Covid-19 wipes out 95 per cent of currency exchange business

By THE NATION

 

 

Currency exchange businesses have been severely affected by the Covid-19 crisis, with transactions down almost 95 per cent in value from last year.

 

 

Superrich Currency Exchange (1965) president Piya Tantivachayanon said the money exchange business had been impacted severely after airports were closed in March.

 

Presently, total money exchanged was around Bt20 million per day, or Bt440 million per month, he said. For the whole year, total exchange would be Bt5.28 billion, down 95 per cent compared to last year's Bt108 billion.

 

However, Piya said it was hard to estimate the outlook for the year as he had not faced this kind of a situation before. Most of SuperRich exchange this day has been from border trade.

 

After the Covid-19 situation is resolved, SuperRich’s structure would be changed to digital platform, he said. The company aimed to offer new, financial services and products, such as exchange of digital currencies.

 

The company has cut executives’ salaries by 5 per cent from March until the virus situation ends. Also, it has closed four branches, leaving only four branches open. The shut branches are being prepared to serve its new business in the future.

 

Sawasdee Shop’s chief executive officer, Aswin Phlaphongphanich, said the exchange business of his corporation, DeeMoney, had lost 95 per cent of total exchange due to the Covid-19 situation.

 

One exchange branch in Nana area of Bangkok has been closed for two weeks, but others have opened as usual, he added.

 

In the future, he said the currency exchange business would be changed to digital form and provide cashless services to customers.

 

Source: https://www.nationthailand.com/news/30386311

 

-- © Copyright The Nation Thailand 2020-04-19

 

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3 minutes ago, rooster59 said:

In the future, he said the currency exchange business would be changed to digital form and provide cashless services to customers.

 

That actually would be great....why have to queue up when you can link accounts electronically pretty much anywhere.

That is what is being pushed everywhere... New digital currency (not Bitcoin but government controlled) so they can keep tabs on everything you buy...

 

But most tourists don’t have bank accounts, let’s see what happen in the future. I wish they accept debit card transaction without certain percentage charge in the near future.

And with all of your bank details held on your smartphone along with all of those lovely "free" apps - so easy to steal your information.

Edited April 19, 20206 yr by Tropicalevo

9 minutes ago, cornishcarlos said:

That is what is being pushed everywhere... New digital currency (not Bitcoin but government controlled) so they can keep tabs on everything you buy...

 

 

Yes.  But they are more interested to know what you sell, or earn, so that it can be taxed.

I still don't know which Superrich company is the real one...one is a copycat.

 

Also it would been nice if it was published here which ones are still open.

11 minutes ago, kevin612 said:

But most tourists don’t have bank accounts, let’s see what happen in the future. I wish they accept debit card transaction without certain percentage charge in the near future.

I wished i could give foreign cash to Superrich and they would put it on my phone which needs an app so i can pay with it in ANY shop and public transport...by NFC chip.

7 minutes ago, Antonymous said:

 

Yes.  But they are more interested to know what you sell, or earn, so that it can be taxed.

 

Correct

8 minutes ago, Youlike said:

I still don't know which Superrich company is the real one...one is a copycat.

 

Also it would been nice if it was published here which ones are still open.

Photo in the article suggests the copycat (real one is Green)

 

10 minutes ago, dinga said:

Photo in the article suggests the copycat (real one is Green)

 

The rates in similar locations are almost identical. In fact the Green Superrich in Central Rama 9 has worse xchange rates than the Orange Superrich in the  MetroMall just downstairs at the MRT.

I would think the overhead is low and profit margin pretty decent in these places. Girls stuck in small boxes probably making 400 b a day.

And as the article says, over 100 billion b exchanged last year.

Got to be a very profitable business.

 

 

Edited April 19, 20206 yr by bkk6060

This has got to be the most misleading headline of the day.

 

Last I checked on Friday the Forex markets are extremely active and volatile.

 

It's only the currency booths in Thailand this article is concerned with.

 

Forex markets are alive and well.

 

The business/CEO sounds smart - shut down 4 branches = no rent, then move online to lower overheads and boost profits. If/when covid passes, just re-opn with cheaper rents - it will be a renter's market. 

16 minutes ago, Logosone said:

This has got to be the most misleading headline of the day.

 

Last I checked on Friday the Forex markets are extremely active and volatile.

 

It's only the currency booths in Thailand this article is concerned with.

 

Forex markets are alive and well.

 

It will take ages for Folks to recognise Fake News.Id bet 70% of the Posters here never look at Forex, but react to some <deleted> about the deminishing returns of some Rich Guy.

5 hours ago, rooster59 said:

The company has cut executives’ salaries by 5 per cent from March until the virus situation ends.

I think the chances of an executive losing a massive 5% of his wage  and becoming destitute are pretty slim

8 hours ago, tonray said:

That actually would be great....why have to queue up when you can link accounts electronically pretty much anywhere.

Hate the idea. Ppl worry about big brother spying on them yet they don't mind volunteering information about their finances and transactions.

2 hours ago, RichardColeman said:

I think the chances of an executive losing a massive 5% of his wage  and becoming destitute are pretty slim

Perhaps they feel that having lost 95% of the business, there's only 5% left so that's all they can cut the top salaries by. Having fired everyone else, there should be a few bits left for the top men. Assuming 5% creamed off transactions, even on just 5.48bn, it leaves a mere 274 million to pop in the trough.

 

8 hours ago, bkk6060 said:

I would think the overhead is low and profit margin pretty decent in these places. Girls stuck in small boxes probably making 400 b a day.

And as the article says, over 100 billion b exchanged last year.

Got to be a very profitable business.

 

 

My question is? Now that business is down will they be looking at getting help from government?????