China has one of the most advanced digital payment systems in the world. Cash is rarely used, and credit cards are accepted only at high-end establishments. This guide explains everything you need to know about payments and banking in China.
Digital Payment Platforms
Two platforms dominate digital payments in China:
WeChat Pay (微信支付)
- Integrated into WeChat app (used by 1.3 billion people)
- Link international credit cards (Visa, Mastercard, JCB)
- Transaction fee: 3% for international cards
- Accepted everywhere: street vendors, taxis, restaurants, shops
Alipay (支付宝)
- Owned by Ant Group (Alibaba affiliate)
- Also accepts international credit cards
- Transaction fee: 3% for international cards
- Popular for online shopping (Taobao, Tmall)
Setting Up Digital Payments
Step-by-step process for foreigners:
- Download WeChat or Alipay app
- Register with your phone number (international numbers work)
- Complete identity verification (upload passport photo)
- Add international credit card in “Wallet” or “Cards” section
- Start scanning QR codes to pay
Tip: Both apps have English interfaces. Look for “Me” → “Services” → “Wallet” in WeChat, or “My” → “Bank Cards” in Alipay.
Opening a Chinese Bank Account
While not required, having a Chinese bank account makes life easier:
| Bank | English Service | Minimum Deposit | ATM Network |
|---|---|---|---|
| ICBC (工商银行) | Good | 0 RMB | Largest |
| Bank of China (中国银行) | Excellent | 0 RMB | Large |
| China Construction Bank (建设银行) | Good | 0 RMB | Large |
| HSBC China | Excellent | Varies | Limited |
Required Documents for Bank Account
- Valid passport
- Valid visa or residence permit (work/student/residence)
- Proof of address (rental contract or hotel registration)
- Chinese phone number (for SMS verification)
- Employment certificate or student ID (sometimes required)
Withdrawing Cash
ATMs are widely available. International cards work at most ATMs:
- Bank of China ATMs – Best for international cards
- ICBC ATMs – Widely available, English interface
- HSBC ATMs – No fee for HSBC global customers
- Fee – Typically 15-50 RMB per withdrawal (varies by bank)
Money Transfer Options
| Service | Fee | Speed | Best For |
|---|---|---|---|
| Wise (TransferWise) | 0.5-1.5% | 1-2 days | Large transfers |
| PandaRemit | 0.5-2% | Same day | China-specific |
| Bank Transfer | $20-50 | 3-5 days | Salary deposits |
| Western Union | Higher | Instant | Emergency cash |
FAQ
Can I use my foreign credit card in China?
Yes, but only at high-end hotels, restaurants, and international chains. For daily transactions, set up WeChat Pay or Alipay with your card linked.
Is cash still used in China?
Rarely. Some elderly vendors or very small shops may prefer cash, but 95%+ of transactions are digital. Keep 200-500 RMB cash as backup.
What is the transaction limit for international cards?
WeChat Pay: Single transaction up to 5,000 RMB, monthly limit varies. Alipay: Similar limits. For larger amounts, use bank transfer or Wise.