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Expats feeling the pinch as GBP sinks to an all time low against the THB


webfact

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Expats feeling the pinch as GBP sinks to an all time low against the THB

 

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The British pound sank to a new low against the baht on Monday.

 

The pound slumped to just 37.55 baht.

 

Analysts said the fall came after more rhetoric from the British government, which is stepping up its plans in the event of a no deal Brexit. 

 

The situation is further compounded by the strong baht.

 

Searches on multiple exchange rate websites on Tuesday morning make for grim reading for British expats. 

 

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Image: exchange-rates.org 90 day history

 

And things could get worse - with analysts from KBank last week predicting the baht will remain firm until the end of the year.

 

It’s not only British expats who are affected by the exchange rate, Aussie expats in Thailand are also feeling the pinch, where it is a similar story with the Aussie dollar. 

 

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Image: exchange-rates.org 90 day history

 

One Aussie expat in Pattaya told Thaivisa recently how the best part of 25,000 baht has been wiped off his pension.

 

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

 

However, that same AUD3,000 is now only worth about 65,000 baht. 

 

David said that while he plans to stick it out, many of his other Aussie friends in Thailand have either already left Thailand or are considering it.

 

For Brits, the worse may yet be to come, particularly if the baht remains strong and a no deal Brexit proves unavoidable. 

 

 
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Currency exchange rates are just half the picture. Look at what's going on with interest rates.

 

If 500K in your home currency used to yield 4% in fixed income and now only yields 1%, that's a 15,000 lower pre-tax return per year and 150,000 lower return over 10 years. That's having an even bigger impact on standards of living than falling currency exchange rates.

 

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19 minutes ago, webfact said:

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

 

However, that same AUD3,000 is now only worth about 65,000 baht. 

David id lucky mine has gone from around 50,000 down to just over 36,000 and if it keeps sliding possibly wont make the requirement for immigration the only possible saviour will be the bi-annual increase to the pension in September .

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I have already mentioned before about Brexit  not going to be a good thing  for the UK

especially the exchange rate for expats here ( Pensions ect )  in Thailand and else where 

The people of the UK voted  to come out of the EU

Boris has promised to get us out by the 31st October with a deal or no deal

expect worse for the pound sterling in the near future 

 

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There are many ways of stretching money to make it go further. You just need to learn and adapt...or go home. Whinging solves nothing.

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5 minutes ago, PremiumLane said:

What you get when the nation (UK) gets hoodwinked and taken over by a bunch of right wing lunatics, who have no idea what they are doing and rely solely on hyperbole, bluster and outright bs

Brits still thinks european immigrants will be gone after brexit. 

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34 minutes ago, webfact said:

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

 

However, that same AUD3,000 is now only worth about 65,000 baht. 

Lucky b*stard, I'm only getting about 45K baht. Doing ok though. :smile:

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