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• 🏧 Cash can be withdrawn from ATMs or exchanged at the airport, with passport required for bank exchanges.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.

Outlines

00:00

🇨🇳 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.

Keywords

💡China

China is the country where the video's content is set. It is the context for discussing payment methods and currency exchange. The video aims to guide viewers on how to navigate the financial aspects of their stay in China, making it a central theme.

💡Chinese Yuan

The Chinese Yuan, also known as Renminbi (RMB), is the official currency of China. The script mentions it as the currency that visitors should exchange for and use during their trip. It is a fundamental concept for understanding the monetary transactions in the video.

💡Currency Exchange

Currency exchange is the process of converting one country's currency to another. In the script, it is recommended that visitors exchange their foreign currency for Yuan before or upon arrival in China. This is a key step for making payments and is directly related to the video's theme of financial transactions in China.

💡ATMs

ATMs, or Automated Teller Machines, are mentioned as a way to withdraw cash in China. They are an essential part of the financial infrastructure that allows visitors to access local currency, which is crucial for understanding the payment options available.

💡QR Code

A QR code is a type of barcode that can be scanned to perform various actions, such as making payments. The script emphasizes that in China, QR codes are ubiquitous and are used for taxi payments, highlighting the prevalence of digital payments in the country.

💡Digital Payment

Digital payment refers to the electronic transfer of money without the use of physical currency. The video script discusses digital payments as the norm in China, with QR codes being a common method for facilitating these transactions. This concept is central to the video's message about modern payment practices in China.

💡Alipay

Alipay is a Chinese third-party mobile and online payment platform. The script introduces it as one of the two main platforms for digital payments in China, alongside WeChat Pay. Understanding Alipay is important for viewers who wish to make payments like a local in China.

💡WeChat Pay

WeChat Pay is another major digital payment platform in China, similar to Alipay. The script provides a detailed explanation of how to link a foreign card to WeChat Pay for making digital payments, which is essential for viewers to grasp the process of adapting to local payment methods.

💡Transaction Fees

Transaction fees are charges that may be applied when using a payment method, especially when linking foreign cards to Chinese payment platforms. The script advises viewers to check with their banks regarding these fees, indicating the importance of being aware of potential costs when using digital payments in China.

💡Visa and Mastercard

Visa and Mastercard are international credit card brands. The script clarifies that while some places in China accept these cards, others may not, and digital payments or cash are preferred. This information is crucial for understanding the limitations and options for payment methods in China.

💡Local Payment Customs

Local payment customs refer to the preferred methods of payment within a specific region or country. The video script emphasizes that in China, digital payments are the norm and cash is less common, especially with taxi drivers who often lack change. Understanding local payment customs is key to the video's theme of adapting to financial practices in China.

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