Daughter goes on holiday to Santa Ponsa end of this week. Although she has 2 separate bank accounts, neither allows overseas withdrawals.
Wondering what is best bet for taking money abroad considering the timescale we are now up against!
Have seen Thomsons pre payment card but the small print doesnt make the card sound as good as they try and make out.
We are thinking that she could just take some Euros with her and, although this is probably dodgy, give her my wife's bank card and PIN for making withdrawals? As long as she is only using it in ATMs, then no one should know its not hers? We could keep the money at a low level and just do instant transfers into the account when needed, therefore if it goes missing the risk would be lowered.
Thoughts?
[I have told her that since she is all inclusive she doesn't need any more money but it fell on deaf ears!!!}
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Other companies do payment cards like the Post Office and Tesco. Whether there is time to do this now...
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Not sure what your issue with pre-paymnet cards is but its a much much more sensible idea than aiding in the fraudulent use of your wife's bank car (well that is how the bank will see it should the car be lost or cloned and money is fraudulently withdrawn).
Here is a link to cards aimed at under 18s
www.what-prepaid-card.co.uk/under-18-cards/prepaid-card-under-18.html
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Bank's attitude to U18s and use abroad varies widely. Santander allowed it automatically for my daughter from 11. When I asked Nationwide about same facility for The Lad the clerk looked as if I'd made her an indecent proposition!!
Pre-payment cards can be bought over the counter at Currency Exchanges. Travelex sold us one at Dover ferry port last year denominated in Euro. Linked to the current account and could top up by phone or net. Rates were OK, not best but far from robbery. Better deals undoubtedly available with researcgh and advance purchase.
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>>>>give her my wife's bank card and PIN for making withdrawals? As long as she is only using it in ATMs, then no one should know its not hers?
Given the limited time available, I think that's the best option. Your wife can check the balance and top up to keep the balance low and your daughter can pay all the money to your wife's account before she sets off. Knowing her mum can see her using the card "may" temper her spending behaviour. If you had more time I'd suggest a prepaid FX card that give you good rates and don't charge for transactions.
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...Given the limited time available, I think that's the best option...
I agree, although the bank won't entertain any complaints about unauthorised withdrawals, so you need to make sure there's only enough money in the account for the purpose.
Could be tricky if Mrs B has an agreed overdraft on the account.
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No overdraft on the account so all that should be at risk is the money in it which will only be a couple of hundred at the most at any one time.
Had another look at the prepayment cards, can get these in Thomson, First Choice and PO to name a few - all seem to ultimately be the same card underwritten by Clydesdale bank.
If I get the chance later I will compare charges although this is more to make sure one doesn't have a huge rip-off as opposed to trying to get the keenest 1/2% between them!
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If you go down the debit card option be mindful of charges for taking out the money. In the past I'd use my card without problems or high charges when in Greece for example. Even though there are fees for taking out money, the £/Euro conversion rate usually worked out as good as the 'free' services offered by money bureaus in the UK.
This year I would have got about 1.20 to the £ back at home before leaving. So even with charges I'd expect similar over in Greece. But I got significantly less. The exchange rate was lower about 1.16) and then there were charges on top. Could have been the bank I used and/or the effect on Greek banks.
When it comes to money exchange in the UK, I've found Tesco seems to offer the best rates. In store rate was not as good as their online service (free delivery for £500 or more) but now you can purchase online and collect in store. Obviously only applicable to Tesco stores with foreign currency bureau.
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I've found these pawn (that's spelt PAWN) type/cheque cashing/gold buying shops that are cropping up all over the place seem to offer the best deal for purchasing Euros. Their rates do vary from place to place.
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If that's your wife's debit card, and it's stolen from your daughter and used in a shop, so taking the account overdrawn, I'd imagine you'll find you're in hot water - to a much greater tune than the £200 cash in the account.
What's wrong with travellers cheques? (I know they're a bit expensive, but they're replaceable etc. etc.) (Somebody is now going to tell me they no longer exist.)
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>> If that's your wife's debit card, and it's stolen from your daughter and used in
>> a shop, so taking the account overdrawn, I'd imagine you'll find you're in hot water
>> - to a much greater tune than the £200 cash in the account.
Quite!!
My back of a fag packet risk assessment for theft/misuse says probabiility 3, consequence 5, red risk.
Mitigation - don't touch with a bargepole.
Last edited by: Bromptonaut on Tue 12 Jun 12 at 13:53
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You said it's all in, and she doesn't need any money.
Give her 100 euros and tell her that's all she gets
Problem solved
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Mapmaker makes a good point - an authorized overdraft attracts no charges - an unauthorized one will land you with a bill for potentially hundreds in charges - been there twice today at the CAB
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>> Mapmaker makes a good point - an authorized overdraft attracts no charges - an unauthorized
I read it slightly differently. Lack of an overdraft will not necessarily stop a bill being run up abroad. Probably more so in hands of fraudsters who know the loopholes.
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OK, it turns put that you need to be 18 to get the prepaid cards. Yes, we could take one out in our name but it means that if she loses it then she would not be able to do anything out there to get another card, or the money on it, as it would not be in her name.
Looks like its going to be Euros and Travellers Cheques. She is also currently checking with her pals, some of whom are over 18, to see what they are doing.
I prefer Zero's answer ! :)
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OK, it turns put that you need to be 18 to get the prepaid cards. Yes, we could take one out in our name but it means that if she loses it then she would not be able to do anything out there to get another card, or the money on it, as it would not be in her name.
Looks like its going to be Euros and Travellers Cheques. She is also currently checking with her pals, some of whom are over 18, to see what they are doing.
I prefer Zero's answer ! :)
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I'm not sure Mapmaker was trying to make a point that was either one or the other. Merely that he had use of a long bargepole. Of course, if it's a cashcard, not a debit card, then there is (probably?) no problem.
Never, ever, give your bank card and PIN to another person. Otherwise when there is fraud, and the bank asks you "does anybody else know your PIN" you cannot answer "NO".
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Getting money abroad - 17 year old - rtj70
