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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?
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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.
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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
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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
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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
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Linz ************
ORIGINAL POSTER
@Graham ******
 the 75k was as an example but still a valuable lesson, thank you 👏🏼👏🏼👏🏼
a year ago
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Linz ************
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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
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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
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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
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Gordon *********
It called cut your cloth to your means
a year ago
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Marc ********
I sit on beach road in Pattaya and beg.

Sometimes I play air guitar too.
a year ago
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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
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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
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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
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Keith *******
@Linz ***********
 you get the going exchange rate and your fee would be £10, it's a no brainer
a year ago
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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
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Linz ************
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Keith *******
a year ago
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Keith *******
@Linz ***********
a year ago
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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
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Alistair **********
@Linz ***********
 £1000 to Baht. Wise gives you 44,745฿ vs some alternatives
a year ago
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Linz ************
ORIGINAL POSTER
@Alistair *********
 W0W! Thank You 👍🏼
a year ago
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Linz ************
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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
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Alistair **********
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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
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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
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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
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Linz ************
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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
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Jeffrey ************
That's why you require substantial savings..
a year ago
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Jeremy ********
You do realize that there is the exchange rate then there is the exchange rate the bank will give you….
a year ago
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Linz ************
ORIGINAL POSTER
@Jeremy *******
 yes, the interbank rate👍🏼
a year ago
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Linz ************
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Steve ********
Simply decide which of the two scenarios is critical to you, and act accordingly. Simple enough
a year ago
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Paul *******
Not sure what you are asking. My budget has been about 50,000 thb per month.
a year ago
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Neil ******
Send money via Wise as needed. 2 mthb per transfer.
a year ago
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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
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Brandon ************
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