TrueMoney blocks foreign Credit/Debit cards from April 24, 2024

If you are using a foreign Credit or Debit card in your TrueMoney Wallet account, you may have noticed that TrueMoney suddenly has blocked connecting foreign cards since April 24, 2024.

TrueMoney Wallet phone support says today that only Thailand issued cards can be connected to the True Money Wallet account. I have used a foreign card for years without problem until recently.

My best guess: A new regulation from Revenue Department or maybe Bank of Thailand to stop foreigners using international cards due to tax issues or money laundry concerns.

To shop in 7-Eleven stores or delivery is getting more and more difficult. Cash only preferred, it seems, especially for foreigners. 😡

What do you think?

Source: Myself 2024-04-30

doesn't affect me.

mrs. smith pays for everything.

bob.

That is a bunch of nonsense regarding 711. Yes, cash is the way to go when shopping there and has always been. However, credit cards can be used for purchases above 200 Baht and WeChat/AliPay works too.

There's no policy that distinguishes between foreigners and locals. 

I've made one or two credit card purchases at 711 using my overseas issued card. No issue. However, I try to avoid it as I prefer cash, especially for small transactions, which nearly all 711 purchases are.

Nice conspiracy theory about taxes, but most likely its a nothing burger.

Just now, Highlandman said:

What is the benefit of truemoney? I don't see one.

 

For me it's cash or when necessary, credit or debit cards only. I don't use anything else. 

How do you pay at 7-Eleven if you don't have cash and no TrueMoney app?

29 minutes ago, george said:

 

How do you pay at 7-Eleven if you don't have cash and no TrueMoney app?

Credit card for purchases above 200 Baht. AliPay or WeChatPay (maybe not at all stores) if you're Chinese or are an expat living in China.

Edit: foreigners not living in China can now set up a WeChatPay or AliPay account funding it through a credit or debit card. However, I personally wouldn't go to this effort but it's an option.

1 hour ago, Everyman said:

TruMoney was nearly impossible to set up as a foreigner anyway. I gave up years ago. 

I think it's fine as long as you have evidence of Long-Term Visa or Work Permit. I am not sure they provide an account for anyone on a Tourist Visa though.

I think when I set mine up I had to contact them by phone as my application didn't get any attention for days.

Oh another thing about TrueMoney Wallet - if the Long-term Visa or Work Permit date expires from when you set it up, they instantly lock you out of your account and you have to upload new evidence again (renewal of Work Permit etc).

1 hour ago, Mike Lister said:

That doesn't make a lot of sense since International tourism is dependent on credit card spending.

 

I very much doubt this is a BOT rule, more likely True but I don't know why.

 

The Revenue? Seems very unlikely to me.

Yea that guess with BOT regulations and taxes is completely unrealistic imho. It's probably because processing fees for international cards are much higher than local and True was eating these fees until now. They probably simply don't want to do that any more. Simple matter of costs.

55 minutes ago, soi3eddie said:

Truth is more likely that True Money don't want to pay the interchange fees for accepting funding from foreign payment cards (Visa/Mastercard) which could easily be up to 3% or even more.

Visa and Mastercard don't distinguish between local and international cards - the interchange fee is the same, unless they've negotiated special deals with every Thai bank.

57 minutes ago, connda said:

Cash Is King. 

Let's see how many "cash is king" replies this post gets, because that's an incredibly original take here on AN.

7 hours ago, Highlandman said:

What is the benefit of truemoney? I don't see one.

 

For me it's cash or when necessary, credit or debit cards only. I don't use anything else. 

7-Eleven doesn't accept even local debit cards - only credit cards. There's an ATM outside most 7-Elevens. What's the problem with keeping a bit of cash in your pocket? I use debit cards everywhere else. Even the Big C Mini and mini Tesco stores accept debit cards.

I'm not sure how sound the business decision is that decides to stop accepting a major payment vehicle used by foreigners, it's not as if they can easily obtain a Thai credit card, although a Thai debit card is easy enough. They must be very confident they can force the foreigner to use a different payment method, without loosing them completely. Perhaps what this highlights is the lack of competition. 

With some places leveling a 3% card charge for any C/C coupled with 'not no work' Mr it's mostly cash for me 🤔

10 hours ago, george said:

 

How do you pay at 7-Eleven if you don't have cash and no TrueMoney app?

Easy, you don't. Go and pick up money from the bank.

11 hours ago, Everyman said:

TruMoney was nearly impossible to set up as a foreigner anyway. I gave up years ago. 

10 hours ago, Bountyhuntr said:

 

I think it's fine as long as you have evidence of Long-Term Visa or Work Permit. I am not sure they provide an account for anyone on a Tourist Visa though.

 

I think when I set mine up I had to contact them by phone as my application didn't get any attention for days.

 

Oh another thing about TrueMoney Wallet - if the Long-term Visa or Work Permit date expires from when you set it up, they instantly lock you out of your account and you have to upload new evidence again (renewal of Work Permit etc).

The main stumbling block that us foreigners encounter when applying are the questions regarding employment. Fine if you are employed but what about those of us who are retired? That's where I and apparently many others got stuck.

Someone on this forum finally came up with the answer. You call yourself 'unemployed' (technically true) and you give your home address as your work address (a stretch but good enough) It worked and my account was approved in just a couple of hours. 

11 hours ago, george said:

 

How do you pay at 7-Eleven if you don't have cash and no TrueMoney app?

Revolut is great.  Multiple accounts in any currency you like.  Instant creation of electronic debit cards and link to any currency.  Make 'burner' cards for one-time online purchases. 

Add a card to Google Wallet. 

So to answer the question - tap my phone. 😄😄