What is the best way for my wife to transfer her money from her Bank in China to her UK account?

Question

She has a large ammount in Chinese Yuan RMB in her Bank in China and wants to transfer it to the UK in Pounds Stirling.

Answer 1

The bank should offer a service to transfer direct to her account as well as exchanging to GBP for the transfer. You could check with the receiving bank and compare rates before deciding. It is often cheaper and quicker to use money transfer agencies that are usually in abundance in any financial centre, you could probably find them in the telephone directory. If your wife has a large amount she may be better off holding it in an offshore account rather than in the UK.

Answer 2

I am in China and most of the previous answers do not take into account the local laws. If she got this money as a salary earned legally in China, she can ask for her accountant to help to fill the necessary forms in order to get the RMB exchanged to Pounds first, then she will be able to transfer it.
Otherwise, she will need to have the RMB changed to foreign currency in the black market before being able to transfer it to the UK.
Finally, if she travels to Hong Kong or other south asian countries, she can make an ATM withrawal in local currency (for instance Hong Kong dollars), who can then be converted in Pounds. But charges applies and you are limited in the amount you can withdraw each time and daily.
I believe sure it will be possible to withdraw directly in the UK using Chinese issued ATM cards, but the same limits and costs for Hong Kong applies.
Hope it helps.
Patrick
www.sinotrip.biz

Answer 3

By law, China will not allow money to be changed to foreign currency. She can find alternate sources (also known as the free market, or black market) where she can get a decent exchange rate. She may then take th cash with her when she travels out of the country and deposit it in a local branch.

Be careful, depending on where you go you may have to pay taxes if the cash amount is greater than the duty limits (e.g., $10,000 in the U.S.)

Answer 4

Let the banks handle it directly.

Ask a bank officer in the first bank to wire the money to the second bank.

Answer 5

She needs to go to the bank she wants to transfer her money to and they will take care of it for her.

Answer 6

while you're with an identical financial employer it would take place tremendously much immediately, while you're with diverse banks it ought to take something upto a week reckoning on which banks are in touch