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gaz1889

Anyone from UK thinking of cashing in on the resurgent £?

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gaz1889

Our beloved pound jumped nearly 3% today against the major currencies including the THB. Reason for optimism I think.

 I've got a trip booked for February which I've just paid the flights & hotel for but won't have the funds for my spending budget until nearer the time. Otherwise I might be tempted by 38.5.

 I'm no fx expert (is anyone?), but like to keep an eye on the movements & have noticed any spike in the pound is usually quickly followed by a downward turn not long afterwards.

 Any thoughts? 

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davidge

The exchange rate is crap. Just not as crap as yesterday.

I’m using money that’s already in my Thai bank account (sent at 50-55 to £) for spending money for trips in the foreseeable future. No plans on sending more cash over for a while.

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Yagami Light

It's very difficult to time currency market right. It's not out of the question that Thai central bank cuts interest rates which would depreciate the baht. On the other hand no deal Brexit is still somewhat probable and that would sink the pound.

I wouldn't bother trying to predict it and just convert the money when needed. 

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Stillearly
42 minutes ago, gaz1889 said:

Our beloved pound jumped nearly 3% today against the major currencies including the THB. Reason for optimism I think.

 I've got a trip booked for February which I've just paid the flights & hotel for but won't have the funds for my spending budget until nearer the time. Otherwise I might be tempted by 38.5.

 I'm no fx expert (is anyone?), but like to keep an eye on the movements & have noticed any spike in the pound is usually quickly followed by a downward turn not long afterwards.

 Any thoughts? 

If you have a Thai Bank account , you could use transfer wise to send over a tranche of your spending money each month,  would spread out the risk for you  .... not a bad idea for someone that travels over regularly, can smooth out the effects of moving fx rates over a period of time , so if you spend £6000 a year whilst in Thailand you would send over £500 every month 

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Wiley Coyote
5 minutes ago, Stillearly said:

If you have a Thai Bank account , you could use transfer wise to send over a tranche of your spending money each month,  would spread out the risk for you  .... not a bad idea for someone that travels over regularly, can smooth out the effects of moving fx rates over a period of time , so if you spend £6000 a year whilst in Thailand you would send over £500 every month 

A good idea Only problem is banks charge a £25 fee per transfer

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striderman

if we knew we would all be sitting on a beach sipping cocktails with a straw

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Wiley Coyote

I am also waiting for a "bounce " if something good happens on 31st October!

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Stillearly
1 minute ago, Wiley Coyote said:

A good idea Only problem is banks charge a £25 fee per transfer

TransferWise doesn't £9.97 for £1000 transfer , think it's cheaper the more you do 

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thinkingallowed
6 minutes ago, Wiley Coyote said:

A good idea Only problem is banks charge a £25 fee per transfer

He said use transferwise.com not banks

 

Edited by thinkingallowed

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Wiley Coyote

Interesting 

Thank you ,better than my High Street Bank

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thinkingallowed
1 minute ago, Stillearly said:

TransferWise doesn't £9.97 for £1000 transfer , think it's cheaper the more you do 

Plus the best exchange rates and no fee at the Thai bank end.

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Stillearly
2 minutes ago, thinkingallowed said:

Plus the best exchange rates and no fee at the Thai bank end.

Got 38.63 today , saw it was 37.80 at TT earlier 

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BlooBell

I reckon you’ll get more baht for your pound in Feb. 

Most of the downside impact of the B word is already priced in, hence why we saw such a huge strengthening today at the realisation of a better than expected outcome.

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davidge
14 minutes ago, Wiley Coyote said:

A good idea Only problem is banks charge a £25 fee per transfer

I pay £9.50 with Lloyds.

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jed§
26 minutes ago, Wiley Coyote said:

A good idea Only problem is banks charge a £25 fee per transfer

Your comment has already been quoted some, Wiley Coyote, and you're right but so are those who have said you're not. The real truth is this (I know because I send money to Thailand regularly) My UK bank charges me nothing for sending money myself electronically. BUT the Thai bank at the other end (Bangkok Bank) take a 1000 baht cut, no matter the amount. 

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Stillearly
1 minute ago, jed§ said:

Your comment has already been quoted some, Wiley Coyote, and you're right but so are those who have said you're not. The real truth is this (I know because I send money to Thailand regularly) My UK bank charges me nothing for sending money myself electronically. BUT the Thai bank at the other end (Bangkok Bank) take a 1000 baht cut, no matter the amount. 

I use Bangkok Bank also , they don't charge any fees when I use TransferWise 

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jed§
1 minute ago, Stillearly said:

I use Bangkok Bank also , they don't charge any fees when I use TransferWise 

Thank you for that and I will look into it. If you will, could you tell me how to do it. Do I need an account with 'transferwise'? I s their rate reasonable/level with others at the time of sending or do they make their money from making their rate lower when you send it with them?

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Stillearly
Just now, jed§ said:

Thank you for that and I will look into it. If you will, could you tell me how to do it. Do I need an account with 'transferwise'? I s their rate reasonable/level with others at the time of sending or do they make their money from making their rate lower when you send it with them?

Just download the app , they use the interbank rate and charge a commission based on the amount you are transferring , ( £1000 cost £9.97  , smaller fees if you send less money ) the funds normally get there next working day 

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gaz1889
1 hour ago, Stillearly said:

If you have a Thai Bank account , you could use transfer wise to send over a tranche of your spending money each month,  would spread out the risk for you  .... not a bad idea for someone that travels over regularly, can smooth out the effects of moving fx rates over a period of time , so if you spend £6000 a year whilst in Thailand you would send over £500 every month 

Yes I have a TBA (new PA acronym?) for which I use transferwise to make deposits into. Unfortunately I'm unlikely to have any significant funds available until January to make a transfer worthwhile so I'll have to keep my fingers crossed.

 I'm hoping the political situation will be a lot clearer by the end of the month which will lead to the markets having more confidence in the pound. The events of the last day or 2 & the subsequent boost of the pound give me every reason to be positive. 

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Mr_wimpy
3 hours ago, gaz1889 said:

Our beloved pound jumped nearly 3% today against the major currencies including the THB. Reason for optimism I think.

 

 Any thoughts? 

Like eventually getting semi on with an ugly girl you took by mistake when you were really drunk, and you think this could actually work.  But it never does.

Then you wake up in the morning and think WTF, I was tricked by the fit PR girl at the door.  And then realising the ugly girl you never actually managed to shoot your load in bleed on the hotel bed sheets too.

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taylor1975
1 minute ago, Mr_wimpy said:

and think WTF

I'm thinking that, after reading your post lol

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Mr_wimpy
4 minutes ago, taylor1975 said:

I'm thinking that, after reading your post lol

Well, one above mine has already been deleted because it mentioned politics.  I was just answering the OP when he asked for thoughts :P

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Scuba+
Thank you for that and I will look into it. If you will, could you tell me how to do it. Do I need an account with 'transferwise'? I s their rate reasonable/level with others at the time of sending or do they make their money from making their rate lower when you send it with them?
One of the advantages of using Transferwise is the rate is fixed when you seal the deal. With a UK bank it depends on the rate the Thai bank is giving on settlement date and rates have big swings each day.

Personally i just use my Clarity card and do a cash withdrawal at a friendly bank counter

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WalterA

Irrespective the result, when Brexit is revolved, the pound will go up ....

 

UK fundamentals are strong, there might be an initial downturn but after that, the economy will take off , including the pound. 
 

The pound is in the dumps because of uncertainty .... markets hate uncertainty and that’s what they’ve been getting the last few years because of the fools who run UK ....

 

leaving the EU doesn’t mean shit, Switzerland is one of the wealthiest, probably top three,  countries in the world and isn’t part of the EU

Edited by WalterA

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Mr_wimpy
10 minutes ago, WalterA said:

Irrespective the result, when Brexit is revolved, the pound will go up ....

Pre-cum?

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