Best way to give Australian grandchildren "cash"

nexus.sixx

Hi Folks

My partner and I are travelling to Australia for Christmas.

We live in the UK and are travelling to India in October then
onto Perth in December.

My partner wants to give his 3 grandchildren £1000 pounds each.

What is the safest and easiest way to achieve this.

Thanks for your help

nexus

Horace

Would it not be easier to leave it in your bank account and withdraw it once you are in Australia?

I know that you are limited as to the amount of money you can actually take into Australia (I have seen too many Nothing to Declare programmes on Virgin 1).

So, have a word with the bank and see what they say, you certainly don't want to be carrying that amount of money with you when you are in India.

digerati

Here's an idea. Why not buy each of the grandchildren £1000 pounds each worth of some Aussie mining shares - say BHP? Likely to be a good long term investment for them that will grow much faster than cash in an Aussie bank at 7.5%. You can arrange it in Australia at a local brokerage or online. Make sure it's a gift and it can be set up as for a minor with some tax advantages (but you'll need to get local advise on this).