Open a Business Bank Account in Mexico | Common Questions
If you're looking to open a business bank account in Mexico, then read this guide to find out how, which account to choose, and what to watch out for.
WeChat is the top messaging app in China – with an incredible 1.3 billion monthly users (as of Q2 2022).¹
It’s popular with businesses operating in China. They can open WeChat Business accounts for marketing, communication, and for receiving payments.
Western companies may be less familiar with WeChat. An understanding of the types of WeChat business accounts helps. However, it remains difficult to use for many companies outside of China.
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There are several different types of WeChat account that businesses can open. The three main options are the Service Account, Mini Program, and WeChat Work.
Bear in mind these are sometimes referred to with different names.
There is a fourth option available as well. Subscriptions Accounts allow marketing and publication, but not sales. They are typically used by media, government agencies, individuals, and bloggers.
As you would expect, the choice of account depends on your business and your aims of using WeChat. In particular, the choice is about customer engagement and sales ability.
For organizations that just want to focus on marketing and communications, a Subscription Account may be the right choice. This allows the most publication and broadcasting, but without sales functionality.
To make sales and manage customer engagement, a Service Account can be the best choice. This also means less post publications, but has the advantage of offering push notifications.
Each of the four different account types has a different registration method. They can all be accessed from the main registration page.
The registration process is largely the same now for Chinese and foreign businesses. There used to be different processes, and more restrictions for overseas companies. You will likely find that some parts of the registration process are in English, while others are only in Chinese. Google Translate works well here, though, or you may find a Chinese speaker useful.
Each account type requires some different information, but much is the same. This is all input online, and then reviewed for approval. Acceptance will not be instant.
To be verified, all companies must supply business license details. WeChat will review the legitimacy of each business applying. This is much simpler if you have a Chinese-registered company, but a foreign business license can also be used.
Once your WeChat account is set up and verified, you can start marketing and selling (with a Service Account). A verified account from a foreign business has access to the same marketing, advertising and selling tools as a domestic Chinese business.
Communication and post publishing is a key part of marketing on WeChat. There is a wealth of guidelines on what to consider here. Selecting the right topics that engage your audience is key. Visuals, post length, timing, and sharing are important as well.
WeChat also provides other useful marketing methods. These include:
Service Accounts can receive payments through WeChat. The most popular way to do this is using WeChat Pay. This is important in China, where mobile payments are growing rapidly.⁴
AliPay and WeChat Pay dominate this market (with 55.6% and 38.8% market shares respectively).⁵
With a Service Account, businesses can easily add WeChat Pay functionality. WeChat users can make simple one click payments through WeChat Pay.
However, WeChat Pay has its limitations. It is only available for users with accounts in mainland China and select other countries or regions (currently Malaysia, South Africa, and Hong Kong).
A Service Account also offers features for providing customer support. Managing this quickly and easily will help ensure repeat customers. Customers can find products and services, make purchases, and deal with after sales communications all in the same platform.
Customer services features include live chat, automated replies, prioritization tools, and feedback surveys.
WeChat business accounts are useful for companies with a debit or credit card issued in China's Mainland. The business accounts can be used to market and sell in China, as well as handle sales, payments, and customer support.
WeChat Pay has its limitations, and can be difficult and expensive for overseas companies. You can send money with WeChat in the US, but it cannot be used to make international money transfers.⁶
For any business that needs to send payments to China, Wise Business is a good option.
With a Wise account, you can send funds to China in CNY or USD with ease. This is offered with low, transparent fees and the real mid-market exchange rate.
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Sources:
All sources checked November 24, 2022.
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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.
If you're looking to open a business bank account in Mexico, then read this guide to find out how, which account to choose, and what to watch out for.
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