Off-shore vs. on-shore exchange rates in Thailand
Sep 11th, 2007, 07:15 PM
#21
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Exactly...It can make a BIG difference when it comes to purchasing a condo when you're talking possibly 5-10 million baht.
Regarding the use of debit cards ...well just make sure they will work in Thailand. I'm not really a debit card person, for overseas use, except the Bangkok Bank visa debit card, but I do have a U.S. issued credit union debit card, but almost never use. So, this past trip, a couple of weeks ago, I thought I'd take the credit union debit card and pay my serviced apartment rent with it since the credit union doesn't charge the 3%. So, I drove to the credit union, handed the check to deposit to the credit union person, in person, and said that I'd be in Bangkok and was only depositing the money to use there. That debit card is not connected to my automatic deposit pay checks that go to a major bank. So, I felt a little easier about it.
The person who helped me noted, in the computer, that I'd be in BK so that if I used my card it would work.
Well, I got to BK, gave the folks at my serviced apartment building the card and it didn't work. I told them to run it again because I'd just been in the credit union in person and was told that everything was all set.
So, the whole time in Bangkok, the card wouldn't work. I was really ticked to say the least. So, thank goodness for AmExp Platinum and Optima. I used them along with cash, traveler's checks, and money in my Bangkok Bank account.
The other day, I called the credit union...not in the best of moods...and told them what had happened. The response was that Thailand, along with Malaysia and another country...I think Indonesia...is on the list of high fraud and the card will not work in those countries. Singapore was not on the list, I was told. So, I had a dead card, the credit union had my money, and I couldn't access it. So, I have taken the money OUT and sent it back over to my major bank account where my debit card always works. Happy Travels!
Regarding the use of debit cards ...well just make sure they will work in Thailand. I'm not really a debit card person, for overseas use, except the Bangkok Bank visa debit card, but I do have a U.S. issued credit union debit card, but almost never use. So, this past trip, a couple of weeks ago, I thought I'd take the credit union debit card and pay my serviced apartment rent with it since the credit union doesn't charge the 3%. So, I drove to the credit union, handed the check to deposit to the credit union person, in person, and said that I'd be in Bangkok and was only depositing the money to use there. That debit card is not connected to my automatic deposit pay checks that go to a major bank. So, I felt a little easier about it.
The person who helped me noted, in the computer, that I'd be in BK so that if I used my card it would work.
Well, I got to BK, gave the folks at my serviced apartment building the card and it didn't work. I told them to run it again because I'd just been in the credit union in person and was told that everything was all set.
So, the whole time in Bangkok, the card wouldn't work. I was really ticked to say the least. So, thank goodness for AmExp Platinum and Optima. I used them along with cash, traveler's checks, and money in my Bangkok Bank account.
The other day, I called the credit union...not in the best of moods...and told them what had happened. The response was that Thailand, along with Malaysia and another country...I think Indonesia...is on the list of high fraud and the card will not work in those countries. Singapore was not on the list, I was told. So, I had a dead card, the credit union had my money, and I couldn't access it. So, I have taken the money OUT and sent it back over to my major bank account where my debit card always works. Happy Travels!
Sep 11th, 2007, 07:57 PM
#22
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Kathie,
At the moment it's the same since the Bank of Thailand is strictly controlling the outflow of the Baht.
I would wait until after the next Thai election and see who will be running the country. Some political party want a strong Baht and some want the opposite.
Ps. Will you have housewarming party?
At the moment it's the same since the Bank of Thailand is strictly controlling the outflow of the Baht.
I would wait until after the next Thai election and see who will be running the country. Some political party want a strong Baht and some want the opposite.
Ps. Will you have housewarming party?
Sep 11th, 2007, 10:34 PM
#23
No, I didn't take into account any daily fluctuation because it was not really applicable to the comparison I was making.
The comparison is between what the hotel (a non-financial institution) used versus Citibank and Amex.
The average daily fluctuation so far this year in .16 baht per dollar. That is about a half-penny per dollar. Or 50 cents per $100.
The Anantara rate looks like it was practically a straight exchange, but with a small (not untypical) difference between when the charge was made and when the bank did the exchange. But I don't think that is what the $.17 per $100 was, I don't think it was a daily fluctuation.
I'm going to guess that the charge at the Anantara was made on a Saturday, or maybe on a Sunday.
The JWM rate almost certainly involves some error. Maybe the hotel person dropped a couple of decimal places. Or used an old rate. It is trivial amount on a $1000 bill, imo, but would be significant on a big transaction. It is a reasonable error.
The Amex charge looks like there probably is a 1% conversion fee, plus some error (using a 2-day or older rate I would consider an error).
The comparison is between what the hotel (a non-financial institution) used versus Citibank and Amex.
The average daily fluctuation so far this year in .16 baht per dollar. That is about a half-penny per dollar. Or 50 cents per $100.
The Anantara rate looks like it was practically a straight exchange, but with a small (not untypical) difference between when the charge was made and when the bank did the exchange. But I don't think that is what the $.17 per $100 was, I don't think it was a daily fluctuation.
I'm going to guess that the charge at the Anantara was made on a Saturday, or maybe on a Sunday.
The JWM rate almost certainly involves some error. Maybe the hotel person dropped a couple of decimal places. Or used an old rate. It is trivial amount on a $1000 bill, imo, but would be significant on a big transaction. It is a reasonable error.
The Amex charge looks like there probably is a 1% conversion fee, plus some error (using a 2-day or older rate I would consider an error).
Sep 11th, 2007, 10:52 PM
#24
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The Anantara charge was made on Thursday, August 30. It posted right away.
I checked the JW Marriott bill again and recalculated...dollar amount of room charge divided by amount charged in baht and got again 33.74.
In future, though we hate to carry money with us, we might just pay rather than charge hotels.
I checked the JW Marriott bill again and recalculated...dollar amount of room charge divided by amount charged in baht and got again 33.74.
In future, though we hate to carry money with us, we might just pay rather than charge hotels.
Sep 12th, 2007, 06:50 AM
#25
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Hanuman, of course we'll have a housewarming party! And of course you're invited!
I'm glad we aren't at the point of transferring money yet. We hope to find a little time to look at condos when we're in Bangkok in November. We are at least two years away from this move. At some point, we'll likely do a trip to Bangkok just to look at condos and maybe townhouses. Guen sent us the brochures on the River. That is going to be quite a building!
I'm glad we aren't at the point of transferring money yet. We hope to find a little time to look at condos when we're in Bangkok in November. We are at least two years away from this move. At some point, we'll likely do a trip to Bangkok just to look at condos and maybe townhouses. Guen sent us the brochures on the River. That is going to be quite a building!
Sep 12th, 2007, 08:00 AM
#26
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We have a couple of condos as investment in Jomtien Beach and have seen the values go up 3 fold within about 7/8 years. But you can still buy good condos in the 2.5 to 3m range easily, basic studios go from 1m and up, though those are very basic, in the 2.5 to say 3.5m range there are a lot of nice places.
Sep 12th, 2007, 09:49 AM
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It's pretty easy to get to especialy with the new BKK Airport, it really has become 'condo beach' with many new developments. Like Real Estate anywhere in the world you need to take care. When we bought it was from 'completed' developments that were well established that already were mosty sold and in fact had been up a year or so, in both cases buying from the last few remaining and buying from the developers themselves.
Buying was a 'breeze', done in a day ( in reality both times nothing more than 4-5 hours ).
Next time it's worth a look, I know Bob has been thinking of the idea of a winter stay which makes sense to have a good look around.
I think it fair to say that requirements for condo purchase locations differ from 'pure' vacationers. You look for facilities, convenience, hospitals etc.
We live in a house, and I could never imagine living in a condo, but as a vacation home for those who look forward to a long stay a few times a year the benefits are obvious.
The 'maintenance fees' we pay are very very low ( I'm talking for 1 of them about US$150 a year, the other is higher at about $300 a year ), but that includes security, large swimming pool, building insurance etc etc.
The Real estate tips are same as anywhere, a developer who already has several other completed properties over a period of years that are runnning fine and in good condition.
A clever idea is to view 'rentals' in their other developments so you can have a good look-see at condition and maintenance of the buildings.
The purchase proceedure is just a few easy steps, will be glad to lay them out if anyone interested, but it is literaly just hours hours from bank to keys. Only real time is any wait at the Registration Office, but all done by the book, easy yet efficient. You can full Thai ownsership documentation and it is all 'registered' at the Government office.
Buying was a 'breeze', done in a day ( in reality both times nothing more than 4-5 hours ).
Next time it's worth a look, I know Bob has been thinking of the idea of a winter stay which makes sense to have a good look around.
I think it fair to say that requirements for condo purchase locations differ from 'pure' vacationers. You look for facilities, convenience, hospitals etc.
We live in a house, and I could never imagine living in a condo, but as a vacation home for those who look forward to a long stay a few times a year the benefits are obvious.
The 'maintenance fees' we pay are very very low ( I'm talking for 1 of them about US$150 a year, the other is higher at about $300 a year ), but that includes security, large swimming pool, building insurance etc etc.
The Real estate tips are same as anywhere, a developer who already has several other completed properties over a period of years that are runnning fine and in good condition.
A clever idea is to view 'rentals' in their other developments so you can have a good look-see at condition and maintenance of the buildings.
The purchase proceedure is just a few easy steps, will be glad to lay them out if anyone interested, but it is literaly just hours hours from bank to keys. Only real time is any wait at the Registration Office, but all done by the book, easy yet efficient. You can full Thai ownsership documentation and it is all 'registered' at the Government office.
Sep 12th, 2007, 09:52 AM
#31
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James A...I assume you're talking a 2.5-3.5 million baht price range only in Jomtien...not Bangkok...as Bangkok condos are averaging out at about 81,000 baht per square meter which would price an average one-bedroom at around 5 million baht...if located in a convenient area.
For investment, I can understand Jomtien. But if one wants to live in Bangkok, and near a skytrain station then 5 million baht as a starting price is pretty normal unless maybe on the Silom-north skytrain line. Happy Travels!
For investment, I can understand Jomtien. But if one wants to live in Bangkok, and near a skytrain station then 5 million baht as a starting price is pretty normal unless maybe on the Silom-north skytrain line. Happy Travels!
Sep 12th, 2007, 10:05 AM
#32
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Yes, I'm only talking about Jomtien Beach, some new ones going up with sea views 56-65 sqm are around 2.8-3.2m in Jomtien area. Starting from basic 38 sqm studios in the 1.2-1.5 range.
So around 2.5-3.5 gets a fair sized place, but of course prime positions, good sea views at the top end.
So around 2.5-3.5 gets a fair sized place, but of course prime positions, good sea views at the top end.
Sep 12th, 2007, 04:43 PM
#33
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How many hours does it take to get to Jomtien, by car, from Bangkok? I have friends interested in property in Thailand and they're open to different areas. Maybe I'll check it out in Dec/Jan. Happy Travels!
Sep 14th, 2007, 12:26 PM
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Guenmai-What is the name of your sisters timshare in Pattaya|??? We traded to one there called Chateau Dale Beach Resort. I E-mailed them at least 5 times to arrange for transfer from BKK-No response. Luckily the friends who are traveling with us have a time share in Jomtein Beach & her resort answered.
We fly out October 4th for a month to Thailand & Bali & I want to thank you all for all your helpfull information -Chris
We fly out October 4th for a month to Thailand & Bali & I want to thank you all for all your helpfull information -Chris
Sep 14th, 2007, 07:07 PM
#38
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Total time depends where in BKK you are leaving from, time of day/day of week etc. There are various ways out on the way.
From the Airport it's a turn onto the elevated expressway and that is very wide and at a reasonable spead you "eat up the km/miles" quickly, the highway drops down and then onwards, some would say 90 mins but it depends on getting to the actual specific location.
There is the 'local' airport, U-Tapao, but with the new BKK so close it's not that busy at all, but from Jomtien it's about 40 mins leisurely drive and it is terminal wise what you might term 'local municipal airport',
type of place where you park, walk in, check in and relax inside 5 mins tops!
There is a Bangkok Airways flight ( ATR turbo-props )daily to Samui that continues to Phuket and also a daily non-stop to Phuket, so for anyone wanting to take a trip from the area down to Samui/Phuket it is 'easy'.
I took some trips a few months back and after large airports it really is almost 'calming' to go through U-Tapao.
So a couple of days down south in a pleasant break and very 'easy'.
Utapao- Samui : 1 hr
Utapao- Phuket: 1 hr 30
Although Bangkok Airways, the fares are quite reasonable especialy if you started adding on costs to/from BKK airport.
From the Airport it's a turn onto the elevated expressway and that is very wide and at a reasonable spead you "eat up the km/miles" quickly, the highway drops down and then onwards, some would say 90 mins but it depends on getting to the actual specific location.
There is the 'local' airport, U-Tapao, but with the new BKK so close it's not that busy at all, but from Jomtien it's about 40 mins leisurely drive and it is terminal wise what you might term 'local municipal airport',
type of place where you park, walk in, check in and relax inside 5 mins tops!
There is a Bangkok Airways flight ( ATR turbo-props )daily to Samui that continues to Phuket and also a daily non-stop to Phuket, so for anyone wanting to take a trip from the area down to Samui/Phuket it is 'easy'.
I took some trips a few months back and after large airports it really is almost 'calming' to go through U-Tapao.
So a couple of days down south in a pleasant break and very 'easy'.
Utapao- Samui : 1 hr
Utapao- Phuket: 1 hr 30
Although Bangkok Airways, the fares are quite reasonable especialy if you started adding on costs to/from BKK airport.
Sep 14th, 2007, 07:42 PM
#40
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The non stop to Phuket might not be daily in low season, but even via Samui it's quick, about 20 mins stop on Samui then 45-50 onwards.
Beniciachris - Chateau Dale is one of the 'up market' places, I am 'guessing' there is only the 1, however, there are so many developments and devleopers often use the very same name, or a slight variation on a name, , View Talay which used to be just 2 condo blocks not have I believe 7 in total, different locations, so I excuse if Chateau Dale has more than 1, but if not :
from just outside Chateau Dale the baht-Bus/Songthaews ( pick-up with seats in the back ) ply 'non stop' down to the main beach road at Jomtien and other direction over the hill to Pattaya. It's about 500 m from the beach road.
Lotus is a very large mall with excellent supermarket about 5 mins to stock up the condo, walk south to the lights and trun left and then pick up a Baht-bus there upt to Lotus on the main road, although local convenience are everywhere, but a trip to Lotus would be worthwhile to stock with drinks, snacks etc.
Image Cars Jomtien are an 'up market'( expensive ) limo service but if you want comfort and style they are good, along the road between Chateau and the beach raod.
Do go to Alangkarn Show, pretty amazing,
http://www.alangkarnthailand.com/theatre.htm
The large shows in Pattaya ( Tiffany's and Alcazar ) you can get to on the baht Bus/Songthaews, hop off in Central Pattaya and then get another one heading north past Tiffany's and Alcazar
Koh Larn is a popular island trip, Nong Nooch Park another nice trip.
You don't need a 'tour' to do Koh Larn, the boats go from Pattaya Pier in the morning, but this gives you an idea:
http://www.orientalescape.com/thaila...al_island.html
If you like 'swimways' Pattaya Park is quite near but the baht-Bus needs to divert from main route so you pay for a 'special' but only takes 5 mins, you pay for the day but get stamped in out.
http://www.pattayapark.com/module.php?id=water_park
You can also sail down from Pattaya Tower, what is somewhat amusing is that to ride the elevator they offer 'one way', never figured that out !
http://www.pattayapark.com/module.php?id=tower
Fair properties are neaby in front of View Talay at Jomtien which is just past you if you want to browse real estate in the area or get ideas for any future condo visits
http://www.fairproperties.com/
Beniciachris - Chateau Dale is one of the 'up market' places, I am 'guessing' there is only the 1, however, there are so many developments and devleopers often use the very same name, or a slight variation on a name, , View Talay which used to be just 2 condo blocks not have I believe 7 in total, different locations, so I excuse if Chateau Dale has more than 1, but if not :
from just outside Chateau Dale the baht-Bus/Songthaews ( pick-up with seats in the back ) ply 'non stop' down to the main beach road at Jomtien and other direction over the hill to Pattaya. It's about 500 m from the beach road.
Lotus is a very large mall with excellent supermarket about 5 mins to stock up the condo, walk south to the lights and trun left and then pick up a Baht-bus there upt to Lotus on the main road, although local convenience are everywhere, but a trip to Lotus would be worthwhile to stock with drinks, snacks etc.
Image Cars Jomtien are an 'up market'( expensive ) limo service but if you want comfort and style they are good, along the road between Chateau and the beach raod.
Do go to Alangkarn Show, pretty amazing,
http://www.alangkarnthailand.com/theatre.htm
The large shows in Pattaya ( Tiffany's and Alcazar ) you can get to on the baht Bus/Songthaews, hop off in Central Pattaya and then get another one heading north past Tiffany's and Alcazar
Koh Larn is a popular island trip, Nong Nooch Park another nice trip.
You don't need a 'tour' to do Koh Larn, the boats go from Pattaya Pier in the morning, but this gives you an idea:
http://www.orientalescape.com/thaila...al_island.html
If you like 'swimways' Pattaya Park is quite near but the baht-Bus needs to divert from main route so you pay for a 'special' but only takes 5 mins, you pay for the day but get stamped in out.
http://www.pattayapark.com/module.php?id=water_park
You can also sail down from Pattaya Tower, what is somewhat amusing is that to ride the elevator they offer 'one way', never figured that out !
http://www.pattayapark.com/module.php?id=tower
Fair properties are neaby in front of View Talay at Jomtien which is just past you if you want to browse real estate in the area or get ideas for any future condo visits
http://www.fairproperties.com/
