elevating payment convenience for foreigners in china: a seamless...
title: elevating payment convenience for foreigners in china: a seamless journey in foreign exchange services
the central committee of the communist party of china (cpc) and the state council are committed to enhancingforeign exchange services for expatriates within china's borders. on march 7, 2024, the general office of the state council unveiled the opinions on further optimizing payment services to elevate payment convenience. this forward-thinking directive seeks to not only cater to the multifaceted payment needs of seniors, expats, and other demographic groups, but also to propel the quality of payment services to new heights. with unwavering resolve, the state administration of foreign exchange (safe) is translating the visions of the cpc central committee and the state council into action.
operating under the mantra of "cards for major expenses, qr codes for minor transaction, and cash as a last resort," the safe is tackling head-on the challenges encountered by expats in various fields within china—be it tourism, employment, or day-to-day living. their arsenal includes measures such as facilitating seamless qr code scanning for mobile transactions, expanding online shopping payment options, fine-tuning foreign currency exchange services, and refining overall foreign exchange services.
broadening payment channels for expats in china
revolutionizing mobile payment experiences. recognizing the hurdles expats face when linking their overseas bank cards to popular mobile payment platforms like alipay and wechat pay, the safe has issued directives to streamline processes, simplify identity verification, and enhance card linking efficiency. this empowers expats to breeze through daily transactions—whether it's hailing a cab, dining out, booking a hotel, or indulging in some retail therapy—with seamless qr code payments. moreover, the safe has raised the single transaction guidance limit from us$1,000 to us$5,000 and the annual cumulative transaction guidance limit from us$10,000 to us$50,000. not stopping there, the safe have widened the whitelist of premium merchants to ensure genuine and reasonable mobile payment needs are met across various sectors such as accommodation, education, healthcare, and public utilities. the result? a marked uptick in expat satisfaction and convenience with mobile payment services in china. the daily average number of transactions and the number of foreign cards bindings continue to grow steadily, as exemplified by alipay and tenpay facilitating over 31 million mobile payment transactions for expats since 2024, totaling 4.2 billion yuan—a tenfold increase over the previous year.
expanding the payment service toolbox for expats in china. the safe is backing banks in offering acceptance of overseas bank cards and fund settlement services for online contracted merchants. this allows expats to punch in brief card details such as card number, expiration date, cvv code on domestic e-commerce platforms for hassle-free online card payment. furthermore, the safe is supporting the establishment of special accounts for minor expenses, which are rechargeable with foreign cards. by guiding key regions to explore the conversion of small foreign currency amounts into rmb and their subsequent deposit into domestic payment accounts, the safe is widening the spectrum of payment services choices for expats, facilitating their financial transactions during their stint in china.
smooth sailing in foreign currency exchange
securing foreign currency exchange services. with an eye on the travel patterns of foreign visitors to china, the safe ensures comprehensive foreign exchange services across critical touch points. international gateways like major airports and ports boast at least one of five types of foreign currency exchange channels, namely authorized institutions for personal currency exchange, self-service exchange machine, atms catering to rmb withdrawals with foreign cards, foreign currency exchange agency, or bank counter, leaving no gaps in foreign currency exchange services, what's more, locales such as hotel and surroundings teeming with foreign tourists are equipped with enhanced foreign currency exchange services, fostering a friendly and convenient environment for foreign currency exchange.
optimizing foreign currency exchange promotion and service quality. through standardizing and promoting the use of personal foreign currency exchange marks, the safe is leaving no stone unturned in providing crystal-clear guidance for expats seeking foreign currency exchange. by guiding authorized institutions for individual foreign currency exchange and bank branches to expand currency supply, nearly 50 types of currencies are available for exchange currently. innovative strategies like empowering tour guides to handle currency exchange, given the itinerant lifestyle of inbound tour groups, with dawn departures and twilight returns, supporting the authorized currency exchange institutions to enhance night service experiences and directly introducing domestic currency exchange services to expats through overseas social media outreach are revolutionizing the foreign currency exchange landscape, and ensuring expats feel right at home.
refining comprehensive foreign exchange services
enhancing foreign exchange services for expats. addressing common foreign exchange scenarios encountered in daily life, work, and consumption in china, the safe has rolled out english manuals for personal foreign exchange transactions at bank counters. additionally, guidelines for purchasing foreign exchange for payment of overseas salaries have been compiled, streamlining salary settlements for foreign workers in china. through a robust system for handling specialized foreign exchange transactions for individuals, differentiated needs like cross-border insurance claims and property division during divorces are met with finesse. regular visits to frontline bank outlets have covered more than 800 banks, nearly 6000 bank branches nationwide. targeted guidance has been provided, enhancing banks' ability to serve expats' foreign exchange needs with precision and panache.
ensuring seamless foreign exchange services for major international events. when the world's eyes are on china during major international events and exhibitions such as asian games, chinainternational import expo, china international service trade fair, the safe springs into action to bolster the foreign exchange infrastructure, improves foreign exchange facilitation services and contingency plan, achieving full coverage of foreign exchange services in scenarios such as hotels and media centers. the establishment of professional banking service squad for foreign athletes, exhibitors, journalists, and other expats ensures all foreign exchange needs such as individual foreign exchange settlements and sales, foreign currency cash deposit and withdrawal, foreign exchange conversion, cross-border remittances are met swiftly and smoothly leaving no room for hiccups, ensuring a flawless experience for all.
as we sail into the future, the safe will remain steadfast in its commitment to xi jinping thought on socialism with chinese characteristics for a new era, embody the spirit of the central financial work conference, and embrace the new development concept. with unwavering dedication, the safe will continue to optimize foreign exchange payment and exchange services, ensuring seamless experiences for expats, further facilitating their short-term visits and long-term endeavors in china, and advancing china's high-level opening-up agenda.
zheng wei is the deputy administrator of the state administration of foreign exchange
