money transfers

[thomas.fontaine]

End of the story: money has been credited on the Kasikorn bank account today, 8 days after it left Europe. Looking at the exchange rate they used (good surprise), I know that transfer has been validated sometime last monday, meaning that it took 3 days only. They probably kept the money few days to generate few cash interest.

[thomas.fontaine]

Since we opened a bank account at the Siam Comemercial Bank, money transfer is nearly immediate (the same day) and SCB is proposing an internet access to follow up your account which makes it much easier than with the Thai Farmers Bank.

I just wanted to share this note posted in The Nation on 25 december last year

http://www.nationmultimedia.com/2008/12 ... 091883.php

I have also heard several time the rumour that the Bank of Thailand has been keeping the baht artificially high last year by buying currency but that they were running out of money and that Baht would probably fall sharply first half of 2009. Wether this is going to happen or not is another story...

What is however almost certain is that baht will see a high volatility and that by keeping a close eye on the exchange rate (everyday!) you can greatly optimize your transfer of money to thailand if you have enough flexibility time wise. Who would like to have 10% more on his budget to build his dream house?

[pklongball]

Great news if its true and the baht weakens against my USD. I can use the cash.

As for transfers, I have been using SCB here to receive my wire transfers from my home bank in the USA for over 3 years now. I just made a transfer on Monday this week. I never call or talk to a bank rep.on either end. It's all done online and this one took less than 12 hours. I initiate the transfer online with my US bank at about 7am Eastern time US or 7 PM here and when I wake up here the next morning the cash is in my account at 8 am here

[jazzman]

KrungThai Bank takes 12 - 48 hours to post transfers from the US.

[BKKBILL]

I thought I should post this link to The Nations article today about the appreciation of the Baht.

Thailand has witnessed a continued increase in net capital inflows, expected to keep the baht on the appreciation path probably to a level unseen since 1997

http://www.nationmultimedia.com/home/20 ... 37021.html

This could be worrisome for those planning to wait out the decline of their homeland currencies before building.

[fredlk]

Thailand has witnessed a continued increase in net capital inflows

That must be my income arriving every month.

This could be worrisome for those planning to wait out the decline of their homeland currencies before building.

And that is why I didn't wait, but am attempting to build in stages.
If we wait for the Baht to devalue, it will most probably coincide with Farang being allowed to buy land and pigs flying.

[BKKBILL]

That must be my income arriving every month.

If your income registers even a blip on the continued increase in net capital you have no worrys.

[Roger Ramjet]

I totally agree with Jazzman, I have an account with Siam Commercial Bank and the Australian Government transfers money ever 28 days to that account. The most it has taken is 3 days to appear in my account and the bank notifies me by SMS automatically.

[MGV12]

Slightly different opinion regarding exporters in the Bangkok Post today but same trend: http://www.bangkokpost.com/news/local/1 ... -greenback

There are some valid comparisons to be made between now and 1997 but I wouldn't hold your breath for the same outcome as Thailand has [relatively] more control over it's financial affairs these days; or at least those who are manipulating things from inside and outside the country do

[BKKBILL]

Things are not getting any better for those who are transferring funds here.

Seems this trend will continue.

The baht gained 0.3 percent to 31.12 per dollar as of 1:33 p.m. in Bangkok, according to data compiled by Bloomberg. It touched 31.06, the strongest level since August 2007.

-- bloomberg 2010-09-06

[MGV12]

Things are not getting any better for those who are transferring funds here.

Seems this trend will continue.

The baht gained 0.3 percent to 31.12 per dollar as of 1:33 p.m. in Bangkok, according to data compiled by Bloomberg. It touched 31.06, the strongest level since August 2007.

-- bloomberg 2010-09-06

Optimists would view this as it always being darkest before the dawn ... we can only hope they are right on this occasion ...
otherwise my guest house goes on the maybe never list.

[fredlk]

Things are not getting any better for those who are transferring funds here.

You are talking Dollars. I am using Euro.
Last week it was 39 Baht for 1 Euro and today it is more than 40 Baht.
There are too many factors involved including the price of Tzatziki and what Obama had for breakfast.
When Angela Merkel sighs the Euro drops and when Sarkozy smiles it goes up.
If anyone knew how to beat this, he / she would be working for Fanny Mae or Freddy Mac.
What I do notice is that after I have done my monthly transfer, the Euro goes up / Baht goes down, but we've covered that one already.

[BKKBILL]

You are talking Dollars. I am using Euro.

Maybe it's me but it doesn't seem like the euro is doing that well this month.

[fredlk]

Maybe it's me but it doesn't seem like the euro is doing that well this month.

It's you.
What you have there is the recent blip and thereafter.
It was trading at about 39 for a long time and then a few weeks ago it started going up to about 42. Last week it went back down to 39.
Today (now) it is 40.1.

[BKKBILL]

Just to prevent abnormality's here are yearly charts.

As shown we Canadians are doing better but the ride is as you can see bumpier.

I think the charts speak for themselves and as said this trend is to continue.