BANGKOK, THAILAND – The Thai baht’s renewed strength against the euro has pushed up everyday costs for visitors and long‑term residents across the country.
Baht–euro exchange rate: where things stood
By late April 2026, the mid‑market EUR/THB rate stood at around 37.9 baht per euro. That level was below the recent yearly high of just under 38.10 baht, reached only a few weeks earlier, and reflected a baht appreciation of a little over four percent against the euro since the start of the year.
Over the previous 30 days, the pair traded between a high of 38.02 and a low of 37.41. This band of roughly 60 satang seemed narrow, but for someone transferring 2,000 euros a month to Thailand it translated into a difference of about 1,200 baht between the best and worst day – enough to pay for three dinners in a mid‑range restaurant.
A look at the 52‑week range showed an even bigger gap. The annual low had been 36.21 baht per euro, and the high 38.30. Anyone who converted 1,000 euros at the weakest point over the past year received around 2,100 baht less than at the strongest point, a tangible impact for expats relying on European pensions or savings.
Why the baht stayed strong despite weaker growth
At first glance, the resilience of the baht appeared at odds with Thailand’s economic backdrop. Gross domestic product growth for 2026 was estimated at only about 2.1 percent, the slowest pace among ASEAN economies, while public debt stood at roughly 90 percent of output.
The Bank of Thailand had cut its key interest rate six times since October 2024, by a total of 150 basis points, bringing it down to one percent, the lowest level in almost four years. Normally such low rates would weigh on a currency, but this pattern had not held for the baht.
Analysts pointed to trade surpluses and steady foreign‑exchange inflows as the main explanation. Thailand exported more than it imported, and tourists converted euros and dollars into baht every day, supporting demand for the currency.
According to analysts at Bank of America, the baht had reached its highest level in nominal effective terms since the 1997 Asian financial crisis, helped by the weakness of other Asian currencies, particularly the Japanese yen. The baht also showed a strong correlation with the gold price, tending to rise when gold rose.
Strong export data – but no guarantee it will last
In March 2026, Thai exports hit a historic peak of 35.2 billion US dollars, an increase of 18.7 percent compared with the same month a year earlier. It marked the 21st consecutive month of growth and temporarily bolstered the baht by lifting demand for the local currency.
Electronics and computer components were the main drivers, supported by the global boom in artificial intelligence and higher demand for data‑centre hardware. These sectors formed a key pillar of Thailand’s recent export performance.
There was, however, a clear downside risk. Since April 2025, the United States had applied additional import tariffs of 19 percent to Thai goods, with an originally threatened rate of 36 percent suspended for 90 days but still casting uncertainty over future trade conditions.
Roughly one fifth of all Thai exports went to the US, about half of that from the electronics industry. Any escalation of the tariff dispute would likely curb export strength and could slow the upward pressure on the baht.
Central bank meeting on 29 April: what investors and expats watched
The Monetary Policy Committee of the Bank of Thailand scheduled its next meeting for 29 April. After six consecutive rate cuts, the key question was whether a seventh move would follow.
Analysts at Capital Economics expected another reduction, which would bring the policy rate down to 0.75 percent. Economists at Kasikornbank, by contrast, viewed the one‑percent level as the lower bound of the current cycle as long as Thailand did not slip into recession.
For tourists and expats, the decision was relevant for two main reasons. A further rate cut could weaken the baht in the short term and improve the euro exchange rate, while a pause would tend to support the currency and keep Thailand relatively expensive for those spending euros.
In the same week, the US Federal Reserve, the Bank of England, the Bank of Japan and the European Central Bank also held policy meetings. All four decisions could indirectly affect the EUR/THB rate, with a surprisingly firm or higher US policy rate likely to strengthen the dollar and potentially put the baht under pressure, which in turn might improve the euro rate.
Such event‑heavy weeks could move the exchange rate by one to two percent in either direction, affecting anyone planning major transfers.
Impact of a strong baht on Pattaya and other tourist hubs
In cities like Pattaya, where international visitors and long‑stay guests formed the economic backbone, the exchange rate fed directly into hotel occupancy, restaurant turnover and bar revenues. A strong baht made Thailand more expensive compared with regional competitors.
Whereas the same euro budget once covered three nights in a mid‑range hotel, it now bought two nights plus a surcharge. For many budget travellers, Vietnam, Cambodia and Malaysia currently offered more favourable exchange rates and lower overall costs.
Former prime minister Srettha Thavisin publicly criticised this trend.
“A persistently strong baht makes not only export goods more expensive, but also Thailand as a travel destination.”
said Srettha Thavisin, former prime minister.
For hotels in Pattaya, Koh Samui and Hua Hin, the issue was less about macroeconomic theory than about booking numbers. The Bank of Thailand itself noted that the baht appreciation since early 2026 had significantly tightened financing conditions for exporters.
How to get more for your money in Thailand
Travellers needing cash in Thailand faced substantial differences depending on where and how they exchanged. Airport counters typically offered rates one to two baht worse than the market, making them the most expensive option.
In city centres, large exchange chains such as Super Rich and similar licensed providers usually quoted rates close to the interbank level. For larger sums, comparing a few booths could pay off, as spreads between outlets could reach 30 to 50 satang per euro.
Those wiring money from Germany to Thailand were advised to look at fintech services. On a 1,000‑euro transfer, the gap between a traditional bank transfer and a service like Wise could amount to as much as 2,000 baht, or around 50 euros, largely due to better rates and lower fees.
Cash withdrawals at Thai ATMs incurred a fixed fee of 220 baht per transaction, regardless of the amount, so pulling the maximum, typically 20,000 to 30,000 baht, reduced the cost per euro.
Users were generally warned not to accept on‑screen offers to convert the amount into euros directly at the machine. The dynamic currency conversion rate was almost always worse than the baht rate applied by the customer’s own bank.
What euro earners in Thailand were advised to do
People funding their living costs in Thailand from euro income were encouraged not to transfer money on the same date every month. Instead, they could monitor the EUR/THB rate and move larger amounts when the exchange level was favourable.
At the time, the pair fluctuated in a range of roughly 37.4 to 38.1 baht per euro. The upcoming week of central‑bank meetings in Bangkok, Washington, London and Tokyo was expected to bring further volatility, and rate alerts could be set free of charge via apps such as Wise or Google Finance.
In the longer term, the baht was viewed as structurally strong as long as Thailand ran sizable trade surpluses and tourism remained robust. Expats living permanently in the country were advised to build a buffer for their euro needs, as exchange‑rate swings of ten to twenty percent over several years were not unusual and could seriously erode the purchasing power of a pension.
A reliable international health‑insurance policy settled in euros could at least shield part of their expenses from such currency movements.
Editorial notes stated that all exchange‑rate figures were based on market data from 24–25 April 2026 and were for guidance only, with rates changing daily, and that the article did not constitute financial advice.