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Transferring GBP to UK

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  1. #21

    Join Date
    Jul 2006
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    Quote Originally Posted by redrobin81:
    My issue is actually a bit more complex than HK$ to £. I have RMB which I need to convert to $HK first. I find the small currency exchange places the best for RMB to HK$ but they vary so much as well. Anyone know a decent place that they usually see is the best rate? Banks again don't look competitive.
    I just use IB, recently sold some CNH and bought Euros, no idea how the spreads compare with the street vendors (surely way better?), but wasn't a big holder of RMB so didn't investigate too closely.

    Here's your benchmark, report back on your comparisons...

    As for opening IB in China..... I guess not.

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  2. #22

    I've never compared it from RMB to non-HK currency when it comes to actually exchanging the money as most places I've found in HK don't want to trade RMB to any other currency that isn't HK$, always seems to be trading RMB to HK to GBP if I want RMB to GBP.
    My bank SC doesn't seem to offer RMB to GBP on the exchange currency watchlist. Maybe I need a GBP to see this?


  3. #23

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    Quote Originally Posted by redrobin81:
    I've never compared it from RMB to non-HK currency when it comes to actually exchanging the money as most places I've found in HK don't want to trade RMB to any other currency that isn't HK$, always seems to be trading RMB to HK to GBP if I want RMB to GBP.
    My bank SC doesn't seem to offer RMB to GBP on the exchange currency watchlist. Maybe I need a GBP to see this?
    Well now's the time to try the calculation: Will RMB to HKD and HKD to GBP be cheaper than 15bp?

    Naturally, the more trades one makes the more cuts you'll give away to the middlemen, the only slight smidge of a question mark about this is CNH vs CNY and whether they trade at different rates . . . but paying rent on a HK shop is surely not conducive to competing with intl. FX traders.

    I do all large FX trades on IB, because I understand it to be absolutely the cheapest way bar none to transact on major pairings, and thus very much in the low end of the ball park for minor pairings - Always interested to test this hypotheses out though....

    Cue: Redrobin and his calculator....

  4. #24

    Doubt it be better than ibk, will try and open ibk account later and see if they need me to be a HK residence. Thanks for all your help guys

    Sage likes this.

  5. #25

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    Dec 2002
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    Quote Originally Posted by redrobin81:
    To open a HK IBKR account, do you need to be a resident in HK?
    Yes.

  6. #26

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    Aug 2017
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    Beautiful Britain
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    Quote Originally Posted by chobochobo:
    Are there issues with taxes or whatever if I plonk tens of thousands of pounds into my account in the UK please?
    If it's HKD that you have earned in Hong Kong and paid all due taxes on in Hong Kong then you can plonk as many tens of thousands into your UK bank as you like with no tax due in the UK.
    chuckster007 likes this.

  7. #27

    Join Date
    Aug 2007
    Posts
    980
    Quote Originally Posted by chobochobo:
    Are there issues with taxes or whatever if I plonk tens of thousands of pounds into my account in the UK please?
    Yes. Declaration at time of transfer and also origination of funds at time of annual tax submission. All incoming funds are subject to taxation. ie. monies must be accounted for.

  8. #28

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    Aug 2017
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    Quote Originally Posted by walkup:
    Yes. Declaration at time of transfer and also origination of funds at time of annual tax submission. All incoming funds are subject to taxation. ie. monies must be accounted for.
    Eh? No they are not. Not even aware you need to delcare it. Can you point me to where on .gov website it says this?


    Working out if you need to payWhether you need to pay depends on if you’re classed as ‘resident’ in the UK for tax.


    If you’re not UK resident, you will not have to pay UK tax on your foreign income.


    If you’re UK resident, you’ll normally pay tax on your foreign income. But you may not have to if your permanent home (‘domicile’) is abroad.


    Reporting foreign income
    If you need to pay tax, you usually report your foreign income in a Self Assessment tax return. But there’s some foreign income that’s taxed differently.

    https://www.gov.uk/tax-foreign-incom...%20is%20abroad.
    Last edited by Pauljoecoe; 02-10-2022 at 02:34 PM.

  9. #29

    I use Revolut UK and draw down from my HK account. All done in app. and pretty good rates/fees.

    FWIW, I usually draw down around 80k per month. I haven't found a faster, cheaper, easier way... the transfers are instantaneous. My Revolut is multicurrency so I draw it down and hold it as HKD only exchanging to GBP what I need for the few UK things I have and I send a chunk to my Portuguese account at the beginning of each month for living.

    Last edited by EnglishGamified; 02-10-2022 at 08:28 PM.

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