Does PayPal work in China? (all you must know)

Does PayPal work in China? (all you must know)

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PayPal has become one of the most popular online financial tools in the world, and many people wonder if and how they use PayPal where they live.

So if you live in China, you might be wondering if you can use PayPal? I looked into PayPal China and this is what I found! ‌

Will PayPal still work in China in 2022?

Fortunately, as of 2022, PayPal is now available for personal and business accounts in China, as PayPal now owns 100% of the Chinese payment service GoPay. Additionally, you can use your PayPal China account for domestic and international transactions.

If you want to learn more about how to create a PayPal account in China, how to use your PayPal account in China, and more, keep reading!

Is PayPal Legal in China?

Thankfully, PayPal is now legal in China, as it recently obtained the payment license required to operate a payment service.

In addition, PayPal acquired the last 30% of GoPay in December 2020, thereby obtaining the required payment license in China.

As such, owning 100% of GoPay makes PayPal the first foreign licensed payments company to offer services in China.

How to open a PayPal account in China?

Fortunately, opening a PayPal account in China is as easy as in other countries.

So, to open a PayPal account in China:

1. 1. Go to PayPal China or pay safely, PayPal China
   • PayPal China is Chinese and Safe Payments, PayPal China is English, but both are PayPal China
2. Next, select either Personal Account or Business Account
3. Then, click “Sign Up for Free”
4. Next, you will be asked to confirm the “Country” you live in and click “Get Started”
5. Next, you must enter your phone number so PayPal can send you a code to confirm that you are the one who created the account
6. After you have to enter all the information PayPal requires, such as your name, first and last name, billing address and email address
7. Then, make sure you read any policies or agreements that appear on the screen and check any boxes if required
8. Finally, click “Agree and Create Account”

Also, the next step in setting up your PayPal account is to link your payment method. You can link your bank account, credit card, debit card or all of them.

So, to link your credit or debit card:

1. Log in to your PayPal account first (if you are not already logged in)
2. Then, go to “Wallet” and click “Link Debit or Credit Card”
3. Finally, follow the instructions provided by PayPal to link your card

Also, if you see “Confirm your card” after you finish binding your card, you must confirm your card before you can use it.

Also, to link your bank account:

1. First, make sure you are logged into your PayPal account
2. Next, click on “Wallet” and then “Link Bank Account”
3. Finally, follow the remaining instructions to manually or immediately link your bank account

Also, if you can link your bank account immediately, your bank account will also be confirmed instantly.

Unfortunately, if you have to manually enter your information, you will have to manually confirm your bank account.

To manually confirm your bank account,

1. First, you must be logged into your PayPal account, if you are not already in Wallet, please go back
2. Second, click “Confirm Bank” on the bank account you need to confirm
3. Then, click “Confirm Your Bank”
4. Next, click “No, proceed with 2 small deposits”
5. Finally, enter the exact amount of the 2 deposits you received in your bank account and click “Confirm”

Finally, once you have created your PayPal account and you have at least one payment option associated and confirmed with your PayPal account, you can start using PayPal.

How to use PayPal to transfer money in China?

Fortunately, you can withdraw funds from your China PayPal balance to your bank account in China, Hong Kong or the US

Additionally, to withdraw funds from your PayPal balance to your bank account:

1. First log in to your PayPal account and go to “Summary”
2. Next, click “Transfer” under “PayPal Balance”
3. Then, select the withdrawal method you want to use and enter the amount you want to withdraw
4. Finally, follow the final instructions provided to you by PayPal to complete the withdrawal

Additionally, the processing times and currencies accepted for each bank account transfer per country are:

• Wire Transfer to China Bank Account – US Dollars Accepted – 3 to 7 Business Days
• Withdrawal to Hong Kong bank account – HKD accepted – 3 to 6 working days
• Withdrawals to U.S. bank accounts – USD accepted – 1 business day
• Check Request – US Dollars Accepted – 4 to 6 weeks

Also, here is information about withdrawals and any other fees from PayPal China. ‌

To learn more about PayPal, you can also read our posts on Does PayPal Work in Australia, Does PayPal Work in Canada, and Does PayPal Work in India.

in conclusion

Fortunately for Chinese citizens, PayPal is now fully legal and operates in China. PayPal recently acquired 100% ownership of Chinese payments platform GoPay, which enables PayPal to obtain the payment licenses it needs to operate in China.

As a result, Chinese citizens can now create personal or business PayPal accounts and use them for domestic or international transactions. Additionally, PayPal users in China can link their US and Hong Kong bank accounts and transfer money to them from their PayPal balance.