a gift of money

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Dgflorida
Posts: 3416
Joined: Wed Oct 07, 2015 8:10 pm

a gift of money

Post by Dgflorida » Thu Aug 08, 2019 9:12 am

We want to give my military son a gift of money and do it every year. This year will be easy since he is coming to visit, but next year he will be in Korea. I am trying to figure out the best way to get it to him next year. I have considered wiring it to his account, but I am not sure how high the fees are or if there are problems with doing it. Any advice and experiences would be appreciated.

Quilter51
Posts: 499
Joined: Sat Aug 29, 2015 6:04 pm

Re: a gift of money

Post by Quilter51 » Thu Aug 08, 2019 10:31 am

Look into getting your self a Venmo account and one for him. And him getting one. As for bank to bank it depends on your bank. I have usaa and I can add an external account to transfer. I can regularly transfer money directly to my son and to my brother who is my landlord with no fees and it happens in five minutes but different banks have different ruled.

ohjodi
Posts: 930
Joined: Sun Aug 30, 2015 3:57 pm

Re: a gift of money

Post by ohjodi » Thu Aug 08, 2019 5:21 pm

Also look into PayPal.

If he still has a US bank account, I'd check with them, first. Find out about ATM withdrawal fees. Depending on the kind of account he has, there may be minimal or even no fees for withdrawing cash from a foreign ATM with his VISA/Mastercard debit card.

If he doesn't have a US bank account, it might be a good idea to get one, anyway. It could be the fastest and easiest way to get cash to him in an emergency, as long as you deposit cash into his US account. While there might be ATM fees, he could still access the cash as soon as you make the deposit, and it's as close as his nearest ATM.

ONE CAUTION, though, Do not put your name on his US bank account if you also have an account at that bank. If there is fraud on his card, it could end up pulling money from your own accounts, too.
ohjodi

itspennyc
Posts: 1885
Joined: Thu Aug 27, 2015 9:37 pm

Re: a gift of money

Post by itspennyc » Thu Aug 08, 2019 7:00 pm

When he comes to visit ask him the best way to make this possible.

He will have access to the PX or other exchange.

Zelle is another possibility, you don’t even need to know his bank he would set up his end. Just remember that many Credit Unions don’t participate.

Penny

SandiSAHM
Posts: 1034
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: a gift of money

Post by SandiSAHM » Thu Aug 08, 2019 7:45 pm

Dgflorida wrote:
Thu Aug 08, 2019 9:12 am
We want to give my military son a gift of money and do it every year. This year will be easy since he is coming to visit, but next year he will be in Korea. I am trying to figure out the best way to get it to him next year. I have considered wiring it to his account, but I am not sure how high the fees are or if there are problems with doing it. Any advice and experiences would be appreciated.
Unless you plan to exceed the max amount that can be gifted in a year without incurring taxes, you should have no problem. Use Venmo - they're owned by PayPal, but unlike their mother company they do not, at least for now, charge any sort of fee - if you Venmo him $1000 it costs you $1000 and he gets $1000. PayPal takes a %.

He's military, right? Then he should have a US-based bank account. All both of you need is to download the Venmo app, each of you gives it your bank info (there'll be a verification process), when you send it $ from your side he gets an alert that there's money sent and from whom, and he can move it straight to his bank. Transfers take 2-3 days, max.

Weirdly, I get paid this way :lol: The times, they are a changin'

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Jackielou
Posts: 5861
Joined: Tue Aug 25, 2015 7:51 pm

Re: a gift of money

Post by Jackielou » Thu Aug 08, 2019 9:17 pm

SandiSAHM wrote:
Thu Aug 08, 2019 7:45 pm
Unless you plan to exceed the max amount that can be gifted in a year without incurring taxes, you should have no problem. Use Venmo - they're owned by PayPal, but unlike their mother company they do not, at least for now, charge any sort of fee - if you Venmo him $1000 it costs you $1000 and he gets $1000. PayPal takes a %.

He's military, right? Then he should have a US-based bank account. All both of you need is to download the Venmo app, each of you gives it your bank info (there'll be a verification process), when you send it $ from your side he gets an alert that there's money sent and from whom, and he can move it straight to his bank. Transfers take 2-3 days, max.

Weirdly, I get paid this way :lol: The times, they are a changin'
This sounds a great deal like what we call an e transfer here in Canada.

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