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

[Basil B]

21 minutes ago, Isaanbiker said:

Guys, I feel your pain, but other currencies are also down.

 

Euro today: 34.33 baht. What a joke. 

Yes, the Thai Baht is getting too strong and the bubble may well burst...

But for Brits it is a double whammy with the prospect of the pound falling a lot more before it bottoms out, yet again more Brits got a Job at Risk" warning yesterday as another car manufacturer says they are likely to end production in the UK if No Deal Brexit becomes a reality.  

[dabhand]

'All time low'? I recall the rate dropping to 28 back in 1984. This was when the GBP/USD rate was close to parity. Quite possible that is where it is heading now, so a GBP/THB rate of around 30 may well be on the cards......gulp!!

[thirdleg]

2 minutes ago, Basil B said:

Yes, the Thai Baht is getting too strong and the bubble may well burst...

But for Brits it is a double whammy with the prospect of the pound falling a lot more before it bottoms out, yet again more Brits got a Job at Risk" warning yesterday as another car manufacturer says they are likely to end production in the UK if No Deal Brexit becomes a reality.  

Car problems everywhere, Germany has huge problems

Once the EU breaks up then all those billions and billions of Euros sitting in German banks will be converted to marks. Then their currency will appreciate astronomically and their export driven economy will tank

[abrahamzvi]

2 hours ago, mstevens said:

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

For those Brits who call for Brexit under any circumstances, I can say, here is what you get and it's getting worse if PM Johnson has his way and keeps his promises.

[Andrew65]

2 hours ago, Gecko123 said:

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.

 

US$ base rate = 2.5%

GB£ base rate = 0.75%

Also a big drag on the £.

[thirdleg]

3 minutes ago, dabhand said:

'All time low'? I recall the rate dropping to 28 back in 1984. This was when the GBP/USD rate was close to parity. Quite possible that is where it is heading now, so a GBP/THB rate of around 30 may well be on the cards......gulp!!

Going to be a lot of freelance gigolos across Thailand soon!

[abrahamzvi]

3 minutes ago, thirdleg said:

Car problems everywhere, Germany has huge problems

Once the EU breaks up then all those billions and billions of Euros sitting in German banks will be converted to marks. Then their currency will appreciate astronomically and their export driven economy will tank

The EU is not going to break up, just because of a no deal Brexit. It's the British economy that's going to collapse. I very much hope that Westminster can stop this disaster called no deal Brexit.

[thirdleg]

1 minute ago, abrahamzvi said:

For those Brits who call for Brexit under any circumstances, I can say, here is what you get and it's getting worse if PM Johnson has his way and keeps his promises.

It's the uncertainty that is the main problem and it's uniqueness .

Blame May and her quislings more than anybody.

She faffed about for a few years and then agreed the worse deal in UK history.

Johnson has a poisoned chalice but I'm willing to give him one chance to get it sorted.

As others have said Brexit is only part of the problem, the baht's strength has been the main issue

[Denim]

GBP sinks to an all time low against the THB

 

No it doesn't . A quick search finds 27.31 on 18th October 1984.

I well remember that. I was driven to teaching English just to feed myself. Truly awful experience.

 

https://fxtop.com/en/historical-currency-converter.php?C1=GBP&C2=THB&DD=18&MM=10&YYYY=1984&A=100&B=1

 

 

[dcsw53]

Why the selective journalism ?
One year ago USD was 33.5, now 30.8 and the sacred Chinese RMB 4.85 down to 4.40. Chinese now invading Cambodia and Vietnam because they see them as better value.
Baht is overvalued and as usual no one in government wants to acknowledge the impending problems. Only when tourist numbers drop substantially, and this is admitted, could things change.
I will not hold my breath.

[thirdleg]

1 minute ago, abrahamzvi said:

The EU is not going to break up, just because of a no deal Brexit. It's the British economy that's going to collapse. I very much hope that Westminster can stop this disaster called no deal Brexit.

I didn't say that, there are a lot of factors that are leading to the destruction of the EU. This might just give it a bit of a nudge

[Andrew65]

1 minute ago, dcsw53 said:

Why the selective journalism ?
One year ago USD was 33.5, now 30.8 and the sacred Chinese RMB 4.85 down to 4.40. Chinese now invading Cambodia and Vietnam because they see them as better value.
Baht is overvalued and as usual no one in government wants to acknowledge the impending problems. Only when tourist numbers drop substantially, and this is admitted, could things change.
I will not hold my breath.

The flip-side to this is obviously that wealthy Thais will be buying overseas assets/property cheaply.

[david555]

2 hours ago, mstevens said:

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

Then look when you need to transfer to your Thai bank what exchange rate they only give

 

[albertik]

7 minutes ago, Andrew65 said:

US$ base rate = 2.5%

GB£ base rate = 0.75%

Also a big drag on the £.

Please point me in the US$=2.5% direction, that is accessible from here in the LOS. Most want a USA address and I don't trust those sites that advertise for having a USA mailing address.

[legend49]

While the Thais like to raise this no idea. They lose in the long run as we expats only spend money where its a necessity now. So the cash tills must be suffering!

[Chivas]

TT exchangers have Sterling at 37.18 at time of post in Pattaya

I'd hazard a guess that airport cartel arrival/departure rates must be starting 34.xx currently

 

 

[marcusarelus]

Could someone pin this thread so certain financially illiterate people will stop posting that Thailand controls the price relationship between the pound and baht.  Thailand does not now nor has controlled the price of the baht since it floated in 1997.  

[abrahamzvi]

2 hours ago, edwinchester said:

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

Really??? Let's see when the Pound drops to less than a US$ and the unemployment rate rises to 10% with inflation up, if the blue passport is still worth it. Somehow I very much doubt it.

[Andrew65]

1 minute ago, marcusarelus said:

Could someone pin this thread so certain financially illiterate people will stop posting that Thailand controls the price relationship between the pound and baht.  Thailand does not now nor has controlled the price of the baht since it floated in 1997.  

Like any (non Euro-zone) country, Thailand has full control over interest rates, the central bank can also buy and sell massive amounts of $ and other foreign currencies with Baht,  so moving the currency.

 

Thailand's central bank has the means with which to manipulate it's currency, I don't know how you could possibly "know" if it does or not?

[ToonBroon]

Edited July 30, 2019 by ToonBroon

[JimmyGreaves]

1 hour ago, BobBKK said:

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.

Yes I won't mention 76

[Chivas]

18 minutes ago, marcusarelus said:

Could someone pin this thread so certain financially illiterate people will stop posting that Thailand controls the price relationship between the pound and baht.  Thailand does not now nor has controlled the price of the baht since it floated in 1997.  

It is seriously annoying I agree. So many seem to be totally oblivious that there are 2 currency pairings that when crunched form the interbank rate.

This (currently) has absolutely nothing to do with the Baht which has been stable around 30.80 for several weeks.

Its all about Sterling, the Euros, AUD and other countries continued ever growing weakness against the Dollar on one side of the pairings thats doing the extreme damage

Edited July 30, 2019 by Chivas

[JimmyGreaves]

34 minutes ago, abrahamzvi said:

For those Brits who call for Brexit under any circumstances, I can say, here is what you get and it's getting worse if PM Johnson has his way and keeps his promises.

Disagree. 

[thirdleg]

13 minutes ago, Chivas said:

Thailand does not now nor has controlled the price of the baht since it floated in 1997.  

BS, how could you possibly know.

Its you who appears to be financially illiterate .

This was to marcusarelus not chivas btw. It was his quote

Edited July 30, 2019 by thirdleg

[sammieuk1]

42 minutes ago, worgeordie said:

My UK pension is a pittance,as i chose to retire at 42,

so i just leave it there,to use for buying bits and pieces

that i need from the UK.

 I suspect speculators have a lot to do with the moments 

in several currencies,the question now is will the £ hold

at 37 and how much longer can the THB stay so strong,

 I think if some tighten their belts any tighter they will

be cut in half,on the bright side it can only get better....can't it !

regards worgeordie

I have a lady's size 6 belt you can borrow its far to big for me right now???? 

[edwinchester]

22 minutes ago, abrahamzvi said:

Really??? Let's see when the Pound drops to less than a US$ and the unemployment rate rises to 10% with inflation up, if the blue passport is still worth it. Somehow I very much doubt it.

Look up the definition of irony.

[david555]

4 minutes ago, sammieuk1 said:

I have a lady's size 6 belt you can borrow its far to big for me right now???? 

bread and soup dispensations not yet activated on Soi Bhuakaow ?????

Edited July 30, 2019 by david555

[thaiboss]

2 hours ago, Geordie59 said:

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.

yes may be in 5 years every thing will look different

[Longbow212]

Then look when you need to transfer to your Thai bank what exchange rate they only give
 

Do you have a link for that data? I would very much like to use that website for transferring money the other way if possible. Thanks


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[dunroaming]

3 hours ago, shackleton said:

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 

 

With Johnsons threat of a no-deal Brexit the pound has fallen again.  If Britain actually leaves the EU with no-deal then the pound will plummet but by how much?  And for how long?  I expect it will claw it's way back up eventually but will probably take years of playing catch-up.

 

No doubt all our Brexiteer friends will say that is just more of project fear.  I'd be disappointed if they didn't.