Expats feeling the pinch as GBP sinks to an all time low against the THB

[webfact]

Expats feeling the pinch as GBP sinks to an all time low against the THB

 

 

The British pound sank to a new low against the baht on Monday.

 

The pound slumped to just 37.55 baht.

 

Analysts said the fall came after more rhetoric from the British government, which is stepping up its plans in the event of a no deal Brexit. 

 

The situation is further compounded by the strong baht.

 

Searches on multiple exchange rate websites on Tuesday morning make for grim reading for British expats. 

 

Image: exchange-rates.org 90 day history

 

And things could get worse - with analysts from KBank last week predicting the baht will remain firm until the end of the year.

 

It’s not only British expats who are affected by the exchange rate, Aussie expats in Thailand are also feeling the pinch, where it is a similar story with the Aussie dollar. 

 

Image: exchange-rates.org 90 day history

 

One Aussie expat in Pattaya told Thaivisa recently how the best part of 25,000 baht has been wiped off his pension.

 

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

 

However, that same AUD3,000 is now only worth about 65,000 baht. 

 

David said that while he plans to stick it out, many of his other Aussie friends in Thailand have either already left Thailand or are considering it.

 

For Brits, the worse may yet be to come, particularly if the baht remains strong and a no deal Brexit proves unavoidable. 

 

 

-- © Copyright Thai Visa News 2019-07-30

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[mstevens]

1 pound currently gets just 37.3 baht at Vasu Exchange, Sukhumvit soi 7/1. OUCH!

[RotBenz8888]

????

[Gecko123]

Currency exchange rates are just half the picture. Look at what's going on with interest rates.

 

If 500K in your home currency used to yield 4% in fixed income and now only yields 1%, that's a 15,000 lower pre-tax return per year and 150,000 lower return over 10 years. That's having an even bigger impact on standards of living than falling currency exchange rates.

 

Edited July 30, 2019 by Gecko123

[carabaothai]

same for Euro(pean) people ????

[keith101]

19 minutes ago, webfact said:

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

 

However, that same AUD3,000 is now only worth about 65,000 baht. 

David id lucky mine has gone from around 50,000 down to just over 36,000 and if it keeps sliding possibly wont make the requirement for immigration the only possible saviour will be the bi-annual increase to the pension in September .

[shackleton]

I have already mentioned before about Brexit  not going to be a good thing  for the UK

especially the exchange rate for expats here ( Pensions ect )  in Thailand and else where 

The people of the UK voted  to come out of the EU

Boris has promised to get us out by the 31st October with a deal or no deal

expect worse for the pound sterling in the near future 

 

[PremiumLane]

What you get when the nation (UK) gets hoodwinked and taken over by a bunch of right wing lunatics, who have no idea what they are doing and rely solely on hyperbole, bluster and outright bs

Edited July 30, 2019 by PremiumLane

[BobbyL]

Great for us Brits being paid in THB. My voluntary NI contributions and teachers pension are getting cheaper and cheaper each month ????. 

[Xaos]

Brexit Pound

[stillhereandlovinit]

Great for going back to the UK for an holiday though ✈️

Edited July 30, 2019 by stillhereandlovinit

[Dmaxdan]

There are many ways of stretching money to make it go further. You just need to learn and adapt...or go home. Whinging solves nothing.

[Xaos]

5 minutes ago, PremiumLane said:

What you get when the nation (UK) gets hoodwinked and taken over by a bunch of right wing lunatics, who have no idea what they are doing and rely solely on hyperbole, bluster and outright bs

Brits still thinks european immigrants will be gone after brexit. 

[Cabradelmar]

A no deal brexit will likely make it even worse. Frankly baht is up against all major currencies. Not good for anyone right now

[Vacuum]

34 minutes ago, webfact said:

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

 

However, that same AUD3,000 is now only worth about 65,000 baht. 

Lucky b*stard, I'm only getting about 45K baht. Doing ok though.

[PatOngo]

29 minutes ago, Cabradelmar said:

A no deal brexit will likely make it even worse. Frankly baht is up against all major currencies. Not good for anyone right now

Unless, of course you are earning Thai baht. ????

Edited July 30, 2019 by blackcab
Bold font removed. Please do not modify someone else's post in your quoted reply, either with font or color changes or wording

[Longbow212]

Who wrote this article? Such a narrow perspective.... not all expats here are coffin dodgers waiting on a pension. Many expats are earning a salary in Thai Baht.

 

This is why younger expats view TV as catering only for pensioners.

 

[geoffbezoz]

2 minutes ago, Longbow212 said:

Who wrote this article? Such a narrow perspective.... not all expats here are coffin dodgers waiting on a pension. Many expats are earning a salary in Thai Baht.


Sent from my iPhone using Thaivisa Connect

Yes many do earn a salary in Thailand  but as to how many get the minimum paid in Thai baht in order to comply with WP requirements, with the greater majority paid in US $ into offshore accounts to avoid tax liabilities is probably something we shall never know.

[edwinchester]

At least we get a blue passport next renewal so it's worth it.

[Longbow212]

Yes many do earn a salary in Thailand  but as to how many get the minimum paid in Thai baht in order to comply with WP requirements, with the greater majority paid in US $ into offshore accounts to avoid tax liabilities is probably something we shall never know.

I’ve been here a long time and know many expats, some English teachers earning 40k a month at the most basic level all the way up to 600k in multi-national corporations. All on work permits, I only knew people getting paid in foreign currencies after the Asian financial crisis.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Geordie59]

The sooner Britain gets out of the EU the better. The uncertainty and scaremongering will be seen for what they and the £ will return to higher levels.

[Thaiwrath]

22 minutes ago, Longbow212 said:

Who wrote this article? Such a narrow perspective.... not all expats here are coffin dodgers waiting on a pension. Many expats are earning a salary in Thai Baht.

 

This is why younger expats view TV as catering only for pensioners.

 

Well, start your own website for you 'younger expats'.

I would bet all your massive 'salary in Thai Baht', it would never, ever, be as successful as Thaivisa has been.

[puchooay]

15 minutes ago, Longbow212 said:

 

I’ve been here a long time and know many expats, some English teachers earning 40k a month at the most basic level all the way up to 600k in multi-national corporations. All on work permits, I only knew people getting paid in foreign currencies after the Asian financial crisis.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

600k a month?

 

As a side, with regards to teachers and work permits. There is no minimum salary requirements in order to get a work permit for teachers.

Edited July 30, 2019 by puchooay

[swerve]

A dramatic 5 year downward trend for the Canadian dollar versus the Baht too.

[Nip]

53 minutes ago, Dmaxdan said:

There are many ways of stretching money to make it go further. You just need to learn and adapt...or go home. Whinging solves nothing.

That ranks high with the all time inane, smug Thai Visa comments. Perhaps you would enlighten us lesser mortals how you stretch your money? On second thoughts forget it.

[Iforbach]

Agree just adapt ...chase happy hours...i still wouldnt go back to uk ..sooner struggle here...but yes its stressfull for some ...n i should changed £££ @ 46 ...ah well ...sli boukow 50 baht beers ok 

[BobBKK]

It is pitiful and I get two GBP pensions. Still nothing can be done and no use harping back to 72 THB to 1 GBP, in fact we should not even mention 72 as it's depressing so I won't even mention 72.

[TalingChanMan]

1 hour ago, BobbyL said:

Great for us Brits being paid in THB. My voluntary NI contributions and teachers pension are getting cheaper and cheaper each month ????. 

Agree, in the same boat, getting paid in Thai Baht and trasferring back to the UK to cover mortgage etc, looking good at the moment. Although not sure how much my properties will be worth in the short term with all this Brexit choas.

[geoffbezoz]

25 minutes ago, Longbow212 said:

 

I’ve been here a long time and know many expats, some English teachers earning 40k a month at the most basic level all the way up to 600k in multi-national corporations. All on work permits, I only knew people getting paid in foreign currencies after the Asian financial crisis.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

Well yes I appreciate that. However some international companies have been doing what I say as a matter of course for long before that. One I know off, established since 1972 in Thailand have always been doing that.

[grego49]

1 hour ago, keith101 said:

David id lucky mine has gone from around 50,000 down to just over 36,000 and if it keeps sliding possibly wont make the requirement for immigration the only possible saviour will be the bi-annual increase to the pension in September .

We live in hope,,,