Your guide to receiving payments with WeChat Pay in Canada

WeChat brings the convenience of making payments, chatting with friends, ordering food or a ride, and even booking a hotel, all in one app. It’s a popular Chinese multi-purpose app that changes how we carry out transactions and interact financially.

But if you’re looking to truly enhance WeChat Pay in Canada, pairing it with Wise could take your digital payment experience to the next level with lower fees and faster money transfers. 💸

Can foreigners use WeChat Pay?

Yes. Users who aren’t Chinese citizens or permanent residents can reap the benefits of WeChat Pay.

You might occasionally see what’s called ‘Weixin Pay’ being mentioned alongside WeChat Pay. Weixin Pay is a version of WeChat Pay specifically for mainland Chinese users, while WeChat Pay functions under a different server and system and is designed for overseas users.

WeChat Pay allows foreign users to link to overseas credit cards (no debit cards, unfortunately) as long as the verification process goes smoothly. American and Canadian users are required to verify their billing addresses as well.

Note you can’t send peer-to-peer transactions using WeChat Pay in Canada – you can only use it in stores.^1,2

Key features of WeChat Pay

• Multi-purpose service – WeChat Pay is integrated into the wider WeChat ecosystem. Users can also use text messaging, voice messaging, and video call features, as well as play games and take and share photos and videos.
• Global acceptance – Plenty of vendors around the world recognize and accept WeChat Pay, making it suitable when traveling or shopping online. It also supports 26 settlement currencies, including USD, CAD, EUR, GBP, and more.³
• Ease of use – Users can easily set up and start using WeChat Pay by simply navigating to the Wallet feature in the app and linking their credit cards. After that, users can pay using a variety of ways, including QR codes and contactless pay.
• Customer-centric features – WeChat has everything from in-app payments to QR code payments, quick payments, and mini-program payments that make financial transactions quick and varied. There are also stringent international security benchmarks in place and top-level PCI-DSS security.

How to set up your WeChat Pay account

Let’s look at how to set up WeChat pay in Canada –

1. Go to the app store for your device and download the WeChat app.
2. Open the app and tap ‘Sign up.’ You’ll be able to sign up with your phone number or via Facebook.
3. Follow the instructions on the screen to enter your personal information and go through the privacy policy and security verification.

How to link your bank card with WeChat

Once you’ve set up your account, you’ll need to add your credit card (or a Chinese bank account if you have one) and verify your identity through the real name authentication process. There are also ways to use the Wise account to send funds to WeChat users in some cases, which we’ll cover a bit later.

To link your card:

1. Open the WeChat app.
2. Click on the ‘Me’ section > ‘Services’ > ‘Wallet’
3. Click on the ‘Cards’ option and go to ‘Add a Card.’
4. Fill out all the relevant information and verify your information.
5. Once your information is verified, your card will be ready to use.

You’ll need to provide the following⁴:

• Your passport details (this is the only form of foreign ID they accept outside of China ❗).
• Your full name as listed on your ID
• Your phone number
• Your address
• Your occupation
• Photo of your ID
• Clear photo of your face

Exchange rates used by WeChat Pay

WeChat Pay doesn’t have its own currency conversion rates. The exchange rate used to convert between currencies is determined by the card you use and your issuing bank. If you’re converting foreign currency into CNY, they use the spot exchange rate from partner settlement banks that are part of the WeChat Pay Cross-Border Service.⁵

Banks often add a commission or margin to the exchange rates at which they buy and sell currencies. The halfway mark between the highest and lowest exchange rates used by these banks is called the mid market exchange rate - this is the exchange rate you usually see online. This is also the exchange rate provided to you by Wise.

Meet Wise - Your reliable international transfer companions

One of Wise’s biggest draws is that it uses the mid-market exchange rate, which gets you the best bang for your buck.

Unlike WeChat Pay, Wise works as an online money account as well as a way to pay with the Wise Card and the ability to send and receive funds. Transfer limits depend on the currency – but the limits are high. You can send up to 25,000 CAD using Interac e-Transfer and up to 1.5 million AUD per transfer, to name a few.

Customers can use Wise to make secure, cost-effective, and transparent money transfers, while businesses can gain access to additional features such as international batch payments, easy invoicing, and integrations with accounting software.

Both personal and business accounts can hold, convert, send and receive CNY, which means you can make transactions like a local. And with the Wise card, you can spend like you would with any other card, but always at the mid-market rate.

How to use WeChat Pay with Wise

If you’re looking to send Chinese Yuan to a WeChat user with Wise, you can do so in just a few steps:

1. Log into your Wise account and set up a CNY transfer. New to Wise? Get your account in a few clicks.
2. Choose Weixin (WeChat) and enter your recipient’s name and Weixin ID.
3. Provide a little information about why you’re sending the transfer and double check your details.

Note that for Weixin users, only Chinese citizens with National ID cards can receive an international payment with Wise.

Is WeChat Pay the best choice for you?

While WeChat Pay offers some unique features and conveniences, opting for WeChat Pay in Canada isn’t necessarily the best choice. Its reach and adaptability are quite limited in comparison to other digital payment methods.

On the other hand, services like Wise might offer a more versatile solution designed with a much more international perspective. There’s also the mid-market exchange rate to take advantage of and the functionality of a multi-currency account that can streamline financial transactions for both individuals and businesses.

Sources verified on 12 March 2024