Updated September 28, 2026 · VaultCue Editorial Team
Alipay vs Step
Alipay
Higher score in this comparison
Step
What sets them apart
| Compare | AlipayReviewSee alternativesSee alternatives | StepReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | CN¥0 | $0 |
| Transfer fee | 3% over RMB 200 | Small fee for Instant Transfer to a linked debit card |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
| Currencies | 18 | Not confirmed |
| Local account details | Not confirmed | Us ACH |
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Alipay scores higher overall: 9.0 vs 8.8.
- Founded is lower at Alipay: 2004 vs 2020.
- Support channels: only Step offers Chat, Phone, Help centre.
- Audience: only Alipay offers Travelers.
- Audience: only Step offers Teen.
- Features: only Alipay offers Digital only.
- Features: only Step offers Free ATM.
Our verdict on each
Alipay
Alipay suits travellers who need to pay and send money in China and want a wallet with a monthly fee of CNY 0, taking an overall score of 7.3. Money is held free of charge, but transfers carry 3% over RMB 200 and support runs on email only.
Step
Step suits teens and students in the US who want a free everyday account and easy access savings, with an overall score of 6.3. Costs sit at $0 a month and savings run at 3% variable, but that rate waits on a status earned by card spending or qualifying direct deposits.
Score breakdown
| Area | Alipay | Step |
|---|---|---|
| Cost | 9.3Monthly fee of CNY 0 to hold the account, with transfers costed at 3% over RMB 200. | 9.3Monthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. |
| Offer | 8.9Covers 18 currencies and pays out to a bank or a wallet from a digital only account. | 9.4Higher |
| Trust | 8.9Higher | 8.1 |
Every fact side by side
| Fact | Alipay | Step |
|---|---|---|
| Audience | Travelers | Teen |
| Pricing model | No monthly fee | No monthly fee |
| Features | Digital only | Free ATM |
| Legal entity | Alipay (Hangzhou) Technology Co. Ltd | Step Financial LLC |
| Headquarters | China | United States |
| Founded | 2004Lower | 2020 |
| Support channels | Chat, Email, Phone, Help centreCovers more |
Money transfer
| Fact | Alipay | Step |
|---|---|---|
| Delivery time | Within minutes (bank-to-wallet) | Not confirmed |
| Payout methods | Bank, Wallet | Not confirmed |
| Fee to send 1,000 | CN¥0 | Not confirmed |
Savings
| Fact | Alipay | Step |
|---|---|---|
| Headline rate | Not confirmed | 3% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | $0 |
| Access terms | Not confirmed | No savings minimums; 3.00% on savings requires Step Black status, earned by spending $500 with the Step Card or $300 in qualifying direct deposits each calendar month |
| Account kind | Not confirmed | Easy access |
Where each stands against the rest
| Fact | Alipay | Step | Median |
|---|---|---|---|
| Currencies | 18highest quarter | Not confirmed | 5 |
Median across 536 listed accounts.
Pros and cons
Alipay
Pros
- Monthly fee of CNY 0 puts it 1 of 500 brands on this measure.
- Currency reach of 18 sits above the 5 median for multi-currency accounts.
- Payouts reach a bank or a wallet, and bank-to-wallet remittances land within minutes.
Cons
- Transfer charges apply: the quoted transfer fee is 3% over RMB 200.
- Support runs on email only, so a blocked payment has to be chased in writing.
- Currency reach is mid table: 18 currencies ranks 62 of 379.
Step
Pros
- Monthly fee of $0 on a no monthly fee account
- Savings rate of 3% variable with a minimum deposit of $0
- free atm means no ATM charge when you need cash
Cons
- The full savings rate is tied to a status earned by card spending or qualifying direct deposits, so an inactive month earns less
- Small fee for Instant Transfer to a linked debit card for an Instant Transfer to a linked debit card
Who each suits
Alipay
Who it suits
- Travellers heading to China who want to pay and send money from a phone.
- Anyone who wants a wallet with a monthly fee of CNY 0 and 18 currencies.
- People already paying in China who also need to receive money from abroad.
Who should look elsewhere
- PayPal Colombia, if a wallet in US dollars suits you better than paying in renminbi, with a monthly fee of $0.
- Skrill, if you would rather hold euros in one account than carry 18 currencies.
- eToro, if you want everyday money on a trading platform, whose monthly fee is £0, rather than a payments wallet.
Step
Who it suits
- Teens in the US building their first account
- Students who keep a direct deposit in place to keep the better savings rate
Who should look elsewhere
- bunq and bunq Spain Bank Account, where a euro account serves a euro market rather than a US teen account
- Pixpay FR, which charges a monthly fee of €3.99
Current offers
Step
Current offer
Bonus
Cashback on Step Card purchases with Step Black: Up to 10% cashback on purchases with select Step Black Partners, and unlimited 1% cashback on everything else
Requires Step Black enrollment; Step Black is an earned status available at no cost and full status is earned by meeting qualifying activity thresholds each month
Source, checked September 26, 2026
Bonus
Step savings reward: 3.00% on your savings balance (cash rewards, not interest)
Step Black is an earned status available at no cost; full status is earned by meeting qualifying activity thresholds each month; percentage is variable and may change
Source, checked September 26, 2026
Country by country
| Country | Alipay | Step |
|---|---|---|
| United States | No | Yes |
Questions about each
Alipay
Does Alipay charge a monthly fee?+
The monthly fee is CNY 0, so there is nothing to pay for keeping the account open. That puts Alipay alongside PayPal Colombia, Skrill and eToro, whose monthly fees are $0, €0 and £0.
What does it cost to send or top up money?+
Transfer pricing is where the cost sits. The quoted transfer fee is 3% over RMB 200, and the consumer side fee is CNY 0. Since the account costs nothing to hold, the amount you send matters more than how often you send it, and the threshold is worth checking before a large transfer.
Step
How much does a Step account cost each month?+
The monthly fee is $0 and the account follows a no monthly fee model, so there is nothing to pay simply for holding it. Cash handling is covered by free atm, so withdrawing at an ATM costs nothing either. The one charge to watch is Small fee for Instant Transfer to a linked debit card to a linked debit card.
What interest do I get on savings?+
The headline savings rate is 3% and it is variable, so it can move rather than being locked. The minimum deposit is $0, which means you can start small. Savings are easy access, so you can take money out without giving up a fixed term.
Other options to compare
Other matchups
Related by the facts
Alipay
Step