Superrich Struggles as Savvy Tourists Opt for Travel Cards

[webfact]

Picture courtesy: Facebook Superrich

 

Renowned for its iconic orange brand, Superrich Currency Exchange (1995) Co is facing challenging times. Despite an influx of foreign visitors, transaction growth has flatlined in the first four months of this year, with the rise of travel cards signaling a shift in tourist preferences.

 

Superrich, a household name in currency exchange, saw its 2023 transaction volume remain steady at 32 billion baht (approximately £728 million), mirroring figures from last year. However, this stagnation has cast a cloud over the company's 2024 outlook. President and CEO Piya Tantivachyanon pointed to the growing lean towards digital payments as the primary culprit.

 

"Tourism has picked up, both outgoing and incoming. However, tourists are now favouring travel cards over traditional cash exchanges," said Piya.

 

This change poses a challenge for Superrich, deeply rooted in cash transactions. The company now projects a significant drop in net profit to around 100 million baht (approximately £2.3 million) in 2024, down from over 200 million baht (approximately £4.6 million) in previous years.

 

 

Efforts to branch into the travel card market have been thwarted by regulatory hurdles. Despite engaging in talks with the Bank of Thailand, travel cards remain exclusively within the purview of banks as debit card services, presenting a major setback for Superrich.

 

In a bid to stay relevant, Superrich has secured an e-wallet licence from the central bank and is in the final stages of testing this digital system. The company aims to launch its e-wallet service by the end of 2024, enabling transactions via QR codes and cash cards at their physical outlets.

 

"We are transitioning towards digital services and a cashless society. Superrich must evolve to keep up with the digital age," Piya explained.

 

Superrich has invested approximately 100 million baht in digital technology over recent years, but these changes have also led to a slowdown in their physical expansions, which currently stand at 34 outlets.

 

Meanwhile, regional competitor YouTrip – Southeast Asia’s top multi-currency digital payments platform – exemplifies the digital shift’s potential. Since its 2018 debut in Singapore, YouTrip has handled payments worth £7.8 billion via its travel card and boasted a remarkable 180% increase in payments and profitability in 2023 compared to the prior year.

 

This growing trend towards digital solutions leaves traditional money changers like Superrich facing an uncertain future, prompting a necessary pivot to adapt to the evolving market dynamics.

 

 

 

-- 2024-05-15

 

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[Purdey]

How is a travel card different from a debit card? 😕

[Liverpool Lou]

2 hours ago, webfact said:

Renowned for its iconic orange brand, Superrich Currency Exchange (1995) Co is facing challenging times. 

 

Superrich, a household name in currency exchange, saw its 2023 transaction volume remain steady at 32 billion baht (approximately £728 million), 

The company now projects a significant drop in net profit to around 100 million baht (approximately £2.3 million) in 2024

"Superrich Struggles as Savvy Tourists Opt for Travel Cards"

"...transaction volume remain steady at 32 billion baht..."

"...net profit to around 100 million baht (approximately £2.3 million) in 2024..."

Oh yeah, struggling AF!

[Sticky Rice Balls]

travel cards?  like a prepaid debit card? that could be lost...like travelers checks???? confusing....

 

good ole SUPA-LICH....at swampy airport in the basement my airport link and then id pop into the 7-11 down there to get my welcome back fuji tea!.......used to use the super rich in CM but my thai buddy told me about another shop that seems much nicer and had gotten around to the chinese and tourists as its packed in there everyday....im not saying the name of it either!

 

gotta say with the inflation im liking the exchange rate..not so much when i go home tho....

 

id tell SR thats its not about the travel cards but other shops simply offering better rates....its not rocket science...

[Sticky Rice Balls]

37 minutes ago, Purdey said:

How is a travel card different from a debit card? 😕

as i just posted...like the prepaid debit-visa cards...you lose that card and you are SOL......and id suppose the fees attached by using it...all they have to do is give a better rate and customers will return as i left them for another shop here in CM and i even see thais in there doing exchange and is always busy..unlike the once grand SR....

[WHansen]

41 minutes ago, Purdey said:

How is a travel card different from a debit card? 😕

I would presume a travel card could be used anywhere without the charges levied by your home bank for using your card abroad.

[CanadaSam]

Surprising that arguably the best money changer in Thailand has not seen the benefit of having a branch (or two) on beach road, either in central pattaya or jomtien, where there are possibly 100's of their competitors!

[VBF]

I can only comment on Pattaya, but IME TT Money Exchange https://ttexchange.com/ gives the best rates for cash (UKP to Baht) and there are loads of branches.

[cowellandrew]

What mug has used money exchange in the past 15 years?

Better rates on cards, bitcoin etc

😁😁😂

[SmartyMarty]

The same company that gave a tourist fake US currency a few years ago?

[brfsa2]

Travel cards are amazing if you can use them!

I just started using SCB Planet Travel card (https://www.scb.co.th/en/personal-banking/cards/prepaid-cards/planet-scb-card.html) It's sooooo good!!!

 

It's so good because you basically use the SCB app to Top up any currency, anytime, anywhere, without the 2-4% that most Cards use for foreign currencies. 

 

Example: 

 

I went to Japan in December last year, we bought some good amount of JPY from the SCB app and used the card every where in Japan, enough to pay the houses we stayed, food and transportation. 

 

Twice during the Trip we topped up the card with more JPY, right from the SCB app while still in Japan using 5G.

In the end we came back to Thailand only a few JPY left and I exchanged it back to THB. not a single coin!

 

Major benefits:

 

- No need to handle coins or paper money

- No need to handle Superrich queues

- No need to pay for extra exchange fees

- Easy to track what you spend in the SCB App

- SCB Card works everywhere (except inside taxis or buses)

 

If you need cash, no problem, use your SCB planet card to withdraw cash in Japan ATMs! we did that as well to pay at some shops that refused cards 😄 

 

PS: I'm no sales from SCB or have any links with them, I'm just an IT Infosec professional and I advice what is best in IT and security.

[brfsa2]

Unless Super rich gets into the Digital card or digital wallets, they are out of business in 5 years. 

Even crypto wont save them.

[GreasyFingers]

36 minutes ago, brfsa2 said:

f you need cash, no problem, use your SCB planet card to withdraw cash in Japan ATMs!

At what exchange rate? Or you do not ncare.

[susanlea]

More people use booking sites rather than paying hotels direct so they need less cash, then use debit cards for some items.

[treetops]

4 hours ago, VBF said:

I can only comment on Pattaya, but IME TT Money Exchange https://ttexchange.com/ gives the best rates for cash (UKP to Baht) and there are loads of branches.

 

Damini in Soi Post Office give a better rate and are open 24 hours but don't have the branch network of TT.

 

 

1 hour ago, GreasyFingers said:

At what exchange rate? Or you do not ncare.

 

When withdrawing at ATMs the exchange rate is set by the payment processor, usually Visa or Mastercard, unless you choose otherwise.  With no bank fees this is one of the most efficient ways to get cash abroad.  It was similar in Thailand before the ATM fee came along.

[Middle Aged Grouch]

Problem with most of those exchange boots in the airport basement is that they rarely have good stock of 100 THB notes. I always prefer to have a supply of 100's rather then flaunt aroung with a bag of 1000's as rarely people give the correct change back. Always annoying to have to look around the Suvarnabhumi basement for another bank with stock of 100 Bhat notes,  after the money exchange at the booth.

 

Apart from the digital geeks in their flip flops and absurd looks, people will always prefer ca$h to using a credit card.

[VBF]

1 hour ago, treetops said:

 

Damini in Soi Post Office give a better rate and are open 24 hours but don't have the branch network of TT.

 

<snip>

I did not know that - thank you. (Making note for next trip!)

Is it significant enough a difference to make it worth walking from Soi Lenke to Soi PO to change say £500 would you reckon or are we talking pennies / satang amounts?

Edited May 15 by VBF
ask question

[CygnusX1]

1 hour ago, treetops said:

When withdrawing at ATMs the exchange rate is set by the payment processor, usually Visa or Mastercard, unless you choose otherwise.  With no bank fees this is one of the most efficient ways to get cash abroad.  It was similar in Thailand before the ATM fee came along.

“unless you choose otherwise”. You have to be careful here, for the ATM I used a couple of days ago in Bangkok, the outrageous DCC rate (dynamic currency conversion) was set as the default, and you had to specifically opt out to receive the proper rate. Your home bank may also levy a rip-off exchange rate (big 4 Oz banks), so it pays to arrange an account with a bank at home that uses fair exchange rates.

[treetops]

4 minutes ago, CygnusX1 said:

“unless you choose otherwise”. You have to be careful here, for the ATM I used a couple of days ago in Bangkok, the outrageous DCC rate (dynamic currency conversion) was set as the default, and you had to specifically opt out to receive the proper rate. Your home bank may also levy a rip-off exchange rate (big 4 Oz banks), so it pays to arrange an account with a bank at home that uses fair exchange rates.

 

Agreed, and if possible choose one of each processor, Visa and Mastercard, to have a backup in case one network has issues.  I have that from two different UK banks.

[proton]

5 hours ago, SmartyMarty said:

The same company that gave a tourist fake US currency a few years ago?

Saw a tik tok today of a black guy in Cambodia who got fake $100 bills out of an ATM, so cards have some advantage

[richard_smith237]

7 hours ago, Sticky Rice Balls said:

travel cards?  like a prepaid debit card? that could be lost...like travelers checks???? confusing....

 

A little myopic that view point - a traveller could equally lose their cash or their debit card...   so singling out the 'travel card' is made somewhat moot.

 

 

8 hours ago, Purdey said:

How is a travel card different from a debit card? 😕

 

Its a 'currency card'...  i.e. you load up the card with currency of the nation you are visiting, and use that as you would a local card in that country....

 

As mentioned earlier: The SCB Planet card works like this... i.e. Going to Japan, load up the card with 25,000 bahts worth of JPY and pay the exchange rate at that time...  you then have about 106,000 JPY on your card and spend... no need to worry about international transaction or exchange fees etc.

 

HSBC do the same with their Global Money account - you can load up your card with the currency of the country you are visiting (not all currencies are covered though).

 

With the over-seas accounts (such as HSBC) you can add the Card to your Apple Pay or Google Wallet, so you don't even need the card, you can just pay with your phone - extremely convenient. 

 

 

There are plenty of options: Revolute is one of them.

 

 

4 hours ago, GreasyFingers said:

5 hours ago, brfsa2 said:

f you need cash, no problem, use your SCB planet card to withdraw cash in Japan ATMs!

At what exchange rate? Or you do not ncare.

 

When loading up the SCB Planet Account - you have already paid the banks (SCB) exchange rates at the time of initial transfer. 

That said: When withdrawing cash overseas the cost is 100 baht fixed fee.

 

 

 

 

 

Edited May 15 by richard_smith237

[NoDisplayName]

Millions of Chinese tourists can use their Chinese UnionPay cards almost anywhere in Thailand.

[TallGuyJohninBKK]

6 hours ago, brfsa2 said:

Travel cards are amazing if you can use them!

I just started using SCB Planet Travel card (https://www.scb.co.th/en/personal-banking/cards/prepaid-cards/planet-scb-card.html) It's sooooo good!!!

 

It's so good because you basically use the SCB app to Top up any currency, anytime, anywhere, without the 2-4% that most Cards use for foreign currencies. 

 

Example: 

 

I went to Japan in December last year, we bought some good amount of JPY from the SCB app and used the card every where in Japan, enough to pay the houses we stayed, food and transportation. 

 

Twice during the Trip we topped up the card with more JPY, right from the SCB app while still in Japan using 5G.

In the end we came back to Thailand only a few JPY left and I exchanged it back to THB. not a single coin!

 

Major benefits:

 

- No need to handle coins or paper money

- No need to handle Superrich queues

- No need to pay for extra exchange fees

- Easy to track what you spend in the SCB App

- SCB Card works everywhere (except inside taxis or buses)

 

If you need cash, no problem, use your SCB planet card to withdraw cash in Japan ATMs! we did that as well to pay at some shops that refused cards 😄 

 

PS: I'm no sales from SCB or have any links with them, I'm just an IT Infosec professional and I advice what is best in IT and security.

 

 

In my years of experience with them, SCB rarely does anything that's especially financially advantageous for their customers. Rather, they have some history of charging foreigners here lower than normal market exchange rates when the foreigner wants to do a cash advance/debit with their foreign credit or debit card via the bank.

 

I can't help but wonder if the reason you're telling us they don't charge "exchange fees" or foreign currency fees, per se, if because they've already built their profit into giving the customer doing those transactions a lower than market exchange rates on those fund conversions?

 

 

https://www.scb.co.th/content/media/personal-banking/rates-fees/others/credit-card-rates-and-fees/credit-card-rates-and-fees-en.pdf?

 

 

 

 

https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html

 

 

Edited May 15 by TallGuyJohninBKK

[Lorry]

3 hours ago, richard_smith237 said:

 

A little myopic that view point - a traveller could equally lose their cash or their debit card...   so singling out the 'travel card' is made somewhat moot.

 

 

 

Its a 'currency card'...  i.e. you load up the card with currency of the nation you are visiting, and use that as you would a local card in that country....

 

As mentioned earlier: The SCB Planet card works like this... i.e. Going to Japan, load up the card with 25,000 bahts worth of JPY and pay the exchange rate at that time...  you then have about 106,000 JPY on your card and spend... no need to worry about international transaction or exchange fees etc.

 

HSBC do the same with their Global Money account - you can load up your card with the currency of the country you are visiting (not all currencies are covered though).

 

With the over-seas accounts (such as HSBC) you can add the Card to your Apple Pay or Google Wallet, so you don't even need the card, you can just pay with your phone - extremely convenient. 

 

 

There are plenty of options: Revolute is one of them.

 

 

 

When loading up the SCB Planet Account - you have already paid the banks (SCB) exchange rates at the time of initial transfer. 

That said: When withdrawing cash overseas the cost is 100 baht fixed fee.

 

 

 

 

 

So the exchange rate you get is the exchange rate of SCB at the time of buying yen.

Which one? T/T rate or the rate for notes? Or do they have a special rate for their travel cards?

 

BTW the real Superrich with the best rates is the green one, not the orange one.

[richard_smith237]

15 hours ago, Lorry said:

So the exchange rate you get is the exchange rate of SCB at the time of buying yen.

Which one? T/T rate or the rate for notes? Or do they have a special rate for their travel cards?

 

BTW the real Superrich with the best rates is the green one, not the orange one.

 

You get the 'going exchange rate' at the time of transfer.... 

 

Effectively, its the same as buying cash...  you get it for whatever the exchange rate is at that time of purchase. 

 

 

Regarding comparison of rates between SCB (Banks Vs Superrich) - todays rates.

 

SCB Planet:      10,000 baht = 42,735.04 JPY (Rate 1 JPY = 0.2340 THB)

SuperRich:       10,000 baht = 42,643.92 JPY (Rate 1 JPY = 0.2345 THB)

 

 

The difference in rates is negligible..... the convenience isn't.

 

 

 

[Lorry]

3 hours ago, richard_smith237 said:

 

You get the 'going exchange rate' at the time of transfer.... 

 

Effectively, its the same as buying cash...  you get it for whatever the exchange rate is at that time of purchase. 

 

 

Regarding comparison of rates between SCB (Banks Vs Superrich) - todays rates.

 

SCB Planet:      10,000 baht = 42,735.04 JPY (Rate 1 JPY = 0.2340 THB)

SuperRich:       10,000 baht = 42,643.92 JPY (Rate 1 JPY = 0.2345 THB)

 

 

The difference in rates is negligible..... the convenience isn't.

 

 

 

The surveillance isn't,  either

[richard_smith237]

14 minutes ago, Lorry said:

4 hours ago, richard_smith237 said:

 

You get the 'going exchange rate' at the time of transfer.... 

 

Effectively, its the same as buying cash...  you get it for whatever the exchange rate is at that time of purchase. 

 

 

Regarding comparison of rates between SCB (Banks Vs Superrich) - todays rates.

 

SCB Planet:      10,000 baht = 42,735.04 JPY (Rate 1 JPY = 0.2340 THB)

SuperRich:       10,000 baht = 42,643.92 JPY (Rate 1 JPY = 0.2345 THB)

 

 

The difference in rates is negligible..... the convenience isn't.

 

 

 

The surveillance isn't,  either

 

Surveillance ???...    can you expand ?

[Lorry]

?

There is a whole literature about surveillance capitalism. 

Even in the banal AN thread "how to pay cashless at 7/11" posters found out what cashless means

[richard_smith237]

18 minutes ago, Lorry said:

?

There is a whole literature about surveillance capitalism. 

Even in the banal AN thread "how to pay cashless at 7/11" posters found out what cashless means

 

What has anyone got to worry about transferring 25,000 baht into JPY with a 'Travel Card' vs at a Money Exchanger ???

 

IF you are travelling overseas, the government will know about it anyway !!!... 

 

 

I get the whole bigger picture concern of some about the commodification of personalised data - but you're really stretching it if you're concerned about a travel card.... 

 

[Lorry]

36 minutes ago, richard_smith237 said:

 

What has anyone got to worry about transferring 25,000 baht into JPY with a 'Travel Card' vs at a Money Exchanger ???

 

IF you are travelling overseas, the government will know about it anyway !!!... 

 

 

I get the whole bigger picture concern of some about the commodification of personalised data - but you're really stretching it if you're concerned about a travel card.... 

 

It's not only the travel card.

The travel card is just another brick in the wall.

 

To buy a BTS 30 days pass you now need to download the rabbit app and pay from your  bank account through the app (you then still have to go to the BTS counter to get your trips - so it's not even more convenient for the  customer).

 

Paying 7/11 with your phone is inconvenient (see the relevant thread), but it's the thing to do.

 

Grab costs twice the price of a Taxi Meter, and you give them your data for free.

 

Small, very small bricks.

 

 

(Stafford prison - what is it made of ?)