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

[sumrit]

We're only concerned with our situation in Thailand but for the UK as a whole a weak £ is going to make UK exports much more attractive and cheaper to sell, which has got to help when we'll be looking for new deals all over the world straight after Brexit. 

[Percy P]

12 minutes ago, gearbox said:

 

800k Baht is small amount of money by the western standards, if they need to kick themselves for that, they seem to have way bigger problems... 

But there's always new retirees coming along all the time. Well there were.

Do not change your home countries money into Baht .Get a Foreign

Currency Account .FCA. Change some of it in to Baht when needed.

Edited July 30, 2019 by Percy P

[watcharacters]

54 minutes ago, robertson468 said:

This will be short term pain for a long term gain, trust me...............I'm a Banker!

 

With all due respect, wasn't it bankers who managed to get the world in a complete state of chaos a mere dozen years ago?

 

Trust bankers?      Wanna buy some of my moon rocks?

 

 

[peterb17]

3 hours 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.

I’m not whinging- quite a few of my friends are going down the agent route- I feel very uncomfortable doing that - and have always tried to stick to the law and regulations.

 

But have just instructed my bank to send £30,000 ( extension in November) - because I think the £ will sink even lower- that's a reasonable amount of money.

 

It will just cover the 800,000 required.

 

Oh well - will have to change from Bollinger to Mont Clair - no it means fewer dinners out , fewer trips around the country, less shopping - just being a bit more sensible .

 

I think others are thinking the same- so your favourite local restaurants/ businesses etc - will suffer. 

 

 

[Percy P]

4 minutes ago, Chivas said:

Baht is strong against the USD because Thailand is sitting on $215 Billion of foreign currency reserves growing at $2 Billion a month

Correct and it's keeping their head above water. Could pay for all their Foreign debt.

[Percy P]

2 minutes ago, watcharacters said:

 

With all due respect, wasn't it bankers who managed to get the world in a complete state of chaos a mere dozen years ago?

 

Trust bankers?      Wanna buy some of my moon rocks?

 

 

Yes . Year 2008 I well remember it.

[mehrdad]

S.O.S ..... ???? 

help us as a farangs ! 

We many year help thai economy by spending our dollars ????! 

But now must go back our country! 

[murraynz]

2 hours ago, khastan said:

You are all lucky! My UK pension has gone down from over 34000 baht before brexit to now today 26000 baht and from April 6th next year if the exchange rate continues to fall I will be lucky to get 17000 baht a month.

i feel for all you expats who are now getting lots less from your pensions, due to falling exchange rates.

i consider my self fortunate, because the NZ  exchange rate has only very recently fallen , not by much..

my nz pension is paid every 28days -ive lost a maximum of 1,500thb per period.

i now receive approx 36,000thb /28days...{last month was the very lowest,35,369thb}

with a freehold condo, which was bought when exchange rates were higher, -i can still live quite well on this amount..

i have substantial other income which i use for overseas travel etc... i try not to draw on that while the exchange rates are so low...

i have also noticed substantial increases on lots of imported foods ,at the supermkts..

its still much cheaper living in pattaya than Auckland....

[thirdleg]

9 minutes ago, Chivas said:

Baht is strong against the USD because Thailand is sitting on $215 Billion of foreign currency reserves growing at $2 Billion a month

It's pennies in the grand scale of things & should be used for infrastructure, but in their infinite wisdom they decide to keep it high to manipulate their currency. 

Certain elites demand more bang for their bucks overseas

 

[mike787]

Immigration, plummeting GBP, and rising costs are causing a huge expat exodus.  NO longer the land of anything.  Come and go for 30 days max, if that at all. 

[mike787]

Just now, mehrdad said:

S.O.S ..... ???? 

help us as a farangs ! 

We many year help thai economy by spending our dollars ????! 

But now must go back our country! 

Help start a GoFund to save us...LOL

[johnarth]

yes it is scary but the Thai government are happy even though they are cutting the froths of many of their own people by not devaluing the baht I guess they think they can hide in the new expensive armed cars and all will be well

[peterb17]

21 minutes ago, gearbox said:

 

800k Baht is small amount of money by the western standards, if they need to kick themselves for that, they seem to have way bigger problems... 

Sadly- it is not a small amount of money by Western standards- even though the UK is the fifth largest economy- 25% of adults have no savings .

£30000 is a vast amount of money to many many families in the West.

All Western countries ( and absolutely including the USA ) have swathes of their populations who live just about from week to week- many rely on cheap credit just to survive .

 

One presumes that you are a member of the 1% ? 

[Percy P]

31 minutes ago, bkk6060 said:

A great depression is coming to the UK and they will be begging the Americans to bail them out again.

You mean the IMF. Hope not. But that was under a Labour government.

[peterpop]

High Baht and Hot Money.  It suits those in power here, who have children in expensive overseas schools and colleges. It is a refuge for ''Hot Money'' that can come here without checks, be invested, scrubbed clean and remitted to another country.  A currency is only expensive when a lot of people want to buy it to spend in the country of origin.  I don't think this is a sustainable situation.  Most indicators are that the Thai economy is in trouble.  But then we do not have all the facts.  As a Brit my days are numbered here if this continues.  

It is not all Boris, but he does not help.

[peter14]

and the TH gov want 800  k in bank account LOL LOL  ... just leave ! 

[RandolphGB]

4 hours 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

Rather have a low GBP value for a few years than be occupied by Germany for eternity.

[Percy P]

36 minutes ago, bkk6060 said:

A great depression is coming to the UK and they will be begging the Americans to bail them out again.

You mean The IMF,but that was when Labour government was in power.

[SpanishExpat]

While the development is negative, I think the thai expats living in UK/USA/AUSTRALIA/EUROPE are much worse off. Read an article last week, that many of them are in huge trouble sending the same monthly amount in in Baht back to their home country. Talking about the monthly mortgage payments etc. 

 

When I read about the prediction around February this year that the THB may be around 35 compared to the pound at the end of the year, I  thought thats close to impossible. Now it may become reality. Just let them continue like that and ruin their economy. Thailand has never been or will ever been an industrial nation. They rely on other factors like tourism. But try to explain that to the selfish Thai-Elite who are just enjoying their lifes with the strong baht.

[Chivas]

13 minutes ago, thirdleg said:

It's pennies in the grand scale of things & should be used for infrastructure, but in their infinite wisdom they decide to keep it high to manipulate their currency. 

Certain elites demand more bang for their bucks overseas

 

lol its high because the currency is in demand !!

[Percy P]

1 hour ago, marcusarelus said:

Euro vs pound.  Pound is the one going down

Link in with the year 2008

[AlexRich]

3 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.

Deluded. A no deal Brexit will cripple GBP, and you won’t see any recovery for donkeys years. 

 

Keep on drinking the Brexit Kool Aid.

[bert bloggs]

4 hours 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.

 

not all on here are rude idiots like you .

[Deli]

Brits, say thank you to Angie who, with her open door policy, triggered the Brexit.

[AlexRich]

8 minutes ago, RandolphGB said:

Rather have a low GBP value for a few years than be occupied by Germany for eternity.

Typical Brexit bluster and bull. You are describing a country with its own currency, Parliament, tax raising powers, military ... you voted for a fantasy. Enjoy your unicorn.

[bert bloggs]

15 minutes ago, Percy P said:

You mean the IMF. Hope not. But that was under a Labour government.

I like Americans ,but you are so deluded about"helping us out" we have only just finished paying you back the vast amounts of cash you charged us for "lend lease"in ww2 when you loaned us loads of second hand crap ships etc ,and as for saving us in the war ,the only reason you joined in was because Japan attacked you , sorry this was meant for BKK 6060

Edited July 30, 2019 by bert bloggs

[JayBird]

Brits still thinks european immigrants will be gone after brexit. 

Everyone might be gone after brexit [emoji14]

[AlexRich]

1 minute ago, peterb17 said:

Gosh

As an openly gay man on this forum -I am not quite where this fits in with the contents of this thread - currency exchange. Not a pleasant read 

 

PS I think it’s my wife and I 

People that bang on about ladyboys are usually banging ladyboys.

[thirdleg]

8 minutes ago, Chivas said:

lol its high because the currency is in demand !!

Ignorance is bliss

[Percy P]

4 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.

 

I agree and how much interest is the Thai Government having on  its foreign reserve . Money that belongs to the retirees.