Loan to Son Abroad

[Spydaman]

My Son lives in Sweden with Swedish citizenship. I want loan him some money to buy a car which he will pay back. Is there an easy, cheap, legal way to do this without incurring costs. I’m pretty sure I can PayPal him the money as friends and family but not sure of the legal, tax implications. It’s about £10k

[Defcon5]

Can you not just bank transfer it? Is that not possible with foreign banks?

[QJumper]

Defcon5 said:

Can you not just bank transfer it? Is that not possible with foreign banks?

Bank transfer can be a faff. Paypal is probably easiest if both have paypal accounts.

[M11rph]

Check the PP Exchange Rate and Fees first. It used to be around 3% for such transfers.

Revolut might be a better answer.

[Spydaman]

Pretty sure friends and family is free unless there is a limit on the amount. Exchange rate is a good point though and I’ll look into Revolut.

[Jonathan27]

Transfer Wise (or I think it may just be called Wise now) is easy, cheap and reliable. I use it to move between GBP and Euro most months,