Sorry I'm not sure where is should be posting this.
My mother in law lives in New Zealand. She is getting closer to retirement age but does not have any pension plan and currently does not earn enough to put any money into savings. We want to look into setting up some kind of bank account for her in New Zealand where we can lodge money (some kind of savings account) so that she has some money built up for a rainy day. The only thing is we can't afford to do this in a lump sum kind of way but more so by sending an amount monthly by bank transfer. I imagine this will cost an arm and a leg in banking fees.
Or would it be worthwhile setting up an account here and just sending her the money as it gets to a lump sum kind of amount.
It is hard to know what to do because she isn't the best of savers and if she has access to the account then she might spend it but at the same time we don't want to offer her money and then tell her she can only have it at our say so.
I doubt there are such things as international bank accounts???
My mother in law lives in New Zealand. She is getting closer to retirement age but does not have any pension plan and currently does not earn enough to put any money into savings. We want to look into setting up some kind of bank account for her in New Zealand where we can lodge money (some kind of savings account) so that she has some money built up for a rainy day. The only thing is we can't afford to do this in a lump sum kind of way but more so by sending an amount monthly by bank transfer. I imagine this will cost an arm and a leg in banking fees.
Or would it be worthwhile setting up an account here and just sending her the money as it gets to a lump sum kind of amount.
It is hard to know what to do because she isn't the best of savers and if she has access to the account then she might spend it but at the same time we don't want to offer her money and then tell her she can only have it at our say so.
I doubt there are such things as international bank accounts???