Alipay in China

[quekkb]

no reason to trsf from CN to SG leh

anyway short answer is YES

for me i just deposit cash to china bank acc when i am there

If invest and earn money, maybe need to transfer back...

 

[Garlic & Butter]

just be careful of taxes. typically there's (10%?) withholding tax + potential income tax etc

 

[Bigbird00]

1. Yes, YT doesn't have wallet feature but provide good rates. Just have to top up with SGD and it will convert accordingly and the rates are good or decent minimally. Revolut etc. are options too if you prefer them.
2. Then possibly break the transactions whenever possible, but as mentioned bear in mind you run a risk. Take your pick!

Yup, withdrawing there is a good option to reduce risk of misplacing your cash/carrying too much cash around and only having them when you need, which to me is much more ideal.

1. I have YT, Rv and Wise. Its seems CNY is getting more expensive now. I am think of adding YT & Rv into Alipay. YT has slightly better rates and no weekend fees. I am think of loading CNY into RV wallet to mitigate weekend fees.
2. I guess, i should not game the >Cny200 3% surcharge. Just pay it and not get blacklisted.

What are the chances, when 1 need to use cash if Alipay is working?

 

[Bigbird00]

imo unless u season traveller than store in e-wallet if good rate spotted else money changer get CNY to keep
since cash still widely acceptable in china ...

I have little motivation to visit China at this point of time, except Canton food and good Tuina Massage!

I read on some commented that store holders will accept payment in hard cash but may not have change in physical cash. I just want to avoid any hassle. This alipay reg is another hassle but bo pian!

p.s. anyone have leftover RMB to sell me (transfer to Alipay wallet)?

 

[quekkb]

I have little motivation to visit China at this point of time, except Canton food and good Tuina Massage!

I read on some commented that store holders will accept payment in hard cash but may not have change in physical cash. I just want to avoid any hassle. This alipay reg is another hassle but bo pian!

p.s. anyone have leftover RMB to sell me (transfer to Alipay wallet)?

Bring SGD to China. Open bank account. Bank in SGD and change to RMB.

 

[froztheart]

1. I have YT, Rv and Wise. Its seems CNY is getting more expensive now. I am think of adding YT & Rv into Alipay. YT has slightly better rates and no weekend fees. I am think of loading CNY into RV wallet to mitigate weekend fees.
2. I guess, i should not game the >Cny200 3% surcharge. Just pay it and not get blacklisted.

What are the chances, when 1 need to use cash if Alipay is working?

If all's good then the chances of using is low unless you are intentionally spending your cash?

 

[s7460597]

1. I have YT, Rv and Wise. Its seems CNY is getting more expensive now. I am think of adding YT & Rv into Alipay. YT has slightly better rates and no weekend fees. I am think of loading CNY into RV wallet to mitigate weekend fees.
2. I guess, i should not game the >Cny200 3% surcharge. Just pay it and not get blacklisted.

What are the chances, when 1 need to use cash if Alipay is working?

Been in shantou since Friday, not accepting alipay or WeChat is almost nil. Actually encountered a few with friends being told vendors don't have change. These are for small purchases.

For meals at restaurants, all accept cash. Easier for us to settle with our treasurer as we don't have wallets in alipay or WeChat. We don't travel frequently enough to bother work opening a bank account and transfer process.

 

[bertrande]

That's very handy. Can you transfer from ICBC CN to ICBC SG?

no reason to trsf from CN to SG leh

Ya no reason for me to do so haha. I do spend a lot of time in China and also like to visit there on holiday. That’s why it is beneficial for me to hold RMB in bank accounts, easier to pay merchants and service providers. Imagine a trip for 7 to Xinjiang may entail a one time transfer of 25k rmb etc. I also shop a lot on Chinese platforms so it makes sense for me to have RMB but no reason for me to transfer back to SG thereafter.

 

[Shalom_555]

Why do u want to remit sgd to your china account

ICBC sg confirmed that singaporeans cannot remit rmb directly to china account, can only send sgd to cn dual currency account. Thereafter can convert sgd to cny and use like local PRCs, no 3% fee for above 200rmb

 

[Shalom_555]

Yes I have ICBC account opened in Shanghai a couple of years ago. Transfer from ICBC SG account to ICBC CHN account (in SGD) is free. Then I can convert to RMB in the Chinese app. Procedure is similar to SGD to RMB conversion in our local multi currency account.

Just curious, from your experience conversion from sgd to rmb using icbc cn app rate is it better than icbc sg rate. I find icbc sg rate in app even better than money changer

 

[Shalom_555]

1. Yes, YT doesn't have wallet feature but provide good rates. Just have to top up with SGD and it will convert accordingly and the rates are good or decent minimally. Revolut etc. are options too if you prefer them.
2. Then possibly break the transactions whenever possible, but as mentioned bear in mind you run a risk. Take your pick!

Yup, withdrawing there is a good option to reduce risk of misplacing your cash/carrying too much cash around and only having them when you need, which to me is much more ideal.

U can also use icbc union debit card to make payment directly with merchants that display union pay logo.
I used card directly on sat to buy train ticket on 12306 and 3% was waived. Payment went through super fast but alipay platform payment was hung repeatedly and caused me to miss the 1st class seats (ouch)

 

[froztheart]

U can also use icbc union debit card to make payment directly with merchants that display union pay logo.
I used card directly on sat to buy train ticket on 12306 and 3% was waived. Payment went through super fast but alipay platform payment was hung repeatedly and caused me to miss the 1st class seats (ouch)

You referring to our local SG ICBC UP card?

 

[bertrande]

Just curious, from your experience conversion from sgd to rmb using icbc cn app rate is it better than icbc sg rate. I find icbc sg rate in app even better than money changer

Actually I have only transferred SGD directly over to my CN account, have not made the conversion yet because the rates are not at least 5.4! Your question made me curious and I logged in to check. Right now, SGD to RMB within my ICBC SG app is 5.3967 whereas ICBC CN app is showing a rate of 539.80 so it seems CN app is marginally better.

 

[Shalom_555]

You referring to our local SG ICBC UP card?

Yes, SG ICBC UP debiting RMB from my Rmb (dual currency)

 

[Bigbird00]

Bring SGD to China. Open bank account. Bank in SGD and change to RMB.

I not sure if i plan to stay or visit China that often to need this.

If all's good then the chances of using is low unless you are intentionally spending your cash?

I hope i dont need to use any RMB cash! I rather use cash, if possible to avoid "paper trail". But looks like no choice now.

Been in shantou since Friday, not accepting alipay or WeChat is almost nil. Actually encountered a few with friends being told vendors don't have change. These are for small purchases.

For meals at restaurants, all accept cash. Easier for us to settle with our treasurer as we don't have wallets in alipay or WeChat. We don't travel frequently enough to bother work opening a bank account and transfer process.

Good to know! Thanks

Yes, Banking in foreign countries is a pain in the @SS!

 

[quekkb]

I not sure if i plan to stay or visit China that often to need this.



I hope i dont need to use any RMB cash! I rather use cash, if possible to avoid "paper trail". But looks like no choice now.



Good to know! Thanks

Yes, Banking in foreign countries is a pain in the @SS!

I think it is quite useful to have China bank debit card.

 

[Bigbird00]

I think it is quite useful to have China bank debit card.

You refering to China Bank DC from SG branch or China?

 

[quekkb]

You refering to China Bank DC from SG branch or China?

China Bank DC from China

 

[Bigbird00]

China Bank DC from China

Foreigners can open a bank account in China?

What is the process?

Many countries don't allow this if you are not a resident.

 

[froztheart]

Foreigners can open a bank account in China?

What is the process?

Many countries don't allow this if you are not a resident.

Take a read of the thread please.