Hi All,
I've recently received some cash from a property sale in China and the money is in my China account.
At some point I want to bring it over to the UK (where I reside).
I'm expecting a nightmare transferring the funds from my China account to the UK. At worse If i cant transfer the whole amount, i would transfer the max limit. Does anyone here know the cost for a transfer from BoC (China) to UK? My UK bank told me there is no cost to receive money from abroad but it is unclear from BoC (China) how much they charge and their exchange rates converting it into GBP.
My other options are
1) Using someone my family know who will want RMB in China before I pick up HK$ in HK. This is the most riskiest option and need to find out from family how much currency was converted and the exchange rate as I would want to do small amount at first.
The question is, if I were to receive HK$ and wanted to put this into the bank, what amount will trigger alarm bells for banks? Are they used to people putting HK$100,000 in one go and not asking questions?
Additional cost: BoC HK seems to have a limit of HK$100,000 or 200 notes at the machine, anything over HK$100,000 at the counter will cost 0.25%, is this 0.25% of the amount over the limit or applied to the whole amount deposited? Not sure about SC's max limit.
2) If did the painful border runs with friends/family of bring back 20,000 RMB each per person and deposit into my HK bank accounts, are the exchanges better to HK$ at Banks or money exchange places like Chungking Mansions? I went to Chungking Mansion last month and the best rate I was able to find was a 0.99% difference to the real exchange rate (no fees). Has anyone know of a better way to convert RMB to HK$ in HK? or a better place?
Would you trust the Money exchange around Chungking Mansion? I've heard some horror stories of fake money etc but not sure what currency were fake.
I plan to use Transferwire once I get HK$ into my bank account as there doesnt appear to be a way from RMB to GBP on that site.
Many Thanks,
Robin