Alipay in China

[froztheart]

Thanks, tried and worked like a dream. After fees the exchange rate was terrible (effective rate 5.30) but it is good for emergencies.

Till possible to conveniently get money into China banks otherwise, slight difference shouldn't be a concern for me.
Not like we have much choices to move funds anyway.

 

[quekkb]

Hi, I saw this and now trying to set it up. Adding a recipient - did you add your Alipay / WeChat Pay ID ? The only other option I see is UnionPay card. Thanks!

Thanks, tried and worked like a dream. After fees the exchange rate was terrible (effective rate 5.30) but it is good for emergencies.

How much did you try? The more you transfer, the better rate you have.

 

[quekkb]

Till possible to conveniently get money into China banks otherwise, slight difference shouldn't be a concern for me.
Not like we have much choices to move funds anyway.

ya. I tried all method, and they required Chinese National ID for any fund transfer. Wise is the only one does not ask for Chinese National ID and we receive the money immediately.

I think most TT done at ICBC Singapore and BOC Singapore also charges TT fee and it takes days to arrive. It also required Chinese National ID. I tried HSBC SG and totally not able to transfer into unionpay debit card. It works with account that bind to Chinese National ID.

 

[bertrande]

How much did you try? The more you transfer, the better rate you have.

SGD400. The fees were SGD8+ and the amount deposited was RMB2121.49. As it was my maiden transfer I did not want to risk transferring too much.

 

[quekkb]

SGD400. The fees were SGD8+ and the amount deposited was RMB2121.49. As it was my maiden transfer I did not want to risk transferring too much.

Unfortunately, no other option is available, as most transfers require a Chinese Mainland ID. Unless you use DBS transfers to a China national and then they transfer to you.

 

[quekkb]

SGD400. The fees were SGD8+ and the amount deposited was RMB2121.49. As it was my maiden transfer I did not want to risk transferring too much.

Remitly seems to be cheaper, flat rate transfer. Anyone try before?

 

[froztheart]

ya. I tried all method, and they required Chinese National ID for any fund transfer. Wise is the only one does not ask for Chinese National ID and we receive the money immediately.

I think most TT done at ICBC Singapore and BOC Singapore also charges TT fee and it takes days to arrive. It also required Chinese National ID. I tried HSBC SG and totally not able to transfer into unionpay debit card. It works with account that bind to Chinese National ID.

Unfortunately, no other option is available, as most transfers require a Chinese Mainland ID. Unless you use DBS transfers to a China national and then they transfer to you.

Agreed, Wise is the most convenient and seamless now compared with any other traditional banking options.

 

[bertrande]

Unfortunately, no other option is available, as most transfers require a Chinese Mainland ID. Unless you use DBS transfers to a China national and then they transfer to you.

Agreed, Wise is the most convenient and seamless now compared with any other traditional banking options.

I am just amazed about this option and quite thankful for it! Three weeks ago in Shanghai I was running to ATM every day to withdraw with Trust and deposit into the accounts. Thanks for heads up!

I have also just applied for a DBS UP debit card as I read no 3% charge for tx above RMB200 which should help for some commercial tx.

 

[froztheart]

I am just amazed about this option and quite thankful for it! Three weeks ago in Shanghai I was running to ATM every day to withdraw with Trust and deposit into the accounts. Thanks for heads up!

I have also just applied for a DBS UP debit card as I read no 3% charge for tx above RMB200 which should help for some commercial tx.

hahahah, that must be an experience constantly running to ATMs to withdraw then depositing just to avoid the transactional charges.

 

[Garlic & Butter]

transfer SGD from OCBC Singapore accounts to China banks in SGD remains free (no TT/ correspondent/ cable/incoming fee). The china bank account receives SGD. Recipient can be foreigner /tourist / non China-ID holder
https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

FX fees charged by china banks are very good (0.4% margin)

ATMs by Cirrus charges 1.4% for me previously. (withdraw cash and deposit into china acct.)

 

[bertrande]

transfer SGD from OCBC Singapore accounts to China banks in SGD remains free (no TT/ correspondent/ cable/incoming fee). The china bank account receives SGD. Recipient can be foreigner /tourist / non China-ID holder
https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

FX fees charged by china banks are very good (0.4% margin)

ATMs by Cirrus charges 1.4% for me previously. (withdraw cash and deposit into china acct.)

I think an issue is whether the account in China is a Type I or Type II account. My ABC account is Type II and does not allow any forex transactions. CMB and ICBC are Type I accounts which I think will allow for what you have described above. I will try to test it out.

oh for Trust card ATM withdrawals, one has to toggle it to debit card function else it will not be treated as a withdrawal but a cash advance.

 

[quekkb]

I think an issue is whether the account in China is a Type I or Type II account. My ABC account is Type II and does not allow any forex transactions. CMB and ICBC are Type I accounts which I think will allow for what you have described above. I will try to test it out.

oh for Trust card ATM withdrawals, one has to toggle it to debit card function else it will not be treated as a withdrawal but a cash advance.

I am not sure if my account is type I or II but I can deposit foreign currency into my CCB account. Then go to APP FX change to RMB.

 

[quekkb]

transfer SGD from OCBC Singapore accounts to China banks in SGD remains free (no TT/ correspondent/ cable/incoming fee). The china bank account receives SGD. Recipient can be foreigner /tourist / non China-ID holder
https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

FX fees charged by china banks are very good (0.4% margin)

ATMs by Cirrus charges 1.4% for me previously. (withdraw cash and deposit into china acct.)

Are you sure OCBC can transfer SGD to China bank account? Usually, bank needs to convert the country currency before TT over.

 

[Garlic & Butter]

I am not sure if my account is type I or II but I can deposit foreign currency into my CCB account. Then go to APP FX change to RMB.

I told the lady my account must be able to receive FCY from foreign countries. I just checked, my ICBC account is a type I.

Some things i can do:

• receive 10 or so hard foreign currencies from foreign banks via SWIFT (tried from SG and MY banks)
• keep or convert into hard currencies into CNY
• Union pay debit card valid for 8 years or so
• Passbook + ebanking token
• FX conversion from foreign currency to CNY (USD 50k/year)
• domestic bank to bank CNY fund transfer
• ATM withdrawals/ cash deposits do not need facial verification
• transfer to wechat/ alipay
• Pay for taobao purchases in CNY

cannot do / not tested:

• buying 理财 products
• remit overseas
• convert CNY to foreign currency

 

[Garlic & Butter]

i had done this way for the last year. can see the SGD 400 balance here:

 

[Shalom_555]

I was in Chengdu for 12 days in mid Oct 2025 and used my icbc debit card(union pay) bind to alipay. There were no3% fee charge for amount above 200rmb. Live Conversion rates were used and you can check it via icbc app before converting. I found the rates to be better than money changer ,trust and youcard. BUT icbc manager in HollandV told me back in Sep that this is a promo till end Dec 2025. The 3% charges were settled between alipay and ICBC. I will be checking with bank on this validity next wk as I will be hol in china soon

Update: I called Icbc hotline on whether 3% icbc union debit card waiver fee for above 200rmb is still on. They checked and called me back saying it is still ongoing but not sure when this will be stopped. I just booked my train tickets 270 rmb via alipay bind to icbc union card and indeed 3% fee was waived.

 

[quekkb]

i had done this way for the last year. can see the SGD 400 balance here:

I can't find the account type but I can see similar RMB / AUD. I suppose it is type 1.

By the way, have you got experience updating your new passport information after expired. Do you need to go back to the city that you open?

 

[s7460597]

Update: I called Icbc hotline on whether 3% icbc union debit card waiver fee for above 200rmb is still on. They checked and called me back saying it is still ongoing but not sure when this will be stopped. I just booked my train tickets 270 rmb via alipay bind to icbc union card and indeed 3% fee was waived.

How's the exchange rate? I've applied last week, hopefully can receive before my trip.

 

[quekkb]

How's the exchange rate? I've applied last week, hopefully can receive before my trip.

Can you all bind the ICBC unionpay debit card to Alipay? I was unable to do that.

 

[s7460597]

Can you all bind the ICBC unionpay debit card to Alipay? I was unable to do that.

Haven't gotten my card yet. Will update if I receive in time.