Anonymous wrote:PP here -
He'll have to file an FBAR with the IRS if the amount is over something like $10,000 but again not a big deal...

What's FBAR and why it is needed if you are sending money to someone?

What other countries you could use Wise to bring or send money to?

I use transferwise or OFX (depending on which is cheaper that day) to transfer money between my US and French accounts or to transfer money to family in other European countries.

It is very efficient, way cheaper than your bank wires. I love OFX customer service, you speak to real and competent people, very reassuring ( I had to transfer quickly 50k first time and was a bit scared)

Anonymous wrote:

Anonymous wrote:Is he going as an exchange student or for his degree? If he's just going for a semester, agree with him using his US bank account.

If he'll be there for the long haul, he needs a letter of introduction from his school, the address where he'll be living and his passport to open a Dutch bank account. Once he has his account, all you need to do is make a wire transfer from your account to his. I do this through online banking for my DC who is an undergraduate at a UK school.

Thanks. Can you do the wire transfer straight from a U.S. bank account to a Dutch account? If so, that sounds like the best approach.

You will pay exorbitant bank fees to do this. Use a y transfer service. There are a bunch of them that you can google. Use the cheapest. Aside from the money transfer issue, also be aware that your son will most likely be billed for Dutch taxes.

OP, ask your bank these questions. They can help you. There should be someone you can schedule an appt with through the largest branch locally.

When I living abroad for my university degree I used my European account to pay my rent, phone bill, internet etc all via bank transfer. Have him get a Dutch account and use the transfer system.

Anonymous wrote:PP here -
He'll have to file an FBAR with the IRS if the amount is over something like $10,000 but again not a big deal...

+1 This is not a big deal.

Anonymous wrote:I have used Wise, bank America wire transfers, discover phone transfer - Wise is the best so far in term of exchange rate -‘d fees charges and how easy it is to use.

1. Download the app
2. Send money from your bank account to Wise
3. Send money from Wise to your kid’s account - test a small amount first.

+1 This. People use Wise (it was called Transferwise until recently) because it has the best rates.

OP, what is your son going to study? Are you Dutch? Can you share your experience selecting the university, applying and getting admitted? How difficult is it to obtain a student visa?

PP here -
He'll have to file an FBAR with the IRS if the amount is over something like $10,000 but again not a big deal...

This is not that difficult. When he gets there, he can just open an account with ABN Amro or Rabobank if he needs large sums of money to pay tuition or rent etc. You can just fund it with a wire transfer in.

It's probably a good idea to have a local account. It's just so much easier to be in the local system.

The alternative is for him to get cash out of the ATM against his US accounts. That's fine for walking around money but really doesn't make much sense if he is paying rent. He can also use a US credit card for larger expenditures (but again makes no sense for rent or a mobile phone bill.)

But really it's just not that big of a deal to get an account with a local Dutch bank.

I have used Wise, bank America wire transfers, discover phone transfer - Wise is the best so far in term of exchange rate -‘d fees charges and how easy it is to use.

1. Download the app
2. Send money from your bank account to Wise
3. Send money from Wise to your kid’s account - test a small amount first.

I use OFX and even bought an apartment abroad with it.

+1 for Wise

Use Wise. You get a bank card that works in Europe or anywhere else. You can fund it from your US bank account, then convert to Euro at a very favorable rate on their site. I love my Wise card -- use it all the time when traveling.