regular transfers to student in US

gt94sss2

As you say, its your choice. Can I at least strongly recommend that your daughter take a credit card with her. If she doesn't have one, even getting one from HSBC will do.. sometimes you need a credit card in the USA - a debit card might not be accepted. They should be able to issue one very quickly - at this time of year its probably quickest to apply in a branch. It won't be the best card for use overseas but she should have one..

b56c wrote: »

To have a fee-free card with N&P, you need to have at least £500 going into the account monthly otherwise a £5 levy will be charged. She will be getting a one-off payment and we are awaiting clarification as to whether that would be considered 'equivalent' to a monthly payment. There is also little time left between now and the beginning of January to get the account set up, have cards issued and inform the student lending company of a change of account.

She could have the money paid into the account they currently have registered (HSBC?) and can transfer £500 via internet banking herself each month to N&P?

Regards
Sunil

b56c

gt94sss2 wrote: »

... sometimes you need a credit card in the USA - a debit card might not be accepted. They should be able to issue one very quickly - at this time of year its probably quickest to apply in a branch. It won't be the best card for use overseas but she should have one..



She could have the money paid into the account they currently have registered (HSBC?) and can transfer £500 via internet banking herself each month to N&P?

Regards
Sunil

Good idea 're credit card. Thanks for that. And yes, transfer option would work too provided it could be set up in time and they would be happy for money to come from personal account. We'll explore it.

gt94sss2

b56c wrote: »

Good idea 're credit card. Thanks for that. And yes, transfer option would work too provided it could be set up in time and they would be happy for money to come from personal account. We'll explore it.

N&P won't care where the money comes from - just that the account is credited with £500 each month - even if you were to withdraw it all/transfer it away immediately.

As for setting up transfers - this can easily be done on-line at any time by herself via online banking (or telephone banking if she is happier talking to someone)- even if she is already overseas. (I presume she has internet banking, if not get her registered for that asap as well)

Regards
Sunil

ERICS_MUM

I've got a US$ account with Citibank London, with a debit card and on-line banking. I have a monthly standing order from my sterling account at Nat West to Citibank who convert to US$ using a pretty good rate. I use the debit card when I'm in the US, some atms are free (they have a list on their website) and all stores seem to take it as a "normal" debit card. The account has a monthly fee of £6 unless you have acertain balance (think its $2,000).

Its worth looking at, to see if it would be suitable.

PS - has your daughter arranged suitable travel insurance ? US medical costs are eye-wateringly high OMG

b56c

ERICS_MUM wrote: »

PS - has your daughter arranged suitable travel insurance ? US medical costs are eye-wateringly high OMG

She has to take out the medical insurance designated by the uni.

grumbler

ERICS_MUM wrote: »

I've got a US$ account with Citibank London, with a debit card and on-line banking. I have a monthly standing order from my sterling account at Nat West to Citibank who convert to US$ using a pretty good rate. I use the debit card when I'm in the US, some atms are free (they have a list on their website) and all stores seem to take it as a "normal" debit card. The account has a monthly fee of £6 unless you have acertain balance (think its $2,000).

How good is it? Any real example?
And regardless, I don't see how this arrangement can be better than common Halifax Clarity, MetroBank, N&P etc.

ERICS_MUM

grumbler wrote: »

How good is it? Any real example?
And regardless, I don't see how this arrangement can be better than common Halifax Clarity, MetroBank, N&P etc.

i don't have a statement to hand, will post ex rate later. The benefit for me is that i know how much the dollars have cost me before i spend them. Using a GBP card would give me a diff exchange rate every day. It works for me.

chiefpossession

My daughter is studying in the US for one year. She uses an HSBC account (she researched charges and what she could and couldn't do) and has set up a local bank account at the University. It was really easy and they printed her card then and there.

She is studying at Keele - they are experienced at sending students out to the US. They recommend the travel and medical insurance and maintain links so that the University in the US has a contact point immediately if anything goes wrong. She had lots of information before she went and 'orientation' when she arrived which explained exactly how to deal with banking, phones etc. I have been really impressed.

grumbler

ERICS_MUM wrote: »

The benefit for me is that i know how much the dollars have cost me before i spend them.

It's the case for any card if the price is in dollars.

System

The US$ rate offered is competitive if FP'd in from outside Citi.

The main benefit with Citi is that they have a charge / surcharge free ATM network in Citi branches and 7-11 stores nationwide.

Many US banks surcharge ATM withdrawals. So even with Metro or N&P the withdrawal will not be free.

grumbler wrote: »

It's the case for any card if the price is in dollars.