Goodbyes can be tough, particularly when it involves children leaving home to study overseas. Practical issues, such as frequent money transfers, safety and staying healthy can also make parents rethink whether studying abroad is worth it. However, on the technical side of things Vault certainly does make situations like these easier!
This year my daughter will be attending college overseas for a semester in Denmark and she will require monthly funds to cover transport, meals, medical insurance and other personal expenses. To ensure she gets the money she needs at the best possible exchange rate, I decided to create a subsidiary account and issue a Vault Companion card. This type of card is an additional card that is issued by the primary cardholder to create up to three subsidiary accounts.
As a primary account holder, I have total control over funding my daughter’s Companion card and can easily fund it via Vault-to-Vault transfers from my main account in the most secure way. I don’t need to wait in line at the bank and pay excessive fees whenever I exchange British Pounds into Danish Krone. All I need to do is initiate a transfer from the Danish Krone wallet, enter my daughter’s email address and she will receive the money in a matter of minutes. Both I and my daughter can put our minds at rest, in case the Vault card gets lost or stolen as she can instantly freeze it through her Vault app.
The deVere Vault Companion cards give me the facility to handle my daughter’s subsidiary account as well as any others that I set up at any time of the day, allowing my family to benefit from the excellent rates and quick transfers wherever they are in the world.