webfact Posted July 30, 2019 Share Posted July 30, 2019 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 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
mstevens Posted July 30, 2019 Share Posted July 30, 2019 1 pound currently gets just 37.3 baht at Vasu Exchange, Sukhumvit soi 7/1. OUCH! Link to comment Share on other sites More sharing options...
RotBenz8888 Posted July 30, 2019 Share Posted July 30, 2019 ???? Link to comment Share on other sites More sharing options...
Gecko123 Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
carabaothai Posted July 30, 2019 Share Posted July 30, 2019 same for Euro(pean) people ???? Link to comment Share on other sites More sharing options...
keith101 Posted July 30, 2019 Share Posted July 30, 2019 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 . Link to comment Share on other sites More sharing options...
shackleton Posted July 30, 2019 Share Posted July 30, 2019 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 Link to comment Share on other sites More sharing options...
PremiumLane Posted July 30, 2019 Share Posted July 30, 2019 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 Link to comment Share on other sites More sharing options...
BobbyL Posted July 30, 2019 Share Posted July 30, 2019 Great for us Brits being paid in THB. My voluntary NI contributions and teachers pension are getting cheaper and cheaper each month ????. Link to comment Share on other sites More sharing options...
Xaos Posted July 30, 2019 Share Posted July 30, 2019 Brexit Pound Link to comment Share on other sites More sharing options...
stillhereandlovinit Posted July 30, 2019 Share Posted July 30, 2019 Great for going back to the UK for an holiday though ✈️ Link to comment Share on other sites More sharing options...
Dmaxdan Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
Xaos Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
Cabradelmar Posted July 30, 2019 Share Posted July 30, 2019 A no deal brexit will likely make it even worse. Frankly baht is up against all major currencies. Not good for anyone right now Link to comment Share on other sites More sharing options...
Vacuum Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
PatOngo Posted July 30, 2019 Share Posted July 30, 2019 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. ???? Link to comment Share on other sites More sharing options...
Longbow212 Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
geoffbezoz Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
edwinchester Posted July 30, 2019 Share Posted July 30, 2019 At least we get a blue passport next renewal so it's worth it. Link to comment Share on other sites More sharing options...
Longbow212 Posted July 30, 2019 Share Posted July 30, 2019 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 Link to comment Share on other sites More sharing options...
Geordie59 Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
Thaiwrath Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
puchooay Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
swerve Posted July 30, 2019 Share Posted July 30, 2019 A dramatic 5 year downward trend for the Canadian dollar versus the Baht too. Link to comment Share on other sites More sharing options...
Nip Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
Iforbach Posted July 30, 2019 Share Posted July 30, 2019 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 Link to comment Share on other sites More sharing options...
BobBKK Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
TalingChanMan Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
geoffbezoz Posted July 30, 2019 Share Posted July 30, 2019 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. Link to comment Share on other sites More sharing options...
grego49 Posted July 30, 2019 Share Posted July 30, 2019 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,,, Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.