Confidence in the Thai Economy?

[Old Hippie]

O.k. part II of this debate...some argue/say the USA is deliberately lowering the dollar to hurt importys, and help exports...comments?

[jitagawn]

It would seem so KS. My best friends sister is a big wig at BKK bank and she said that there is so much confusion right now ,ost new wires transfers of foreign funds are getting stuck until its decided whats going on... The poicy is not... is not retro active however..at least for today... :smirk:

Unbelievable I await Gadflys updates as he seems on the inside of the banking process.

 

Gadfly where are you...perhaps at your Soi 4 short time pad :smirk: ???

[kojis]

Wonder if same problem here , faxed two wire orders on monday to main french bank, and whereas the agency has approved and forwarded them to the international department, they still haven't shown on my internet account on tuesday eevening... odd...good point is the THB went down 3percents to the euro in the meantime and I'd like to change the amount wired... quite a bit of saving...

 

One of them although thai related was for HKG... so the culprit might not be thai new regulation...

 

Kojis, don't like seeing his money stuck!!

[OCgringo]

Thailand is competing with other Asian countries for trade and investment ,

 

If it costs more to build Sony TVs etc in Thailand , then say Malaysia , big companies move production,

 

Thailand needs to stay competative in the world market to build exports and jobs,

 

I think the Thai leaders see this , they just over-reacted which seems to be a Thai solution to any problem

 

OC

[AF16]

 

Clearly, the regulators are not aware of Ludwig von Mises,

 

 

 

That's actually a good thing

[Nervous_Dog]

KS - NEVER send baht to Thailand you'll be loosing at least 2% on exchange rates ALWAYS get the bank here to change it.

 

Also it is a rule for a long time, as it always you to record what you can send OUT of the country

 

DOG

[khunsanuk]

Hi,

 

I actually was under the impression that we are being send UK pounds.

 

As for the bank, they told us there was no problem and transfers should just go through as usual. Sounds like another case of the left hand not knowing what the right hand is doing

 

Sanuk!

 

[kojis]

ND,

 

you're sure of what youy say? One can check calling the bank (Bangkok bank ) at least and get the incoming TT rate for that day.

 

IME you're only losing a few satangs per euro on the black market rate and get a slightly better rate than the one you'd get exchanging your foreign currency from a thai bank.

 

Anyway I'm very curious about you or others to elaborate on that topic as I'm sending regulary substantial amounts in the country.

[Pom Michael]

When you normally send money from overseas to Thailand, the overseas person will send in their currency - and it is converted here in Thailand into Thai Baht. So when you call to the local bank or check their online TT rate, the conversion is being done here in Thailand.

 

Now, if someone specifically tries to buy Thai baht overseas, and then send that Thai Baht into Thailand - now that would not be cost effective. It can be done, but doesn't make any sense.

 

Other currencies need to do that, try to send money in Irish Pounds, or South African Rand and you will see what I mean.

 

Going back to the original post - it seems that the overseas bank didn't understand what was going on, so easier to say no than trying to find out.

 

Anyone else?

 

 

 

 

[khunsanuk]

Hi,

 

"Going back to the original post - it seems that the overseas bank didn't understand what was going on, so easier to say no than trying to find out."

 

No, don't think that was the problem as we get paid like this every month and have been for well over a year.

 

Sanuk!