How to seamlessly pay like a local in China #digitalpayments

Summary

This video script offers a comprehensive guide for making payments in China like a local. It begins with the basics, introducing the Chinese Yuan and advising travelers to exchange currency before or upon arrival. The script then highlights the convenience of digital payments, with Alipay and WeChat Pay being the primary platforms. It provides step-by-step instructions on linking foreign cards to these services and cautions about transaction fees. It also addresses the limited acceptance of foreign cards like Visa and Mastercard, suggesting that linking to Alipay or WeChat is the easiest way to pay digitally and blend in with the locals.

Takeaways

• 🇨🇳 The currency in China is the Chinese Yuan (RMB).
• 💵 It's advisable to exchange foreign currency for Yuan before or upon arrival in China.
• 💲 The exchange rate is approximately 100 USD for 700 Yuan and 100 EUR for 800 Yuan.
• 🏧 Cash can be withdrawn from ATMs or exchanged at the airport, with passport required for bank exchanges.
• 🚕 In China, taxi payments are commonly made through scanning QR codes, with digital payments being the norm.
• 📱 Two main digital payment platforms are Alipay and WeChat Pay, preferred over cash due to taxi drivers often lacking change.
• 🔗 To use digital payments, foreign cards can be linked to Alipay or WeChat Pay, with transaction fees to be checked with the bank.
• 📲 Linking a foreign card to WeChat Pay involves activating the WeChat Pay option and following the identity verification steps.
• 🛍️ Similarly, to link a card on Alipay, go through the app's verification process and add the bank card number.
• 💳 There is a fee associated with transactions using foreign cards in China.
• 🛒 Visa and Mastercard are accepted in China, but not universally; some places prefer digital payments or cash.
• 🤳 Connecting a foreign card to Alipay or WeChat allows for seamless digital payments, making it easier to pay like a local.

Q & A

What is the currency used in China?

The currency used in China is the Chinese Yuan.

How much Chinese Yuan can you get for 100 US dollars?

For 100 US dollars, you can get approximately 700 Chinese Yuan.

What is the exchange rate for 100 euros in Chinese Yuan?

With 100 euros, you can get around 800 Chinese Yuan.

Where can you exchange foreign currency to Chinese Yuan in China?

You can exchange foreign currency to Chinese Yuan at banks or at the airport upon arrival.

Is it possible to withdraw cash in China using a foreign bank card?

Yes, you can withdraw cash from ATMs in China using a foreign bank card.

What is the common method of payment in China?

Digital payment is the norm in China, with QR codes being widely used for transactions.

Which are the two main digital payment platforms in China?

The two main digital payment platforms in China are Alipay and WeChat Pay.

How can you link a foreign card to Alipay or WeChat Pay for digital payments in China?

To link a foreign card, you need to activate the payment option in the respective app, go through identity verification, and add your bank card details.

Is there a fee associated with transactions using foreign cards in China?

Yes, there is a fee for transactions using foreign cards in China.

Are Visa or Mastercard widely accepted in China?

While Visa and Mastercard are accepted in some places like restaurants, they are not universally accepted and some shops or department stores may only accept digital payments or cash.

What is the recommended way to pay if a place does not accept foreign cards or cash?

The easiest decision is to connect your foreign card to Alipay or WeChat Pay to make digital payments.