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Exchange Rate Impact on Expat Business Owners in Thailand

Transcript of the above video:

As the title of this video suggests, we are discussing the Baht exchange rate with other currencies and the direct or indirect impact that can have on business owners here in Thailand. A recent article and this is from Thai Visa, that is, the article is titled: Thai Baht: Good News for British Pensioners in Thailand. Quoting directly: "The Thai Baht has burst through the 43 Baht mark to a UK Pound Sterling." Quoting further: "Yesterday Sterling hit 43.35 on Super Rich and today it is currently holding at 43.20 to large denomination notes. Other rates as of today April 7th are 31.27 for US Dollars, 37 for a Euro, 33.45 for a Swiss Franc and 23.80 for an Aussie Dollar."

The reason for this video is, I can tell you from personal experience, the exchange rate can have a tremendous positive or negative impact on especially foreign businesses who are doing business here in Thailand. I can remember back in 2011 and '12 when the exchange rate was going the other way especially against the US dollar, where the dollar was weakening against the Baht and we got to at one point, 28 Baht and change against the dollar and I will tell you, trying to do business back then was real tough because if the bulk of your client base, which this has evolved for me at least, but at the time, I was primarily doing pretty much exclusively US Immigration back at that time and I was primarily being paid in Baht but from Americans and it was making it 15, 20, 25, 30% more expensive for them to hire me in Baht terms. That had a tremendous impact in how I operated here during that time and it has always been something, I keep a really close eye especially on, the Dollar to Baht exchange rate. Hopefully, especially for the pensioner folks as notes, this will be a major boon for them. Hopefully there will be indirect financial benefits to various businesses here in Thailand that cater to those folks and we definitely hope that will be the case.  

I just thought this was worthy of making a video because I don't think folks really understand when they are coming in to do business in Thailand you need to be aware of who your client base is going to be or your prospective client base is going to be. You have got to be aware of the exchange rate with respect to their currency against the Baht because these fluctuations can have a tremendous direct and indirect impact on your business conducted here in Thailand.