Does anyone have any predictions as to how the pound will do against
the baht this year. I do need to bring some funds from the UK, but I'm prepared
to wait till later in the year if the baht will increase.

Do you think theres a chance of it hitting 70 again?

Many thanks

Edited by Noodles, 2008-02-25 19:53:39.

[britmaveric]

45bht would be a good guess.

[Naam]

Noodles, on 2008-02-25 19:41:13, said:

Does anyone have any predictipn as to how the pound will do against
the baht this year. I do need to bring some funds from the UK, but I'm prepared
to wait till later in the year if the baht will increase.

Do you think theres a chance of it hitting 70 again?

Many thanks

unfortunately the dog has taken my crystal ball  

[chiang mai]

The "big guns" of the Phuket Gazette recently suggested 50 baht per Pound this year and folks scoffed at this whilst I thought it was very probable - today I transfered GBP at 63.16 and the withholding tax has still not been lifted - reports are that it will be lifted soon. I suggest that when it is lifted we will be into the 50's very quickly.

70's to the Pound? - not in this decade and maybe not in the next either.

[Maestro]

I don’t think the withholding tax will be lifted.
--
Maestro

[Pomthai]

Maestro, on 2008-02-25 20:17:12, said:

I don’t think the withholding tax will be lifted.
--
Maestro

Agreed, too much face to be lost if it was; in the near future anyways.

[Maestro]

The 30% withholding for one year on incoming remittances equivalent to USD 20,000 or more for certain purposes will be lifted soon, though, I believe.
--
Maestro

[domus]

why will  the lifting of 'withholding tax" make the baht go into the 50's.

i don't understand!

rgds

[pkrv]

Naam, on 2008-02-25 13:51:31, said:

Noodles, on 2008-02-25 19:41:13, said:

Does anyone have any predictipn as to how the pound will do against
the baht this year. I do need to bring some funds from the UK, but I'm prepared
to wait till later in the year if the baht will increase.

Do you think theres a chance of it hitting 70 again?

Many thanks

unfortunately the dog has taken my crystal ball

I recomend cats. Damm they took it as well. I think there is a conspiricy - tax PET FOOD!

[billaaa777]

Just put in your wire transfer that the funds are to be used for the purchase of a condo and they don't with hold anything.

[andy1308]

At Heathrow late last week tourists buying Thai baht were getting just 56.55 to the UK pound.

[chiang mai]

domus, on 2008-02-25 22:54:29, said:

why will  the lifting of 'withholding tax" make the baht go into the 50's.

i don't understand!

rgds

Thailand has two currency exchange rates mechanisms currently, an on shore rate where currency is traded within the country and on offshore rate which involves trades outside the country. The former was created some 18/24 months ago by the imposition of a 30% with holding tax on capital inflows, intended to stem the flow of foreign investment in Thailand. The offshore rate trades the baht at a rate that is about ten per cent higher the rate onshore. Of late the two rates have started to converge somewhat with the onshore rate getting stronger. The new Minister for Finance, he oversees the BOT and he who has never worked in a bank in his life, has said that that he will lift the 30% with holding, probably in March or April.

[Naam]

for the record: there is no withholding "tax"! if you would like to know what's the 30% is all about which MIGHT (only in certain cases) be kept for one year interest free with the BOT use the search function. the details have been explained various times. and drop the word "tax" please. it makes me sick  

[Naam]

andy1308, on 2008-02-26 06:52:32, said:

At Heathrow late last week tourists buying Thai baht were getting just 56.55 to the UK pound.

uninformed people have to pay.

[Naam]

billaaa777, on 2008-02-26 04:44:12, said:

Just put in your wire transfer that the funds are to be used for the purchase of a condo and they don't with hold anything.

no need to mention purchase of a condo. nearly any explanation will do such as: living expenses, buying a car, medical expenses to cure sick buffaloes, beer, booze, good food and bar fines...    all that only applies to transfers which exceed the value of us-dollars 20,000. it is however recommended that any transfer bears the reference "what for".

[chiang mai]

Naam, on 2008-02-26 08:25:58, said:

for the record: there is no withholding "tax"! if you would like to know what's the 30% is all about which MIGHT (only in certain cases) be kept for one year interest free with the BOT use the search function. the details have been explained various times. and drop the word "tax" please. it makes me sick  

Yes agreed, it's all in the terminology, oh pedantic one.

[kerr17]

chiang mai, on 2008-02-26 10:05:52, said:

Naam, on 2008-02-26 08:25:58, said:

for the record: there is no withholding "tax"! if you would like to know what's the 30% is all about which MIGHT (only in certain cases) be kept for one year interest free with the BOT use the search function. the details have been explained various times. and drop the word "tax" please. it makes me sick  

Yes agreed, it's all in the terminology, oh pedantic one.

As I been quiet disappointing with the UK sterling lately and the situation only seems to get worst, do you  guys thinks its better for me to get paid on Euro instead (especially in the long term)??
I know its hard to predict but as i may have this possibility, the Euro looks more stable to me at the moment.

Am I wrong?

[VegasVic]

Noodles, on 2008-02-25 20:41:13, said:

Does anyone have any predictions as to how the pound will do against
the baht this year. I do need to bring some funds from the UK, but I'm prepared
to wait till later in the year if the baht will increase.

Do you think theres a chance of it hitting 70 again?

Many thanks

Noodles, I would keep an eye on the dollar/baht relationship if I were you. The best estimates that I have seen put the pound around $1.80 vs the dollar before years end, so if the dollar remains stable against the baht or loses a little more then britmavericks estimate might not be far off   Golman Sachs has been very good at forecasting currency values, they were the ones last summer predicting that the Euro would see $1.45 vs. the dollar before years end(2007),back when everyone else thought that the Euro wouldn't make a sustained move past $1.38! By the GS is the one looking for $1.80 for the pound this year and looking for a $1.32 Euro by years end. Of course if you listen to the goldbugs on thai visa, then the dollar, euro and the pound will all be worthless paper pretty soon (those damm fiat currencies ) so I guess it may be a moot point to forecast currency valuations when only gold will have value in the new world:lol:

[sleepyjohn]

50, 80, dollar, pound, euro, baht..........I wish I had secret information like the Phuket newspaper.

Diversify and relax it's good for you (although I've a sneaky feeling you might be right Vic)

Edited by sleepyjohn, 2008-02-26 15:03:47.

[jeztennis]

as the pound to thai baht is now between 58 and 60 is it worth buying u.s. dollars at about 1.95 and then buying baht at 31-32

also does anyone have any views on the possibility of a baht devaluation

[kerr17]

jeztennis, on 2008-02-26 15:57:58, said:

as the pound to thai baht is now between 58 and 60 is it worth buying u.s. dollars at about 1.95 and then buying baht at 31-32

also does anyone have any views on the possibility of a baht devaluation

On my bank is between 62-63 and not 58, don't know where you get you exchange....

[Captain Chaos]

Naam, on 2008-02-26 09:32:25, said:

billaaa777, on 2008-02-26 04:44:12, said:

Just put in your wire transfer that the funds are to be used for the purchase of a condo and they don't with hold anything.

no need to mention purchase of a condo. nearly any explanation will do such as: living expenses, buying a car, medical expenses to cure sick buffaloes, beer, booze, good food and bar fines...    all that only applies to transfers which exceed the value of us-dollars 20,000. it is however recommended that any transfer bears the reference "what for".

Agreed - whenever I bring money in (maximum 25k Sing Dollars at one go) - I always describe it as "for family support" (this is true) - then my bank call me and ask me to confirm that it is "for personal use" (this is also true) - so far, no problems...

CC

[marshbags]

kerr17, on 2008-02-26 16:06:34, said:

jeztennis, on 2008-02-26 15:57:58, said:

as the pound to thai baht is now between 58 and 60 is it worth buying u.s. dollars at about 1.95 and then buying baht at 31-32

also does anyone have any views on the possibility of a baht devaluation

On my bank is between 62-63 and not 58, don't know where you get you exchange....

Maybe it,s a U.K.based exchange rate quote.

I was quoted 57 yesterday when i did a comparison to the exchange rate there and what i got  for a Pounds Sterling transfer ( 63. 0015 )  T.T of course and not taking the usual minimal bank charge into account

marshbags

Don,t know about devaluation but.....................................................

Unpredictability, political mismanagement ect. ect.  equals chaos,  this is already starting and will continue to gather pace.  

Edited by marshbags, 2008-02-26 16:26:18.

[Smithson]

marshbags, on 2008-02-26 16:23:54, said:

Don,t know about devaluation but.....................................................

Unpredictability, political mismanagement ect. ect.  equals chaos,  this is already starting and will continue to gather pace.  

Been going on for quite a while now, ever since the Baht was at close to 40,

[ray23]

I read an article today in which it indicated exporters are selling dollars and that is causing the Baht to appreciate. They are selling because the believe the 30% rule will be changed. Will that affect the GBP got me.

But it is very obvious what will happen to the dollar.