GBP Pound Continues to Take a Pounding

[Naam]

34 minutes ago, meatboy said:

1st.round 8.15am.43.60 only 2more since 9.14am.43.65 ITS GOING THE RIGHT WAY.

...because of the Supreme Court ruling. i expect a turnaround if/when article 50 is triggered and closed a straight forward trade. 3% in 4 trading days is a nice pocket money.

[meatboy]

17 minutes ago, Naam said:

...because of the Supreme Court ruling. i expect a turnaround if/when article 50 is triggered and closed a straight forward trade. 3% in 4 trading days is a nice pocket money.

just checked my acc.uk.ZERO INTEREST. so just a little bit more please 44 will do fine. got 10working days to achieve it.

[alfieconn]

32 minutes ago, Naam said:

...because of the Supreme Court ruling. i expect a turnaround if/when article 50 is triggered and closed a straight forward trade. 3% in 4 trading days is a nice pocket money.

Was that forward trade in THB / STG as i could never get any banks to me give me a forward price, at least not 6 months or longer ?

 

[DUS]

57 minutes ago, Deepinthailand said:

Not horrible you have to forget the heady days of last year and 55 to the pound. Reality is this figure between 43 and 45 will be the new normal for a while. 

 

Exactly!!!!! And that's why it is indeed extremely horrible. :-)

 

 

[Naam]

5 minutes ago, alfieconn said:

Was that forward trade in THB / STG as i could never get any banks to me give me a forward price, at least not 6 months or longer ?

 

due to certain restrictions you can't trade any Thai Baht in substantial amounts offshore, neither straight forwards nor options. a substitute is trading GBP/USD, not always but most of the time.

[Deepinthailand]

10 minutes ago, DUS said:

 

Exactly!!!!! And that's why it is indeed extremely horrible. :-)

 

 

If you came to Thailand d yesterday would it still be horrible? 

[DUS]

5 minutes ago, Deepinthailand said:

If you came to Thailand d yesterday would it still be horrible? 

Yes, of course it would :-)

[Deepinthailand]

29 minutes ago, DUS said:

Yes, of course it would :-)

Even though you would be getting the expected echange rate and you would never have had any higher and probably not even realise. Is what I'm getting at.

[DUS]

21 minutes ago, Deepinthailand said:

Even though you would be getting the expected echange rate and you would never have had any higher and probably not even realise. Is what I'm getting at.

I am absolutely aware of what you are trying to say but this blissful ignorance of the past is something I don´t have so "in real terms" when the exchange rate of the currency  you are converting to TBH is 20% or so (it is just a ball park figure now) below the average of the last 5 - 10 years, then yes, today´s rate is horrible. That doesn´t mean there is anything you can do about it. It´s a matter of fact (for the time being) and everyone wanting to exchange GBP/THB has to live with it. But it remains a shockingly low rate which prevents ME (!!) from describing a 44 exchange rate as "not bad", as another user has done. It is "not bad" when you consider it´s already been lower but it is shi$ when you know where we stood at just over half a year ago.

 

 

 

 

[alfieconn]

Regarding Doom and Gloom, the way to overcome this is to work out what rate you actually need to live here and anything above this is a bonus 

 

To be fair, looking at past rates isn't going to help you in the future so just erase them from your mind, i think it's called Positive Thinking

!  

Edited January 25, 2017 by alfieconn

[Deepinthailand]

35 minutes ago, DUS said:

I am absolutely aware of what you are trying to say but this blissful ignorance of the past is something I don´t have so "in real terms" when the exchange rate of the currency  you are converting to TBH is 20% or so (it is just a ball park figure now) below the average of the last 5 - 10 years, then yes, today´s rate is horrible. That doesn´t mean there is anything you can do about it. It´s a matter of fact (for the time being) and everyone wanting to exchange GBP/THB has to live with it. But it remains a shockingly low rate which prevents ME (!!) from describing a 44 exchange rate as "not bad", as another user has done. It is "not bad" when you consider it´s already been lower but it is shi$ when you know where we stood at just over half a year ago.

 

 

 

 

OK I can't live in the past comparing this to that. Same as If I need to echange money I just do it not wait for tm on the off chance I might get a few Stanags more. I have my money in a foreign currency account so exchange as required.

[meatboy]

1 hour ago, alfieconn said:

Regarding Doom and Gloom, the way to overcome this is to work out what rate you actually need to live here and anything above this is a bonus 

 

To be fair, looking at past rates isn't going to help you in the future so just erase them from your mind, i think it's called Positive Thinking

!  

exactly what ALFIE say's,never think what you get one month you will alway's get the next.i have been here when it was 38,so when moving here perminant i set an exchange rate that i would be comfortable with 42 i could have gone lower,so anything more is a bonus,but i let the bonus build up over the past 10yrs. receiving 46-72 to the gbp.i have a mate who is strugling now,moved here and set his expences at 48euro-now its 37.i dont thits been at 48 for 8yrs.or more.

so dont count your chickens as the eggs are strugling to hatch and you will find that with a frozen pension  you will not survive.

[SheungWan]

On 1/24/2017 at 7:46 AM, SheungWan said:

Sterling is due for further upward momentum Tuesday if the Supreme Court rules against the UK government.

 

On 1/24/2017 at 5:54 PM, SheungWan said:

Its gone down you oaf!

Not so fast smartypants! He was right you know. Just should have kept his gob shut until today.

[chiang mai]

1 minute ago, SheungWan said:

 

Not so fast smartypants! He was right you know. Just should have kept his gob shut until today.

Off the meds again SW?

[SheungWan]

4 minutes ago, chiang mai said:

Off the meds again SW?

Maybe.

[meatboy]

SCB yesterday only showed their rate up to 9.14am,bkkb 14.20 so lets see what today brings,fri.tomorrow we all know what happens.

[alfieconn]

17 hours ago, meatboy said:

exactly what ALFIE say's,never think what you get one month you will alway's get the next.i have been here when it was 38,so when moving here perminant i set an exchange rate that i would be comfortable with 42 i could have gone lower,so anything more is a bonus,but i let the bonus build up over the past 10yrs. receiving 46-72 to the gbp.i have a mate who is strugling now,moved here and set his expences at 48euro-now its 37.i dont thits been at 48 for 8yrs.or more.

so dont count your chickens as the eggs are strugling to hatch and you will find that with a frozen pension  you will not survive.

 

It's not a case of just setting the rate that you would be comfortable with, it's a case of the doing the calculation of which tells you at what rate you can go to before you are spending more than you are getting in ! 

[Deepinthailand]

1 hour ago, alfieconn said:

 

It's not a case of just setting the rate that you would be comfortable with, it's a case of the doing the calculation of which tells you at what rate you can go to before you are spending more than you are getting in ! 

What it comes down to is not what the rate is you are comfortable with or rate before spending more than getting in (presume you mean using credit cards) it comes down to what the rate is at the time you want to use it surley. 

[meatboy]

2 minutes ago, Deepinthailand said:

What it comes down to is not what the rate is you are comfortable with or rate before spending more than getting in (presume you mean using credit cards) it comes down to what the rate is at the time you want to use it surley. 

i only trans.once a yr.but 6months ago i had a private pension lump sum thats been sitting in the bank[uk] making zero interest.

but its a hard pill to swallow when the last trans i done i had 49.the difference being around 60,000bht.it does take a little time here in thailand to claw that back,when the interest is not that good,but better than at the moment NOTHING.

[petermik]

On 10/23/2016 at 8:17 AM, Banana7 said:

GBP at 42.8b today at Super rich in BKK, SCB is 41.945b. No end in sight for the slide.

 

Up until last week the fall in the pound had no affect on me personally as this time last year I transferred money from my UK bank @ 51.8 baht to pound to top up my retirement savings and been quite happily living on this,the proverbial muck hit the fan last week when the transfer came in at 41.9 baht,fortunately my monthly income is still well in excess of my outgoings but how some guys here are living on the UK pension alone bust be a nightmare especially if they budgeted on 50+ baht/pound when they decided to move here.

Hopefully it seems the pound is moving in the right direction again and long may it continue

[Deepinthailand]

When my pension gets transfered  my pension provider (Gibraltar based) sends money with the banks fx rates I get the rate seen on internet ie current rate as of say ten mins ago I wild have got 44.50 to pound.

[meatboy]

18 hours ago, Deepinthailand said:

When my pension gets transfered  my pension provider (Gibraltar based) sends money with the banks fx rates I get the rate seen on internet ie current rate as of say ten mins ago I wild have got 44.50 to pound.

and what bank was this. ?

 

 

[chiang mai]

20 hours ago, Deepinthailand said:

When my pension gets transfered  my pension provider (Gibraltar based) sends money with the banks fx rates I get the rate seen on internet ie current rate as of say ten mins ago I wild have got 44.50 to pound.

That looks like an XE rate rather than a Thai bank rate, the best you would get in Thailand currently is 44.18.

 

https://daytodaydata.net/

[Deepinthailand]

36 minutes ago, chiang mai said:

That looks like an XE rate rather than a Thai bank rate, the best you would get in Thailand currently is 44.18.

 

https://daytodaydata.net/

You could be correct all I know is what rate it achieves it comes from Credit Suisse (Gibraltar) Limited to my BBK account. Last month it was the exact same rate as was the internet rate at time of transferring.

[chiang mai]

Just now, Deepinthailand said:

You could be correct all I know is what rate it achieves it comes from Credit Suisse (Gibraltar) Limited to my BBK account. Last month it was the exact same rate as was the internet rate at time of transferring.

 

Perhaps they buy THB at the offshore rate, dunno.

[Deepinthailand]

13 minutes ago, chiang mai said:

 

Perhaps they buy THB at the offshore rate, dunno.

As I say I have no idea been this way since moving my pension to Gib some 10 years ago. Best decision I ever made 

Edited January 27, 2017 by Deepinthailand

[alfieconn]

On 1/18/2017 at 8:42 AM, chiang mai said:

Happy days, the Pound is back above 43 at Thai banks, the risk of 40 has ebbed,  Hallelujah, PM May has saved the expat Leo supply chain.

 

Tell me something, why do you  mock people who's income is in Sterling ?

[chiang mai]

1 minute ago, alfieconn said:

 

Tell me something, why do you  mock people who's income is in Sterling ?

"first make people laugh, and then make them think"

 

https://en.wikipedia.org/wiki/Satire

 

BTW some of my income is in Sterling.

[alfieconn]

22 hours ago, Deepinthailand said:

What it comes down to is not what the rate is you are comfortable with or rate before spending more than getting in (presume you mean using credit cards) it comes down to what the rate is at the time you want to use it surley. 

No i didn't !

[alfieconn]

1 minute ago, chiang mai said:

"first make people laugh, and then make them think"

 

https://en.wikipedia.org/wiki/Satire

 

BTW some of my income is in Sterling.

This is not the first instance, anyway you haven't answered the question !