Author Topic: Whats the best way to send money to a bochur learning in Israel.  (Read 18070 times)

Offline creditor

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Well if your kid is the type to go over his limit significantly then I agree.


You want to teach him budgeting without getting burned at the same time.
your right it depends from boy to boy but on a random question like that without knowing the bochur, I would say debit/set-limit cc, to be safe
I'm just say'in©®

Offline creditor

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Re: Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #21 on: August 13, 2012, 03:03:21 PM »
Smarter is very different than better. It may be smarter because they can't screw up, but if they spend the same amount that you allot them on a cc as they would cash, then it seems that'd be a better lesson on how to spend responsibly. Especially if you have them paying the bill from their bank account even if you load it. That's another idea why not give them the option. You put $100 in their bank account and they must use that to pay their CC. This is assuming they have internet or a phone...
from your words looks like you didn't talk about a set-limit but ok
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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #22 on: August 13, 2012, 03:10:48 PM »
from your words looks like you didn't talk about a set-limit but ok
Set in regards to what you tell the bochur or what you prearrange with the CC company? I said
but if they spend the same amount that you allot them on a cc as they would cash.
I also said
Depends on the kid/parents-responsibility/trust.
So yes, if the parent doesn't trust the kid or the kid isn't responsible, AsherO's above stated suggestion to set a limit with the CC company which is just above your kids "allowance", would be a great solution!
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Offline creditor

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Re: Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #23 on: August 13, 2012, 03:13:33 PM »
Set in regards to what you tell the bochur or what you prearrange with the CC company? I said  I also said  So yes, if the parent doesn't trust the kid or the kid isn't responsible, AsherO's above stated suggestion to set a limit with the CC company which is just above your kids "allowance", would be a great solution!
read up! I was referring to asherO's suggetion [set-limit cc] vs your suggetion [set-buchur]
I'm just say'in©®

Offline Jkhein

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #24 on: August 13, 2012, 03:17:39 PM »
It might not be such a good idea to train a bochur into using credit cards.
Let him open a TD bank account with a debit card, and deposit money in his account monthly.
I know many who use this, and I think its best method.

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Re: Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #25 on: August 13, 2012, 03:21:25 PM »
I know many who use this, and I think its best method.
yeah, me thinks that's the bottom line or as asherO suggested [isn't it gonna help support the site as well ?]
I'm just say'in©®

Offline 08701

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #26 on: October 25, 2017, 04:24:05 PM »
Can anybody update this based on advances in technology in the last 5 years?
Most banks charge transaction fees for using their ATM cards overseas. TD Bank doesn't charge but limits the amount per month you can withdraw. (Married kids living in Israel paying rent etc.). Paypal does not transfer from US accounts to Israeli Paypal accounts. Any ideas?

Offline David Smith

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #27 on: October 25, 2017, 04:31:26 PM »
Can anybody update this based on advances in technology in the last 5 years?
Most banks charge transaction fees for using their ATM cards overseas. TD Bank doesn't charge but limits the amount per month you can withdraw. (Married kids living in Israel paying rent etc.). Paypal does not transfer from US accounts to Israeli Paypal accounts. Any ideas?
Deposit money in US acct with no ATM fees (there are numerous options) and withdraw from Israeli ATM.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
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Offline B.D.Da'ehu

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #28 on: October 25, 2017, 04:31:47 PM »
Can anybody update this based on advances in technology in the last 5 years?
Most banks charge transaction fees for using their ATM cards overseas. TD Bank doesn't charge but limits the amount per month you can withdraw. (Married kids living in Israel paying rent etc.). Paypal does not transfer from US accounts to Israeli Paypal accounts. Any ideas?
TD Bank has a monthly withdrawal limit?

Offline lubaby

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #29 on: October 25, 2017, 04:44:37 PM »
Deposit money in US acct with no ATM fees (there are numerous options) and withdraw from Israeli ATM.
+1

Charles Schwab is a great option.

Offline jmz

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #30 on: October 25, 2017, 05:02:07 PM »
Can anybody update this based on advances in technology in the last 5 years?
Most banks charge transaction fees for using their ATM cards overseas. TD Bank doesn't charge but limits the amount per month you can withdraw. (Married kids living in Israel paying rent etc.). Paypal does not transfer from US accounts to Israeli Paypal accounts. Any ideas?
Not sure if this helps but I actually opened a td brokerage account. I can take up to 1k$ a day on each card. I have a card for myself and my wife. 2k a day. No fees. Good luck.

Offline myi

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #31 on: October 26, 2017, 12:43:52 PM »
Not sure if this helps but I actually opened a td brokerage account. I can take up to 1k$ a day on each card. I have a card for myself and my wife. 2k a day. No fees. Good luck.
What does it take to open a brokerage account?
 And what's wrong with a td premier account which grants you access to take out money from the atm without any fees neither from the atm nor from td.
 (I assume there's a limit but not sure how much, and they will reimburse you for all the transactions on the statement at the end of the month.)
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Offline 08701

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #32 on: October 26, 2017, 12:47:04 PM »
TD Premier has a minimum balance of $2,500 and if you go below that even once per month you have a $25 monthly maintenance charge.

Offline myi

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #33 on: October 26, 2017, 12:49:33 PM »
TD Premier has a minimum balance of $2,500 and if you go below that even once per month you have a $25 monthly maintenance charge.
Yes forgot to mention that, and for those which can afford to have 2500 lying around in an account then that's an option.
 (2,500 is not that much,in terms of having the cash sitting idle as the cash is not disappearing, and I'm sure most can pull it off.)
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Offline 08701

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #34 on: October 26, 2017, 12:52:11 PM »
Yes forgot to mention that, and for those which can afford to have 2500 lying around in an account then that's an option.
 (2,500 is not that much,in terms of having the cash sitting idle as the cash is not disappearing, and I'm sure most can pull it off.)

2 kids 2 accounts = $5,000
3 kids 3 accounts = ...

Offline myi

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #35 on: October 26, 2017, 01:18:22 PM »
2 kids 2 accounts = $5,000
3 kids 3 accounts = ...
true I didn't think of it like that.
I stand corrected.
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Offline grodnoking

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #36 on: October 26, 2017, 02:16:32 PM »
2 kids 2 accounts = $5,000
3 kids 3 accounts = ...
Your kids are in bis medrash and don't have saved up over 2.5k?
I'm not who you think I am.

Offline myi

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #37 on: October 26, 2017, 08:19:41 PM »
Your kids are in bis medrash and don't have saved up over 2.5k?
thinking about it again no need to have five accounts for five kids learning in Israel just have one son or daughter with an account and once a month they all come (with a bus which cost 3-4 shekals for a student) to get money from that one child.
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Offline ad120

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #38 on: October 27, 2017, 12:53:20 AM »
+1

Charles Schwab is a great option.
That's my primary bank.
I use it at home. Whenever I need cash I go to my corner and take money out of the ATM.
No worries or questions.
Simple and easy.

Offline Emkay

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Re: Whats the best way to send money to a bochur learning in Israel.
« Reply #39 on: October 27, 2017, 01:29:07 AM »
2 kids 2 accounts = $5,000
3 kids 3 accounts = ...
Why the need for more than one account? Just give them all cards and they all get a $750-$1000 daily limit.