thailand
Ask question

How do expats in Thailand manage fluctuating exchange rates for their budgets?

Exchange RatesFunding Life in ThailandPension TransfersMoney ManagementThai BahtFinancial Planning for ExpatsWise Transfer ServiceNon-O Retirement VisaCost of Living in Thailand
Jun 29, 2023
a year ago
Linz ************
ORIGINAL POSTER
*Comments Turned Off, I have the answers I need and the understanding so thank you to each and every one of you for taking the time to respond, seriously it is appreciated*

(Side Note, our home is now in the process of being sold, an offer has been accepted so we should be with you in or by November 🤞🏼)

Hi all

Hope you are having a great week

Question, how do you fund your life in Thailand

I don’t mean via a pension/ wage etc, and I am not referring to money transfer apps or third parties

IF your income is generated in your home Country which for me will be the UK (eg state or private pension)

I will be paid in English Pounds, yet my lifestyle will require Thai Baht

At the moment £1 is worth around 45thb, last week it might have been 39thb, next week it ‘could’ be 50thb

If you need say 75,000thb every month for your chosen Thai lifestyle, how do you do the

If I transfer £1600 every month, the amount I receive in Baht could be below the amount I need, if I transfer the equivalent of 75,000thb every month that could be more than my budgeted £1,600

How do you manage this please?
4,167
views
8
likes
91
all likes
31
replies
3
images
20
users
TLDR : Answer Summary
The discussion revolves around how expats in Thailand manage their finances considering the fluctuation of exchange rates between British Pounds and Thai Baht. Several participants share strategies such as using online money transfer services like Wise for better exchange rates, adjusting monthly transfers based on current rates, and maintaining substantial savings to cushion against unfavorable fluctuations. The need for careful budgeting depending on personal lifestyle choices and the impact of these financial strategies on maintaining a comfortable living in Thailand are emphasized.
NON-O RETIREMENT VISA RESOURCES / SERVICES
  • Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
  • For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
  • Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
  • Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
Kevin *******
Just work out how much baht you need and transfer that swings and roundabouts ! I use the post office better than wise last month !
a year ago
Like
Reply
Alessandro **********
I always transfer 2500, sometimes 3000 euro every month. If the converted thb amount is below my budget I will give up some night time excess for the month being
a year ago
Like
Reply
Graham *******
everybody the world is at the mercey of the financial markets! You need to remember that your state pension will be frozen when you declare yourself non-resident! you transfer what ever you need to finance your life style, if u do not have enough change your life style! You are impacted by fluctuating exchange rates and inflation! If u own your own property here then that will help but 75k is not going to go very far today let alone inj 5 years time!
a year ago
Like
Reply
Linz ************
ORIGINAL POSTER
@Graham ******
 the 75k was as an example but still a valuable lesson, thank you 👏🏼👏🏼👏🏼
a year ago
Like
Reply
Reply to
Linz ************
Reply
Marty *********
You are at the mercy of the exchange rates. Similar to inflation you just have to adjust your spending accordingly. You can look up the history of your exchange rate. Be sure you can afford to live here. Keep some savings available to fund you when the rates are less favorable.

I do wire transfers from my US bank when I need money. My US bank doesn’t charge me international transfer fees. If your bank does charge fees then you can wire larger amounts less frequently.
a year ago
Like
Reply
เจสัน ******
Most "retired" people live off their state / private pensions / savings as you are planning to do.

Each individual will budget accordingly with their lifestyle choices / exchange rates etc. There is no one size cap that fits all.

Monthly retirement income min requirement is 65k Thai Baht or 800k in Thai bank account to comply with Non O Retirement Visa regulations.

Anything else as they say is up to you. 🙂
a year ago
Like
Reply
Alistair **********
If you use the income method for retirement extension then make sure you meet that requirement each month. Other than that, when the rates good transfer a little more so you have some savings here. Find a rate you like and use it as your benchmark, then when it's above transfer more, or less when it's below.

You'll get a better return on your cash in the UK than here tho, so I'd probably not keep too much free cash here. But up to you.
a year ago
Like
Reply
Gordon *********
It called cut your cloth to your means
a year ago
Like
Reply
Marc ********
I sit on beach road in Pattaya and beg.

Sometimes I play air guitar too.
a year ago
Like
Reply
Martyn ***********
Use wise, it's cheap and rates good.. It usually comes in minutes..

And you don't need 75k a month imho...
a year ago
Like
Reply
Keith *******
Do it on the day using wise, put in you want to send
*****
Baht and it will tell you exactly how much you need to send including transfer fees, simple and cost effective
a year ago
Like
Reply
Linz ************
ORIGINAL POSTER
@Keith ******
 why send via wise?

Why would I not simply transfer x amount from my UK bank direct to my Thai bank and cut out the third party (or is this simply to avoid some of the high fees some banks charge?)
a year ago
Like
Reply
Keith *******
@Linz ***********
 you get the going exchange rate and your fee would be £10, it's a no brainer
a year ago
Like
Reply
Linz ************
ORIGINAL POSTER
@Keith ******
 thank you, I’ll be closing the comments shortly as I have the answers and understanding I need so again thank you, especially for the ‘Wise’ advice, 🍻👏🏼👏🏼👏🏼👏🏼
a year ago
Like
Reply
Reply to
Linz ************
Reply
Keith *******
a year ago
Like
Reply
Keith *******
@Linz ***********
a year ago
Like
Reply
Keith *******
@Linz ***********
 If you are here for a while you should open a wise account, you will save yourself a lot of money, the exchange rate is far superior than from your bank and the fees are very low.
a year ago
Like
Reply
Alistair **********
@Linz ***********
 £1000 to Baht. Wise gives you 44,745฿ vs some alternatives
a year ago
Like
Reply
Linz ************
ORIGINAL POSTER
@Alistair *********
 W0W! Thank You 👍🏼
a year ago
Like
Reply
Reply to
Linz ************
Reply
Alistair **********
@Linz ***********
 bad exchange rates. You'll cost yourself a lot if you use banks, whole reason these money exchange companies exist
a year ago
Like
Reply
Reply to
Alistair **********
Reply
Thomas *********
How long is a piece of string? When it comes to budget.

75k if you are not a monger or drunk will go along way. You can comfortably live on that here. Some live on less but depend on lifestyle.

Wise is the best way to bring money over. Make sure you get your Wise account verified.

Good luck Thailand is the place to be
a year ago
Like
Reply
Andrew ******
@Thomas ********
 I worked out sending via uk bank and wise last week, the difference was £400 more cost from the bank to send as the rate was much lower than wise but the bank charge was £9.50.

Wise charge was £100. It’s deceiving but if you do the maths, wise is better value than sending from a bank through swift. Hope that helps 😊
a year ago
Like
Reply
Linz ************
ORIGINAL POSTER
@Thomas ********
 Thank you, I have just asked someone else, why send via wise?

Why would I not simply transfer x amount from my UK bank direct to my Thai bank and cut out the third party (or is this simply to avoid some of the high fees some banks charge?)
a year ago
Like
Reply
Reply to
Linz ************
Reply
John **********
You need to keep an eye on the exchange rate and adjust what you send, or send a bit more than you need each month so you build up a cushion.
a year ago
Like
Reply
Jeffrey ************
That's why you require substantial savings..
a year ago
Like
Reply
Jeremy ********
You do realize that there is the exchange rate then there is the exchange rate the bank will give you….
a year ago
Like
Reply
Linz ************
ORIGINAL POSTER
@Jeremy *******
 yes, the interbank rate👍🏼
a year ago
Like
Reply
Reply to
Linz ************
Reply
Steve ********
Simply decide which of the two scenarios is critical to you, and act accordingly. Simple enough
a year ago
Like
Reply
Paul *******
Not sure what you are asking. My budget has been about 50,000 thb per month.
a year ago
Like
Reply
Neil ******
Send money via Wise as needed. 2 mthb per transfer.
a year ago
Like
Reply
Brandon ************
Make up the difference with savings.

Cut back on the months when exchange rate is not good.

Plan for hard times.
a year ago
Like
Reply
Reply to
Brandon ************
Reply
Thai Visa Advice and Everything Else
... members · 60% approval rate
The Thai Visa Advice And Everything Else group allows for a broad range of discussions on life in Thailand, beyond just visa inquiries.
Join the Group
Thai Visa Advice and Everything Else
View the Conversation
Thai Visa Advice and Everything Else
Why is the Thai Baht strengthening against the GBP and how can I optimize my currency exchange for a visit to Thailand?
204 comments
2 months ago
What are the most cost-effective methods to transfer funds to Thailand for retirement?
86 comments
3 months ago
What are the implications of the GBP to THB exchange rate increase for UK expats in Thailand?
161 comments
4 months ago
Is it better to apply for a retirement visa in Thailand or from the UK, and how should I manage my funds?
19 comments
5 months ago
What are the best methods to transfer money to Thailand while avoiding high fees?
74 comments
6 months ago
How do expats manage their bank accounts when forced to move financial assets to Thailand?
85 comments
10 months ago
What are the best options for transferring money to Thailand for a long-stay visa?
50 comments
a year ago
What are the best options for carrying money to Thailand without incurring high fees?
105 comments
a year ago
What are the best strategies for managing funds and converting currency while on a Non-O retirement visa in Thailand?
18 comments
a year ago
What is the best way to send money from the UK to Thailand: in Baht or Pounds Sterling?
50 comments
a year ago
What is the best way to transfer £20,000 to a Bangkok Bank account for retirement in Thailand?
40 comments
a year ago
What are the best methods to access cash from a foreign pension in Thailand?
34 comments
a year ago
What are the best banks and methods for online money transfers to Thailand as an expat?
62 comments
a year ago
What are the best options for transferring AUD to THB, besides Wise?
35 comments
a year ago
What is the best way to transfer funds to Thailand for visa purposes and minimize costs?
290 comments
2 years ago
What are the best and cheapest options to transfer money from the UK to Thailand?
156 comments
2 years ago
How can I manage my UK bank account for pension payments while living in Thailand?
56 comments
2 years ago
What is the best way to transfer funds from a UK bank to Thailand as an expat?
38 comments
2 years ago
Should I let Centrelink pay my pension directly to my Bangkok bank account or use a private transfer service?
63 comments
3 years ago
What are the best ways to transfer THB from Thailand to the UK?
35 comments
3 years ago
What are the best ways to manage money while living in Thailand?
64 comments
3 years ago
What are the best options for managing finances as an expatriate retiring in Phuket, Thailand?
61 comments
4 years ago
What are the cheapest ways to send money from the UK to a Thai bank account for visa purposes?
183 comments
4 years ago
How can I extend my stay in Thailand based on retirement and savings?
0 comments
7 years ago
What are the best options for obtaining an 'O' Retirement Visa in Thailand after turning 50 while managing currency exchange issues?
57 comments
7 years ago
Data protection policyTerms and conditionsDisclaimerPrivacy policyRefund policy
The asq:thailand community, consisting of multiple Q/A groups with over 100,000 members, powers this platform. It is not an official government resource. Our members actively contribute to this resource, and while we strive for accuracy, we cannot guarantee its complete reliability. Assistance to travelers is provided as a community service.