Alipay in China

[quekkb]

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

I have problem bind BOC Singapore unionpay debit card to Alipay. No problem with Wechat pay. BOC Singapore told me Alipay does not support. I assume ICBC Singapore also has the same issue as I can't bind either.

 

[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

Thanks for this - I am going to ICBC branch today to open an account to remit SGD over to my Chinese ICBC account and 结售汇 to RMB. I looked at the link above for OCBC; it says the fee waiver is until 31 Dec 2025 only. Guess website hasn’t been updated.

 

[Shalom_555]

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

My past experiences have shown that it is better than Trust, Youtrip and money changer.if you have icbc app, can view the rate (realtime) before conversion and compare. Weekends & public hold no real time conversion rate

 

[Shalom_555]

I have problem bind BOC Singapore unionpay debit card to Alipay. No problem with Wechat pay. BOC Singapore told me Alipay does not support. I assume ICBC Singapore also has the same issue as I can't bind either.

My ICBC union debit card is bind to alipay. Have not tried WeChat pay. I suggest that u go to ICBC branch to check your card. HV branch gave me a new union card last year and was told my old card do not have this link facility. This was during the time when it was announced that we could use union pay. New card was issued immediately to me over the counter. U can also ask bank to help you bind the card. I did it on my own cos in a rush. Hahaha, now u know why the q move so slowly cos a lot of customers ask them to do such stuff.

 

[Shalom_555]

Thanks for this - I am going to ICBC branch today to open an account to remit SGD over to my Chinese ICBC account and 结售汇 to RMB. I looked at the link above for OCBC; it says the fee waiver is until 31 Dec 2025 only. Guess website hasn’t been updated.

I read from online ICBC circular that for remit from ICBC sg account to ICBC cn account, need only pay 100 rmb flat per transaction (no other fee) using their RMB conversion rate. If u are going to br today, can u pls help to confirm this. Otherwise i
will make a trip later this wk.

 

[quekkb]

My ICBC union debit card is bind to alipay. Have not tried WeChat pay. I suggest that u go to ICBC branch to check your card. HV branch gave me a new union card last year and was told my old card do not have this link facility. This was during the time when it was announced that we could use union pay. New card was issued immediately to me over the counter. U can also ask bank to help you bind the card. I did it on my own cos in a rush. Hahaha, now u know why the q move so slowly cos a lot of customers ask them to do such stuff.

I should have done that on the spot but was on the rush as it takes 2 hrs to open an account. I will give them a call then.

 

[bertrande]

I read from online ICBC circular that for remit from ICBC sg account to ICBC cn account, need only pay 100 rmb flat per transaction (no other fee) using their RMB conversion rate. If u are going to br today, can u pls help to confirm this. Otherwise i
will make a trip later this wk.

they told me it’s not possible. In fact the counter emphasised that to remit, I need to make sure the ICBC account I have in China has the ability to hold SGD, otherwise any such transactions will be rejected. Submitted documents; account opening isn’t immediate. Told to look out for approval/rejection email in 2-3 days.

 

[bertrande]

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?

Yes, went last March to all the banks. I opened all accounts in Shanghai; I returned to the same branch for two of them to update my details. The other bank I just walked into the branch nearest my hotel. All was smooth and quick once you got to the counter. For what it’s worth I also updated the passport with my telco, not sure if it was needed.

Can I check - did you transfer SGD to your CCB account from ICBC SG? Or only ICBC to ICBC?

thanks!

 

[Shalom_555]

they told me it’s not possible. In fact the counter emphasised that to remit, I need to make sure the ICBC account I have in China has the ability to hold SGD, otherwise any such transactions will be rejected. Submitted documents; account opening isn’t immediate. Told to look out for approval/rejection email in 2-3 days.

U need to have icbc cn activate your cn account into a multi currency ac before it can accept sgd transfers. My query is to confirm that it cost only 100 rmb per txn to transfer RMB from icbc sg account to my icbc cn account. Thereafter I can bind my cn account to alipay etc and send individuals rmb.
suggestion for those who are going to set up bank accounts in china, to request for your account to be able to receive sgd (if possible like icbc). Can save a lot of trouble as such changes can only be made where you open the account.

 

[HoGnix]

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

Test buy 100RMB 华夏理财，can.
But not able to buy stock related product, also no icon link to invest in Gold or commodity related product.

For remit oversease and convert to foreign currency, need to go to counter.

 

[bertrande]

U need to have icbc cn activate your cn account into a multi currency ac before it can accept sgd transfers. My query is to confirm that it cost only 100 rmb per txn to transfer RMB from icbc sg account to my icbc cn account. Thereafter I can bind my cn account to alipay etc and send individuals rmb.
suggestion for those who are going to set up bank accounts in china, to request for your account to be able to receive sgd (if possible like icbc). Can save a lot of trouble as such changes can only be made where you open the account.

My ICBC CN acct is already dual currency and the purpose of opening the SG account is precisely that - to remit SGD over and then convert to RMB within ICBC CN app. I read your question as effecting an RMB transfer directly into the ICBC CN account; the counter person said the tx itself is not possible hence didn’t move on to the transfer fees (although I have done it through wise so maybe the counter person is misguided..? Not sure). Better that you clarify OTC whether you can do that and if so whether the fee is 100rmb. I have to say I was surprised at the friendliness of the staff, pleasantly so!

 

[Shalom_555]

My ICBC CN acct is already dual currency and the purpose of opening the SG account is precisely that - to remit SGD over and then convert to RMB within ICBC CN app. I read your question as effecting an RMB transfer directly into the ICBC CN account; the counter person said the tx itself is not possible hence didn’t move on to the transfer fees (although I have done it through wise so maybe the counter person is misguided..? Not sure). Better that you clarify OTC whether you can do that and if so whether the fee is 100rmb. I have to say I was surprised at the friendliness of the staff, pleasantly so!

Many thanks for your help.

 

[Garlic & Butter]

Yes, went last March to all the banks. I opened all accounts in Shanghai; I returned to the same branch for two of them to update my details. The other bank I just walked into the branch nearest my hotel. All was smooth and quick once you got to the counter. For what it’s worth I also updated the passport with my telco, not sure if it was needed.

Can I check - did you transfer SGD to your CCB account from ICBC SG? Or only ICBC to ICBC?

thanks!

sry to intrude, how come you need to open a few china accounts?

 

[Garlic & Butter]

Thanks for this - I am going to ICBC branch today to open an account to remit SGD over to my Chinese ICBC account and 结售汇 to RMB. I looked at the link above for OCBC; it says the fee waiver is until 31 Dec 2025 only. Guess website hasn’t been updated.

just checked and it's still waived luckily.
was thinking if they reinstate charges then will need to fall back to pressing cash from local ATMs and depositing in again.

side track a bit: those with CIMB Malaysia foreign currency accounts can do TT for only MYR 10. holding foreign ccy accounts in malaysia has a mimimum balance requirement though

 

[bertrande]

sry to intrude, how come you need to open a few china accounts?

Each bank gives me a limit and there are times where I need to make payment to service providers (eg hotels, tour guides) which in the aggregate will exceed the daily limit if I only have one bank account. The problem is bypassed by having a few accounts. But that means I have to do a lot of Trust withdrawals and deposits back into the various accounts when I am there. I don’t actually recharge or top up to Alipay or WeChat balance if that’s what you are thinking, reason being if they freeze the account the money in the balance is frozen (I had a temporary freeze for a week before and it left a real bad taste in my mouth). I much prefer my money still being in a bank.

 

[quekkb]

Yes, went last March to all the banks. I opened all accounts in Shanghai; I returned to the same branch for two of them to update my details. The other bank I just walked into the branch nearest my hotel. All was smooth and quick once you got to the counter. For what it’s worth I also updated the passport with my telco, not sure if it was needed.

Can I check - did you transfer SGD to your CCB account from ICBC SG? Or only ICBC to ICBC?

thanks!

Ok. I need to update my passport year end after I renew my passport this coming July/Augst. I will go to Guangzhou to update my CCB account although I open in Fuzhou.

I use Wise to transfer the fund to CCB.

 

[quekkb]

Test buy 100RMB 华夏理财，can.
But not able to buy stock related product, also no icon link to invest in Gold or commodity related product.

For remit oversease and convert to foreign currency, need to go to counter.

Did you activate the service? I can only put to fixed deposit....

 

[quekkb]

just checked and it's still waived luckily.
was thinking if they reinstate charges then will need to fall back to pressing cash from local ATMs and depositing in again.

side track a bit: those with CIMB Malaysia foreign currency accounts can do TT for only MYR 10. holding foreign ccy accounts in malaysia has a mimimum balance requirement though

My CIMB Malaysia is for MYR only, not for TT. Most of my TT is within HSBC network all around the world as I have account in SG, HK, US, AU, UAE, Jersey and UK. HSBC HK has the best exchange rate so I usually transfer to HK to exchange whatever currency I need.

 

[quekkb]

Each bank gives me a limit and there are times where I need to make payment to service providers (eg hotels, tour guides) which in the aggregate will exceed the daily limit if I only have one bank account. The problem is bypassed by having a few accounts. But that means I have to do a lot of Trust withdrawals and deposits back into the various accounts when I am there. I don’t actually recharge or top up to Alipay or WeChat balance if that’s what you are thinking, reason being if they freeze the account the money in the balance is frozen (I had a temporary freeze for a week before and it left a real bad taste in my mouth). I much prefer my money still being in a bank.

Which China bank accounts did you have?

 

[HoGnix]

Did you activate the service? I can only put to fixed deposit....

No.
But need to go through financial knowledge and risk assessment check list on the App.