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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4543
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I am a UK resident/national but will be spending most of my

Resolved Question:

I am a UK resident/national but will be spending most of my time living in China for at least the next two years.
With regard to my UK credit cards, will the card companies have a problem with me living overseas and using their cards? Should I inform them?
Also, with regard to cash and cash transfers, what is the most cost effective way to transfer cash from a UK bank account to one in China, and then drawing it out from ATM's?
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

As I understand, you are not moving permanently. Let us first address your credit card issues.

To begin with DO NOT CLOSE your UK bank accounts. The next thing you should do is to instruct your credit card / bank for e-billing. This facility will enable you to have auto-debit credit card payment from your bank account. This is something all people do who face situation similar to that of yours.

Secondly, the best method to transfer money would be wire transfers. Once you open your bank account in China, you can wire transfer your money from UK to China bank account. You need to make sure that you have Internet Banking enabled on your UK Bank account.

Once transferred, you will have facility to withdraw money easily through Chinese ATMs.

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards
Customer: replied 2 years ago.

When you say "instruct your credit card/ bank for e-billing" do you mean requesting online account statements rather than having paper statements mailed? Or are you referring to something like Paypal?

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Darren,

Hello and welcome again.

I am suggesting neither of these. Let me explain.

You need to get in touch with credit card company and tell them that you want e-billing i.e. electronic statements. FURTHER, thell them that you want them to have auto-debit your bank account for the credit card statements.

For this, you will have to give them "mandate" to auto-debit the bank account towards credit card payment in their format. Once you get in touch with them, they will guide you through the process which is very simple.

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards
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