The PayPal Of Southeast Asia: Your Ultimate 2022 TrueMoneyWallet Review In Plain English

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If you happen to be based in Southeast Asia or countries like Thailand, the Philippines, or Indonesia are your place of choice for long-stay vacations, then you might hear the term ‘TrueMoney’ spoken out loud quite often.

Despite what a foreigner might think, TrueMoneyactually describes a financial service that has been building up steam for the last several years in the region. It may not be PayPal in terms of worldwide adoption, but it may very well be as popular as the US-based eWallet in Southeast Asia alone.

Indeed, what started as a mobile financial revolution in Thailand back in the early 2000s quickly spread to other countries in the region, in the second decade of the new millennium.

Furthermore, the Thai-based financial company keeps growing in 2022 with more customers demanding an updated English version of the eWallet. It was only natural to bring to those very customers an updated TrueMoney English review on the trending mobile-based Asian epayment provider.

What Is TrueMoney Wallet?

TrueMoney is an e-money service just like the granddaddy of them all, PayPal.

The initial company behind the service - True Corporation - was founded in 2003 in Thailand. However, the eWallet is currently controlled by Ascend Money which is part of an established conglomerate in all southeast Asia called Ascend Group.

That’s not all though. The highest valued financial technology firm and the world’s most valuable unicorn company, Ant Financial - formerly known as Alipay - has been investing in TrueMoney service since 2016, implementing the latest technologies to make the wallet even more secure and easy to use.

While Thailand was its starting point, TrueMoney expanded to five more countries as well: the Philippines, Cambodia, Indonesia, Vietnam, and Myanmar. That means anyone based in these states - citizens or even foreigners established temporarily or permanently in the region - can use the mobile service comfortably without having to worry about any legal implications.

The wallet is more or less adapted for all these countries and, as a result, the current customer base is over 30 million in total. As of May 2022, the total processed value reached well over $7 billion and counting.

If all these numbers haven’t convinced you, then how about this? The service won the prestigious ‘Asian Banker Award’ for three straight years, plus ‘The Best Mobile Payments Service’ in 2022.

How TrueMoney Works

TrueMoneyeWallet is a mobile app available on both Android and iOS. Thus, you will need a smartphone or tablet to be able to use the service.

Once installed, you can sign up and, with the registering process completed, you can immediately login. Once authenticated, you can top up your account at the popular 7-Eleven convenience stores near you or linking your bank account, among others. Currently, the app supports deposits from 16 leading Asian banks, some offering the possibility to top-up via e-banking services.

With your e-money up and ready, you are now free from all limitations cash or physical cards usually cripple you, on a daily basis. There’s no need to have cash in your pockets, there’s no need to take your card everywhere you go. With your mobile device, you can spend easily and uninterrupted. You can make fast and easy online purchases by just ordering your virtual prepaid debit card for even more availability.

You can even connect & shop with Google Play or App Store with this unique all-in-one payment service called TrueMoney. The choice is yours!

TrueMoney 2022: How To Apply

Before spending though, you might want to know what are the current updated TrueMoney requirements to use the service. In other words, how to apply for a fully-fledged TrueMoney account.

Signing up and filling a form is quite easy, yet what happens after that? Due to regulations and the Anti-Money Laundering (AML) act, TrueMoney requires an identity verification from all users. Thai citizens, for example, must provide their ID card as a standard. To increase the limits, the Thai citizen must verify his or her identity at a 7-Eleven convenience store, with the help of the employees or at a TrueMoney kiosk. To speed up the process, it’s better to use the former method during working days & standard working hours.

Non-Thai citizens must have their passport ready in order to get through the verification process. The passport must remain valid for at least six months after you complete the verification. Also, you should have a decent HD camera for a selfie. Worth mentioning is that the user must be 15 or older in order to apply & cannot create more than one account.

You will find certain limitations if you aren’t a citizen of where your TrueMoney app is based. For example, for foreign citizens in Thailand, the wallet limit is THB 5,000 and the transaction limit is THB 5,000 per day.

Spend Using TrueMoney Wallet In 2022

Now that your TrueMoney account is verified, you can top-up your wallet and start spending.Only in Thailand, there are around 500,000 top-up points including FreshMart, Family Mart, 7-Eleven, as well as True kiosks. Obviously, you can also link your bank account with your TrueMoney wallet for accessible at a touch deposits.

As for spending, well, the sky is truly the limit, whether you are in Thailand, or in the other five states, the Philippines, Indonesia, Cambodia, Vietnam, or Myanmar. You can easily shop at the popular 7-Eleven stores, Makro, McDonald’s, TrueCoffee and other thousands of shops from the region. You can also be on the lookout for special promotions that are TrueMoney partners exclusive. As a result, you can hit two birds with one stone: enjoy a juicy discount & get special rewards in the process.

Online, your possibilities are endless: you can spend on different Google Play & App Store apps or if you are more of a PC/console type of player, you can easily use TrueMoney to buy digital games via stores like Steam or purchase promotional gift cards & online tickets. You can also pay your bills with this mobile app, from electricity bill, water bill, easy pass, tax bill, credit card bill, to insurance premiums, internet & mobile network packages, and more.

If you order the instant TrueMoneyWeCard, you can further extend your purchasing power to literally anywhere MasterCard is accepted. Just simply connect your virtual prepaid card to your store of choice and voila: anything is within your reach, no cash, no physical card required.

TrueMoneyPadala: Your Fast, Affordable & Secure Remittance System

For domestic as well as international payment gifts, TrueMoney may be the best service adapted for the needs of southeast Asia.

TrueMoneyPadala is already a very popular remittance system in the Philippines used by Filipinos to send money to their loved ones. There are already 20,000 centers nationwide and the number is growing with each passing day. The fees are very affordable with different promos taking place on a monthly basis. Currently, TrueMoneyPadala Philippines has eight domestic partners, plus two international remittance partners in WorldRemit and Bank of Commerce.

The other countries in the region - Thailand, Indonesia, Cambodia, Vietnam, and Myanmar - also benefit from a fast & affordable remittance system by simply using the TrueMoney Transfer option. All one has to do to send money to his/her loved one(s) is fill out the registration form at a local TrueMoney operating location, hand in the gift, wait for the receipt & an SMS containing a passcode. The recipient receives the passcode and shows it to his/her local TrueMoney operating location with an identification document and phone number. The transfer is confirmed and the recipient is now in possession of the payment gift. No other requirements needed!

Frequently Asked Questions (FAQ)

In case you aren’t satisfied with the information received thus far or you just want a TL;DR version of a 2022 TrueMoney review in English, you can definitely use this FAQ section. All common questions followed by compressed and easy-to-read answers are just below.

Is TrueMoney legit?

It most certainly is. TrueMoney Wallet is an electronic payment service regulated in countries such as Thailand, the Philippines, Indonesia, Cambodia, Vietnam & Myanmar. It has won multiple awards for the last several years and has close ties with Ant Financial - formerly known as Alipay - which has been investing in TrueMoney since 2016. The mobile app meets the security standards implemented by all popular worldwide eWallets like PayPal.

Where can I claim & use TrueMoney wallet?

If you are based in Thailand, the Philippines, Cambodia, Indonesia, Vietnam, and Myanmar - temporarily or permanently - you can use the TrueMoney wallet at will. Receive your TrueMoney e-cash via transfer or top-up your account yourself to spend on goods & services available at literally thousands upon thousands of physical and online stores. Pay the bills while you’re at it & never use cash or physical cards again.

How much does TrueMoney charge for a given payment?

All top-ups via the banking system or shops are FREE of charge. Moreover, there is no fee if you want to pay the bills or purchase goods via a webstore, Google Play, or App Store. You can check the TrueMoney fee rates here for more information.

Can I transfer TrueMoney e-cash to Paypal?

Yes, you can. You can easily money transfer from TrueMoney wallet to Paypal, as well as mPAY, WePay & others using the Android or iOS app. The process has just a few straightforward steps and can be done in a matter of minutes.

Does TrueMoney provide a physical ATM ready card?

Unfortunately, no. TrueMoneyWeCard is a virtual prepaid debit card that can be used everywhere MasterCard is accepted. To withdraw via ATM, you would have to transfer money into your bank account that has a physical debit/credit card linked with it & use that physical card at the ATM.

Is there a desktop version for TrueMoney?

No, there isn’t. TrueMoney Wallet is mobile-exclusive available in Thailand, the Philippines, Cambodia, Indonesia, Vietnam, and Myanmar. To use it, you must have a smartphone or tablet and download & install the TrueMoney app for Android or iOS, depending on the operating system of your mobile device.

Start Using TrueMoney Wallet Today!

Now that you have read all there is to know about TrueMoney in plain English, it is time to start using it. Download the app, install it, register, complete the verification process & be prepared to be amazed at how easy it is to make payments with your mobile device. You don’t need your physical wallet anymore with your cash and plastic VISA and/or MasterCard. All you need is your phone to really get going.

Claim & pay with TrueMoney today to experience the cashless society of tomorrow.Welcome to the future!