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

[eisfeld]

One needs to see this also in a broader context. Right now there is a switch from cash and cards to internet based payment methods like Promptpay via QR codes for example or all these digital wallets like the True Money wallet. This means the competitors are fighting a fierce war over marketshare. Combine this knowledge with the following:

 

True Money belongs to Ascend Group which belongs to Charoen Pokphand Group also known as CP.

CP owns CP ALL which owns 7/11 in Thailand.

 

Now you know why 7/11 is pushing the True wallet so much and even going so far as to not allowing local debit cards. They have the same owners and are fighting to become the dominant digital payment solution.

 

Edited May 1 by eisfeld

[Caldera]

17 hours ago, george said:

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.

 

I don't think so, it's probably about fees. A while ago, Grab Thailand started to charge an extra fee when using a foreign card to pay. Maybe True cannot be bothered for some reason and stopped accepting foreign cards completely instead. They're probably un a strong position to negotiate fees with Thai banks, but not with foreign banks.

[JimTripper]

6 hours ago, scubascuba3 said:

why haven't you got a thai bank account?

I never really wanted to stay indefinately in Thailand. I put off getting an account because it was not absolutely necessary, still isn't. Same with the driver's license. Call it lack of motivation or hanging onto the prospect of leaving.

 

My primary reason for being here is financial. I always thought I was just on a long vacation, but the years went buy and that was not the case. I'm looking at Mexico now.

[scubascuba3]

4 minutes ago, JimTripper said:

I never really wanted to stay indefinately in Thailand. I put off getting an account because it was not absolutely necessary, still isn't. Same with the driver's license. Call it lack of motivation or hanging onto the prospect of leaving.

 

My primary reason for being here is financial. I always thought I was just on a long vacation, but the years went buy and that was not the case. I'm looking at Mexico now.

one of the first things to do here, get a bank account, get a thai driving licence

[The Fugitive]

5 minutes ago, JimTripper said:

I'm looking at Mexico now.

I've spent a short while in and around Mexico City. I was pleasantly surprised by how many people spoke English and how friendly they were.

[Lee65]

12 hours ago, Mike Lister said:

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. 

 

Agreed.  Lack of competition among the large players continues to drag Thailand into the abyss. 

[Lee65]

7 hours ago, george said:

Seems like foreign cards are frowned upon everywhere in the country now. What could be the reason?

 

 

Thai bank push, in conjunction with the retail oligopoly, to force tourists to pay the extortionate ATM cash withdrawal fee?

 

 

 

Edited May 1 by Lee65

[Mike Lister]

4 minutes ago, Lee65 said:

 

Thai bank push, in conjunction with the retail oligopoly, to force tourists to pay the extortionate ATM cash withdrawal fee?

 

 

 

Of course not! Foreign tourists are perfectly able to use their credit and debit cards at any number of business in Thailand, just not True Wallet. 

[Lee65]

1 minute ago, Mike Lister said:

Of course not! Foreign tourists are perfectly able to use their credit and debit cards at any number of business in Thailand, just not True Wallet. 

 

I was replying to George's question.  Read my post.

[Mike Lister]

Just now, Lee65 said:

 

I was replying to George's question.  Read my post.

And I was replying to your reply, that's the way it works in debates in forums.

[Lee65]

3 minutes ago, Mike Lister said:

And I was replying to your reply, that's the way it works in debates in forums.

 

Sigh ... 

[Liverpool Lou]

21 hours 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.

Cannot agree with that, at all.  Those who live here, presumably, have a local bank account that can top-up TrueMoney, those who do not, probably do not have a TrueMoney app.   What else is making purchases from 7-11 "more and more difficult"?

[Liverpool Lou]

21 hours ago, Everyman said:

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

TrueMoney is now straight forward for foreigners.

[Liverpool Lou]

20 hours ago, Highlandman said:

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

Paying without using cash, obviously...convenience.

[Liverpool Lou]

20 hours ago, george said:

 

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

Why would anyone go shopping at a 7-11 if they had no cash or other means to pay?

[Liverpool Lou]

20 hours ago, scottiejohn said:

21 hours ago, george said:

Cash only preferred,

That is my choice!

I will not use a "No Cash" outlet!

7-11s do accept cash!

[Liverpool Lou]

19 hours ago, Bountyhuntr said:

21 hours 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.

Visas are not checked for foreigners registering with TrueMoney, neither is a work permit a requirement!

[Liverpool Lou]

20 hours ago, Bountyhuntr said:

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).

Nonsense.

[Liverpool Lou]

20 hours ago, Bountyhuntr said:

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

Not required now.

[Liverpool Lou]

9 hours ago, Moonlover said:

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.

Employment is not a requirement to register with TrueMoney!

[Liverpool Lou]

9 hours ago, SportRider said:

21 hours ago, george said:

 

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

 

Revolut is great. 

Since when has 7-11 accepted payment through a Revolut debit card when 7-11s do not accept debit cards?

[george]

Just now, Liverpool Lou said:

Since when has 7-11 accepted payment through a Revolut debit card when 7-11s do not accept debit cards?

 

Revolut was accepted and worked well via TrueMoney App until April 24, when suddenly Truemoney blocked use of foreign debit cards without notice.

[0ffshore360]

Fluctuations in foreign exchange  rates too extreme to be worth it? In general terms the Thai Baht has continued to fall against  base exchange currencies.

 

[Liverpool Lou]

7 hours ago, Neeranam said:

Hi George, Can I just download this app on my phone? Is it easy to use/top up?

Yes, and yes/yes.  There's a bit of registering to do though, but if I can do it unassisted, anyone can.

[Liverpool Lou]

4 hours ago, eisfeld said:

 

Now you know why 7/11 is pushing the True wallet so much and even going so far as to not allowing local debit cards.

They have never allowed the use of any debit cards.

Edited May 1 by Liverpool Lou

[george]

Just now, Liverpool Lou said:

They have never allowed the use of any debit cards!

 

Yes, via TueMoney app.

[Burma Bill]

21 hours ago, george said:

 

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

 

I always carry cash, so no problem at 7-11 for me. I do not have a smart phone so TrueMoney app is totally irrelevent. 

[mikebike]

3 minutes ago, Burma Bill said:

 

I always carry cash, so no problem at 7-11 for me. I do not have a smart phone so TrueMoney app is totally irrelevent. 

Translation: 

" I always carry hay. I have a horse. Petrol is totally irrelevant to me".

[Moonlover]

9 hours ago, connda said:

Works until the internet goes down, or your phone breaks, or you forget to charge it, or your phone gets a virus, or Truemoney gets hacked, I could go on but why bother.

That's what ATMs are for innit?

[Burma Bill]

51 minutes ago, mikebike said:

Translation: 

" I always carry hay. I have a horse. Petrol is totally irrelevant to me".

 

Well I never, another country lad like myself!