Record low EUR/THB rate affecting expats?

[bkksteve123]

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I do not think it will have any major impact.

I would think that most expats in Thailand earn a THB salary. So if anything, this is good for them as they will be able to "save" more EUR from their salary, which is great if you ever decide/need to leave Thailand.

The other "expats" i.e. EURO retirees. Some may be considering packing up, especially if they already were on a tight budget. But overall I think it's still cheaper and better than going back to Europe for most of them.

Also, I think most of us would agree that this is a temporary swing in the FX rate. It's only a matter of time, perhaps a few years, until Europe recovers and EUR interest rates will start to increase (happening soon in US), while simultaneously Thailand may be experiencing a massive asset bubble burst when money is pouring back into US and EU chasing higher yield, and Thailand may be where the EU was 5 years ago, a shit ton of debt, declining economy, Thai girls defaulting on their iPhone loans, WEAK CURRENCY.

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That is false .

There are some Eurozone retirees, who are getting a state pension in their home countries currency.

I am lucky enough to be getting my pension in U.S, dollars as I am an American.

Right now I'm doing well as the dollar is improving.

How long that will be I can not honestly say.

Sorry. Perhaps it wasn't clear, but this was exactly my point and agree with you 100%. Most, if not all, European retirees have a fixed pension income in EURO's, thus they are largely affected by the current situation.

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I do not think it will have any major impact.

I would think that most expats in Thailand earn a THB salary. So if anything, this is good for them as they will be able to "save" more EUR from their salary, which is great if you ever decide/need to leave Thailand.

The other "expats" i.e. EURO retirees. Some may be considering packing up, especially if they already were on a tight budget. But overall I think it's still cheaper and better than going back to Europe for most of them.

Also, I think most of us would agree that this is a temporary swing in the FX rate. It's only a matter of time, perhaps a few years, until Europe recovers and EUR interest rates will start to increase (happening soon in US), while simultaneously Thailand may be experiencing a massive asset bubble burst when money is pouring back into US and EU chasing higher yield, and Thailand may be where the EU was 5 years ago, a shit ton of debt, declining economy, Thai girls defaulting on their iPhone loans, WEAK CURRENCY.

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That is false .

There are some Eurozone retirees, who are getting a state pension in their home countries currency.

I am lucky enough to be getting my pension in U.S, dollars as I am an American.

Right now I'm doing well as the dollar is improving.

How long that will be I can not honestly say.

Do most expats really earn THB salary even if they work for a European company? Isn't this only the case when they have local contracts..not sure at all but maybe someone working here for an European company can explain?

Depends. A lot of expats will get paid Baht in a Thai bank account, however, the salary may be based on an exchange rate, typically though it will be a fixed to x amount of THB for the duration of the contract. If you work in sales, then commission will be in the respective currency. I have some mates working in sales and selling to EURO so this is bad news for them.

Sometimes it may be a 50-50 split between USD and local currency. For example the United Nations will pay you in "USD", but in reality they will use a stabilization

Then you have the teachers which of course earn THB.

[Rocketsurgeon]

Euro is going to 90 against the dollar, perhaps in a year. It might see sub 85 befire it hits bottom.

BOT has weakened and must continue to do so. Id expect .5% at sometime in the not distant future. This will do little to balance out the Euro's slide against the usd.

If you are holding Euros, you're going to get rocked. This is not merely a possibility, it is an ongoing strategy of the ECB.

Will Thailand crank up the presses to ratchet the currency down to dave its tourism and export sectors? Hard to say.

[Rocketsurgeon]

Double post.

Edited March 18, 2015 by Rocketsurgeon

[micmichd]

Let's get it straight.

First they make me work for decades for their scam economy, and when I'm retired they expropriate me from getting the pensions that I worked for.

Doubt that's concordant with the constitutional guarantee of property (Art. 14 GG in Germany)

[nidieunimaitre]

Let's get it straight.

First they make me work for decades for their scam economy, and when I'm retired they expropriate me from getting the pensions that I worked for.

Doubt that's concordant with the constitutional guarantee of property (Art. 14 GG in Germany)

I tried to find posts in which you commented on the exchange rate when the euro rose over 50 baht, and over 1,3 USS - very unconstitutional!

[nidieunimaitre]

Let's get it straight.

First they make me work for decades for their scam economy, and when I'm retired they expropriate me from getting the pensions that I worked for.

Doubt that's concordant with the constitutional guarantee of property (Art. 14 GG in Germany)

I tried to find posts in which you commented on the exchange rate when the euro rose over 50 baht, and over 1,3 USS - very unconstitutional!

[bkksteve123]

Euro is going to 90 against the dollar, perhaps in a year. It might see sub 85 befire it hits bottom.

BOT has weakened and must continue to do so. Id expect .5% at sometime in the not distant future. This will do little to balance out the Euro's slide against the usd.

If you are holding Euros, you're going to get rocked. This is not merely a possibility, it is an ongoing strategy of the ECB.

Will Thailand crank up the presses to ratchet the currency down to dave its tourism and export sectors? Hard to say.

You are speaking as if everything you say is a fact.

Euro is going to 90? I assume you mean the EUR/USD will go to 0.90. Of course it's possible given that the ECB doesn't mind that happening and the QE program will go on until 2016. But seems also like the FED is backing off a bit on the rate hike so don't get too excited for USD strength just yet.

[micmichd]

Let's get it straight.

First they make me work for decades for their scam economy, and when I'm retired they expropriate me from getting the pensions that I worked for.

Doubt that's concordant with the constitutional guarantee of property (Art. 14 GG in Germany)

I tried to find posts in which you commented on the exchange rate when the euro rose over 50 baht, and over 1,3 USS - very unconstitutional!

[micmichd]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

[Swiss1960]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

1. you still get the same value back as pension in Euro currency, the exchange rate is your very personal problem
2. the ECB has no influence on the amount you get back from your pension fund, that is either a pension fund decision (when it is company based) or a government decision (when it is goverment pension)
3. why should the ECB care a f*** about your decision to retire to a foreign country?

your barking up the wrong trees...

[micmichd]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

• you still get the same value back as pension in Euro currency, the exchange rate is your very personal problem
• the ECB has no influence on the amount you get back from your pension fund, that is either a pension fund decision (when it is company based) or a government decision (when it is goverment pension)
• why should the ECB care a f*** about your decision to retire to a foreign country?

your barking up the wrong trees...

[micmichd]

I'm German and EU citizen, and I can claim my constitutional and civil rights.

Germans still owe me something, and they keep me hanging on.

There's a paragraph in German Civil Code (§ 288 BGB) where you can claim compensation for deferred payments, even compensation for losses due to declining currency exchange rates.

A successful claim would attract many followers I guess. Many expat pensioners are still voters, and in many cases their Farang families don't want them back. Quite a bit of legitimation to lose for an institution that still calls itself "democratic"...

[Naam]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

i truly admire your naïveté

[micmichd]

Maybe I'm just heading for a compromise?

[topt]

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Maybe I'm just heading for a compromise?

Maybe your just heading for a huge disappointment.........

[micmichd]

Maybe it's not money that I'm really after...

[topt]

Maybe it's not money that I'm really after...

That's opaque enough to obfuscate..............

[NovaBlue05]

I remember not 2 years ago the USD went south of 29 and I was sure it was going to drop to pre '97 rates.

[MJP]

All of this is hardly a surprise when . . . going back to January now . . .

http://www.bbc.co.uk/news/business-30933515

[Rocketsurgeon]

Euro is going to 90 against the dollar, perhaps in a year. It might see sub 85 befire it hits bottom.

BOT has weakened and must continue to do so. Id expect .5% at sometime in the not distant future. This will do little to balance out the Euro's slide against the usd.

If you are holding Euros, you're going to get rocked. This is not merely a possibility, it is an ongoing strategy of the ECB.

Will Thailand crank up the presses to ratchet the currency down to dave its tourism and export sectors? Hard to say.

You are speaking as if everything you say is a fact.

Euro is going to 90? I assume you mean the EUR/USD will go to 0.90. Of course it's possible given that the ECB doesn't mind that happening and the QE program will go on until 2016. But seems also like the FED is backing off a bit on the rate hike so don't get too excited for USD strength just yet.

Yes, Euro to .9 against the US dollar.

Other than that bumpy day before yesterday, USD strengthens daily. Then you have more QE coming for next two years, then there is the grexit which will rock even US markets, then there are the poor economies of Spain/France, etc..., then you have bad EU banks that will need bailouts.

Then there is fact Fed will move interest rates (it simply must get off zero). I .9 as reality and see .85 to the dollar as quite possible, even by eoy 2016. Panic, hft selling could even push the currency below .85.

Anything is possible at this juncture.

The fall in the Euro has been crushing and there is nothing but bad news ahead. The good news is that exports will surge and get the economy moving.

.9 to USD is very real possibility by eoy, rate of decline is astounding. Its not magic, ECB is willing this actively.

# Look for JPY to hit 140+.

Edited March 19, 2015 by Rocketsurgeon

[Rocketsurgeon]

I remember not 2 years ago the USD went south of 29 and I was sure it was going to drop to pre '97 rates.

Was a bit of a freakout wasn't it?

[puukao]

Darkets before dawn!!!

problem is, the Euro is currently at high-noon!!! .0000001 to Bath here we come!!!

[micmichd]

Maybe it's not money that I'm really after...

That's opaque enough to obfuscate..............

Easy.

I want a house for my Thai family.

[micmichd]

Darkets before dawn!!!

problem is, the Euro is currently at high-noon!!! .0000001 to Bath here we come!!!

[Naam]

.9 to USD is

is "rocket-surgeon-science" because we had that a couple of weeks ago when €UR 0.9 bought USD 1.111 - what you mean is that USD 0.9 buys €UR 1.00

[Loptr]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

Already being done...

European nations begin seizing private pensions

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

Poland Nationalizes 1/2 of the nations private Pensions

http://nomadcapitalist.com/2014/05/02/retirement-account-confiscation-avoid-myra/

[micmichd]

Wow !

.0000001EUR = 1 THB ?

Someone give me 10 MB credit on my next Euro?

[MaeJoMTB]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

Already being done...

European nations begin seizing private pensions

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

Poland Nationalizes 1/2 of the nations private Pensions

http://nomadcapitalist.com/2014/05/02/retirement-account-confiscation-avoid-myra/

I would rather a government looked after my private pension than a dodgy IFA and offshore company (Friends Provident (IoM)).

Government taking control of many private pension providers would be a good thing IMHO.

Edited March 20, 2015 by MaeJoMTB

[micmichd]

That was the social contract.

Work for a certain value, leave a certain percentage for social security, and get back a certain value as pension - wherever you are.

I deny ECB the right to break that contract.

Already being done...

European nations begin seizing private pensions

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

Poland Nationalizes 1/2 of the nations private Pensions

http://nomadcapitalist.com/2014/05/02/retirement-account-confiscation-avoid-myra/

[micmichd]

So Imperialism shows its real face now.

ECB is sited in Germany, and they aggress working people in Poland.

Never any aggression from German soil again, that's what they promised after WW2.

See how they break their promises when it comes to money...

Germany, EU, should be put on a watchlist by UN.