Sending monies to relative in EU

chris_r

chris_r

chris_r

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Hi guys,

My nephew is going to travel the EU for six months and i want to send him some cash he can some how withdraw every couple of weeks to help him by.

He does not have a UK bank account, what would be the best options for doing so?

Travel cards, what is the best options?

thanks all
 
Get a prepay credit card and top it up for him.

Open up a bank account for him (10 mins online).

Bitcoin.

Postal pigeon.

Whatever.
 
I seen one called Pockit that looked good, however they charge 4% on exchanging to Euros and plus a withdraw fee.
 
chris_r said:
Hi guys,

My nephew is going to travel the EU for six months and i want to send him some cash he can some how withdraw every couple of weeks to help him by.

He does not have a UK bank account, what would be the best options for doing so?

Travel cards, what is the best options?

thanks all
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On the assumption that he’s of an age to travel around Europe on his own, but doesn’t have a U.K. bank account, I take it that he’s a citizen of another country, possibly European, and maybe has an account in that country.
Get his a/c #, and sort code, then transfer electronically whatever amount you wish into that account, and he can draw on it as he goes.
Another way to go is to open an account in his name, but you may need him physically there to do that, due to money laundering laws, put X amount in it, and he can pull it out anywhere, via an ATM, when he needs it.
 
Western Union isn't bad. I've sent £1ks worth of money to India for £6 using the 36hr wait option but it's more if you want it released instantly.

Money Gram is good to but limited to 800eu or something.
 
Why do people have to over complicate things? Just route a mezzanine credit default swap through the Cayman Islands payable in bitcoin bearer bonds and everyone's a winner.
 
chris_r said:
I seen one called Pockit that looked good, however they charge 4% on exchanging to Euros and plus a withdraw fee.
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So how on earth did it look good?

Why doesn't he just open a UK bank account and you can transfer money to him rather easily?

Then he can sort out the rest - i..e apply for a clarity card, revolut card whatever...
 
I used a Thomas cook mastercard when i went abroad,you can top it up via the app and use it like any other card,there is a fee of £2.50 every time you draw money from a cash machine.
 
Can you use paypal? Assuming you both have paypal, you can send money to his paypal account and then he can withdraw it into his own "foreign" current account.
 
If he is a UK resident, get him to get a Monzo card.

It's a prepay visa mastercard (with no credit) that would allow him to spend on the card and take money out of cash machines without any fees.

The mobile app would make it easy for him to keep a track of what he's spending.

Only issue is the time it would take to set it up, you need to go on a waiting list to get a card and I'm not sure how long it would take a the moment.
 
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RoyMi6 said:
If he is a UK resident, get him to get a Monzo card.

It's a prepay visa card (with no credit) that would allow him to spend on the card and take money out of cash machines without any fees.

The mobile app would make it easy for him to keep a track of what he's spending.

Only issue is the time it would take to set it up, you need to go on a waiting list to get a card and I'm not sure how long it would take a the moment.
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Monzo have started (or will start) charging 3% for cash withdrawals.
 
Mr Jack said:
If he has an EU bank account send it with TransferWise.
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Or XE, or UKforex, depending on which one has the best rate. None of them will have the best rates if you’re transferring small amounts every few weeks though. They will however be infinitely better than international bank transfers and infinity+1 better than Western Union! (It’s not just the fixed charge that’s the issue, if you need to pay one at all, it’s the exchange rate ate that’s the biggy).

All of it seems a bit convoluted though. Why not just give him it all in one go for starters.
 
Vanquish-Storm said:
Monzo have started (or will start) charging 3% for cash withdrawals.
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Yeah, just got the email - specifically 3% on cash withdrawals over £200 per month.

There's no limit on spending on the card itself and considering how vocal the owners of Monzo have been about loving the fee free on international transactions I'm willing to be that most others that offer anything similar to this will be doing the same in the near future.
 
Revolut. Same as monzo. Smaller queue. Already do current accounts and a smaller percentage for withdrawals if you go over £400/month.
 
If he has a bank account abroad use transferwise as already stated or I use currencies direct which seem to have very low exchange rates for the places I need to send money.
 
Kol said:
Revolut. Same as monzo. Smaller queue. Already do current accounts and a smaller percentage for withdrawals if you go over £400/month.
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Revolut now has a £200/month free ATM withdrawal limit after which they charge 2%. Their premium plan raises this to £400 but at £7/month is pretty poor value for money considering the limited perks on offer.
 
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