american express travelers checkcard
 

We are traveling in august with our 13 year old nephew, who wants to bring about $1000 in spending money. I am nervous to have him travel with that much cash - has anyone ever used the AmEx checkcard? Does it work like a debit card? Any other options?

Hi K,

For how many years will you be gone that a 13 yr-old would be able to spend $1000?

I suggest that you ask his parents if they agree to this.

The Amex card would be reasonable for this situation. However, they charge you for the card, they charge you to put money into the account, they charge you take take money out of the account and they charge you to use it as a debit card.

((I))

I'd suggest he do that only if he promises to treat you to a couple of really nice meals with all that "spending money".

Thanks - Yes, $1000 is alot of money. We are traveling with him for a month, and he has worked very, very had to save it up. What would be a cheaper and safe alternative than the amex card?

Why not just get him a bank account and ATM card? If he has saved that much money, he should have a bank account!

Totally agree with sockboy.

Best wishes,

Rex

If the lad has $1000 or more he should already have a bank account. Maybe not a checking acct, but probably a savings acct. If so, just have him open a checking acct w/ the same bank and get an ATM card. By far the cheapest way for hime to get money. But it MUST be a checking acct - most European ATMs do not let you access savings.

The fees associated w/ the Amex card will really eat into his funds . . . . .

Triple A has a cash card similar to what you are discussing. My granddaughter used it when we were in Paris. I don't know the details, but her mother has a banking background so I doubt it cost much in fees or she wouldn't have used it.

I say $100 in euro in his pocket/money belt to begin the trip, with an ATM card to a checking account for the other $900 to be withdrawn along the way.

Be aware that ATM receipts overseas usually do not give you a balance, so your nephew would have to keep track, himself, of how much he had cashed at an ATM.

Also be aware that the AmEx checkcard carries some fat upfront fees and a hefty fee to add more money if nephew runs out.

I think one of the parent's will have to open a custodial account since he is only 13.

I agree to just have his parents open a checking account, put the one grand in it, and take the accompanying ATM card on the trip. Piece of cake.

I've just checked the AAA card..the opening fee is not too bad..$4.95.. international tranactions $2.00 fee but the exchange rate is 7% plus 1% visa fee! Better than Amex but no where near as good as an ATM card from your local bank!

I wouldn't feel comfortable giving a child that much money. There is, after all, a good reason why he is not legally empowered to have a debit card.

Put the money in <u>your</u> checking account and dole it out as you travel.

&lt;he has worked very, very had to save it up.&gt;

Yo Passepartout-
It is the KID's money$!$!$
Nobody's &quot;giving&quot; him anything.

If you read my post carefully, you will find I never said it wasn't his money. &quot;To give&quot; does not <u>only</u> mean &quot;to transfer ownership.&quot; The rest of my post addresses the question of qualifications for custody. If you want to discuss that instead of nit-picking, whatever you have to add will be appreciated.

I don't think that amount of money should be entrusted to the care of a 13 year old, even to go to the mall - and it is even more inadvisable if foreign currency exchange is involved. Street predators abound in foreign capitals, and it takes adult judgment and awareness to outwit them. Teenagers are too easily distracted.

The fact that the nephew earned it does not qualify him to supervise it. The two require completely different skills.

Don't forget to work out how much in &quot;euro&quot; that account balance is worth. I kind of forgot to account for the difference, and had some overdrafts occur. (it was that final withdrawal so I'd have seed money for the next trip that did it!)

Passepartout, That's why we recommend using an ATM so he would not be carrying a large amount of cash at any given time.

A 13 year old who has earned $1000, surely has a pretty decent grasp on its value. If the child earned the money, he should be able to spend it as he sees fit, not have it &quot;policed&quot; by his aunt and uncle.

I think this is a perfect opportunity to teach him about the world of banking, ATMs, service fees and all!

&lt;Teenagers are too easily distracted. The fact that the nephew earned it does not qualify him to supervise it.&gt;

In a land of condesending posts... this one takes the cake!!