Savings for grandchild that lives in Australia

chrisrsmith

I now have a grandchild that lives in Australia. I'm based in the UK. I'd like to open an account such that I could put cash in there in lieu of birthday, easter and Christmas presents. By the time he is 16 or 18 I'm sure he will appreciate. Not huge amounts but it all adds up!
Is this possible, if so how? Links etc would be appreciated if poss.
Thank you

Brie

Don't know the answer properly but I wonder if paying small amounts to an Aussie bank would result in a lot of the money being eaten by fees of some sort.  Is there any way you can open an account here for them?  That when they come to visit you at some point they have a pot of cash waiting for them.

penners324

Having the account in the UK is likely the best solution.

Will save a lot on bank fees. 

wmb194

chrisrsmith said:

I now have a grandchild that lives in Australia. I'm based in the UK. I'd like to open an account such that I could put cash in there in lieu of birthday, easter and Christmas presents. By the time he is 16 or 18 I'm sure he will appreciate. Not huge amounts but it all adds up!
Is this possible, if so how? Links etc would be appreciated if poss.
Thank you

You've next to no chance of opening an account in the name of a child who isn't resident here plus you'll need their birth certificate anyway. Better to save in your own name and gift it to them when the time comes. An advantage of this is that you won't need to give it to them when they're 18, you can choose any time.

Albermarle

Just save it under your name and give it to them later ( or include it in your will) .

mebu60

Could the parents open a savings account for the child in Australia ensuring that it is one with an IBAN? Then you could make payments directly into the account online through a global money transfer company such as Wise. Their fees are quite modest. Then the child could be told about it on their 18th. Or earlier.