Are you planning a trip to China and want to know how you will be able to spend your money? Here are our tips to avoid unpleasant surprises and the best banks to avoid fees when making your purchases.
Would you like to know how you can use your money during your next trip to China? The way you are going to spend it, cash management, currency exchange, but above all the use of the most used payment applications in the country are questions that it is important to consider before departure so as not to end up lost once there. In this article, we give you best practices and the most suitable banking solutions.
Can I pay with my French card in China?
If you have a card with free international payments (including China) to avoid fees and bank commissions on payments outside Europe, then you will obviously be able to use your bank card in businesses that accept cards. Visa, Mastercard, American Express, etc. Check carefully with your bank before leaving to make sure this is the case.
Is it better to pay by card or cash in China?
As in many Asian countries, it is often best to use a combination of card and cash payment in China. International credit cards are accepted in urban and tourist areas, but it is still rare to come across VISA or Mastercard compatible terminals in less densely populated areas. In less urbanized places and local markets, cash is generally more convenient, and some accept it exclusively. However, as we will see in the next few lines, China has largely developed its mobile payment system exclusive to the country.
Pay attention to prices excluding taxes
In China, prices displayed are usually inclusive of tax, and taxes are not hidden. However, in some small businesses or local markets, it may be useful to confirm whether the advertised price includes tax. It is recommended to clarify this point before finalizing a transaction to avoid confusion over the actual amount to be paid.
How to exchange Euros to Yuan?
In France, you can exchange euros for Chinese yuan at exchange offices, banks, or even through specialized agencies. Before you go, be sure to compare exchange rates and associated fees to get the best deal. In general, the best rates are found in large cities, in specialized establishments, but also on the internet with sites like Wise or Xe.com.
When you arrive in China, international airports generally have exchange offices where you can convert your euros into yuan. However, exchange rates at the airport may be less advantageous, so it is advisable to change a small amount at the airport and do the rest at banks or exchange offices in town to obtain more favorable conditions. Some major Chinese cities also have ATMs that accept international cards, making it easier to access yuan cash.
The use of WeChat Pay, AliPay, etc. : an almost essential
For several years now, it has been almost impossible to go to China without having a WeChat account with WeChat Pay or an Alipay account. The case of WeChat is undoubtedly a little more telling as its use and its ecosystem are as essential on site as the simple fact of having an identity card. Note that Western payment platforms like Google Pay or Apple Pay are not used in China.
WeChat is an all-in-one application that goes beyond simple instant messaging like WhatsApp, Signal or Telegram. In addition to conversations, it offers features such as video calls, management of local social networks, marketplaces, but also and above all financial services with WeChat Pay.
The latter is almost indispensable in China due to its ubiquity in daily life: it is used to pay for purchases, order meals, book taxis, and much more. Its comprehensive integration of services makes it an essential tool for efficiently navigating Chinese urban life, even to the point that many merchants accept transactions only through WeChat Pay or Alipay (which is a similar payment solution).
How to create a WeChat account and link your French bank card?
As WeChat is an international application, it will be necessary to create an account in advance and link your bank card. Linking a French bank card is possible, but it still limits certain uses on site, in particular adding money to the WeChat Pay wallet or more complex payments such as subscriptions or certain local services like red envelopes.
There is still one important element to know: it is necessary to be sponsored by a user of the application of at least six months who will have to scan the QR Code of your account so that it can be activated. Without this, you will not be able to use WeChat.
Here are the steps to follow :
- Download the WeChat app from Google Play or the iOS App Store and create an account.
- Select on the option “Me» at the bottom of the screen on the left.
- Select “Services» then the option “Wallet“.
- Choose “Bank cards» and click on “Add a bank card“.
- Fill in your card information and pay the $0.05 pre-authorization to verify account validity.
- You will be asked for an identity document, including a copy of your passport.
How to create an Alipay account and link your French bank card?
Alipay is an application much more suitable for travelers and is much more like a PayPal payment platform in the sense that it does not require sponsorship to activate an account. There is no particular limitation in its use, but it will only be suitable for payments for goods and services in China. Here is the procedure to follow to link your French bank card to your Alipay account:
- Download the Alipay app from Google Play or iOS App Store and create an account.
- Once the account is created and verified via passport, select the “Wallet” Or “Wallet» then add your card.
- Enter your credit card numbers and verify the association with your bank via the $0.05 pre-authorization.
- Your bank card is then linked to your Alipay account.
How to use WeChat Pay or Alipay in Chinese businesses?
Using these two apps on site differs from using Google Pay or Apple Pay. No NFC: the merchant generates a unique QR code for the transaction. You will need to scan the latter via the application and validate the amount of the transaction appearing on the screen. You and the merchant receive notification of successful payment.
Which banks are the best choice for going to China?
Most of the accounts that you can create with online or traditional banks in France today offer cards with “zero fees» on international currency payments and withdrawals. However, if you have had an account for a while, you will probably need to request the addition of a “international option» chargeable for the duration of your trip, this is particularly the case in traditional banks.
If you wish to go to China, we recommend the following banks.
Revolut
Revolut is a major player with a strong influence on the online banking market and more particularly neobanks. Originally a British bank, Revolut adapted to the conditions of Brexit by exporting to Lithuania, but recently ensured that it could offer its French customers a FR IBAN. On the offer side, Revolut offers four types of cards, including one completely free.
The prices are generally very advantageous with paying cards ranging from 2.99 to 13.99 euros monthly.
In all cases, no account maintenance fees are required and card payments are free and unlimited abroad, including in China. Be careful though, currency withdrawals are still capped depending on the card selected, we advise you to turn to the Metal card to benefit from the highest possible ceiling. The cards issued are VISA or Mastercard with a level of travel insurance proportional to that of the selected account.
To find out even more, be sure to read our full Revolut review.
Fortuneo
All of Fortuneo Banque’s offers offer zero fees on payments and withdrawals by bank card anywhere in the world, with no limit on amount. Which naturally makes it one of the best online banks to recommend for a trip to China.
Mastercard certified cards have all the organization’s travel guarantees such as medical and repatriation assistance and travel accident insurance.
For travelers, the advantages of having a Fortuneo account are numerous. First of all, there is the free card, whichever one you choose. However, keep in mind the need for a minimum initial deposit and proof of monthly income.
If you want to know more, be sure to read our full Fortuneo review.
BoursoBank
With its name change, BoursoBank (formerly Boursorama Banque) wishes to anchor its lead in the online banking sector in France.
In the two high-end plans, only the Metal card gives access to more benefits such as unlimited free payments and withdrawals abroad and included premium insurance, which is a definite asset for traveling in China. On the other hand, access is more restrictive since you must be able to prove a certain level of income and be able to make an initial deposit of 500 euros. Overall, Boursorama’s prices are among the cheapest, there are very few hidden costs and the services are truly free.
To find out even more, do not hesitate to read our full review on BoursoBank.