Hangzhouguy

What's the best way of legally bringing money back to the UK? We've been in China for several years and all the money is from our jobs. The amount would be approximately £40,000. Thanks for the help!

Mummy in the foothills

If you have a UK bank account, what about a Wire transfer, the bank does charge a small fee.
I've used Xe but only for smaller amounts under £5000 We are supposed to be doing a wire transfer with our house sale money.

Pulaski

I'd use xe.com, or a similar on-line FX/ remitter service, because while the wire fees are relatively small, the difference in FX rates on £40k could easily be £1,000 or more. FWIW I have used xe.com to transfer the proceeds of a house sale, and rather more your £40k.

Hangzhouguy

Thanks for the replies. I have an uncle based in Hong Kong and he said he can transfer money via Hong Kong at the commercial rate. Would that be cheaper than xe.com.

My big concern is tax? How much can you transfer before HMRC wants you to pay tax on earnings made overseas?

Pulaski

Tax is paid to HMRC on earnings while resident in the UK, and not (never) on capital transfers. Transfer all you like, no taxes will be due in the UK.

I do not know what your uncle means by "the commercial rate". If it is a rate provided by a bank to its customers, I doubt it would be cheaper than xe.com, but if it is an internal rate, or one used for very large values it could cheaper.