pound to the bht and dollar to the bht

How come on the Exchange Rate tables i.e. xe.com specifically and a few other of these type ones, the bht to the pound was 65 on Friday and 66.90 at the moment, yet Monday's Bangkokbank rates are around 69 even 70 ish. Simiarly, with the dollar also, xe.com is quoting 34 and Friday even 33, but 35 odd in Bangkokbank. I've never known this to happen before, normally the rates reflect each other, around the same. And certainly by now Bangkokbank rates would be reflected from Friday's close of business. Food for thought!

Probably, the question would be has anyone changed any pounds or dollars this evening, and what was the rate?

Probably, the question would be has anyone changed any pounds or dollars this evening, and what was the rate?

At Thai Farmers Bank in Bangwaou this morning Sterling notes exchange brought 70.56 Baht =┬г1

... wonder what is going on ...

the large drop from Friday should have filtered through by now, but has not. I've never known this before. Lets see tomorrow morning.

Its now tomorrow morning and the same thing, around 69-70 to the pound and 35-36 to the dollar. Yet on XE.com its 67 odd, its obviously being propped up. Nationwide were offering 59 bht to the pound if one bought foreign currency from them.

If anyone has a Nationwide flex account, I wouldn't now use it, u will probably get the 67 odd that XE.com is offering (which is the official commercial rate). Best use TCs or proven form of exchange.

[2lz2p]

At last Sunday's Pattaya City Expat Club meeting, this topic was discussed during the open forum. One of the members provided the following explanation - There are two exchange rates - onshore (in Thailand) and offshore (outside Thailand). Normally, these rates are almost the same until the BOT imposed their 30% reserve requirement to halt speculation. Because there is a limited supply of baht outside Thailand, the speculators purchasing the baht have caused the baht to rise against the dollar and the pound (off shore rate). For those living in and visiting Thailand, the ATM exchange rate is the "onshore" rate, which is and continues to be above 35.5 to the dollar.

In comparing notes with some friends living here in Thailand, we continue to get close to the rate shown in the daily Bangkok Post (onshore) when using our ATM cards. Also, while some currency converters were showing a little above 33 to the dollar, I made a large purchase here with my USA credit card - checking my credit card account online, it was processed at 35.75 to the dollar (I use this particular credit card here in Thailand because unlike so many of the others, it does not have a conversion fee and the exchange rate is usually very close to the rate shown by Bangkok Post as being the Bank Rate).

... wonder what is going on ...

the large drop from Friday should have filtered through by now, but has not. I've never known this before. Lets see tomorrow morning.

Its now tomorrow morning and the same thing, around 69-70 to the pound and 35-36 to the dollar. .

Thai Farmers Bank at Bangwaou this morning ┬г1 (notes) = 70,562

.... did you exchange for "actual" pound notes i.e. cash or TCs or what

.... did you exchange for "actual" pound notes i.e. cash or TCs or what

As the Bank of England stopped making pound notes some years ago that would be a bit difficult :bounce:

The exchange was ┬г50 notes I never use traveller cheques. Next time I am there I will however look at the T/C rate for comparison.

... I did actually think when I posted that ... but thought you would get the drift. So the bottom line is, better take cash to Thailand, u get a better rate, but for the obvious reason, not a very good idea.

... I did actually think when I posted that ... but thought you would get the drift. So the bottom line is, better take cash to Thailand, u get a better rate, but for the obvious reason, not a very good idea.

I always use Thai Farmers Bank and they seem to offer a better rate than most other banks.

I bank there three times a week so when I am there on Thursday I or b/f will check the rates and post to the board.

The only reason I don't used T/Cs is that I live in Bangkok.

Bangkok Bank rates today as below, I wondered what I could get if I gave cash i.e. 50 pound notes ie. what rate per pound would I get. This is how it was put on their site:

Bank Note -
Buying Rate = 68.82
Selling Rates = 70.66

Buying Rates -
Sight Bill = 69.54
TT = 69.72

Selling Rates -
Bill-DD-TT = 70.40

Bank Selling Rates
D/D & T/T = 70.32375
Notes = 70.65125

Bank Buying Rates
T/T = 69.70125
Export Sight Bill = 69.45125
T/Chqs. & Chqs. = 69.45125
Notes = 68.86

Cheers

Bank Selling Rates
D/D & T/T = 70.32375
Notes = 70.65125

Bank Buying Rates
T/T = 69.70125
Export Sight Bill = 69.45125
T/Chqs. & Chqs. = 69.45125
Notes = 68.86

Cheers

Thai Farmers Bank at Bangwaou this morning (Thursday)

Notes Sterling to Baht = 70.833

T/C's Sterling to Baht = 69.545

... probably best to bring cash (if one wants to risk it). Probably do mix and match

... probably best to bring cash (if one wants to risk it). Probably do mix and match

One thing that you may want to consider, depending on who your UK banker is:

Colleagues of mine coming out to work in Bangkok often wish to have fairly substantial sums of cash available to them at the best going rate.

They arrange to collect a Bankers Draft from their UK bank drawn in Sterling and then change it at a bank here. Generally the UK banks make a small service charge for the draft and providing it is converted by a bank here that has an arrangement with the UK bank it is converted at the same rate as cash. The draft can be made more secure by asking for it to require a passcode before it can be encashed.

Not all banks have a working arrangment with a bank here but it is worth checking and then working out if the service charge for the draft would be worthwhile which of course is dependant on the amount of money you are bringing in.

... as you say, probably a good idea if you're working in Thailand, but for a holiday that is probably too much to do, although it would be safer than cash. The bottom line is I'm fed up with paying high charges when exchanging - even my way of using my Nationwide card, although they say no charges, and they give a good deal, they still make their money by charging a lower rate (albeit there is not much in it, and it is one of the best deals). With regard to credit card purchases, at one time the charges were reasonable. But now, if the cc companies are using lower exchange rates and in some cases charges. All this adds up on your holidays, and over the years has increased. And let's face, the majority of people do it "that" way and lose out. The UK banks are offering about 59 to the pound if you exchange over here. Another rip off

Anyway thanks for your research, it helped a lot.

There was an excellent explanation in the Feb 1 issue of Bangkok Post titled "Interest -rate swaps grow for baht play"
Sorry, I don't know how to link to the article since I picked it up from PressReader.com

The gist of the explanation is that the currency controls not only killed "speculation" but also have caused a liquidity crunch in the offshore baht market. Less supply = higher price (in this case "higher price" translating as less baht for a buck).

... yes, I've read about this system in various outlets now. Since the Government/BoT have been delving into "restrictions" this is what has happened. At one time, you could look on XE.com for the rates, but they only give you the offshore rates, one has to look at Bankgkok Bank or other Thai banks for the onshore rates.