Thailand's surging baht shatters expat dreams of easy retirement

[webfact]

Thailand’s Surging Baht Shatters Expat Dreams of Easy Retirement

By Randy Thanthong-Knight and Yumi Teso

 

>> Thai currency is strongest performer in Asia this year

>> Nation popular with foreign retirees but baht is hurting

 

Brian Maxey moved to Thailand from the U.K. expecting his sterling pension to afford him an easy retirement. Instead, he’s finding it harder to meet his visa’s financial stipulations because of the strong baht.

 

The former aircraft technician easily bought a townhouse, pickup truck and motorcycle when he arrived at the age of 55 two decades ago. Back then the pound bought about 60 baht, but now it fetches a little less than 38 baht.

 

“It was a cheap place to live then,” Maxey said in an interview in the coastal city of Pattaya, which is popular with European retirees. “It’s not anymore.”

 

Full story: https://www.bloomberg.com/news/articles/2019-10-03/thailand-s-surging-baht-shatters-expat-dreams-of-easy-retirement

 

-- Bloomberg 2019-10-04

[LazySlipper]

Really? The THB is strong and hurting expats lifestyle?

 

Let me get my reading glasses... must have missed something.

[Dmaxdan]

In fairness, from the point of view of British expats, the strong baht is only the tip of the iceberg. Brexit and our idiotic government are the main villains with regards to current exchange rates.

[ezzra]

No shattered dreams or fantasies, only shattered reality and disappointments  of almost daily of more bad news and not only from the surging baht but the way the government is treating the foreigners in this kingdom that all they want to do is to be left to live in peace...

[madmitch]

That was like half an article. I was expecting to read on and suddenly it just stopped!

[quandow]

Surged? A bit of an exaggeration, and if you planned your finances that close to the wire then som nom na.

[sungod]

I lost all interest when I started reading quotes from Niels Colov, it lost credibility at this point,  thousands leaving? Don't know of any personally.

[aqua4]

6 minutes ago, sungod said:

I lost all interest when I started reading quotes from Niels Colov, it lost credibility at this point,  thousands leaving? Don't know of any personally.

That is where it lost all credibility for me as well. I know of two who have left over the past 2 years as the cost of living has been increasing but the value you get from the increases is zero. Then there was also the new interpretations of the rules that made them think the party is clearly coming to an end.

 

Edited October 4, 2019 by aqua4

[Chicken George]

I can relate to this. Luckily I can deal with it but cutting back.. The biggest problem is the pollution and the affect on my children.. Big decisions ahead

[aqua4]

This story raises a few questions:

 

Quote

The government issued almost 80,000 retirement visas last year, a climb of 30% from 2014.

So there is only 80,000 retired expats in Thailand and before all of this there was only 56,000? Do those numbers look right? If those numbers are correct then there would be even less people on a marriage visa. So if all of these are correct then why is immigration always so full?

 

[BestB]

I remember aud hitting 21 about 10-12 years ago and it was painful but then it shot up to 33.

 

now aud hit 19.80 and it’s super painful, but I wonder what’s around the corner 

 

how much longer can baht sustain its strength and rising prices 

[Matzzon]

26 minutes ago, ezzra said:

No shattered dreams or fantasies, only shattered reality and disappointments  of almost daily of more bad news and not only from the surging baht but the way the government is treating the foreigners in this kingdom that all they want to do is to be left to live in peace...

Yes, but of course the government in Thailand is to blame again. They have done a great job cleaning out one bad apple after another. After that they have created a super strong baht that is beating all the world currencies. They have started to enforce the rules that you only could read about before, so that everybody eventually must follow the law.

They are not treating you bad in any way and they leave you alone in peace, just as long as you follow the rules and regulations.

So, now to the point. Tell me now how they treat you bad as a foreigner in this country? 

[RichardColeman]

48 minutes ago, webfact said:

he’s finding it harder to meet his visa’s financial stipulations because of the strong baht.

Sounds like another fool not planning his life properly with no escape route.

[ICELANDMAN]

5 minutes ago, aqua4 said:

This story raises a few questions:

 

So there is only 80,000 retired expats in Thailand and before all of this there was only 56,000? Do those numbers look right? If those numbers are correct then there would be even less people on a marriage visa. So if all of these are correct then why is immigration always so full?

 

Where Blomberg found the 80,000 expatriates with an augmentation of 30%, but writing a decrease of expatriates. Written without brain

[Robert Tyrrell]

Hello ,

 

I’ve seen many make the statement which is so true , If you retired in Thailand with income right on the borderline of the financial requirements, Then it is what it is there’s fluctuations everywhere in the World.

You are either prepared or not !!

 

As for Thousands of Expats leaving as well as heading to Vietnam and Cambodia, Just a lot of over hype and <deleted> period !!

The other thing is everyone or most everyone wants to retire in the most expensive and Tourist Trap locations in Thailand  Pattaya, Phuket etc...

There are MANY !! Nice and affordable locations in Thailand ELSEWHERE!! COMMON SENSE PEOPLE COMMON SENSE !! 

[holy cow cm]

Even at 40,000 retirees times 800,000 is 32,000,000,000 baht or $1,049,859,924.54. That is a lot of money that is free for the using by the banks. That right there can spin the Thai economy.

[ICELANDMAN]

5 minutes ago, holy cow cm said:

Even at 40,000 retirees times 800,000 is 32,000,000,000 baht or $1,049,859,924.54. That is a lot of money that is free for the using by the banks. That right there can spin the Thai economy.

The strong Bath is because us? ????  Not said nothing IO

[owl sees all]

Just have to go with the flow. Adapt and adjust.

 

Spend more time on TVForum and less on the bar stool.

Limit the pussy to just one (or two) different ones a week.

Embrace Thai food; and have more stews.

Home teach the children.

Frequent the clothes markets; shorts just 50 Baht.

Walk to the corner shop; leave the m/c at home.

Turn off the air-con; get a fan or two.

Stop feeding the soi dogs.

Cut your own hair.

Pull your own teeth.

Stay away from medical premises.

Embrace cold water showering.

Tell the wife or g/f only one new pair of shoes a month.

Limit the wife or g/f to one new handbag a month.

Tell the wife or g/f; 100 Baht lottery limit.

 

Big savings to be had for the thrifty.

 

 

[MadMuhammad]

Can anyone give me a link to a currency chart GBP to THB that goes back further than the Asian Financial Crisis when the value of the pound blew out against the Thai Baht? 

Just curious as to what it was tracking at historically 

[ICELANDMAN]

6 minutes ago, owl sees all said:

Just have to go with the flow. Adapt and adjust.

 

Spend more time on TVForum and less on the bar stool.

Limit the pussy to just one (or two) different ones a week.

Embrace Thai food; and have more stews.

Home teach the children.

Frequent the clothes markets; shorts just 50 Baht.

Walk to the corner shop; leave the m/c at home.

Turn off the air-con; get a fan or two.

Stop feeding the soi dogs.

Cut your own hair.

Pull your own teeth.

Stay away from medical premises.

Embrace cold water showering.

Tell the wife or g/f only one new pair of shoes a month.

Limit the wife or g/f to one new handbag a month.

Tell the wife or g/f; 100 Baht lottery limit.

 

Big savings to be had for the thrifty.

 

 

I have problem with Number two, maybe for month ?

[Time Traveller]

Here's a tip to all the dimwitted retirees: 

Don't have your expenses in a different currency from your income.

 

It's funny that these people trusted their own governments empty promises, and now their pensions don't allow them to live luxurious retirements they imagined. Tell us again old man how your political party you vote for is so good.

[Time Traveller]

15 minutes ago, owl sees all said:

Just have to go with the flow. Adapt and adjust.

 

Spend more time on TVForum and less on the bar stool.

Limit the pussy to just one (or two) different ones a week.

Embrace Thai food; and have more stews.

Home teach the children.

Frequent the clothes markets; shorts just 50 Baht.

Walk to the corner shop; leave the m/c at home.

Turn off the air-con; get a fan or two.

Stop feeding the soi dogs.

Cut your own hair.

Pull your own teeth.

Stay away from medical premises.

Embrace cold water showering.

Tell the wife or g/f only one new pair of shoes a month.

Limit the wife or g/f to one new handbag a month.

Tell the wife or g/f; 100 Baht lottery limit.

 

Big savings to be had for the thrifty.

 

 

Eat the leftovers from the garbage that the restaurant throws out. 

 

Funny how moving to a cheaper country is never an option (especially considering that the number one reason these grumpy old men tell us they moved to thailand for in the first place!)

[chickenslegs]

45 minutes ago, aqua4 said:

This story raises a few questions:

 

So there is only 80,000 retired expats in Thailand and before all of this there was only 56,000? Do those numbers look right? If those numbers are correct then there would be even less people on a marriage visa. So if all of these are correct then why is immigration always so full?

 

 

33 minutes ago, ICELANDMAN said:

Where Blomberg found the 80,000 expatriates with an augmentation of 30%, but writing a decrease of expatriates. Written without brain

The figures given are of visas issued in each year.

 

The people in the immigration office are not getting visas, they are getting extensions of stay based upon visas issued in previous years.

[CGW]

15 minutes ago, MadMuhammad said:

Just curious as to what it was tracking at historically 

Can track here

 https://fxtop.com/en/historical-exchange-rates.php?A=1&C1=GBP&C2=THB&YA=1&DD1=&MM1=&YYYY1=&B=1&P=&I=1&DD2=03&MM2=10&YYYY2=1988&btnOK=Go!

For many years as I remember it, the THB was locked into the USD & sterling fluctuations against the THB were similiar to the fluctuations GDP to USD

 

[Momofarang]

Yeah, and to read the full article I have to pay 10 Bucks a months... Push off..

[JAFO]

45 minutes ago, Robert Tyrrell said:

There are MANY !! Nice and affordable locations in Thailand ELSEWHERE!! COMMON SENSE PEOPLE COMMON SENSE !!

Yep and that is always the issue. Many lack common sense and did a move on a whim. 

[the guest]

Very simple, move to Vietnam or Cambodia .. the dream can continue !

[Momofarang]

19 minutes ago, Time Traveller said:

Here's a tip to all the dimwitted retirees: 

Don't have your expenses in a different currency from your income.

 

It's funny that these people trusted their own governments empty promises, and now their pensions don't allow them to live luxurious retirements they imagined. Tell us again old man how your political party you vote for is so good.

What kind of dimwitted expat are you? Guess you belong one of of those generations where the only derogatory speech socially acceptable is against your elders.

[Chazar]

1 hour ago, Matzzon said:

So, now to the point. Tell me now how they treat you bad as a foreigner in this country?

They let you remain??????

[Nyezhov]

1 hour ago, ICELANDMAN said:

I have problem with Number two, maybe for month ?

I personally have had to forgo a weekly 5-10K Mixx trip in favour of one to Rori-tas for 900, including tip for no teeth.

 

But its Mixx this weekend despite the fact I will have to live on fried Mama for a week.