The great majority of financial transactions for the Chinese populace are handled by Paypal To Alipay Transfers and WeChat together.
Is it possible for a foreigner to use Alipay to send money home? And if so, exactly how is it carried out? In this short guide, I’d want to respond to these queries as well as others.
There are a few things I would like to note before we get too far into this Alipay lesson. First and foremost:
Money cannot be easily transferred out of China.
You’re going to be let down if you came here anticipating that Alipay would be the solution to all your problems.
There are many ways to move money quickly into China, but there are few ways to get money out of China. Even these few possibilities aren’t simple because China makes it tough to transfer money out of the country on purpose.
To be clear, you should be aware of the following if you intend to use Alipay to send money outside of China:
Alipay may not function properly:
This isn’t a perfect process, according to reports from a variety of tourists and expats (including those in the comments section of this post). Although it appears that not all accounts can be transferred through Alipay, there is no obvious reason why some do and others don’t.
You are still governed by Chinese law:
According to legislation, any Chinese cash that leaves China must first be accompanied by documentation attesting to the payment of all applicable taxes. This is why sending money from a bank in China is such a hassle since they demand a ton of documentation as verification.
These regulations put your Chinese buddy in danger if they are broken:
As you’ll see below, in order to use Alipay as a method of withdrawing money from China as a foreigner, you’ll need assistance from a local Chinese acquaintance. Do not take this lightly; if something goes wrong, they will be held accountable, not you.
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Requirements & Restrictions | Paypal To Alipay Transfers
With Alipay, sending money abroad is simple and only requires a few steps, which we’ll go over in a moment.
However, there are a few extremely significant prerequisites and limitations that you must be aware of before you begin Paypal To Alipay Transfers.
- Chinese citizens can only send money through the Alipay app. It will require you to register a Chinese ID, which you don’t have, if you try with your personal account. So, enlist the assistance of a trusted Chinese acquaintance to assist you with the move.
- 30,000 RMB is the maximum sum that can be wired in a single transaction. Two foreign transfers with a combined maximum value of 60,000 RMB are permitted per day.
- You will be charged 50 RMB by Alipay for each transfer, and the receiving bank will charge you an additional fee when it receives it.
- Only $50,000 USD can be sent abroad annually by Chinese nationals. If you are fortunate enough to be sending money back home in numbers this size, you will need to enlist the assistance of multiple Chinese friends.
Step-by-Step Process with Paypal To Alipay Transfers
various steps on Paypal To Alipay Transfers;
- You should make sure you’ve downloaded the Alipay app for iPhones or Android devices and set up an account in light of the above background information.
- 25 minutes are required.
- These easy procedures can be used to complete the transfer process utilizing Alipay to get money out of China.
Find the International Paypal To Alipay Transfers Transfer Function
If your Chinese buddy still needs assistance, you can instruct them to pick the “More” button on the home screen, then “Shanghai International Transfers” despite the fact that they can probably find the international transfer feature in the program on their own. The transfer process will then start when you click this huge blue button.
Enter the Recipient Banking Information
Include the necessary details for the receiving bank located outside of China. Name, address, bank SWIFT code, routing number, and bank account number are all included. A translation of that page’s design can be seen below.
Enter the Sender’s Information in Alipay
You must provide the sender’s details before starting the transfer. This covers both the money and the motivation behind the transfer.
Among the grounds why a Chinese person would need to send money abroad include traveling and paying for tuition. As there is no opportunity to assist international friends by sending their hard-earned money home, I chose personal travel in this scenario.
Review Terms and Conditions for Using Alipay
You will be taken to a terms and conditions page after filling out the sender’s details, where you must review the conditions of the transfer before continuing. The next button, which allows you to continue with submitting the transaction, will appear after 20 seconds.
Submit the Transfer Request
Based on the explanation provided for the transfer, Alipay poses further inquiries prior to processing the wire transfer. In this instance, I chose travel, and it prompted me to choose whether the sender will be traveling alone or in a group while abroad.
You are free to list anything you want because this does not apply to you. This is a technique for the Chinese government to keep tabs on capital outflows because they have recently been quite cautious about sending money abroad.
FAQs | Using Paypal To Alipay Transfers
The questions listed below are some of the most often asked about sending money abroad using Alipay.
For the interest of brevity, I’ll repeat some of the questions that have already been addressed previously.
- Is Alipay available to foreigners who want to send money abroad?
No. Due to the requirement of a Chinese ID for international transfers made using Alipay, assistance from a local Chinese is required if you want to send money outside of China.
- How much money can you send using Alipay internationally?
With Alipay, there is a cap of 30,000 RMB per transfer and a daily limit of two transactions (60,000 RMB total). Chinese nationals are only allowed to send $50,000 USD or equivalent in foreign cash per year.
- What is the turnaround time for an Alipay transfer?
The institution of the beneficiary bank will determine this. After sending the money via Alipay, confirm receipt with the recipient or get in touch with your home bank to find out how long it will take for the money to arrive.
- My transfer through Alipay was declined; why?
Several factors could lead to the rejection of a transfer. Alipay may assume that taxes have not been paid on this money as required by Chinese law, or there may be a mistake in the bank routing or account numbers, a restriction on the person initiating the transfer, or all of these.
In any case, there is no known means to learn the reason a transfer was denied from Alipay, and Alipay itself doesn’t provide this information.
The Bottom Line | Paypal To Alipay Transfers for International
Make sure all of the recipient’s information is accurate before transferring money home with Alipay. If mentioned erroneously, you will still be charged the full amount of the transfer fees by both Bank of Shanghai and the recipient bank in order to receive your money back.
Additionally, practicing a transfer with a little bit of money wouldn’t do any harm. It will be much simpler to transfer money home the next time if you save the recipient’s details in Alipay.
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