How to seamlessly pay like a local in China #digitalpayments
Summary
TLDRThis 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- 🏧 Cash can be withdrawn from ATMs or exchanged at the airport, with passport required for bank exchanges.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.
Outlines
🇨🇳 Introduction to Chinese Currency and Payments
This paragraph introduces the basics of currency and payments in China. It advises visitors to exchange foreign currency for Chinese Yuan (RMB) before or upon arrival, with an approximate exchange rate provided. It also mentions the availability of cash withdrawal from ATMs and the need to have a passport for bank exchanges. The paragraph emphasizes the prevalence of digital payments in China, with QR codes being widely used for transactions, and suggests that visitors link their foreign cards to Alipay or WeChat Pay to facilitate digital payments.
Mindmap
Keywords
💡China
💡Chinese Yuan
💡Currency Exchange
💡ATMs
💡QR Code
💡Digital Payment
💡Alipay
💡WeChat Pay
💡Transaction Fees
💡Visa and Mastercard
💡Local Payment Customs
Highlights
Introduction to making payments in China like a local.
Basics of Chinese currency: Chinese Yuan.
Recommendation to exchange foreign currency for Yuan before or upon arrival.
Currency exchange rates: 100 USD ≈ 700 Yuan, 100 EUR ≈ 800 Yuan.
Availability of cash withdrawal from ATMs and currency exchange at the airport.
Importance of passport for bank exchanges and awareness of withdrawal limits.
QR code scanning as the primary method of payment in taxis.
Digital payments are the norm, with cash being less preferred.
Two main digital payment platforms in China: Alipay and WeChat Pay.
Taxi drivers often lack change and prefer digital payments.
Linking foreign cards to Alipay or WeChat for digital payments.
Steps to activate WeChat Pay and add a card for transactions.
Identity verification and privacy policy agreement required for WeChat Pay.
Process for adding a bank card to Alipay and the verification steps involved.
Transaction fees associated with using foreign cards in China.
Limited acceptance of Visa or Mastercard in China, with a preference for digital payments or cash.
Advising to connect foreign cards to Alipay or WeChat for ease of payment.
Conclusion on how to pay like a local in China using digital platforms.
Transcripts
welcome to China today we'll discuss
money specifically how to make payments
in China like a local let's begin
[Music]
let's start with the basics the currency
here is Chinese Yuan it's recommended to
exchange some of your foreign currency
for yuania before your trip or upon
arrival the rate varies but roughly
speaking 100 dollars gets you around 700
Yuan while 100 euro will get you 800 if
you need cash you can withdraw money
from ATMs or exchange it at the airport
or in the back keep in mind the limits
and have your passport handy for Bank
exchanges
thank you
we are in the taxi to pay here you need
to scan this it's a QR code you will
find them everywhere in China cash is
accepted but digital payment is a norm
here there are two main platforms alipay
and WeChat pay
taxi drivers often lack change if you
pay with cash as digital payments are
preferred through South China to have
access to digital payments you can link
your foreign card to alipay or WeChat
and double check transaction fees with
your bank to link your card on WeChat
first you need to activate the WeChat
pay option then to buy the card go to me
at the bottom then to Services click on
wallet cards and tap add a card after
reading the user service agreement and
privacy policy click to agree and follow
the steps of identity verification
provide card details and use an ID
document to verify your identity then
the same process applies to alipay open
the app go to me at the bottom click on
bank card and tap black at the top right
corner proceed through the same
verification process and add your bank
card number that's it remember that
there is a fee for transactions using
foreign cars in China a common question
is can I use my Visa or Mastercard in
China yes but not everywhere while some
restaurants except foreign cards some
other places like shops or department
stores won't accept these cards they
will take only digital payments or cash
in this case the easiest decision is to
connect your foreign car to alipay or
WeChat now you can make digital payments
and finally pay like a local
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