Further drop in the value of the British Pound

[Travellerdave]

I noticed today that £1 had dropped in value below 43 baht. This must start having an impact on visitors and especially expats from Britain. Not so long ago before the brexit vote, I was getting more than 50 and when I first discovered Pattaya it was frequently more than 70.

Quite a few common items seem now more expensive in Thailand than in the UK. There is no doubt that it's no longer the inexpensive holiday destination it once was. Boys expectations seem to have increased. I recollect paying about 1000 baht for a boy's services for 24 hours costing me 14 GBP in 2003, whereas now you are probably looking at 2000 costing 48 GBP.

A gay friend of mine has now discounted Thailand in favour of European resorts for holidays saying they are less expensive when taking into account air ticket costs.

I think the euro has weakened against the baht also but nothing like the drop experienced by the GBP. The US dollar has been fairly strong and seems to move in tandem with the baht.

 

Sorry about this rant - but I had to get it off my chest

[biguyby]

Thanks to Brexit the exchange rate is now down to under 43 baht to the pound and I will be getting £25.00 less for every £100.00 I change compared to my trip in May last year before the Brexit vote when the exchange rate was around 53 baht to the pound.

 

Thank you Brexit - not

[traveller123]

Think about the expats who's pensions are now suddenly 20% less in Thai baht

[NIrishGuy]

At least they can budget and make small allowances accordingly over a medium to long period of time to soften that blow, think instead of the poor 2 week millionaires (like me) who come out, go nuts and blow a stupid amount of money partying all round them - it's now maybe going to result in ( god forbid) us having to cut down our beer or boy budgets ( or both) to ensure we don't creepp in to spending ANOTHER few million just to have the same fun as before.

 

I think THIS is a more pressing case that ex pats and in fact I'm suggesting that the board perhaps sets up and emergency relief fund ( hand, mouth and ass relief that is) to ensure that no traveller has to go with out during these testing times.  If the Red Cross can organise keep people fed and watered I don't see why the board can't organise seeing it's members continuing to be fed, laid and breed to the same standards that we've become used too.

 

Anyone wishing to make a donation to the cause just message me with your credit card details or bank account numbers and I'll  start the paperwork and once the money starts rolling in I'll be SURE to come back to the board and report the current accurate and up to date income totals - probably ...... lol

[zombie]

Think about the expats who's pensions are now suddenly 20% less in Thai baht

And have heard stories of retirees being unable to meet the financial conditions for their retirement extension due to the drop in the value of the pound.

[Travellerdave]

Wandering about Pattaya as I do, I see many 60+ farangs and a good proportion of them are Brit expats. No doubt the latter are living on pensions paid in pounds plus maybe capital raised from selling houses in the UK. The expectation would have been a much more favourable exchange rate, maybe the 70=£1 applying in years 2002/2003.

I think the minimum required to maintain a reasonable standard of living in Pattaya would be about 70,000 baht per month which equates to £1620 for Brits. This is way above the average state 65+ pension (mine is £1250 which is just about as high as you can get , having been in SERPS and have paid to get it enhanced). The 70000 would not allow for much entertainment or boyfriend/girlfriend. The risk of medical problems must weigh heavily for the 65+ as insurance is virtually impossible or hugely costly for them to obtain.

Cost of sitting on Dongtan Beach for a few hours yesterday was 120 baht including a cup of tea. Mind you I prefer those padded recliners which are taking over from the canvas chairs. No eye candy in sight unfortunately.

 

No doubt many brexit voters are regretting their choice when they take a foreign holiday or fill up the car. The financial world has given its verdict and dumped the pound.

[biguyby]

At least they can budget and make small allowances accordingly over a medium to long period of time to soften that blow, think instead of the poor 2 week millionaires (like me) who come out, go nuts and blow a stupid amount of money partying all round them -

I've never been a 2 week millionaire, or a even a 3 or 4 week millionaire I've always been a 4 week "Cheap Charlie" and the way the pound is dropping in value at the moment it looks like I will have to be an even "Cheaper Charlie" - lol

[WelshGuyUK]

This is a really informative and interesting thread. Sadly not one that helps me make my mind up as to my plans in 11 months.

 

I love Thailand........the food, the people, the weather, the general feel good factor of being there.

 

However, seeing the pointers about the exchange rate and high prices makes me feel prematurely that my bubble is being burst before even retiring there for say 6 months of the year from Feb 2018.

 

Despite the drop in the pound post Brexit.....what would forum members advise me?......

 

I have been told before that Vietnam is like Thailand was 20 years ago......but when I have been there on 2 separate occasions, the spoken English doesn't seem as good but I do find the boys cute enough

 

Please advise . Thank you

[NIrishGuy]

Welsh guy if money is a factor but you still want cute boys and great english etc consider the Philippines perhaps, certain areas are beautiful  - with lots of cute ( and available) guys to match it seems.

[WelshGuyUK]

Welsh guy if money is a factor but you still want cute boys and great english etc consider the Philippines perhaps, certain areas are beautiful  - with lots of cute ( and available) guys to match it seems.

Thanks for your reply sir ....

 

I have been to the Philippines twice now initially to Bohol 2 years ago........which was stunning and last Xmas / New Year  to a beautiful gathering of Islands called Palawan.....voted in the top 10 most idyllic places in the world and I agree. Stunning !

 

However what I did notice in the Philippines was that the way of life is more laid back.....the customer service can be shockingly bad and I didn't find the country particularly cheap. Lots of things are way more expensive than the UK and I do feel for the population as they earn low wages.

 

My Philippine partner is coming with me on a tour of Thailand on 25 March and can't wait to show him the lovely people and food of Thailand.

 

I think the draw of the people and food (and of course cute boys) still steers me to Thailand. Maybe just got to take the low exchange rate on the chin . It is early days with Brexit so hopefully things will change as time goes on.

[reader]

Welsh Guy, good news is that you have time to consider your move: use it wisely and keep your options open.

 

I think it's still a bit early to predict on how Brexit will play out regarding currency, although a trend seems to be developing. Bear in mind that sage investor advice: past performance is no guarantee of future results.

 

Assume that you've already considered the biggies: age, health care options and availability, best/worst case income projections.

 

Dismiss any thoughts of buying a new or second home overseas. The condo market in Thailand is unpredictable and fraught with uncertainties. Reasonable rental opportunities abound.

 

Remain confident and keep reading the boards. That's the best way of getting the pulse of what's happening in Thailand and elsewhere. Members have repeatedly demonstrated a willingness to share their mistakes as well as their successes.

 

Good luck!

 

 

 

 

 

[ChristianPFC]

...the spoken English doesn't seem as good...

 

Wherever you decide to retire, my advice is to learn the language. That will give you independence and save a lot of money.

[Londoner]

To my chagrin, I had to send some money urgently to my bf....Western Union were giving 40bht to the pound. A record?

[Alexx]

To my chagrin, I had to send some money urgently to my bf....Western Union were giving 40bht to the pound. A record?

Maybe. Open a Thai bank account for yourself, fund it when the exchange rate is favorable and make instant, domestic transfers to your boyfriend's bank account whenever the need arises. I'd say that's the best way. Western Union has very bad exchange rates on top of their fees, but I guess you already know that.

[vinapu]

 I had to send some money urgently to my bf...

buffalo died or got stolen?

[Guest Steve1903]

Ohh I'd love to have the 70B = £1 days back again. If the exchange gets much worse then stand by for a spate of flying farang items in the Pattaya News.

 

Doesn't help the boy bars either. If I was going over now I'd be thinking more of online apps than bars. 400B for a drink comes to nearly £10 now. That's a hell of a lot if you're getting a couple and then add a boy drink then moving on barhopping......add an off fee and two hours with boy of choice and you're looking at a fair amount of money. Cheaper/just as cheap to get an escort here and if the choice was to my liking it's just what I'd do.  

[biguyby]

buffalo died or got stolen?

Buffalo was struck by lightning and went crazy and crashed into Mama and Papa and they are both in hospital with big bill - PMSL

[Jasper]

At least FTSE100 is doing well, hit record high this week thanks to the weak pound.

[Guest Stewart]

I opened an online Caxton fx currency account. The account allows you to also have a secondary visa card in the name of a friend or family member. I find this useful as I can instantly add money to the account from my bank debit card using the app and then my b/f can access this money instantly at any ATM machine. Today he withdrew 5000 tbh + ATM fee and the amount debited from the account was £124.61 making the exchange rate just below 42tbh /£. Caxton do not make any charges for using an ATM. From me adding the amount to the account and him accessing it was less than 10 minutes. Its a huge upgrade to western union that I used to use.

Barclays, in comparison, gave me a rate of 42.73 tbh/ £ plus they also swipe an additional £8.08 currency / ATM charge when I took 10,000 + 220 fess at the airport when I arrived. This makes their actual ex rate of just over 41 tbh/£ !!! Robbing Ba$%^ds.

My boy certainly his his fair share of family emergencies !!

[emailbroken]

Buffalo was struck by lightning and went crazy and crashed into Mama and Papa and they are both in hospital with big bill - PMSL

 

buffalo died or got stolen?

We were all thinking that but really none of our business.

[Travellerdave]

In the 15 years I've been coming to Pattaya I've heard hundreds of these buffalo stories, yet none of my many boyfriends or offs over these years have tried to extract money from me on the strength of deceased buffalo. I feel rather deprived !.

Yes everyone who was lucky enough to be in LOS during that golden era (2001 to 2005 ?) when the pound was 70+ remembers the incredible value to be had. I think I paid as little as 800 baht for a nice hotel and once during my second trip I enjoyed a night with a street boy paying 500 baht I.e. About £8 !.

[gerefan]

 

Barclays, in comparison, gave me a rate of 42.73 tbh/ £ plus they also swipe an additional £8.08 currency / ATM charge when I took 10,000 + 220 fess at the airport when I arrived. This makes their actual ex rate of just over 41 tbh/£ !!! Robbing Ba$%^ds.

My boy certainly his his fair share of family emergencies !!

 

Hence, I never change anything, or buy anything, at any Airports ever!

[Guest]

Despite the drop in the pound post Brexit.....what would forum members advise me?......

There have been some bizarre comments from other posters in this thread, but you're asking a good question.

 

People need to grasp a few basic principles.

1   Living costs can vary from living almost like a poor Thai in some rural village to staying in fine hotels and renting boys every night. 

 

2  Prostitution is a premium price service.   We have no divine right to earn a high income in our own countries and find permanently cheap money boys in other countries.  

 

3  Exchange rates move.   A lot.    This is a known.   We need to deal with it.  In the 1980s alone, the number of dollars to the pound varied from just over $1 to somewhere around $2 (approx).   In the last 10 years the maximum number of yen to the pound is about twice the minimum.    Do not plan on a 42 baht exchange rate.    Understand how you would manage if the rate went down to 30 or up to 50.    Then think about the rate going down to 25.

 

4  Despite working in relatively a wealthy country, when retiring, no one is going to provide any of us with an inflation indexed Thai baht pension.    So we need to deal with that part ourselves.

 

 

What to do about it ?

 

Here are some of the things I'm doing to assist future retirement.

 

1  Budget for a far worse exchange rate than the current one.

 

2  If you have any form of investments, such as a defined contribution pension, or ISAs, since you have been planning on spending X % of the year abroad in Thailand, hopefully you have long been investing X% of your pot in Asia to reduce exchange rate risk.    [Putting it all in Thailand would be excessively risky  -look at wider Asian investments].

Anyone who is retiring at 60 should be thinking about maybe another 25 years & a lot can happen after that.

 

3 Live within your means.   If you live like the exchange rate is 30 & invest the rest, then if it drops to 30, there is no need to come home.   

Some really will spend 4000 baht a night on hotels, then not know what to do when the exchange rate drops by another 10%.     When they could have been living in a 1000 baht hotel & saving money.

 

4  Consider other economies.    It really is not necessary to have an expensive car on your drive.  My very old vehicle still works just fine.

 

5  Consider other sources of income, like renting your spare rooms in the UK out to lodgers.

 

 

Incidentally, if you think a weak exchange rate is bad, what about currency controls ?

Many members might appreciate that exchange rate controls were in place in the UK for decades prior to an improvement in government in 1979.   Link below. 

I believe Iceland reintroduced controls in 2008 & only recently removed them. 

 

An offshore account is the obvious insurance policy for that.   I'm suggesting the fully declared tax paid variety.

 

http://www.telegraph.co.uk/news/uknews/1554684/Memories-of-a-doomed-currency-limit.html

[biguyby]

I'm not really complaining. I remember the first trip I made outside the UK in the 1970's when there was a limit set by the government that holiday travellers were only allowed to take £50 out of the country.

 

I now just work out how much I will need to meet my (total) daily budgets plus a little bit of backup cash too.

 

It's still a great value holiday for me.

[Guest]

I'm not really complaining. I remember the first trip I made outside the UK in the 1970's when there was a limit set by the government that holiday travellers were only allowed to take £50 out of the country.

 

I wouldn't rule out a return of such limits in the next 30 years, if there is a sterling crises.    

Those saving their own money for retirement can open overseas bank & stockbroking accounts to mitigate the risk.