PayPal has become an efficient tool for handling money online – people have a lot of options when it comes to accepting payments, and PayPal happens to be one of them. There’s lots of reasons to accept PayPal payments, and it’s often easier than setting up your own payment system.
However, if you live in China you might be wondering if PayPal is available? I have looked into PayPal China, what I have discovered!
Does PayPal Work in China In 2022?
If you have a PayPal account, you can use it to pay for anything in the world. And it’s really useful, especially when your account balance is low.
With the official PayPal app, you can do all your payments safely.
If you want to know more information about how to create a PayPal account in China, learn more about how to use your PayPal account in China, and much, much more, keep reading!
Is PayPal Legal in China?
> China’s Alibaba Group Holding Ltd. said in an emailed statement on Wednesday that it has bought a majority stake in American e-commerce payment company PayPal Holdings Inc. for $1.1 billion.
PayPal also acquired the final 30% of GoPay which now makes it the sole operator of the main credit/debit card network in China.
It allows merchants to accept payments from all customers globally, regardless of the country of origin.
How do I Open a PayPal Account in China?
PayPal is available in China and you can open a new account just like everywhere else.
(1) the user needs to be physically located in China
(2) the user needs to be a citizen of China
(3) the user needs to have a Chinese ID card
(4) the user needs to be 18 or over
(5) the user needs to have a valid PayPal account at the merchant’s PayPal account
This restriction applies to PayPal accounts that are opened in China but don’t have physical presence there.
The next step to set up your PayPal account is to link your payment methods which you can either your bank account, credit card, debit card, or all of them.
We use the method of linking the credit card or the debit card.
If you are like me and you click the “Confirm your card” button a bunch of times you will find that you have to change your default password.
You will be asked to provide your birth date and/or social security number.
Be sure to update this information on a regular basis, and ensure you
provide a recent copy of your social security card.
Additionally, if you have an online bank account and you instantly link that via your email or by clicking on an email, then that bank account will also be instantly confirmed.
Unfortunately, if you have to manually enter your information into this form you will have to manually confirm your bank account.
visit https://www.citi.com/checkyourbankaccount or click here to sign into your account.
Finally, once you have created the PayPal account, and you have added payment options to it, you can begin using PayPal.
How do I Transfer Money with PayPal in China?
Paypal is a popular electronic payment service in China and Hong Kong. You can send money from PayPal balance to your local bank account or to your U.S. bank account.
I am able to withdraw money from my PayPal balance to my bank account.
The time taken to clear the payment is variable across countries/regions, and in some cases a number of days may be required to clear the payment.
You can only process payments from your own account. If the payment originates from the seller’s account, this can take 2-3 days for it to be processed and cleared.
The company has withdrawn from the market, but there are still fees.
To find out more about PayPal, you can also read our posts that provide information about PayPal, such as whether or not PayPal will work in Australia, if PayPal will work in Canada, PayPal facts, and if PayPal will work in India.
Conclusion
China has not been very friendly to PayPal’s business model in the past, not only to some of the activities PayPal has undertaken in China, but as well to their lack of a Chinese presence.
PayPal has allowed China’s Internet and mobile payment companies to join to provide greater flexibility to consumers and merchants. Some Chinese merchants and startups use their own mobile payment platforms but most rely on the PayPal platform for convenience and speed.
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