The UK pound is plummeting

[gamini]

to-day the GBP is just over 42 baht. But my friend thinks it will go to 39. I think he is right, he is a currency trader and chartered accountant.

. But he also went on to tell me that if the brexit deal did not have access to the common market then it could go down to 29. It is a bit of a worry, especially since it is getting expensive to llve in Thailand now.

 

[simoh1490]

Poster chiang mai (rest in peace) was whipped up one side and down the other for almost two years for suggesting 42 was possible, now you come along and suggest 39 might become a reality,  it's heresy and treason many will say! Personally, I'm thinking 35 (plus or minus 10%) is in order, almost certainly within five years!

[naboo]

A bit dramatic. It is still above its level mid August.

[jeab1980]

Lol a friend said.

My mum said we would go to war with the USSR. Back in the 80's still waiting.

A friend told me we would have flying cars by 2020 !

Ps its 43.33 so where do you get just over 42?

[chickenslegs]

4 minutes ago, jeab1980 said:

Lol a friend said.

My mum said we would go to war with the USSR. Back in the 80's still waiting.

A friend told me we would have flying cars by 2020 !

Photo from 1948 ...

[chickenslegs]

Just found this. Don't know if it has been posted before. Quite interesting.

GBPpages_3.pdf

[ExpatOilWorker]

6 minutes ago, chickenslegs said:

Just found this. Don't know if it has been posted before. Quite interesting.

GBPpages_3.pdf

Amazing how strong the Singapore $ have become, 8.57 to 1.9.

[DUS]

Over 50 to 43 certainly hurts...

[janclaes47]

1 hour ago, jeab1980 said:

Ps its 43.33 so where do you get just over 42?

 

My guess would be at the exchange booths

 

http://www.kasikornbank.com/en/rate/Pages/default.aspx

[swissie]

Not only concerning the £. The Bht has strenghtened against all so called "hard-currencies". Longer term this will continue, as long as the only "measuring-stick" seems to be "different economic growth rates" (the markets preferring to ignore all other economic "measuring-sticks".)

NOTE: Retirement-Plans must reflect and include the fact, that funds transferred monthly from a "hard-currency" country, will fetch less and less Bht, while domestic Thai inflation is likely to increase over the years.
I am talking about Long-Term-Trends, that (ganted) can be interrupted by occasional and temporary spikes of Thai-Bht "weakness".

As said, anyone harbouring Retirement-Plans in Thailand, should ask himself wether his Retirement-Plans could withstand such a unfavorable scenario in the future.
Cheers.  

[adammike]

The Web page of superrich is at 43:20 baht for one £.the Kasikornbank is 41:81.I thought everybody knew to bring cash and change at the TT booths or superrich. 

[simoh1490]

9 minutes ago, adammike said:

The Web page of superrich is at 43:20 baht for one £.the Kasikornbank is 41:81.I thought everybody knew to bring cash and change at the TT booths or superrich. 

Not really...Kasikorn is 42.84 for TT whilst SR is 42.9x - https://daytodaydata.net/

 

And what's a TT booth. TT stands for Telegraphic Transfer!

[473geo]

3 hours ago, swissie said:

Not only concerning the £. The Bht has strenghtened against all so called "hard-currencies". Longer term this will continue, as long as the only "measuring-stick" seems to be "different economic growth rates" (the markets preferring to ignore all other economic "measuring-sticks".)

NOTE: Retirement-Plans must reflect and include the fact, that funds transferred monthly from a "hard-currency" country, will fetch less and less Bht, while domestic Thai inflation is likely to increase over the years.
I am talking about Long-Term-Trends, that (ganted) can be interrupted by occasional and temporary spikes of Thai-Bht "weakness".

As said, anyone harbouring Retirement-Plans in Thailand, should ask himself wether his Retirement-Plans could withstand such a unfavorable scenario in the future.
Cheers.  

You can't say that!!! What about all the knowledgable posters who advise never invest in Thailand more than you can walk away from. Your input would suggest a little investment in Thailand may be advantageous further down the track!!

[simoh1490]

1 minute ago, 473geo said:

You can't say that!!! What about all the knowledgable posters who advise never invest in Thailand more than you can walk away from. Your input would suggest a little investment in Thailand may be advantageous further down the track!!

You would do well to put that statement into context, a better way to express it perhaps is, "never invest more than you can afford to lose", regardless of whether it's Thailand, London or New York. And yes, a little investment in Thailand will certainly be advantageous yet only few have the interest or wherewithal to be able to do it, for some odd reason. I moved here full time fifteen years ago and I can honestly say that without my investments in Thailand and my willingness to exchange a majority of my cash assets into THB some eight years ago,  my retirement plans would have been sunk. I think however the point that Swissie is making is that retirees on fixed income need to factor in the potential for a very low exchange rate before confirming their plans to sell up and retire here, sensible advice indeed.

[adammike]

13 minutes ago, simoh1490 said:

Not really...Kasikorn is 42.84 for TT whilst SR is 42.9x - https://daytodaydata.net/

 

And what's a TT booth. TT stands for Telegraphic Transfer!

TT are the yellow exchange booths in pattaya they give the best rates for cash and that's  the rates I quoted not commercial or money you may transfer via banks.I am a tourist/visitor to Thailand I bring cash and use a credit card for hotels(agoda) only use the ATM when the cash runs out. 

[473geo]

4 minutes ago, simoh1490 said:

You would do well to put that statement into context, a better way to express it perhaps is, "never invest more than you can afford to lose", regardless of whether it's Thailand, London or New York. And yes, a little investment in Thailand will certainly be advantageous yet only few have the interest or wherewithal to be able to do it, for some odd reason. I moved here full time fifteen years ago and I can honestly say that without my investments in Thailand and my willingness to exchange a majority of my cash assets into THB some eight years ago,  my retirement plans would have been sunk. I think however the point that Swissie is making is that retirees on fixed income need to factor in the potential for a very low exchange rate before confirming their plans to sell up and retire here, sensible advice indeed.

I guess It is about evaluating the risk, I am comfortable steadily contributing to establish a small revenue stream for my family in Thailand. The day will come when I leave any investment made, my family invest too. Only right the investment should remain for my family.

Different approach to many I guess, I don't see any risk, in my mind I lose nothing, as a family we gain if the GBP - Baht rate is not so good, as the return will be in Baht.

[Kwasaki]

The sort of OP post you'd expect from someone in Hua-Hin. 

[jacko45k]

On 11/5/2017 at 5:21 AM, simoh1490 said:

Not really...Kasikorn is 42.84 for TT whilst SR is 42.9x - https://daytodaydata.net/

 

And what's a TT booth. TT stands for Telegraphic Transfer!

It is a chain of Exchange booths found around Thailand and common in Pattaya.

Similar to Superrich which is in Bangkok mostly.

 

Offering better cash rates than the Thai banks and sometimes better than the banks TT rates.

[simoh1490]

2 minutes ago, jacko45k said:

It is a chain of Exchange booths found around Thailand and common in Pattaya.

Similar to Superrich which is in Bangkok mostly.

 

Offering better cash rates than the Thai banks and sometimes better than the banks TT rates.

I'm a long-term resident here and I've never seen one, but there again I don't need to use them so that's probably why. I'll be surprised though if anyone can beat the banks TT rate since this is typically only a paltry 50 basis point above midpoint.

[jacko45k]

8 minutes ago, simoh1490 said:

I'm a long-term resident here and I've never seen one, but there again I don't need to use them so that's probably why. I'll be surprised though if anyone can beat the banks TT rate since this is typically only a paltry 50 basis point above midpoint.

Seems to be aimed at cash exchanges.

Many people bring cash as they probably do not have a local account and it avoids the transfer charge. (Oh, and the Thai foreign ATM card charge).

[catman20]

to-day the GBP is just over 42 baht. But my friend thinks it will go to 39. I think he is right, he is a currency trader and chartered accountant.

. But he also went on to tell me that if the brexit deal did not have access to the common market then it could go down to 29. It is a bit of a worry, especially since it is getting expensive to llve in Thailand now.

 

 

i think if you want to live and have farang things in Thailand its not been cheap to live here for many year now.

[dotpoom]

I bought 3 condos when I first came here. The Euro was around 54 Bt. I hadn't taken much note of it at the time. When I recently sold the condos I lost money on them but the exchange rate made up the difference (when I sent some of the money to family at home). 

  

[sammieuk1]

Interest rate rise pound go's down for the first time I can remember certainly a self made worrying time for expats at -20% + post brexit  the pound is looking in junk territory !!

[Baerboxer]

15 minutes ago, sammieuk1 said:

Interest rate rise pound go's down for the first time I can remember certainly a self made worrying time for expats at -20% + post brexit  the pound is looking in junk territory !!

 

Hardly junk territory! Be realistic. Many forex firms and banks were positioning a lowering of the pound even before Brexit. The pound fell in steps to between 1.20 -1.25 to the USD,  Climber back to above 1.30 to 1.35 as the USD weakened.

The ThB has been one of the strongest performing currencies (interesting as some posters claim the economy is completely wrecked since the Shins were kicked out).

 

The recent drop was due to market reaction to the BoE comments accompanying the interest rate increase. They reacted unfavorably.

 

Western currencies are more volatile now, which is a change. But expect the GBP to go down to 1.20-1.25 USD again if negativity over Brexit continues. The British government won't mind because it will help exports. If there is a change of government at the next election expect the GBP to really collapse. 

 

But for here, the question is how long will the very strong ThB continue.

[Baerboxer]

Currency trader and chartered accountant - woopee do!

 

And Engineers designed and built the unsinkable Titanic!

 

Experts - gotta love'em.

[sammieuk1]

Hardly junk territory! Be realistic would depend entirely on how many pounds you have to change the more you have the easier to ride it out hence junk territory .

[natway09]

Until this Brexit fiasco is settled (or maybe never) the pound will continue to deteriorate

Even if settlement is reached GB is going to hurt maybe even bleed a bit for 10 years. 

[Baerboxer]

1 minute ago, natway09 said:

Until this Brexit fiasco is settled (or maybe never) the pound will continue to deteriorate

Even if settlement is reached GB is going to hurt maybe even bleed a bit for 10 years. 

 

The CBI are calling for an end to this "Brexit Soap Opera". If only someone would!

[shackleton]

Transferred a large sum of money from the UK a few years back into a couple of

Thai bank accounts

when the pound heads south to about 38  baht to the pound or even lower

will transfer money back to my UK account swings and roundabouts 

 Happy as Larry 

 

 

[ExpatOilWorker]

Just now, shackleton said:

Transferred a large sum of money from the UK a few years back into a couple of

Thai bank accounts

when the pound heads south to about 38  baht to the pound or even lower

will transfer money back to my UK account swings and roundabouts 

 Happy as Larry 

 

 

You can just open a pound account in Thailand.