Best form for children to take money abroad.

weemac_2

My grandson is going skiing with the school. What is the best way for him to take his spending money as school leave that to the parents to manage.

eskbanker

https://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards/#kids

NoodleDoodleMan

Can I ask what age the lad is ?

There are some bank accounts with debit cards aimed at young people.

weemac_2

NoodleDoodleMan said:

Can I ask what age the lad is ?

There are some bank accounts with debit cards aimed at young people.

He is 13 years old

martindow

MSE has an article on this which may help

https://www.moneysavingexpert.com/banking/cards-for-under-18s/

NoodleDoodleMan

Although prepaid cards are not in an absolute "best buy" category these days for adults, there are better debit cards  - a Caxton FX card might be worth looking at in this particular case.

https://caxton.io/travel-money/free-currency-card

You as grandparent can open the main card and authorise grandson (minimum age 13) as a secondary card holder.

As principal card holder you load with funds from a linked debit card and this balance is then also available for the additional card holder to use.

Best method IMO would be to load with GBP and convert to the currency the young man will use on the ski trip - presumably Euros.

The minimum load/reload is £50 and in my experience is more or less immediate - so funds are ready to use with minimal delay.

Can be used to pay for Goods and Services - and to withdraw cash.

It has attractive features, however there are "user unfriendly" aspects that you need to be aware off - the dormancy fee catches some people out, however it can be bodyswerved.

Customer service is good in my experience - give them a call if you are interested, they'll happily answer. question

zagfles

Can't see any point in getting a prepaid card, just open a kids bank account with someone like Nationwide Children’s Bank Account | FlexOne Account | Nationwide where there are no foreign exchange fees or cost for "loading",  no "dormancy charge" so can leave it empty for a year or whatever till the next holiday. You even get interest paid on any money in it. Can manage online so parent can pay in whenever. 

NoodleDoodleMan

The prepaid card allows the grandparent control - might suit his desired outcome ?

eDicky

NoodleDoodleMan said:  - a Caxton FX card might be worth looking at in this particular case.

"consistently favourable exchange rates"... (18.00 Jan 10 2025)

Caxton - £1 = 1.166€

XE (mid rate) £1 = 1.193€

thegreenone

I've been knocked down on this forum for having a pre-paid card but I prefer to keep my UK debit card away from any chance of fraud and never use it abroad.

For a child I would second those above that say you or their parents, take out a card with your grandchild as a secondary card holder and you/parents can top up if necessary. 

zagfles

thegreenone said:

I've been knocked down on this forum for having a pre-paid card but I prefer to keep my UK debit card away from any chance of fraud and never use it abroad.

For a child I would second those above that say you or their parents, take out a card with your grandchild as a secondary card holder and you/parents can top up if necessary. 

What do you think the difference is between a pre-paid card you top up with £100 or whatever and a bank account you top up with £100? The same money is at risk from fraud etc. Kids can't have overdrafts, and adults can choose not to. And people are allowed to have more than one bank account.