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Money and savings

 
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Benmorgan



Joined: 27 Feb 2017
Posts: 3

PostPosted: Tue Mar 21, 2017 7:03 pm    Post subject: Money and savings Reply with quote

Hey all!

About to move (well in September) to China for 12 months and i'd love some advice on my money. I'm coming from the UK and will be earning a decent amount while there so want to send money back home to save. What is the best way to send money home? What tax forms do i need to fill out for HMRC? What's the best way to invest my money now as i can't open a UK ISA as i'm not a UK resident anymore.

Thanks so much

Ben
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psychedelicacy



Joined: 05 Oct 2013
Posts: 153

PostPosted: Tue Mar 21, 2017 11:41 pm    Post subject: Reply with quote

Quote:
What is the best way to send money home?


Electronically via your Chinese bank's online service. If it doesn't have an online service, then electronically via a branch, but it's likely to have an online service. You need your IBAN.

Quote:
What tax forms do i need to fill out for HMRC?


None. You aren't resident for tax purposes. There are no taxes to pay, therefore no forms to fill. It gets more complex if you own assets in the UK, like business or property you rent out, but otherwise, just get on the plane to China. End of story.

Quote:
What's the best way to invest my money now as i can't open a UK ISA as i'm not a UK resident anymore.


Just open an ISA before you leave for China. Don't tell them you won't be resident in the UK. When in China, use money sent to your UK account to transfer into your ISA. No-one will ever find out you aren't resident in the UK. I did that without problem over several years.

ISAs pay a negligible sum in interest, however. I'm not sure it's even worth going to the effort of opening one. If you want to make a decent return on your savings, then stocks and bonds, using a low-cost online service (I use DeGiro), are all that's really available to a small investor. However, this is risky and requires a bit of financial knowledge.
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Hod



Joined: 28 Apr 2003
Posts: 1613
Location: Home

PostPosted: Wed Mar 22, 2017 12:20 am    Post subject: Reply with quote

I have a trading account with xe.com to send money overseas. You pay a commission on each deal, but it'll work out a lot cheaper than any bank. You will need a few basic ID checks to open an xe account.

There is an HMRC form P85 to claim non-resident status and be exempt on any UK tax on interest. Where you put any savings depends on the usual factors about risk profile and when you want access. It'll be tricky to open a UK account from abroad as they all want to see utility bills, etc, so sort that before you leave.

It's a question for financial forums, but why not keep the money in China for now? The £ is falling against most currencies including the RMB so take advantage of that.
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getbehindthemule



Joined: 15 Oct 2015
Posts: 436
Location: Shanghai

PostPosted: Wed Mar 22, 2017 1:09 am    Post subject: Reply with quote

You will need the following documentation to have any hope of making an overseas bank transfer in China:
1. Passport
2. Alien employment permit
3. Tax bill
4. Employment agreement
5. Company's business license
6. Screenshot when the company fills the tax returns online /or/ monthly income declaration (stamped)
7. Personal application

How I got these:
1. Self explanatory (2 photocopies required).
2. I got the original FEC (a book smaller than passport size) my employer.
3. I went to the Tax Bureau in my district to collect this. I was in and out in 15 mins with the assistance of a very helpful security guard. Bring your passport and your company/school's tax number.
4. Your contract.
5. Your school/company will give you this.
6. My school's accounts department sent two screenshot photos to my phone which covered this requirement.
7. You will need your foreign bank SWIFT information, your bank and account information (IBAN, bank's name, address).

Even with all of those boxes ticked, don't expect it to be sucessful, it can be a complete nightmare actually. Excuses after excuses. I was only sucessful on two out of about ten visits before I just gave up and found an alternative solution. Good Luck!
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