ASK JASMINE 7: How can I send money to family abroad?

Isobel Lawrance 20th Oct 2022 No Comments

Reading Time: 5 minutes

Welcome to Ask Jasmine, the column where I round up some of the questions I have received from readers. In this edition, I answer many questions about saving for family members, sending money abroad and how to provide for non-UK residents.

I hope these answers can help you with any questions you may have. Don’t forget to leave any questions you have in the comments below or email me on [email protected].

 

• Can you advise on trust funds?
• How can I save money for a non-UK resident?
• Are Junior ISAs the best option?
• How can I put my money towards my family’s future?
• Complaining
• What can I do for my grandchildren who live abroad?
• What is the best way to save?

 

Can you advise on trust funds?

Could you please advise on registering trust funds for grandchildren when they are held in share funds with a fund manager, as I believe this is a recent requirement. This was not mentioned in your article in The Mail regarding savings for children. 

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Thank you for your question.  This is a handy guide on how to register a trust fund: Trust Registration Service Completion Guide on YouTube. Kind regards, Jasmine 🙂 

 

How can I save money for a non-UK resident?

Can you tell me how I can save money for my new Granddaughter who is not a UK resident? She has just been born in France. I tried to buy Premium bonds but couldn’t, and I also tried to open savings account with a bank but I was unable to. Any idea what I can do? 

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Thank you for your query. In short, because of anti-money laundering and fraud rules it is extremely difficult to set up a nest egg for non-UK residents. You cannot open a savings account for a grandchild who lives abroad. You could open an account in your own name and save for them, but that would be liable for inheritance tax. Your best option is to send money to the parents who can then save for their children. 

If you are concerned about inheritance tax, you can find more information on gifting money here. All the best, Jasmine 🙂

 

Are Junior ISAs the best option?

I have a financial query I hope you can help with. I am a UK citizen but have lived overseas for many years and my son was born overseas in New Zealand. My family still live in the UK and want to invest some money at birthdays and Christmas for his future. 

I have looked at options like Junior ISAs, but they all seem to require the recipient to be a UK tax resident, which my son is not. Currently, the money is just sitting in a standard UK savings account, but I wonder if there are other options that will likely provide a better return in the longer term. I am happy for the money to be inaccessible until he is 18 if necessary. I would appreciate your advice. 

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In a similar response to the previous question, because of anti-money laundering and fraud rules it is extremely difficult to set up savings for non-UK residents. Here is a link to the different types of savings accounts that could give you a better return on your investments.

I hope this helps! Jasmine 🙂

 

How can I put my money towards my family’s future?

Being 80 years old and not having a great deal of money to spend, l pay £40 per month into a Lloyd’s Bank Easy Saver account for my two great grandchildren. Is there a better way of putting that money away for their future? I don’t think there is much interest to be earned at Lloyd’s. 

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Thank you for your question. I suggest you visit the link I gave in the previous question, showing the different types of savings accounts that may result in a better return on your investments.

All the best 🙂 Jasmine 

 

Complaining

Hey Jasmine, I want to make a complaint about a company but I’m not getting any response from them. What’s the best way to proceed?

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Most of us don’t like complaining, but sometimes it is vital we do to get the service we deserve.

My Ask Jasmine columns are now sponsored by Resolver, and they’re a great service to use if you want to make a complaint.

Watch the video below to find out more about Resolver.

 

What can I do for my grandchildren who live abroad?

I cannot find out how to save money for my grandchildren who live in North Africa. They are getting older – I am getting poorer! You make all sorts of useful recommendations, but some aren’t accessible to foreigners. What can I do? 

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You cannot open a savings account for a grandchild who lives abroad. You could open an account in your own name and save for them, but that would be liable for inheritance tax. Of course, if they do move back to the UK, you can gradually move those funds to their own accounts (a maximum of £3,000 a year can be gifted, after that, again they could be liable for inheritance tax). 

You can find more information on gifting money here. Your best option, in the short term, is to send money to the parents who can then save for their children. 

I hope this helps you! Jasmine 🙂

 

What is the best way to save?

I am a 54-year-old male saving for my pension with a well-known London company. I have approx. £38,000 in the pot at present, but would like to obviously have more saved. As a modern-day parent, I have found it difficult to save more with 2 children and a wife. I also just put some towards my daughter’s wedding. 

Can you advise on best way to save? I have extra money in another account doing nothing.  

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I recently hosted a webinar on the subject of how to save during a recession. I think it would give lots of answers to this question which could help you. You can watch it on catch up here.

Hopefully it gives you some answers you need 🙂 Jasmine

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Do you have a question for me? Leave it in the comments below, or email me your question on [email protected]. I may just answer it in next week’s Ask Jasmine column.

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

 

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