# Transferring money home



## muppetmoo

Hi,

My husband and I are planning on returning back to the UK by the end of this year. We are planning on taking a reasonable amount of money back with us so we can set up home and start a family. I have read that it is difficult to send money home (home being the UK) but I cannot find how to do it and what the limit is. Can anyone provide some more information please?

Thanks in advanced.


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## Frank Tianjin

Hi,

You will need evidence (a signed document with company chop) from your employer in order to prove that you have paid tax of the amount you want to transfer from your chinese account. Then you go to your Bank - remember to bring your international acount data (IBAN no etc)

Without proving that you have paid tax of the amount you want to transfer you will have a problem 

Frank


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## pekingeend

If you brought foreign currency into China, you can tranfer up to the same amount to your foreign bank account.
You will need proof of the amounts brought into China.

In other cases your possibilties are very limited; a foreigner can only export very small amounts on a monthly base.

The other possibility is what I have done: ask a Chinese national (one you can really trust) to transfer the money.
You wil need to put the moneynfirst on the bank account of that Chinese person and he (or she) can then
transfer the money to your foreign bank account. The maximum amount is the equivalent of 50,000 USD.
If you need to send more money, you could find a second Chinese person.
The costs are rather low and it has no consequences for your Chinese friend.
,


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## VisaAnxiety

pekingeend said:


> The other possibility is what I have done: ask a Chinese national (one you can really trust) to transfer the money.
> You wil need to put the moneynfirst on the bank account of that Chinese person and he (or she) can then
> transfer the money to your foreign bank account. The maximum amount is the equivalent of 50,000 USD.
> If you need to send more money, you could find a second Chinese person.
> The costs are rather low and it has no consequences for your Chinese friend.
> ,


I agree with this, from personal experience, on many occasions. Find a trusted Chinese friend to do the transfer for you from their bank account.

Request a fixed transfer fee from the bank though, rather than a %, otherwise you might find yourself gifting the bank a sizable sum.

Additionally, check the Buy Currency Rates at your UK bank before you go ahead with the transfer. Some UK banks really burn you with terrible rates.

I've found the best way to transfer funds internationally (into another currency) is to use an FX Trader. Their rates can be incredibly low compared with high street banks. It would be best to call the FX Trader first though to ask if they can deal with Chinese RMB.

Secondly, you would need to ask to open a Chinese RMB account at your UK bank. This can take 2 or 3 days and with a fee of about GBP5-10/month.


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## USAGary

You can always ask at CFL (the #1 site for Chinese relations) too.


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## detter

While this might not help with a small family, don't forget that you can usually take out the equivalent of USD$10,000 in cash per person when you fly home.


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## cschrd2

Actually sending back is not too difficult:

1. You hand carry outside (5000$/day can be collected, 10000 can be hand carried ( but I have never seen a check in EU on incoming money (yes on outgoing). 
2. You can wire (I only know BOC) outside at relatively low cost if you prove taxes are paid (employers can help with certificates). If that's in place you can transfer all if notice (think 5 days) is kept and it arrived in UK account (my experience Barclays) within a week.


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