Transfer money from China to UK

CNY ¥316.15 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from China to UK
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Top 2 Money Transfer Providers

Exchange Rates as of 2018-10-19T01:49:47+00:00

Moneycorp

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Est. 1979
More Info Less Info
Amount Received
GBP £1,084.64
CNY ¥291.15
saved vs. banks

WorldFirst

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Est. 2004
More Info Less Info
Amount Received
GBP £1,090.17
CNY ¥341.15
saved vs. banks

How to Transfer Money from China to UK

Summary

Since the establishing diplomatic relations in 1954, China and the UK have enjoyed a stable bilateral relationship; trade between the two nations reached record levels in 2013. Nevertheless, Chinese citizens who wish to transfer money from China to the UK face many restrictions. The average amount that can be transferred is $50,000 per calendar year for each individual. There are fewer restrictions for Chinese businesses sending money abroad online to the UK and for those making larger transfers intended for tuition costs, remittances to family members, or to cover medical expenses.

Visas, work permits and residency

2013 saw a significant increase in Chinese visitors to the UK. Chinese nationals require a visa in order to enter the UK. British Visa Application Centres in China have recently undergone massive upgrades and have expanded to accommodate a larger number of applicants more efficiently. Currently there are at least 12 of these centers spread throughout major Chinese cities.

Applications for UK visas from China are managed by VFS Global. Before applying for a visa, applicants must first determine which type of visa will best fit their specific situation. All visa application forms are in English and must be filled out in English as well. Chinese nationals who enter the UK on a general visitor visa will not be able to work, marry, receive medical treatment, or enroll in a course of study.

All Chinese nationals are required to obtain a work visa in order to seek employment in the UK. Tier 1 visas are general work permits which do not require you to have a job offer. Tier 2 visas require you to show proof of a job offer from a qualifying UK employer. If Chinese expats will be staying temporarily in the UK they can apply for a Tier 5 visa which allows them to work for a short period.

Chinese nationals who want to stay in the UK permanently can apply for permanent residence if they have lived in the UK for a period of between two and five years. Permanent residents are free from immigration control and one step closer to becoming naturalized British citizens.

Buying property in the UK

Property in the UK tends to be quite costly, especially in London where there is a limited supply of real estate. Chinese nationals are able to buy property in the UK with a few banks offering mortgage and investment loans. You will have to present proof of income in addition to as much as a 40% down payment. Chinese expats may also be able to secure a loan from a local bank in China with which they already have an established relationship. It is advisable to engage the services of a real estate professional or lawyer who can assist with all aspects of the purchase, including the tax implications.

Banking and taxation in the UK

Although a sophisticated system, opening a bank account in the UK can be a complicated and frustrating process for Chinese expats. The complication lies in the over 20 choices of institutions, the most popular of which are Royal Bank of Scotland, Barclays, HSBC, Lloyds Bank and NatWest. In order to open a British bank account, you will need to present proof of income and employment, a passport and evidence of a local address. With some banks you may have the option to open a bank account in China before arriving in the UK. Although this can make it easy to transfer money from China to UK, it can be quite costly.

Chinese nationals who live in the UK for more than 183 days within the UK tax year will have to pay taxes on income generated both in the UK and overseas. Taxes range from 20% to 40% on income amounts below £31,865 to over £150,000.

Studying in the UK

The UK is a popular destination for Chinese students. The largest number of international students from non-EU countries enrolled in UK universities and colleges are Chinese nationals. In 2013-14, there were 87,895 students from China studying in the UK, according to the UK Council for International Student Affairs.

A Chinese student can expect to pay higher fees than local students. The average amount for one year of study is £18,759. Of this, tuition fees are £11,933 while the remaining £6,825 accounts for the cost of living. A Tier 4 (General) student visa is required once you have been accepted into a UK institution. You will have to provide evidence that you have sufficient funds to cover the tuition as well as living expenses.

Healthcare

The National Health Service (NHS) manages public health care in the UK and is renowned as one of the leading health services in the world. Chinese expats are entitled to free emergency health care in a NHS medical facility. If you intend to stay in the UK for an extended period you will have to register to get your personal NHS number.


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