£££ hits new low today - will the Brit expats survive this?

[Naam]

Rubbish. I remember not so long ago it was lower than that.

when was that 1935?

the last time one Pound bought less than 44 Baht was May 22, 2013.

and the last time when one Pound bought less than 38 Baht was in oktober 1996.

Edited July 6, 2016 by Naam

[metisdead]

An inflammatory insult post has been removed as well as the replies.

[Caps]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

[Naam]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

not everybody lives in Bangkok where cash fetches a pittance more than a transfer.

[Naam]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

[Eclipse]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

Yes. True.

[Caps]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

So are you saying that all the banks and pension offices in the UK will be sending money all over the world using exactly the same rates for that particular country they are sending to? So its a central rate rather than an individual bank rate?

[Deepinthailand]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

So are you saying that all the banks and pension offices in the UK will be sending money all over the world using exactly the same rates for that particular country they are sending to? So its a central rate rather than an individual bank rate?

The more money you send fm uk to Thailand the better the ex change rate. I tended to wait and bring pension over every 6 mths not a lot in it but every bht helped. Now I've just transfered pension out of UK. And it comes to me in bht direct to bank.

[Deepinthailand]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

So are you saying that all the banks and pension offices in the UK will be sending money all over the world using exactly the same rates for that particular country they are sending to? So its a central rate rather than an individual bank rate?

The more money you send fm uk to Thailand the better the ex change rate. I tended to wait and bring pension over every 6 mths not a lot in it but every bht helped. Now I've just transfered pension out of UK. And it comes to me in bht direct to bank.

[brexiteer]

I transferred my military pension the other day from my HSBC account and it was 44.71 THB to the Pound

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

Actually they do.

It also depends whether you remit Sterling or Baht - but you know that Naam.

In this case the poster is talking about have his UK state pension sent directly to Thailand. In that case the payments are sub-contracted out and Baht is remitted to Thailand (acquired through Citibank I think),

The rate is invariably better than the recommended method of sending Sterling for exchange on receipt in Thailand.

By way of example a friend today received his pension at a rate of 45.64. That is almost 40 Satang higher than the net rate available from his Thai bank.Inthat respect, exchange rates DO vary depending from where they are sent.

[rogeroc]

Personally i will survive but it must put some Brits in a difficult position, especially those retirees on the threshold of Baht 65000 per month. However we all like value for money and everything will be more expensive for the forseeable future. If there was a good reason for all this OK but i am almost certain that the aspirations of the Brexiteers will not transpire, especially those on the 'anti immigration band wagon'

[Jip99]

Personally i will survive but it must put some Brits in a difficult position, especially those retirees on the threshold of Baht 65000 per month. However we all like value for money and everything will be more expensive for the forseeable future. If there was a good reason for all this OK but i am almost certain that the aspirations of the Brexiteers will not transpire, especially those on the 'anti immigration band wagon'

Forseeable future ??.. one week, one year - what does your crystal ball say ?

I think all expats who voted LEAVE did knowing that there would be a short-term hit to exchange rates.

Once the speculators, pimps and whores in the exchange markets have finished peeing their pants, the Sterling exchange rates can start to reflect their true economic base.

[cyberfarang]

I wonder how many of the expats that were so vocal about Brexit to get out are now less than happy. I hope for you guys that it will turn around but it does not look good.

It was not rocket science that the writing was on the wall. It had been spread all over the media months and months before the referendum was concluded that the markets would be hit and the ££ would take a steep dive. I brought 2 years living money over when it was still 54.48 baht to the £ only a few months ago and after that the £ had dropped ever since, best move I ever made.

I always keep my eye on the financial columns of newspapers, every day in fact and it pays off. My guess is that this is not the end of it and that sterling will dive even more before this is over, it could take another year before the £ reaches into the 50 baht bracket again if we`re lucky.

Edited July 6, 2016 by cyberfarang

[Mark123456]

Personally i will survive but it must put some Brits in a difficult position, especially those retirees on the threshold of Baht 65000 per month. However we all like value for money and everything will be more expensive for the forseeable future. If there was a good reason for all this OK but i am almost certain that the aspirations of the Brexiteers will not transpire, especially those on the 'anti immigration band wagon'

Forseeable future ??.. one week, one year - what does your crystal ball say ?

I think all expats who voted LEAVE did knowing that there would be a short-term hit to exchange rates.

Once the speculators, pimps and whores in the exchange markets have finished peeing their pants, the Sterling exchange rates can start to reflect their true economic base.

If the rates start to reflect the true state of the UK economy and it's mid-term future, we're really going to be in trouble. Personally I'm bored of seeing the same posters on here positively gloating about the situation. I could handle a drop to parity with the USD but it wouldn't thrill me. I do feel for those on pensions and fixed incomes though and if it bounces back within a few months I'll buy everybody on this forum a bottle of champagne because that's highly unlikely to happen.

Edited July 6, 2016 by Mark123456

[rogeroc]

Jip99 I think all expats who voted LEAVE did knowing that there would be a short-term hit to exchange rates.

I know a few who didn't believe the exchange rate would fall. More importantly what about the Expats who did not 'vote to leave' ?

[Mark123456]

It is a well known fact that racism was a major reason for the leave vote.

And your stalking behavior has been reported

Unfortunately you are probably right. My mother, who is 87 this year, voted to leave. When I asked her why, the first reason she mentioned was immigration. I thanked her for the pay cut and tried to stay polite - she is still my mother after all.

*Or perhaps not racism as such but an unfounded fear of immigration in general. It's really not the same thing.

Edited July 6, 2016 by Mark123456

[billd766]

They messed the bed. Let them lie in it.

The Bremainers lost the vote and STILL can't accept it.

[Jip99]

It is a well known fact that racism was a major reason for the leave vote.

And your stalking behavior has been reported

Stalking! LOL

I guess paranoia goes some way to explaining your posts!

[Mark123456]

They messed the bed. Let them lie in it.

The Bremainers lost the vote and STILL can't accept it.

Between the two of you, you've damned the entire nation then? Those who voted to leave have brought it upon themselves and those who voted to stay should just shut up and deal with it?

In any case, losing a vote in no way means you have to accept the result. If you believe it is the wrong decision the best thing to do would be to keep fighting.

[BuaBS]

Only dumbasses hurt . If you have your 800K in the bank , income qualification doesn't count. You had the chance to exchange at good rates , why didn't you ?

I haven't exchanged to Baht in 6 years.

If you're just hanging on to your monthly pension , what are you doing here?

[edwinchester]

What a relief our local Tesco reduce their polystyrene tray of rice and sweet sausage from 15bht to 7.5bht after 5pm to clear out the days cooked food. Hopefully I'll survive a few more weeks.

[rogeroc]

And now we have a campaign for leader of the country and none of the contenders are making any proposals on how Brexit will work. For the front runner ( a remainer) 'the best deal possible' for Brexit is only second on the agenda after 'Unity'

Are Brexiteers really going to get what they voted for ?

[happy Joe]

Between the two of you, you've damned the entire nation then? Those who voted to leave have brought it upon themselves and those who voted to stay should just shut up and deal with it?

In any case, losing a vote in no way means you have to accept the result. If you believe it is the wrong decision the best thing to do would be to keep fighting.

I understand the argument, but you must also account the opinion of the other 27. The message of commission was clear:

"No renegotiation, not back and leave as soon as possible"

Understand that Europe needs unity to advance and even if the gap to 4 points is weak everyone understands that there is no real membership to the European project in the Kingdom.

Consequently it is best to let each live his life as desired by the majority.

However I do not understand the delay you want to formalize you leave. This situation leads a legislative and financial uncertainty that will weigh heavily on your economy.

Edited July 6, 2016 by happy Joe

[SoiBiker]

They messed the bed. Let them lie in it.

The Bremainers lost the vote and STILL can't accept it.

Between the two of you, you've damned the entire nation then? Those who voted to leave have brought it upon themselves and those who voted to stay should just shut up and deal with it?

In any case, losing a vote in no way means you have to accept the result. If you believe it is the wrong decision the best thing to do would be to keep fighting.

Which is exactly what Farage said he would do if the vote had gone the other way by a similar margin.

[bkksteve123]

Rubbish. I remember not so long ago it was lower than that.

Not for a decade at least.

Go have a look at this chart - and please see the exchange rate around April 2013.

As for the actual thread question:

Brits that are working in Thailand, I presume most are earning a fixed salary in THB, so this is a good thing if they earn more than they spend since their monthly savings are worth more GBP.

British expat pensioners, on the other hand, are losing purchasing power and may have to adjust their spending if it gets worse.

British tourist number may be affected slightly, but I've noticed that the masses don't really think about exchange rates when they book flights.

[Naam]

That's always the problem banks tend to give lower rates pity you have no other way of getting the cash to you, then changing it here.

Once I get settled on a more permanent basis I can have it sent to Thailand direct from Pensions (from what I understand anyway) so that might be better?

exchange rates for transfers do not vary depending from where it is sent.

So are you saying that all the banks and pension offices in the UK will be sending money all over the world using exactly the same rates for that particular country they are sending to? So its a central rate rather than an individual bank rate?

only uninformed persons convert Pounds into Thai Baht for transfers and receive considerably less Baht. when Pounds or any other currencies are transferred, no matter from what location, the receiving bank's exchange rate in Thailand applies. the sending bank takes its fees but can't influence the exchange rate.

[metisdead]

There is a topic currently running in the business section discussing the same matters:

Pound Weakens.

Please continue the discussion there.

Closed