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

[george]

 

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

 

 

[bob smith]

doesn't affect me.

 

mrs. smith pays for everything.

 

bob.

[Everyman]

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

[Mike Lister]

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.

[Highlandman]

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.

[Highlandman]

13 minutes ago, Everyman said:

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

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. 

[george]

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?

[connda]

22 minutes ago, george said:

What do you think?

 

Cash Is King. 

[soi3eddie]

No big deal. Cash is king and should remain so! 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. Probably a simple financial decision. 

 

[scottiejohn]

23 minutes ago, george said:

Cash only preferred,

That is my choice!

I will not use a "No Cash" outlet!

[connda]

2 minutes ago, george said:

 

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

I only pay cash.  So I always have cash. 

[Moonlover]

30 minutes ago, george said:

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?

I never use cash in 7/11. Truemoney wallet always.

[Moonlover]

12 minutes ago, Highlandman said:

23 minutes ago, Everyman said:

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

It's quite easy to set up an account as a foreigner. I did it myself about 3 months ago.

 

15 minutes 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. 

I use mine in Lotus's and 7/11, my 2 nearest convenience stores. I pay my PEA, True internet and Netflix account and I do all my Lazada shopping with it. 

 

For me it's a very useful and convenient asset.

[Highlandman]

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.

[Bountyhuntr]

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).

[eisfeld]

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.

[khunjeff]

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.

[eisfeld]

47 minutes ago, khunjeff said:

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.

 

Both Visa and Mastercard have cross-border transaction fees or different interregional interchange rates.

[soi3eddie]

2 hours ago, eisfeld said:

2 hours ago, khunjeff said:

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.

 

Both Visa and Mastercard have cross-border transaction fees or different interregional interchange rates.

 

This is correct. I have a merchant account for my business that accepts Visa/Mastercard/AmEx. Fees for local cards are 1.2%. The international fees for accepting foreign cards are 2.75 to 3%. AmEx is 1.9% for all cards.

 

[JensenZ]

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.

[aldriglikvid]

Previous banker here: setting up a merchant agreement accepting foreign MA/V was our highest fee bracket, by far. 

Grab started to add a percentage fee a couple of months ago on all foreign cards, and I'd argue this move by TrueMoney have economics as motive, not BOT regulation. 

[Mike Lister]

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. 

[scubascuba3]

No need for truemoneywallet wallet on Lazada and Shopee now, can use QR payment instead

[scubascuba3]

7 hours ago, Moonlover said:

I never use cash in 7/11. Truemoney wallet always.

I also use truemoneywallet in 7 Eleven, but really they should accept bank QR system

[scubascuba3]

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. 

One of the things i like is not getting more change and coins

[Ralf001]

8 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. 

 

Same here.

 

Not a chance will I use any kind of app on my phone that links to my credit or debit accounts.

[sammieuk1]

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

[soalbundy]

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.

[Moonlover]

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. 

[SportRider]

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. 😄😄