Falling Pound Affecting UK Ex-Pats

[Shoeless Joe]

Since the UK Brexit result in June, the pound has dropped in value by nearly 12% against the baht (May 31st = 52.3 baht to the pound, October 7th = 43.4 baht to the pound).

Are UK ex-pats worried about failing to meet the Thai government's 800,000 baht savings or income requirement because their pensions have been devalued so much?

 

Regards,

 

Joe

[robertthebruce]

 

 

I am sure it might effect some Brits, but fortunately not myself......

 

Like everything else, it will bounce back in the future.....

[evadgib]

Not yet

[ajarngreg]

I hope the Brexit will have some more negative impacts. 

[CNXBKKMAN]

For somebody only just making the 800k with a 50 baht exchange rate then then they will have a problem at 43 or lower. I am sure there will be people in this situation. 

      I don't think anybody will be shocked if it goes lower but it when it all doom and gloom things get oversold and it could be a great time to be buying pounds if you have a lot of THB. 

     I do remember a similar exchange rate in 93/94 but everything cost so much less. Restaurants, beer , food was easily half the price of now .

[Bill97]

No big deal if CM looses some Brits, is it?

[cooked]

There are other currencies that are slipping against the Thai Baht, and this isn't necessarily because of economic turn downs in the countries involved. Financial institutes are always looking for a way to make a few pounds, selling in anticipation of a drop just because a date for the implementation of the Article 50 has been announced.

British exports will increase as the pound gets cheaper, it was probably overvalued anyway.

Always have a plan B ready in Thailand.

 

[KhonKaenKowboy]

Things must be pretty bad over there, it looks like PM May can,t afford to go to the dentist.  

[alant]

Brexit, great excuse to hide the economic woes of the British economy. Yes it is a bummer but just have to manage. 

[worgeordie]

1 hour ago, KhonKaenKowboy said:

Things must be pretty bad over there, it looks like PM May can,t afford to go to the dentist.  

Or Trump a decent haircut.

regards worgeordie

[KhonKaenKowboy]

3 minutes ago, worgeordie said:

Or Trump a decent haircut.

regards worgeordie

And Hillary's pantsuits represent class?

[worgeordie]

I think lots of expats will be worried if the Government

raises the 800,000 THB requirement,it's about the only

thing they have left to further annoy.

"Rich guys in Poor guys out"

regards worgeordie

[Baerboxer]

1 hour ago, Bill97 said:

No big deal if CM looses some Brits, is it?

 

Bit like your post then?

 

Any intelligent comment on exchange rates? No, thought not. Mind you don't fall off that bar stool  now.

[Baerboxer]

Check your % Joe. That's a 17% fall. 

 

Most pundits were suggesting the pound was too high even before Brexit and forecasting a much lower rate by the end of the year against the USD. Anticipating a FED interest rate increase.

 

Many were predicting a GBP dollar rate of 1.20 by year end. It was trading at 1.45 to 1.49 range before Bexit and had strengthened a little. 

 

The rate against the ThB is down by a similar %. 

 

Very hard to predict FX with all the nuances and surprises including trader thinking. But budgeting at 1.20 to 1.25 at the moment seems reasonable. 

 

It was not so long ago that some were predicting the USD was down the pan, going to collapse and take the world down with it. 

[prakhonchai nick]

Shoeless Joe needs to brush up on hismaths. From the figures he quotes, the loss is 17%

[Sparkles]

Nice to see some other people sharing the pain. The Aussie $ was a while ago 32 baht to the $A it went as low as 23 baht to the $A and is now back up to 26 baht to the $A.The Brixit issue was always going to affect the English pound.

 

Of course the Thai baht could devalue to help exports , but dont hold your breath,considerable loss of face involved.

 

 

[dave2]

2 hours ago, Bill97 said:

No big deal if CM looses some Brits, is it?

 

ouch !

 

dave2

[Suradit69]

51 minutes ago, worgeordie said:

I think lots of expats will be worried if the Government

raises the 800,000 THB requirement,it's about the only

thing they have left to further annoy.

"Rich guys in Poor guys out"

regards worgeordie

"Rich guys in Poor guys out"

 

Surely most people saw the writing on the wall and topped their Thai bank accounts up to cover the Baht 800,000 bank balance requirement. You have to laugh at the people who purposely live month to month because they don't think it's safe to keep money in a Thai bank or because they're earning a couple percent more by keeping their money in a bank in Old Blighty or one of the shaky European banks.

 

In any event, I'm pretty sure most of us spend more than Baht 65,000 a month without being labelled "rich."  That's only about GBP 1500 a month or £18,000 a year.  If you can't muster that maybe you should return to the embrace of the nanny state. You could get on the waiting list for a council flat.

Edited October 7, 2016 by Suradit69

[elgordo38]

45 minutes ago, KhonKaenKowboy said:

And Hillary's pantsuits represent class?

Yes she is in a class all by herself.

[Suradit69]

2 hours ago, Bill97 said:

No big deal if CM looses some Brits, is it?

Let loose the Brits!

 

Or did you mean "loses." 

[The Dark Lord]

Currently diving to 43.3 oh joy!

 

dont forget those who have to also suffer from the obscene FX rates that the banks charge along with their commission for transferring your money out here.

 

sadly Europe is in the hands of the greedy money grabbing parasites ( read banks) which was one of the primary reasons why I left those shores myself. Yes the FX rate hurts us all but it does give us an opportunity to lose weight by maybe drinking one less beer or eating less . It's called tightening our belts.

 

according to the world bank or some such nonsensical bunch of clowns the pound will strengthen by early 2017 just in time to renew my visa.

 

off for a beer now!

[maingmoom]

2 hours ago, ajarngreg said:

I hope the Brexit will have some more negative impacts. 

Can you tell us why you would like to see more negative things happening because GB decided on Brexit.

[helloagain]

2 hours ago, ajarngreg said:

I hope the Brexit will have some more negative impacts. 

Really ........no money no honey. If forienger not have money they can not spend it here ???? Think about that

[Jack Mountain]

32 minutes ago, helloagain said:

Really ........no money no honey. If forienger not have money they can not spend it here ???? Think about that

So maybe the Thai will decide to lower the 800K barrier? Maybe not, just an idea.

[Krataiboy]

52 minutes ago, Suradit69 said:

"Rich guys in Poor guys out"

 

Surely most people saw the writing on the wall and topped their Thai bank accounts up to cover the Baht 800,000 bank balance requirement. You have to laugh at the people who purposely live month to month because they don't think it's safe to keep money in a Thai bank or because they're earning a couple percent more by keeping their money in a bank in Old Blighty or one of the shaky European banks.

 

In any event, I'm pretty sure most of us spend more than Baht 65,000 a month without being labelled "rich."  That's only about GBP 1500 a month or £18,000 a year.  If you can't muster that maybe you should return to the embrace of the nanny state. You could get on the waiting list for a council flat.

 

 

Good to see the milk of human kindness is still flowing,

[chiang mai]

2 minutes ago, Krataiboy said:

 

Good to see the milk of human kindness is still flowing,

 

He does have a point, as indelicate as it may seem.

[NoshowJones]

3 hours ago, Bill97 said:

No big deal if CM looses some Brits, is it?

Certainly not the shirtless buffoons in Pattaya.

Oh! while I'm here, what country do you come from? I bet you don't answer that.

[Chicog]

4 hours ago, Bill97 said:

No big deal if CM looses some Brits, is it?

 

Well apparently the literacy level would drop.

[Tapster]

Don't get me started! 

Brexit was a massive mistake. 

The Pound would never have fallen otherwise. 

If the Pound stays low and the 800k goes up, we should all be sorry for ourselves and anyone who is in dire straits as a result. 

[sanemax]

I have lost 20 % of my income recently .

I completely gave up drinking .

I used to spend 40 % of my income on alcohol .

I m 20 % better off and 6 kilos lighter .

And healthier and happier