Easy Guide for Parents: How to Send Money Online to Your College Kids
Heading off to college comes with a mix of emotions and life experiences that help prepare students for what’s ahead. Managing their studies, work, and social life can be a handful, and often, this comes with financial stress. We all know that most college kids are on a tight budget, but thankfully, parents can step in and send money online to ease the burden. Here are some tips on how to do it best:
First, take note that the process might take 3 to 5 business days. Most banks have this timeframe set up for everyone’s safety, but it can lead to a few challenges. A good practice is to set up a routine for sending money. This way, both you and your child know when the transfer is happening and when to expect the money in their account. Even better, consider adding some money into their account ahead of time to cover future needs. This proactive approach ensures your college kid just needs to access the account without worrying about the transfer time.
While you can plan regular transfers, sometimes unexpected costs come up that need immediate attention. In these cases, getting the funds there in 3 to 5 business days might not be fast enough. Luckily, some financial services can move money between locations within minutes. Modern providers allow for instant online transfers to specific accounts, which can be extremely handy in such situations.
Another critical factor is the cost of these transfers. It’s essential to remember that the process isn’t always free. If you have a joint bank with your child, transfers between accounts are typically without fees, but you should confirm this. However, if your kid doesn’t have the same bank as yours, transferring money between different banks can take longer and lead to extra costs, sometimes as high as $25. It’s wise to check with your bank about their rates, especially if you plan to send money frequently.
Fortunately, there are alternatives to banks for transfers. Some independent financial providers might offer small fees based on the transfer amount, potentially making it more affordable to send money online.
Another option is sending money through emails. Some institutions provide this service, where an email serves as a notification of funds availability. What’s more, the recipient’s account number isn’t required for this and the total cost is usually reasonable. Just remember that it may still take some days for the funds to become available.
Remind your college kids that they can also contribute to their funds by taking on part-time jobs or side gigs. This can help reduce reliance on parents alone. Additionally, encourage them to take financial literacy classes. In doing so, they’ll learn to manage and save money more effectively, which is an invaluable skill that can serve them well in life.
Remember, smart money management is a learning process, and college is a great time for your kids to start acquiring these skills.