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Funds transfer when studying in England

  • Last Updated:
  • Apr 28th, 2019 7:04 pm
[OP]
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Dec 25, 2017
14 posts
9 upvotes

Funds transfer when studying in England

My son is studying abroad in England this fall and I'm looking for the best way to prepare the finances for his trip. We estimated that we were going to need 30k GBP for tuition and living expenses. He can work part time to cover the rest. What is the best way to buy 30k GBP before his trip?

I have an investment account with Interactive Brokers which allows me to buy GBP at the market rate. I've been thinking about opening a HSBC account in his name (there are many physical locations in the GTA), buying the British pounds with Interactive Broker and wire the money to his HSBC account, from which he can withdraw once he's in England. The last step is the only part I'm not certain about, that he can withdraw money from his HSBC account or transfer to another HSBC account opened in England at low or no cost.

Anyone with experience in this area?
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