PATTAYA, Thailand – At a currency booth along Beach Road this week, a pair of European tourists stood counting notes, frowning before walking away — a scene that has become increasingly common. For many long-term visitors and holidaymakers alike, Thailand is simply no longer the “cheap paradise” it once was.
The latest report from SCB Financial Markets (SCB FM) adds weight to the sentiment. The bank expects the baht to strengthen further by year-end, hovering between 31.70–32.20 baht per US dollar, even as the Bank of Thailand is likely to cut interest rates again in December.
While that might sound like good news for Thailand’s macroeconomic stability, it’s unwelcome news for anyone arriving with foreign cash. A stronger baht means every euro, pound, or dollar buys less — making hotel stays, meals, and souvenirs noticeably pricier.
“It’s not the smiles or beaches anymore — it’s the exchange rate that decides whether I stay or go,” said one long-time visitor from the UK, who has been coming to Pattaya since the early 2000s. “Everything feels 20–30% more expensive than before COVID. And yet, the service hasn’t improved.”
The baht’s direction has been influenced by global factors — from gold price volatility to investor sentiment toward Asian currencies. SCB FM noted that while the baht briefly weakened earlier this quarter due to profit-taking in gold, it has since regained strength on the back of better-than-expected Thai export figures and optimism in regional trade.
However, for local businesses in Pattaya, that’s small comfort. Street vendors and smaller hotels say they are seeing tourists spend less — opting for shorter stays or cheaper dining options.
“They still come, but they don’t spend like before,” said a souvenir seller on Second Road. “Europeans now ask the price first — and sometimes just take a photo instead of buying.”
For now, Thailand’s strong currency reflects resilience amid global uncertainty. But in tourist towns like Pattaya, that strength may be too much of a good thing. As one café owner put it:
“When the baht gets stronger, our wallets get weaker.”
