Yes. You pay money to withdraw from your WeChat wallet into your (Chinese) bank account.
I've never had to do this, because I'm a foreigner, and thus cannot remove money from there.
Besides, WeChat is sitting on a pile of cash, thanks to this payment system: Everyone who transfers money into their WeChat wallet is basically giving TenCent (the WeChat company) money they can use to invest, or whatever they want. I've heard that they have about $60 billion at their disposal thanks to this, but I don't know where I read this and it's hard to know how accurate it is. But given that everyone in China uses WeChat payments, I wouldn't doubt it.
When I left China on Saturday night, I still had 600 RMB in my wallet. That money will remain there until my next visit, currently scheduled for April. I've effectively loaned 600 RMB to WeChat, which they can use however they want for four months. Multiplied over many users, that's potentially quite a bit.
I sometimes wonder how much money PayPal has failed to make over the years because they are so eager to freeze accounts at the drop of a hat that the only sensible policy is to empty your PayPal account at the earliest opportunity whenever you get a balance.
I've never had to do this, because I'm a foreigner, and thus cannot remove money from there.
Besides, WeChat is sitting on a pile of cash, thanks to this payment system: Everyone who transfers money into their WeChat wallet is basically giving TenCent (the WeChat company) money they can use to invest, or whatever they want. I've heard that they have about $60 billion at their disposal thanks to this, but I don't know where I read this and it's hard to know how accurate it is. But given that everyone in China uses WeChat payments, I wouldn't doubt it.
When I left China on Saturday night, I still had 600 RMB in my wallet. That money will remain there until my next visit, currently scheduled for April. I've effectively loaned 600 RMB to WeChat, which they can use however they want for four months. Multiplied over many users, that's potentially quite a bit.