Would I be doing anything wrong?

[milleplod]

Hopefully, this is in the right Forum!

I have an English friend who's lived in France for 30 years. He's now retired. He has a UK private pension, paid into a UK bank account. To access it, he's been using his UK debit card in France, which obviously runs up fees (as would the UK bank transferring his pension to his French account).

I have a 'currency card', which we've used for ages for holidays abroad - I load it with Euros, dollars, whatever, from my UK bank account, as and when needed. There are no fees to use it abroad. My friend in France can't have one of these cards, as they're only available to UK residents - the card company carry out stringent ID checks.

I can quite easily open a second currency card account with him as an additional cardholder. He can then send his UK pension to my UK bank account, from where I can load 'his' currency card. He can then use the card in the Euro-zone without paying bank fees.

I can't see a problem with this. My wife, however, is convinced I could end up in bother somehow. For example - if I had to do a tax return, do I have to 'declare' these sums of money (£1k every 6 weeks ish) as they're going through my bank account?

Any observations gratefully received!

Pete

[Du1point8]

Why can't he set up an account with transfer wise or smart currency and just get a french bank account?

Very easy to do, I have both and use it transfer wise to shift GBP to AUD and smart currency from GBP to EUR.

[milleplod]

Thanks for the reply.

He's had a French bank account all the time he's been living there - he ran a business down in Grimaud for years. Tbh he's not very 'internet aware', he's pushing 80 - I suggested the currency card thing as a way to help him out more than anything else. He's OK with bank transfers though, he pays me that way for car mags and stuff I send him occasionally, so I'll suggest what you've said to him.

Pete

[Du1point8]

milleplod said:

Thanks for the reply.

He's had a French bank account all the time he's been living there - he ran a business down in Grimaud for years. Tbh he's not very 'internet aware', he's pushing 80 - I suggested the currency card thing as a way to help him out more than anything else. He's OK with bank transfers though, he pays me that way for car mags and stuff I send him occasionally, so I'll suggest what you've said to him.

Pete

Unofficially... if he trusts you a lot and you are willing... Why not set it up together on Transferwise using his account in UK?

I have it set to shift £500 to Aus, with a few clicks all I need to remember or add the CCV and that is it... once done, its easy for him to contact you and you click the transfer again button... add the CCV and that is it.

(I only transfer from UK Debit as its the cheapest method)

If I was in any issues and could not get wifi/broke my laptop, I would not hesitate at getting one or two of my friends to login from UK on my account and use the transfer again button.

[Ozzie Osmond]

milleplod said:

My wife, however, is convinced I could end up in bother somehow.

I'm with her. Why take a risk over something that's not your business? It's not difficult for him to come up with a solution without involving his mates.

Amongst other things you would have joint liability on a joint card. Avoid.

[Ozzie Osmond]

milleplod said:

My friend in France can't have one of these cards, as they're only available to UK residents - the card company carry out stringent ID checks.

I can quite easily open a second currency card account with him as an additional cardholder.

How do those two sentences fit together? Surely the ID checks would be the same in either case?

[KTF]

Why doesnt he open a nationwide flex plus (or similar) account, get his pension paid in to that the use the debit card to withdraw it in france at the visa exchange rate with no loading.

http://www.nationwide.co.uk/products/current-accou...

Or he could get a halifax clarity card, use that to withdraw cash (mastercard rates with no loading) then pay off the balance straight away from his UK account.

[milleplod]

Ozzie Osmond said:

How do those two sentences fit together? Surely the ID checks would be the same in either case?

Quite easily - he doesn't have a verifiable UK address, the card company require one, which is presumably evidenced by checking the electoral roll.

Pete

[Ste1987]

8.5 years before first post? Top lurker!

[milleplod]

KTF said:

Why doesnt he open a nationwide flex plus (or similar) account, get his pension paid in to that the use the debit card to withdraw it in france at the visa exchange rate with no loading.

http://www.nationwide.co.uk/products/current-accou...

Or he could get a halifax clarity card, use that to withdraw cash (mastercard rates with no loading) then pay off the balance straight away from his UK account.

I think you need to be a UK resident to be eligible for either of those two products., but I'll suggest he looks into them. I made a mistake in my first post by saying he has a UK bank account - he doesn't, its an offshore sterling account held with Lloyds on Jersey.

Pete

[milleplod]

Ste1987 said:

8.5 years before first post? Top lurker!

Thanks for the input.

[Craikeybaby]

I looked into those currency cards for a recent trip and the exchange rate wasn't great, and it worked out about the same as using my normal cards.

I'd look at options which involve moving the money to his French account.

[eybic]

Craikeybaby said:

I looked into those currency cards for a recent trip and the exchange rate wasn't great, and it worked out about the same as using my normal cards.

I'd look at options which involve moving the money to his French account.

Revolut are very good and give good rates and no fees.