Does Monzo work in China?
Does Monzo work in China? This article will answer every question you might come up with about using Monzo in China.
Does Venmo work in China?
If you are a US citizen or have lived in the US for some time, you might be familiar with the popular digital wallet called Venmo. Venmo, backed by the giant fintech PayPal, allows you to easily send money online or through its app, making it convenient to split bills with friends or chip in for a birthday gift.
While Venmo is a handy way to handle your daily transactions, it is also very restricted to domestic transactions in the US. Unfortunately, it cannot be used if you are located in China. If you need to transfer your money to another country, consider switching to its parent company, PayPal. Or, if you want to enjoy the ‘realest’ exchange rate, the mid-market rate, you can also take a look at Wise!
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Does Venmo work in China?
Supported by one of the biggest fintech companies, PayPal, Venmo makes your daily financial transactions easier with its integrated features. You can do everything via the app, from paying for friends to donating to some charities. You can even apply for a credit from Venmo.
However, it's important to note that Venmo is currently not available in China. If you're outside the USA, you won't be able to access your account or create a new one. This is because Venmo requires a US bank account, a US mobile phone number1. You will even need to provide your US social security number for certain features, such as getting the Venmo credit card1.
Can I use a Venmo card in China?
When in China, you cannot log in to your Venmo account or use a Venmo debit card. However, you can use a Venmo credit card without worrying about foreign transaction fees. Just make sure that the merchants accept Visa credit cards. It is worth noting that some merchants in China may not accept foreign cards, especially in smaller towns or local markets.
Fees for using Venmo in China
One great feature about using a Venmo credit card in China is that there are no foreign transaction fees. Venmo also lets Visa handle the currency conversion process to convert RMB to USD. So the exchange rate will be decided by Visa depending on their regulations.
If you would like to withdraw cash from the ATMs anywhere in the world, you will be charged a Cash Advance Fee. This fee is the higher amount between $10 or 5% of total cash advance2.
Can I open a Venmo account in China?
Venmo is not available for those who are living in China. You must be physically in the United States and have a U.S. bank account to use the Venmo services.
There you have it - the answer to your question, ‘Does Venmo work in China?’ or ‘Can I use Venmo in China?’. Venmo provides a convenient and flexible payment solution, but it is very restricted to the domestic US market. So, if you have moved to China permanently, it will be more challenging to enjoy some of the most outstanding features of Venmo.
Thankfully, there is an exciting alternative to Venmo, though! Founded in 2011, Wise is a platform that provides a seamless experience for sending money locally and globally in over 50 different currencies and to 70+ countries. Expats in China can also now send money from China with Wise as long as they are working or have worked in China and are able to provide necessary documents including a valid tax record issued by the China tax authority.
Wise guarantees you the mid-market exchange rate, coupled with a clear and affordable upfront conversion fee. No need to stress over calculating your transaction costs - Wise presents all these details before you finalize your transfer!
Choose the service that best meets your needs by creating an account with Wise today!
This service is provided in partnership with a licensed third-party payment provider in China.
Sources:
Sources last checked on 17 Jun 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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