Holding money... which account?

AtotheBee

Hello,

I need some advice on the best bank account to open.

A family member of mine has recently passed away, she left £10,000 to her son, however he lives in Egypt so the money has been left to me in order to distribute it to him. He has no bank account and we have decided that sending the money in one lump sum is not wise considering this and considering the volatile state of the Egyptian economy. We are therefore planning to deposit the money into an account in my name here in the UK then send him money, eg. £200 a time via western union.

So, I need an account to keep this £10,000 in that ideally accrues some interest, but that I can access instantly either online or possibly by debit card.

I've looked into both instant access savings and interest paying current accounts, any advise on what type of account and where would be best please?

Thanks

AB x

grumbler

AtotheBee wrote: »

I've looked into both instant access savings and interest paying current accounts, any advise on what type of account and where would be best please?

advice

I don't know any instant access savings accounts that can beat the best interest-paying current accounts, although the latter require jumping through some hoops for getting the interest.
MSE articles:

• Top Savings Accounts
• Best Bank Accounts

As a side note, sending small amounts by WU can be expensive in general and via WU in particular.
If he can open an account in Egypt, there are better ways for bigger amounts: https://www.fxcompared.com/money-transfer/UK-Egypt?amount=1000&bType=1&ref=filter

10pence

Is the money still in an executors account or now with you?

It would be best if in the executors accounts because as soon as it leaves there it becomes your money: meaning it could affect income based benefits etc.

Been some time since I've had to process payments for foreign countries but have you looked into the process for sending money to Egypt? Isn't it still under sanctions?

AtotheBee

The money is from a pension fund. It has not yet been realised.

In regards to income based benefits, I receive none of them so I don't think it should effect me in that way of I was to hold it in my name?

Sanctions on Egypt have now been lifted, although it is considered a high risk country, you can sebs money there.

Western Union is an expensive way of sending money, I agree but he lives in the middle of no where, with no electricity or banks (I'm not 100% sure where he picks upbthe western union money (his mum used to send him money that way)) so I don't think opening an account in Egypt is going to be a feasible way of doing it? I could send money is larger amounts to possibly cut costs but I am concerned about sending a lot and either him losing it as it would be in cash or it having no value once converted.

I want to do the right thing for him and also follow the wishes of my deceased family member.

Thank you for all and any advice

AB x

brightonman123

would a dollar based prepaid card be better option?


may well be a lot cheaper than money transfer fees!

AtotheBee

That's in interesting idea, I'll look into that.

Thank you

grumbler

Why dollar-based?

HUKD: Supercard Travelex Visa "Debit" - No International Fees

mozzy10

This money needs to be in an executers account. If the money is in your account and you die it would be considered part of YOUR estate and this lad in Egypt would find it very difficult to access it.

patientperson

Just to say that if the account is in your name then any interest paid must be declared (if necessary) and may affect your personal tax liability.

AtotheBee

All very helpful and interesting bits of advice.

I will take it all in board when decided what to do.

Thank you all

AB x