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In the context of remitting yuan to China, there are two types of remittances: personal yuan remittances and corporate yuan remittances. Each year, over 500 billion dollars’ worth of value is transferred abroad through personal remittances. In most cases, these remittances are money transfers from foreign workers to their family members in their home countries, sent monthly. High fees for using traditional money transfer operators (MTOs) are often paid by those who can least afford it – 1.7 billion unbanked adults worldwide. These costs not only affect the sender and recipient but also businesses that want to provide fast and affordable remittance services to these underserved populations. Online money transfers have never been easier, faster, or more secure. With just a few mouse clicks – or finger taps – you can transfer money to individuals, businesses, banks, merchants, and more, both locally and internationally.
Online money transfers are becoming increasingly popular due to their convenience. While people used to need to visit a bank to transfer money, today all you need is access to a computer or smartphone. Although there are many complex technologies behind online money transfers, the concept is simple: instead of transferring physical money, you’re transferring data. The data then converts into money, which is withdrawn from your account and deposited into the recipient’s account. However, since you are transferring data and not physical money, online money transfers are often instantaneous. In many cases, all you need to complete the transfer is the recipient’s phone number or email address. Data from global consumer surveys by Statista shows that Alipay and WeChat Pay are the most popular digital payment platforms among Chinese providers, with 9 out of 10 Chinese online payment users having used these two apps in the past 12 months. Next, we will discuss methods for personal yuan remittance.
Personal Yuan Remittance via Alipay
Alipay remittance to China is one of the methods for sending money to China, which is a form of personal yuan remittance. Let’s take a closer look at this method.
What is Alipay?
Alipay, part of the Alibaba Group, is the largest mobile payment platform in the world, with nearly 900 million users globally. The Alipay app allows users to store money in their account and make transfers directly from their mobile phone. WorldRemit has partnered with Alipay to offer it as a receiving method, allowing you to send money easily and securely to friends and family in China.
How to send money to an Alipay account?
- Select China as the country you wish to send money to from the dropdown list.
- When asked how you want to send money, choose Alipay.
- Enter the amount you wish to send – the low fees and exchange rates will be clearly displayed.
- Next, you will be directed to another page to:
- Create an account.
- Enter the recipient’s details – here, you can choose from a list of people you’ve previously sent money to, or add a new person by entering their name, address, and Alipay ID (this is the phone number the recipient has registered with Alipay).
- Choose your payment method – bank account, debit/credit card, Klarna, INTERAC, POLI, or iDEAL (web) – then confirm the amount. (Payment methods vary by country).
The person you are sending money to must have activated their Alipay app to receive the remittance, and they should receive the amount you sent within minutes. In cases where they have not yet activated their Alipay app for remittances, it may take up to 72 hours to receive the funds. They must activate their account to complete the transfer. Once the transfer is complete, both you and the recipient will be notified via SMS and email.
We have partnered with Alipay to offer the Alipay app as a new receiving method in China. With nearly 900 million users, an Alipay account provides a convenient way to store money on a secure online payment platform, and payments through Alipay are accepted by thousands of merchants and businesses worldwide.
Now, you can quickly and securely send money to friends and family in China using our website or app. Creating an account with us on the site takes less than two minutes. For more information, refer to our article on personal yuan remittance via Alipay.
Personal Yuan Remittance via WeChat
WeChat is a social media app in China – the Facebook of China. It is an integral part of daily life for all residents of China. With its powerful messaging platforms and groups, WeChat makes it easy to find new friends, ensuring you never feel isolated in China.
WeChat has a payment solution integrated into its social media app. Therefore, not only is it used for chatting, but it also allows you to make payments and transfer money to friends with ease. Just like Alipay, WeChat can be used to pay utility bills, buy groceries, purchase tickets, and shop online. Most importantly, you can top up your wallet with your bank balance or transfer money to your bank account without any restrictions. The app works in both English, Chinese, and other international languages, making it suitable for personal yuan remittance as well.
The convenience of using these payment apps in China is unmatched by any other experience. Regardless of how small a business is, they use these payment solutions to support their services. Even a small massage shop located at the bottom of a noodle shop corner accepts payments through these apps. All you need to do is scan a simple QR code on the wall.
They have improved their app ecosystem to fit seamlessly into your life. Services that sell items through social media are also connected to these apps, making life easier for everyone. The security of using these payment apps is reassuring, as they constantly introduce new features to ensure your money’s safety. If you ever find yourself in China, don’t forget to search for these payment apps.
WeChat App Ecosystem
WeChat started as a social networking app but has now been redefined to cover many areas. It is now known as a social e-commerce app, a payment app, a marketing app, and much more. Due to its incredible features, WeChat has become extremely popular and is now an integral part of daily life in China. Essentially, you cannot separate your lifestyle from WeChat!
WeChat Mobile Payments
WeChat has evolved into hosting various services from payments and e-commerce to advertising and even taxi services. WeChat Pay has become one of the most popular payment apps in China, with everyone using it, including small grocery stores in every corner. Whatever you want, just scan the price and make your payment! The good news is that WeChat is multilingual, with both English and Chinese versions available.
Let’s take a look at some features of WeChat Pay:
First, install the WeChat app from your phone’s app store. It’s a simple process to get started. The process is straightforward, just like installing other apps. Select English as your preferred language, and you’re all set! The installation comes with all the apps and services you need within the ecosystem. Let’s now see how to access WeChat Pay.
How to Set Up WeChat Pay
Click on “Me” after launching the app. On the right side of your phone, you’ll see WECHAT PAY listed as one of the menu options (usually at the top). Click on it, and you’ll see the entire payment structure of the app and the tasks you can perform. Here’s a list of some of the features:
- Credit card bill payments
- Mobile top-ups
- Check wallet balance
- Pay utility bills
- Transfer payments
- Send red envelopes
- Add bank cards
- Order a taxi
Final Words
As there are many steps involved in using traditional financial systems and transferring value in emerging economies, transaction costs remain high. Today, remittance service providers, digital money apps, growing fintech companies, and remote traditional banks can use the Asan Tejarat website to reduce the costs associated with remitting yuan to China. At Asan Tejarat, we offer a variety of services including yuan remittance, imports from China, customs clearance, and air, sea, and land transportation. In this article, we have explored personal yuan remittance methods. For more information, feel free to contact our consultants at Asan Tejarat Trading.