Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Options for credit account overseas?
Old 06-17-2009, 09:11 AM   #1
Administrator
Janet H's Avatar
 
Join Date: Feb 2007
Location: Pacific NW
Posts: 6,164
Options for credit account overseas?

Need some advice.... My college age kid is going to be spending the next year in Taipei at National Taiwan U. and may need some access to a credit card. He will need to set up a bank account in Taiwan in order to receive a monthly stipend from the university via electronic transfer but I imagine that it will be a no frills account.

I called my bank and asked about adding him to my visa account (not crazy about this idea) and while it can be done, there are substantial fees on my account for charges made overseas. He has no credit history (21 years old, no student loans, no debt, paltry checking/savings account). Any ideas?
__________________
E-R.org Custom Google Search | Meddle not in the affairs of dragons, for you are crunchy, and taste good with ketchup.
Janet H is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-17-2009, 11:43 AM   #2
Full time employment: Posting here.
sailor's Avatar
 
Join Date: May 2005
Location: Atlanta suburbs
Posts: 898
Apply for a Capital One Visa card with a low credit limit.
Add your kid as an additional cardholder.
After activating the card and making few purchases locally, notify them that you'll be traveling internationally.
sailor is offline   Reply With Quote
Old 06-20-2009, 06:11 AM   #3
Recycles dryer sheets
 
Join Date: Aug 2006
Location: London
Posts: 58
Does he absolutely need a credit card? Would moneygram (moneygram.com) or paypal be sufficient to get money to him, if necessary? Or a joint account with Citibank or HSBC that has branches in both countries where money is deposited in the US and withdrawn in Taiwan? Are the days where credit card companies are falling over themselves to give out credit cards over? I got 3 credit cards in my first semester of college - sign up and get a free t-shirt. Who could resist a deal like that?
Gillette is offline   Reply With Quote
Old 06-20-2009, 08:33 AM   #4
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: New York
Posts: 898
Quote:
Originally Posted by Janet H View Post
Need some advice.... My college age kid is going to be spending the next year in Taipei at National Taiwan U. and may need some access to a credit card. He will need to set up a bank account in Taiwan in order to receive a monthly stipend from the university via electronic transfer but I imagine that it will be a no frills account.

I called my bank and asked about adding him to my visa account (not crazy about this idea) and while it can be done, there are substantial fees on my account for charges made overseas. He has no credit history (21 years old, no student loans, no debt, paltry checking/savings account). Any ideas?
Is this for emergency use only? If so, I wouldn't worry about the fees. If general use, can't he get by on cash, and just hold your card for emergencies?
__________________
Money's just something you need in case you don't die tomorrow.
Maurice is offline   Reply With Quote
Old 06-20-2009, 08:45 AM   #5
Administrator
Janet H's Avatar
 
Join Date: Feb 2007
Location: Pacific NW
Posts: 6,164
Quote:
Originally Posted by Maurice View Post
Is this for emergency use only? If so, I wouldn't worry about the fees. If general use, can't he get by on cash, and just hold your card for emergencies?
Honestly - I just don't know what to expect as far as handling $$ goes and am trying to cover bases. The university has made this recommendation however, for foreign students.

The days of receiving credit card offers at every breath do seem to be over for college students. He got a pile of these a few years ago as a freshman and ignored them.
__________________
E-R.org Custom Google Search | Meddle not in the affairs of dragons, for you are crunchy, and taste good with ketchup.
Janet H is offline   Reply With Quote
Old 06-20-2009, 04:00 PM   #6
Dryer sheet wannabe
 
Join Date: Nov 2008
Posts: 23
I have no doubt that the bank there can supply what he needs for local use, it just may not be the same as what you are accustomed to here. Just ask the university and/or bank, and go with the flow. Or research web sites for expatriates in Taiwan. The rest of the world is often more sophisticated than the USA in such gadgets as smart debit cards, although the fees may be higher than you're used to. We spend a lot of time in Germany, and local debit cards are much more practical than foreign or local credit cards. They are more forthright about charging for the service upfront, and not trying to make money by luring you into finance charges.
rjsciurus is offline   Reply With Quote
Old 06-20-2009, 07:33 PM   #7
Recycles dryer sheets
 
Join Date: Feb 2009
Posts: 161
Two things come to mind.

The university should have some form of new student support which ought to include "how-to" information. If not, that is scary.

Second, I use my United VISA card overseas 100-200 times a year, zero fees. Apply for a credit card associated with your airline of choice and it's almost understood that foreign transactions will occur.

Good luck.

Oh and congrats on a son who at 21 has no credit card debt, rare, very rare.
PX4sc40sw is offline   Reply With Quote
Old 06-20-2009, 09:29 PM   #8
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Or a plain debit card rather than a credit card, pay as you go with the convenience to use ATMs, etc.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Will closing a credit card hurt my wife's credit score? bank5 Other topics 4 06-03-2009 06:01 AM
Health Savings Account/Flexible Spending Account Bongybo Health and Early Retirement 5 07-26-2008 06:46 PM
Opening a PenFed account results in a credit check? magellan_nh FIRE and Money 7 01-07-2007 10:54 AM
Managed Options Account jazz4cash FIRE and Money 10 11-16-2006 08:25 AM
2 Retirement account Options earlybird FIRE and Money 6 10-25-2005 09:52 AM

» Quick Links

 
All times are GMT -6. The time now is 10:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.