Is this the time to buy Baht?
I am wondering if now is a good time to buy some, or maybe a lot, of Thai Baht, in particular with the Canadian dollar. Today you could get roughly 36 Baht for one loonie, or 36, 000 for $1000 CDN.compared to earlier this year when one would recieve only about 28, 000 Baht for the same, that is 8000 Baht more. Or eight more short time sessions in BKK for 1000 Baht each.
Do you expect Canadian dough will get more valuable soon, or drop in value vs the Baht? I am guessing it will drop, and the USD will also continue to slide.
According to Yahoo currency info in the last 5 years the USD has been at a high of 44 Baht and a low of 30 Baht to the dollar. And has, more or less, steadily continued to decline.
The CDN buck over the same period has ranged from about 28 to 36 Baht. And is presently in a general upswing.
[url]http: //finance.yahoo.com/currency/convert?amt=1&from=CAD&to=THB&submit=Convert[/url]
As one who is planning to spend a lot of time in Thailand in the near future, I'd suggest an investment in Thai Baht now via the loonie.
Not feeling comfortable about keeping this large of an amount of cash in my hotel room or security box, I guess the only alternate is to open one or more bank accounts in Thailand.
From there I suppose it could be put in a savings account, GICs, or stocks, etc, as one prefers.
One bank I inquired at said a letter from my embassy in LOS would be required to open an account. Is this standard procedure for Farang?
Alternately, I don't know if my homeland bank allows accounts in Baht, or if I will be able to obtain as good an exchange rate in Canada as here.