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UK GP's investing for overseas GC. How?

(5 Posts)
thetoothfairywhoforgot Sun 26-Mar-17 02:10:07

My parents very kindly want to invest some money to pay for DD's Uni. She is a NZ citizen and we intend to stay here for the foreseeable although she may go to Uni in the UK in about ten years.

We don't have a UK bank account for her - also they give such terrible interest atm. But we'd rather keep the money in the UK now as the exchange rate is so awful. They have already set up a small blind trust but are worried about how she will get the money when she turns 18 without a UK bank account.

Does anyone have any experience or suggestions?

Cantseethewoods Sun 26-Mar-17 02:44:18

You can set up a bank account for her now, or rather the GP can and then she'll have a vehicle to receive funds. Fx is a risk but tbh it hugely depends where your DD ends up studying which can't be predicted now- she might decide to go to the US or Europe.

FritzDonovan Sun 26-Mar-17 02:46:15

Sorry, no suggestions but watching with interest. My dc have money in child trust fund accounts in UK, but no current account there. We now live abroad and I'm not particularly positive about the chances of them being able to access their money easily from here, based on dealing with them since we left...

thetoothfairywhoforgot Sun 26-Mar-17 04:43:29

Thanks all.

Cant - Can we open a UK bank account for her without a UK address? We could use the GP's but don't have any proof of address.

Cantseethewoods Sun 26-Mar-17 20:43:40

Hi. I need to check with my mum but I think the GP open it in their names with the child as the beneficiary. Mine have their accounts with HSBC. It wasn't entirely straightforward but could be done.

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