August 24, 2012 1:23 am at 1:23 am #604667
My daughter will be in Eretz Yisroel in Seminary for the year. She is less than 18.
. American debit card,
. American credit card,
. Travelor checks,
. Student credit card
2) Can she become a user of my credit/debit card if she is less than 18?
3) Can she get her own credit/debit card if she is less than 18?
4) How do I avoid International Fees, ATM fees, etc.
Thank You.August 24, 2012 4:09 am at 4:09 am #894117candy613Member
I think there was a thread about this before no?
I could tell you what I did…
So I had a regular savings account as a minor and my father was really the person in charge. I changed it to my own account joint with my parents, and changed it to a checking account as well. This way I had a debit card, and my parents were able to put money in at their local bank, while I was able to take money out with my card for a few shekel charge. It worked really well! I was happy I didn’t get a credit card because I found that people who had credit cards got carried away much easier then most others.
You can do the unlimited thing or have a little limited budget it really worked out well for a lot of people!
Now if she’s under 18 you have to see if you can somehow create a joint account, I’m not sure if there is an age you have to be. The important keys to make it work is having a joint account that is checking or some type of account that will give you a debit and if you want credit card. Good Luck! Hope you can work it out!August 24, 2012 4:14 am at 4:14 am #894118OneOfManyParticipant
Click on your username to see old threads you’ve started.August 29, 2012 4:48 am at 4:48 am #894119
OneOfMany – Thanks for the info. I will do that.August 29, 2012 4:52 am at 4:52 am #894120
Candy613- Did you take out money once a month or as needed? Was ther some type of international fee? Did you pay for charges as shekels or dollars?August 29, 2012 4:52 am at 4:52 am #894121OneOfManyParticipant
Sure. 🙂August 29, 2012 5:35 am at 5:35 am #894122NechomahParticipant
Pillow – there are some banks that have very high withdrawal fees as well as currency conversion fees that make them simply not worthwhile to even consider. I would google international withdrawal fees and see the sites that are referencing travelers. Charles Schwab and TD Bank both have had in the past no-fee withdrawal accounts. Look into them first because 3% (a common currency conversion fee at many banks) is a lot of money that adds up over time. I think someone mentioned these banks and other issues in your other thread.August 29, 2012 3:10 pm at 3:10 pm #894123✡onegoal™Participant
Send up as much cash as possible. The average ATM will give you less than the exchange rate. Give her as much cash as possible, and send with people whenever you can its the best way to get the most ? for your $.August 29, 2012 8:37 pm at 8:37 pm #894124nostalgiaMember
You can get an American Express prepaid card. There is no international fee and no annual charge. The good part is that your daughter can only spend the amount that’s on the card. You can always add to it.August 29, 2012 9:06 pm at 9:06 pm #894125USE YOUR BRAINMember
Get her a debit card. Credit cards usually have fees for withdrawing cash from an atm (and they may also have international fees). If you send a check made out to american dollars SOME money changers MAY cash the checks for her but they will always take a nice fee (and may drive her nuts for her contact info, ID, and israeli relatives contact info.
Many banks allow minors to get a debit card linked to their checking/savings account. If not you can open your own bank account for her and give her your new debit card, no one checks at an atm (and at most stores in both america and e”y) if you are the person whose name is on the card.
TD bank used to have a debit card with no fees for withdrawals in e”y (including from the atm that you are withdrawing from). I believe that they have since changed their policy and now have a $5 fee per transaction. I think currently most people use capital one. As of a year ago they charged a $1.50 fee for using their debit card internationally. I know many people that have successfully used it without a problem, although I dont know if the rate has changed since then.August 29, 2012 9:23 pm at 9:23 pm #894126uneeqMember
There are credit cards with no international fees. Sign up for one of those, and make a card for your daughter.
If your not comfortable using credit, try using a debit card. I use Capital One, and it costs me $2 and it basically changes my money at the exchange rate. Those $2 charges cab add up, so she may want to pull out the max each time.
Or you can use checks, but generally that would be with a standard 1% fee.
And last, you can send money the old fashioned way. Give her cash to take with her, or send up money every so often with someone who is traveling. In my Yeshiva, one of the Rabbis would hold money for students, so it wouldn’t be too risky.August 30, 2012 5:36 pm at 5:36 pm #894127anIsraeliYidParticipant
First Republic Bank does not charge any foreign withdrawal fees, and reimburses for fees charged by the bank whose ATM was used. The exchange rate you get is the full sha’ar yatzig or interbank rate (not sure which) – better than any moneychanger.
Only downside is that you need to keep a $3,500 average monthly balance to get this.
an Israeli YidAugust 30, 2012 7:08 pm at 7:08 pm #894128qsmanParticipant
Charles Schwab has an account that has no foreign transacation fees and ALL ATM fees rebated monthly, even overseas. You can link it to your local bank account, and you daughter can pull the money out over there. No minimum balances.
The rep I dealt with can be reached at their direct line 888-863-8190. I already explained the seminary situation
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