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My teenage son is going to school in US for three months. He has a bank of Ireland account.

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  • 25-01-2022 11:47am
    #1
    AineDoherty
    Registered Users Posts: 4 ✭


    We will pay money into his Bof I account which he will access in the States and make payments by credit card or withdrawing dollars. Is it more cost effective to use a service such as transferwise? Currently in Ireland he pays no transaction costs as he is a secondary student. However he will incur charges when in the States. Any advice appreciated. With thanks

    Post edited by Spear on


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    #1
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Consider getting a Wise or Revolut card for him, to minimise conversion costs significantly. He can load up from BOI to Wise/Revolut then convert to dollars cheaply, then use it as if it was dollar-denominated. BOI debit cards are expensive to use cross-border.



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    #1
    jiltloop
    Registered Users Posts: 2,189 ✭✭✭jiltloop


    I think it will undoubtedly work out cheaper if you set up a Revolut account for yourself and for your son. That way you can instantly transfer funds to him regardless of time zones, the charges will be low and you will get the best FX rates. Sending funds between Revolut accounts is as simple and quick as sending a Whatsapp text.


    The only snag is that there may be charges if he is withdrawing a lot of cash. I think that for the basic free account you get up to €200 of free cash withdrawals per month, after which some charges are introduced. If you go with a premium account I think it's about €10 a month and there are then no charges. I'm not sure on the accuracy of my figure, they're ball park figures but should give you an idea of the way ot works.


    P.S, this is probably the wrong forum for your request, it may get moved.



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    #2
    AineDoherty
    Registered Users Posts: 4 ✭AineDoherty


    Thank you for taking the time to help me with your replies. One last question can my son tap and make small payments eg for lunch with a wise/revolut card while in the States or will this prove costly?



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    #3
    jiltloop
    Registered Users Posts: 2,189 ✭✭✭jiltloop


    Yes once you get a physical card for him they can be used for contactless payments. I'm not aware of any charges related to card use other than cash withdrawals.


    Also another great feature is that you can set up savings vaults inside the app, he could for instance have loose change from transactions automatically sent to a savings vault. E.g you get coffee or buy something small for say $2.50, 0.50c automatically goes in to a savings vault. As if you threw all your small change in to a jar. It's a great feature and the change can build up surprisingly quickly.


    The revolut app is also great for analysing spend, it can give a break down of what your spending your money on and highlight trends.



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