Is there an easier way?

I have student loans in the US that come out of my US bank account as a direct debit.  Currently, my dad pays money into the account each month and I reimburse him through pay pal. Since I get paid monthly and unfortunatley don't have the money to put a big chunk in my account, this has been the only way I can think of to get the money in my account on time each month. I just  don't want to pay the pay pal fees every month on top of what I'm paying in loans!

I contacted Great Lakes (the company I have my loans through) and they don't have a way for me to pay from a UK bank account.

Any suggestions?

Ohhhh...Good question!  I would love to know too.  It's just such a pain to remember to transfer a few hundred $$$ every couple of months.  I generally forget and then have to scramble to get money in time.  Any helpful hints would be appreciated.

There will always be fees when you exchange £'s for $'s.... you just need to find the cheapest way.

Have you talked to your father's bank? Perhaps THEY can make an automatic draft between your two banks. Or, perhaps you can mail checks to your father that he can deposit. You would need to pre-date checks and send a few at a time, I think, with your father depositing them at set times.

Thanks, Ohiofiancee. I hadn't thought of sending checks. Does anyone know how long it takes to cash international checks? Is there usually a fee? These things probably depend on my UK bank and my US bank, right?

Karin- I do the same thing every month- scramble to send it! I wish it could come out directly. You know, I'm sure we're not the only two people from the US that have moved abroad and have student loans. I don't know why they haven't done anything about this yet- you'd think the loan companies themselves would set something up-since they're the ones that want our payments every month!

I am in the same position!  Student loans to pay, I'm through Nelnet and they have no way of me paying through a UK account so I'm using paypal as well to transfer to my US account and then paying that by direct debit.  It seems since not everyone stays in the US after graduating they'd figure out an easier way for people to pay them.

I will be moving soon and I will have student loans to pay as well. I figured I would just use Paypal once I got there. Would you say that Paypal is pretty cheap? I know that my Bank in the US charges 12.00 or so just to receive an international wire. I have no clue what I would get charged on the UK side to send it.   I am hoping to find a cheaper option than a wire transfer. Thanks!

DH had an idea that I thought was genius! Unless there is something wrong with it that we haven't discovered yet!

He suggested asking our UK bank if we can put my dad on our account, and get him his own debit card. That way, dad in the US can take money out in dollars every month and deposit it into my US account in time for the direct debit.

Sunnyflower, I think Paypal charged me about £7 (which at the time was about $12) each of the times I have used it to send money to my dad.  In comparison with other methods, I think its probably one of the cheapest way to do it, but still $12 a month on top of what I'm already paying adds up.

He suggested asking our UK bank if we can put my dad on our account, and get him his own debit card.

They usually want proof of address in the UK though for banks...given all the trouble some people moving to the UK have had opening up a bank account or even adding themselves to their spouses' account, I would be very surprised if your bank let you do that.  And then, even if you did, there's all those ATM fees and currency conversion fees 

he would probably need to be on some form of bill- and he might have to apply in person as well.  but if it does work- grand.

even better to go with a UK bank that has an agreement with a US bank for reduced/or no fees (barclay/bank of america)

Sunnyflower, I think Paypal charged me about £7 (which at the time was about $12) each of the times I have used it to send money to my dad.  In comparison with other methods, I think its probably one of the cheapest way to do it, but still $12 a month on top of what I'm already paying adds up.

Thanks! I didn't realize there was a monthly fee as well. That could get pricey!

Thanks for your input, everyone. I knew that plan was too good to be true!

Sunnyflower- its not a monthly fee, its just a currency conversion fee every time you use it (correct me if I'm wrong pay pal users!). I think it probably depends on the exchange rate and how much money you're sending. 

Ok, I see now. Good thing you mentioned that, I had just given up on Paypal.

this might be an odd ball suggestion- but in the US there are internet banks.  is there the same thing here in the UK?  could you and your father get a joint UK account?  that would get around the in-person thing.  you may have to put him and you on a utility bill for one billing cycle or something.  then get a UK ATM card, send it to him, bingo.

also- can you get an extra UK ATM card (not a replacement but and actual working card) and send it to your father?  he could then withdraw money in the US from your UK account? 

Hi -

There are two methods that I have been using to get money back to the states:

1 - I write a cheque from my natwest account and send it to my bank in the US.  They are able to receive foriegn drafts.   There is no fee, however the downside of this is that I get a crappy exchange rate (probably the 4% charge); Also, it takes a couple weeks for the money to appear in the US account.

2 - You can set up a wire transfer from your bank here.  Through natwest you can set up a "reply"  which is a regular wire transfer for the same amount.  You set it up once and a certain amount will be transfer automatically each month (or whatever time frame you want).  This costs a tener, but the money appears in my US account within 5 days.  I do this since my bank in the states doesn't charge a fee to recieve a transter

re: 2. correction - a "relay"