What is the most cost effective way to get $ to my daughter who will be studying abroad?

Question

She is studying in Australia. Do I get a Local (Aussie) bank acct. and wire $$ ($40 per wire) or just let her use her U.S. Check Card ($7-8 per swipe)?

Answer 1

The best three methods are as follows:



1) Her to open up an Aussie bank account and then to wire the funds to her. Better for large amounts, so you do not incur the $40 cost all of the time.

2) Western Union, it is a free service but there is a limit to how much you can send per month, unless you into a traval agent or somewhere which has Western Union. The money arrives for withdrawal almost instantly and it is available 24 hours a day. Better for emergencies or small amounts of cash.

3) Using a service such as XE trade or Paypal, downsides are the fees and sometimes poor exhange rates.

I would not recommend a U.S. check card, those $7-8 fees will soon add up to a huge sum of money.