 Hua Hin Map
A new website offering Google's map technology and accurately marked accommodation, shops, services, bars, restaurants, golf courses and property. Don't get lost and take a look at the Hua Hin Map |
Hua Hin Info
More information on the Hua Hin area can be found on these websites:
Tourism Hua Hin: tourist and travel info and guides
Hua Hin Expat: the town's first and original expat website.
Hua Hin Business Directory: free listings for Hua Hin companies.
Hua Hin Classifieds: free online classifieds for Hua Hin. |
 September 2008: HHAD welcomes new partners Stefano's offering fine Italian cuisine and the Sunset Boulevard with a nice place to chill out for a drink.
We have also been notified of a new Thai forum and information site for the area: ยินดีต้อนรับสู่ หัวหินฟอร์ยู เว็บไซต์ของเราเป็นเว็บไซต์แรกที่ให้ข้อมูลเป็นภาษาไทย และ เว็บบอร์ดสำหรับเมืองหัวหิน » www.huahin4u.com |
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lomuamart
Moderator
Joined: 31 Dec 2002
Posts: 4360
Location: hua hin
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 Posted: Thu Feb 01, 2007 3:58 pm Post subject: |
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| Onlyme wrote: | Loumart, I don't understand why you appear not to be able to grasp the differentials between Barclays and Nationwide?
I was being offered 70.40 to the UK pound today 31st Jan. I wouldn't pay any charges whatsoever with the Nationwide.
It's pretty obvious that Nationwide is far better!  |
Do you work for them? I've heard it all before from you, however there are other benefits back home for me as I've banked with Barclays for a millenium or so.
Swings and roundabouts, eh?
_________________
"I spent a lot of my money on booze, birds and fast cars - the rest I just squandered". George Best. |
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JimboPSM
Specialist
Joined: 17 Dec 2006
Posts: 154
Location: Isle of Man (UK) & Udon Thani
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| Posted: Thu Feb 01, 2007 8:26 pm Post subject: |
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I thought it might be useful to post the Bank of Thailand Summary on what is exempt (all section "1") and, IMHO, should be at "onshore" rate and what is not exempt and would attract the "offshore" rate. I've put what I consider to be the normal everyday items affecting most expats and tourists in red bold type.
http://www.bot.or.th/bothomepage/General/PressReleasesAndSpeeches/PressReleases/news2549/Eng/n5249e.htm
| Quote: | No. 52/2006
Summary of the Reserve Requirement on Short-Term Capital Inflows
This notice pertains to the Bank of Thailand's announcement regarding the implementation of reserve requirement on short-term capital inflows on 18 December 2006 and its subsequent relaxation. The goal of the measure was to help maintain stability in the Thai baht which is conducive to sustained long-run growth in the Thai economy.
The following summary is intended to help add clarity regarding the measure and serve as a reference for financial institutions in implementing the reserve requirement.
1. Foreign currencies bought or exchanged against baht for the following transactions are exempt from the 30 percent foreign currency reserve requirement:
1.1. Foreign exchange transactions related to current account activities including transactions related to exchange of goods, services, income, transfers and aid.
1.2. Inflows for equity investment in companies listed in the Stock Exchange of Thailand and Market for Alternative Investment (excluding mutual funds and warrants), investment in the Thai Futures Exchange (TFEX), and investment in the Agricultural Futures Exchange of Thailand (AFET). Funds destined for the aforementioned investments should be deposited in the Special Non-resident Baht Account for Securities: SNS.
1.3. Foreign direct investment defined as investments by non-residents in resident entities where the investor owns at least 10 percent of the equity capital and has managerial power.
1.4. Investment in real estate such as land and condominiums (excluding real estate mutual funds).
1.5. Foreign currency borrowings transacted prior to 19 December 2006.
1.6. Currency swap transactions associated with rolling over existing exchange rate hedging contracts with the original financial institution.
1.7. Foreign currencies bought or exchanged against bath amounting to less than 20,000 US dollar or equivalent.
1.8. Foreign exchange bought or exchanged against baht from clients or authorized money changers in the form of travellers' cheques and bank notes.
1.9. Foreign currencies bought or exchanged against baht from (a) foreign embassies, foreign consulates, specialized agencies of the United Nations, international organizations/ institutions incorporated in Thailand; and (b) Thai embassies, Thai consulates or other Thai government entities located outside Thailand. 1.10. Foreign currency borrowings of government entities.
2. Foreign currencies bought or exchanged against baht for the following transactions are subject to the 30 percent foreign currency reserve requirement:
2.1. Investments in debt securities transacted from 19 December 2006 onwards.
2.2. Foreign currency borrowings transacted from 19 December 2006 onwards.
2.3. Foreign currencies bought or exchanged against baht for purposes other than those exempted in 1 above.
3. Balances in Non-resident Baht Accounts are allowed to exceed 300 million baht without limit until 8 January 2007. After that, the balances shall not exceed 300 million baht.
4. From 8 January 2007 onwards, balances in the SNS accounts shall not exceed 300 million baht. The Bank of Thailand will continue to review the appropriateness of this limit.
Bank of Thailand
22 December 2006 |
The danger to me is that it is open to different interpretations and some banks / institutions may try to take advantage and take the difference as extra profit as they know that most of their customers do not understand exchange rates, dealing spreads etc. |
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Burger
Ace
Joined: 19 Apr 2004
Posts: 1114
Location: Hua Hin
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| Posted: Thu Feb 01, 2007 8:31 pm Post subject: |
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Interesting Post Jimbo,
| Quote: | 1. Foreign currencies bought or exchanged against baht for the following transactions are exempt from the 30 percent foreign currency reserve requirement:[/b]
1.1. Foreign exchange transactions related to current account activities including transactions related to exchange of goods, services, income, transfers and aid. |
This one is interesting, because in Bangkok Bank today a friend was transfering over 2.5M Baht (sizeable amount) into his newly opened account.
I was helping him and asked the lady if it would be subject to 30% reduction, and she said no straight away, without even asking what the money was coming over for.
Burger |
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prcscct
Legend
Joined: 23 Mar 2004
Posts: 2945
Location: Looking for a moonlit buffet.
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| Posted: Thu Feb 01, 2007 8:53 pm Post subject: |
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| JimboPSM wrote: | | The danger to me is that it is open to different interpretations and some banks / institutions may try to take advantage and take the difference as extra profit as they know that most of their customers do not understand exchange rates, dealing spreads etc. |
Yes, I think this may be another pool of muddy water. On here I explained the story of the girl who's Mother sent her 5,000 Baht in Swedish Krona and she only got 3,500 Baht and a slip of paper saying to come back in 1 year. However, today I heard from a freind who sent in 18K USD, and although the receiving party was asked "what is if for..." there was no hassle and they got the money. So, the 20K USD rule 'seems' to work with some banks and not with others? If it does, send in multiples of 19.9K on different days if that makes one feel safe.
I think the bank staff may be as or more confused than their customers, or certain banks are taking advantage. Pete  |
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JimboPSM
Specialist
Joined: 17 Dec 2006
Posts: 154
Location: Isle of Man (UK) & Udon Thani
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| Posted: Sun Feb 04, 2007 9:31 am Post subject: |
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Looks like I have either been hit by the "offshore" rate on my latest HSBC credit card transactions or by the bank taking a spread that a loan shark might be proud of 
Jan 23: 6,750 Baht @ 67.6691 = 99.75 GBP, 5.24% worse than mid market rate
Feb 01: 6,000 Baht @ 65.0547 = 92.23 GBP, 8.29% worse than mid market rate
Feb 01: 2,085 Baht @ 65.2377 = 31.96 GBP, 7.99% worse than mid market rate
Feb 01: 1,250 Baht @ 66.5956 = 18.77 GBP, 5.86% worse than mid market rate
No times were given on the statement, so the comparisons above are all worked out against Kasikorn closing mid-market rate - HSBC keep their rates well hidden (well I've not found them yet).
I will try to find out more, but doubt that I will get a response before I leave for Thailand in a couple of days. |
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