TrueMoney Users Face Thai Bank Account Closures Over Receiving Transfers

Thai bank accounts being frozen simply for receiving money via TrueMoney

November 12

Among Myanmar migrant workers living and working in Thailand, there have been temporary suspensions of Thai bank account access due to sending and receiving money through TrueMoney QR, according to workers and money changers.

In recent days, some people who received money transfers via TrueMoney QR have had their Thai bank accounts — KBank accounts — become unusable, and Krungthai Bank has been conducting checks on people who send money via TrueMoney QR, it is reported.

"As soon as I received money from TrueMoney into my KBank account, the KBank account got locked. This has been happening for about three days now. An acquaintance of mine also had their bank account become unusable after receiving money sent via TrueMoney. For now, I've temporarily stopped accepting baht through TrueMoney," a money changer said.

Checks on Thai bank accounts have become stricter to prevent electronic payment systems from being used as channels for online scams, money laundering, and transfers by fraud syndicates.

"If your bank account becomes unusable just because you received money sent via TrueMoney, it could cause difficulties with daily expenses, sending money home, and withdrawing salaries. Money changers in particular are more worried because their daily cash inflows and outflows are large," a bank account user said.

Thailand's government has announced that it closed nearly 2 million bank accounts with unverified credentials in early 2025 in order to crack down on online scam operations and cross-border crime along the Thai-Myanmar border.

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