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RBS International Banking - Chinese Currency
downhiller
Posts: 123 Forumite
I'm hoping that someone on here is a bit more knowledgeable than most of the people I've spoken to on the phone.
The situation is I've been asked to relocate to China with work. It's initially projected to be a 2 year assignment though may be longer. As part of the deal I'll be paid locally in the Chinese currency.
During the assignment I'll continue to have financial commitments in the UK and as a result I need to have some funds coming back to the UK to cover those expenses. This is a lot more difficult than you can possibly imagine. The Chinese are extremely reluctant to let their currency leave the country and there's no straightforward way to get the money out other than going to the bank with a wad of documents then spending hours filling in forms in order to change the money from RMB to GBP, then wiring it to an overseas account. Plus there are limits on how much you can transfer.
So I need an international dual currency account. I bank with RBS at the moment and their international section is pretty vague. Anecdotal advice on expat forums suggested HSBC could help so I called them and the adviser said she'd send out some brochures for their international accounts but I was looking for some more concrete advice at this stage.
So as I'm with RBS at the moment, I know if I call them they won't really understand what I'm getting at and they'll fire out some marketing material at so does anyone have any real life experience of their international banking setup and does anyone have any experience of dealing with a similar situation to mine????
The situation is I've been asked to relocate to China with work. It's initially projected to be a 2 year assignment though may be longer. As part of the deal I'll be paid locally in the Chinese currency.
During the assignment I'll continue to have financial commitments in the UK and as a result I need to have some funds coming back to the UK to cover those expenses. This is a lot more difficult than you can possibly imagine. The Chinese are extremely reluctant to let their currency leave the country and there's no straightforward way to get the money out other than going to the bank with a wad of documents then spending hours filling in forms in order to change the money from RMB to GBP, then wiring it to an overseas account. Plus there are limits on how much you can transfer.
So I need an international dual currency account. I bank with RBS at the moment and their international section is pretty vague. Anecdotal advice on expat forums suggested HSBC could help so I called them and the adviser said she'd send out some brochures for their international accounts but I was looking for some more concrete advice at this stage.
So as I'm with RBS at the moment, I know if I call them they won't really understand what I'm getting at and they'll fire out some marketing material at so does anyone have any real life experience of their international banking setup and does anyone have any experience of dealing with a similar situation to mine????
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Comments
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downhiller wrote: »....she'd send out some brochuresdownhiller wrote: »....they'll fire out some marketing material
What do you think brochures are?!
And instead of just assuming that they won't understand you, why don't you just ask an advisor on the RBS website, pop into your local branch or ring up telephone banking? I'm sure they'll be able to help you.
PS. I understand what you're trying to do, but cannot give you a concrete answer.Anything that I do say, is strictly my opinion
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Why not talk to the Bank of China? They've 3 or 4 branches in th e UK0
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