Bank Account for Oversea Student

[crystal74]

Schootopia\" post_id=\"1976523\" time=\"1589777772\" user_id=\"143961:

Transferwise - fintech, regulated by MAS. Better real rates than banks.

Use my link to get free international transfer on your 1st S$900:

https://transferwise.com/invite/u/tengl47

You can transfer any amount, but 1st S$900 completely cost-free.

I use this for overseas purchases also.

thanks. I would like to find out if we should set up an account in Singapore, so the kid can access this same bank account in USA to withdraw the money? example Citibank Global Account

[sharonkhoo]

crystal74\" post_id=\"1976525\" time=\"1589778279\" user_id=\"185580:

thanks. I would like to find out if we should set up an account in Singapore, so the kid can access this same bank account in USA to withdraw the money? example Citibank Global Account

You may want to check if there is a convenient branch and ATM near his university. Not much point in having access in New York if his college is half-way across the country.

More importantly, it's really important to think about budgets, limits, what happens to the balance, how you want him to manage the funds, how much oversight you want to have, etc, and make this clear in advance. Some parents want to monitor the funds closely, so prefer to have a joint account. Similarly, some parents will give the child a supplementary credit card so they can see what the child spends (and also pay the bills for the child). Unless the parents are strict about limits and have some way of imposing consequences for overspending, there is a risk that the child will overspend from the \"bottomless well\". The child may also not have an incentive to be thrifty if he feels that anything left over goes back to the parents.

My daughter is in her 2nd year in a UK university (although back in Singapore now), and we considered various options before she went. We prefer to let her be more independent, and don't want to look over her shoulder too much. So we told her to set up her own bank account (current and savings) overseas, and apply for a debit card overseas for normal use. We agreed in advance on what we parents will cover (e.g. fees, airfare to and from Singapore once a year, etc.) and a quarterly sum for other expenses (e.g. rent, food, clothes, books, trips, etc.), which we transfer every quarter. We gave her an \"emergency fund\" which she isn't supposed to use except for emergencies and also a supplementary credit card for emergencies. Once a quarter, she will update us on the balance in her accounts. She has always been sensible and trustworthy, and so far has given us no cause for concern. She is intentionally thrifty normally so that she can save towards vacation travel (which means now she has spare cash as she can't travel). We told her that anything left over from her allowances is hers to do as she wishes, like travel, save, etc. The emergency fund comes back to us!

[crystal74]

slmkhoo\" post_id=\"1976537\" time=\"1589780236\" user_id=\"28674:

crystal74\" post_id=\"1976525\" time=\"1589778279\" user_id=\"185580:

thanks. I would like to find out if we should set up an account in Singapore, so the kid can access this same bank account in USA to withdraw the money? example Citibank Global Account

You may want to check if there is a convenient branch and ATM near his university. Not much point in having access in New York if his college is half-way across the country.

More importantly, it's really important to think about budgets, limits, what happens to the balance, how you want him to manage the funds, how much oversight you want to have, etc, and make this clear in advance. Some parents want to monitor the funds closely, so prefer to have a joint account. Similarly, some parents will give the child a supplementary credit card so they can see what the child spends (and also pay the bills for the child). Unless the parents are strict about limits and have some way of imposing consequences for overspending, there is a risk that the child will overspend from the \"bottomless well\". The child may also not have an incentive to be thrifty if he feels that anything left over goes back to the parents.

My daughter is in her 2nd year in a UK university (although back in Singapore now), and we considered various options before she went. We prefer to let her be more independent, and don't want to look over her shoulder too much. So we told her to set up her own bank account (current and savings) overseas, and apply for a debit card overseas for normal use. We agreed in advance on what we parents will cover (e.g. fees, airfare to and from Singapore once a year, etc.) and a quarterly sum for other expenses (e.g. rent, food, clothes, books, trips, etc.), which we transfer every quarter. We gave her an \"emergency fund\" which she isn't supposed to use except for emergencies and also a supplementary credit card for emergencies. Once a quarter, she will update us on the balance in her accounts. She has always been sensible and trustworthy, and so far has given us no cause for concern. She is intentionally thrifty normally so that she can save towards vacation travel (which means now she has spare cash as she can't travel). We told her that anything left over from her allowances is hers to do as she wishes, like travel, save, etc. The emergency fund comes back to us!

Hi slmkhoo, thanks for sharing. We plan to get her a subcard for Credit Card and a overseas bank account where the sponsor will debit the money into the account.

[crystal74]

Schootopia\" post_id=\"1976540\" time=\"1589781281\" user_id=\"143961:

I'm not sure if you are looking to set up / activate a US local branch US$ Citibank account with US local ATM access. It is usually not possible remotely because of the need for proof of local address, enrollment etc.

If you meant accessing a local Singapore bank account from the US, then normal online banking/VISA/MasterCard works.

Or you can use a transferwise mult-currency account. You get your own personal US local bank account details to spend, send and receive US$ locally with no fees. You get your own debit MasterCard. You can load your transferwise account here in SG by local SGD transfer. Better, easier cost-wise and to start off.

[youtubeId]kEoVH9AkDvQ[/youtubeId]

thank you.

[pnchnxn]

crystal74\" post_id=\"1976519\" time=\"1589775513\" user_id=\"185580:

hi USA

hi, i have sent u a pm.

[crystal74]

pnchnxn\" post_id=\"1976548\" time=\"1589782312\" user_id=\"185582:

crystal74\" post_id=\"1976519\" time=\"1589775513\" user_id=\"185580:

hi USA

hi, i have sent u a pm.

thank you, will check my pm

[Coolkidsrock2]

My DD had UOB Might FX and HSBC Global Every Day accounts (with debit cards) when she was living in Canada for a couple of months.


She performed FX conversions on a need-to basis.

Do take note that system maintenances are typically performed post midnight on weekends, so usage may be disrupted as it will be day time there. Hence will need more than 1 debit card.

Also gave her a couple of supplementary cards for contingent.

[crystal74]

Coolkidsrock2\" post_id=\"1976751\" time=\"1589879904\" user_id=\"48901:

My DD had UOB Might FX and HSBC Global Every Day accounts (with debit cards) when she was living in Canada for a couple of months.

She performed FX conversions on a need-to basis.

Do take note that system maintenances are typically performed post midnight on weekends, so usage may be disrupted as it will be day time there. Hence will need more than 1 debit card.

Also gave her a couple of supplementary cards for contingent.

thanks for the tips and sharing.