29 Dec 2020
A student's life is always faced with multiple challenges about education, health, social and financial issues. Especially students who live outside the country, away from their loved ones, go through an emotional phase and face strict implications of finance management.
On the parallel side, their families also tend to face similar kind of situation. The most common issue that both sides face is the sending and receiving of money. No matter someone send money to Pakistan, or any other country, a lot of factors should be considered.
As soon as a child enters into high, school college, or university in regions far from home, maybe another country, another city, or in a hostel within the same town, the family faces issues with money transfer. However, you can find a million solutions to what options could be availed, why and why not.
This article will include a wide range of options that have been discussed in various search engines and articles. Although these articles and sources themselves are good enough informative references, most of them are either too general or too specific to some specific region of the world.
However, we have tried to compile information for all those methods that could be employed to send money to a college student. These ways may be enamelled with varying differences such as bank fees, exchange rates, and much more, which complicate currency transfer.
Thus, we have tried to cover every option's precise detail, with a rightful analysis of its pros and cons. It will help you send money to your child at the appropriate time through a trustworthy source to ensure safety on both sides.
Several options that will come under the discussion of this post are directed towards consumers' and clients' affordability as to what suits them the best and what could be adopted to transfer money to your child.
These methods could be available for students to enable them to pay for their fees, transportation, textbooks, meals, residency, and much more so that their exciting journey through the college is at least free from the pressure of financial issues.
So, let's get started.
As elaborated earlier, a quick google search could provide you with hundreds of hits, incorporating money transfer options. But before going any further of these options, some important factors that should be kept in mind include:
Apart from these checks, you need to understand the service provider's terms and policies and build a reputation in terms of trustworthiness before pursuing money transfer to your college student. It's also necessary to search out whether the chosen option is supported by the mainstream operating banks in your region and whether it supports the currency exchange issue or not. Just don't get engaged in some cheap service provider's tricks, because it can cause massive fraudulence at the expense of search for the lowest fees. Instead, look for the deem trustworthy service providers for the long-term benefit.
ACE Money Transfer is An exceptional money transfer service provider that operates with a goal orientation of least changes and full-service provision to users. So, as you and your young adult begin the journey of the transition period for supporting the college and living expenses while staying away from home, we at ACE Money Transfer will help you and your child.
ACE Money Transfer might sound new to users of online money transfer services. However, the company had proven to be a convenient, safe, and cost-effective money transferring agency since 2002. ACE is providing its services all over the globe. Thus, almost two decades of mutual trustworthiness has enabled its users to rely on a convenient transfer worldwide. So, get ready to have an excellent helping hand with ACE Money Transfer.
Nothing could serve better than having a joint bank account to enable money reach for your college student. You have to sign up and signature a shared account for both to access. This process will cut all the headaches associated with money transfers between banks and the problems linked to third party involvement.
Sharing the account will also help parents or guardians view and manage the financial activity of withdrawals at students' end. It will create ease for accessing and tracking such students' expenses, the details of which could otherwise cannot merely be encountered.
The need is to have a shared bank account and have the branch of that bank in the location near you, and your child can minimize the timing of deposits and transactions. The process will help your college-going child stability carried out transitions and fulfil academic and personal requirements while studying away from home.
A direct bank to bank transfer is an option for transferring money to your young one. However, should tackle specific measures in the process. First of all, there is a possibility that the same banks don't operate on both sides, take an example that your child has an account in a bank in Europe, then most of the time the same bank might not have a branch near you or anywhere in your country.
Most of the time, people adopt bank to bank transfer with some payables attached to the transfer.
Another thing that should be kept in knowledge is that while making things up to make a new account for your college student, select a bank with the most significant service provision, trustworthiness, and less expensive side charges for money transfer. Some other factors must also be kept in mind like affordability, assess, reachability, and easy guidelines for the procedure to follow, rather than entangling up in a messy transfer procedure which could even cost you up to 100 dollars.
The suggestion is to shop well your query around the internet to reach out to the bank that carries lest exchange rates for the transfer process. Also, from a student's side, they need to speak to their bank service providers regarding charges for international money transfer and policies linked to the exemption of charges. In short, Bank transfer is one of the best options owing to the ease and speed of transfer.
The peer to peer (P2P) service is another luxury service that could be adopted for money transfer to a college student. P2P works as a decentralized platform that doesn't involve a third party like banks or money transfer service providers; it instead connects the individuals directly with each other, through internet-based applications.
P2P service enables buyers and sellers, sender, and receiver of money in the free, fast, and convenient money transfer process that might involve the detailed process of searching, screening, rating, and escrowing the payment process. This technology leverages the process of transfer and transaction by avoiding the side costs, enforced procedures and policies, misinformative disclosures, and trust issues that one encounters in case of third-party involvement,
Peer-to-peer platforms ensure quality services at both ends of receiving and delivering money, whether it's among the users connected through the same banks or between users linked with different banks across the globe. It also creates ease of usage by merely downloading the app, signing up, verifying the authorization, and here you go! Your money transfer is just a click away.
Among the various optional apps linked to P2P service Apple Pay, Venmo, and Zelle have been accounted for as the most popular ones, as analyzed through customer's ratings and reviews. However, such apps are always some limitations; for example, these apps are limited to residents and citizens of some specific countries like the U.S., U.K., and European nations.
Another well-known method is to buy a reloadable prepaid card that can be easily found and funded anywhere globally and can be purchased through online or retail stores. You and your kid will need to buy prepaid cards of the same brand, and then you can reload the student's card by linking them through an app and make transfer electronically.
These prepaid cards offer their users affordability and on-time money transfer service. This method will also allow you to keep a regular check at your student's expenses and to enable the students to manage their finances in a proper budgeting manner. The P2P service that we discuss before could be adopted through these prepaid cards; for example, Venmo has its debit prepaid card feature that could work best for the college student.
Similarly, PayPal, and other cashcard, debits, and credits cards could do the students' service. This option is best when you and your college-going children don't have a bank account, or in case your child is habitual of overspending.
That might confuse the readers about whether prepaid cards are the same as debit or credit card, but debit or credit cards are categories or types of prepaid cards. Prepaid cards sometimes come directly with the naming distinctions like PayPal prepaid cards, but mostly they come within debit or credit card.
Debit cards are neither prepaid nor postpaid; they rather depend upon funds in your checking account. Simultaneously, the credit cards allow one to borrow some amount of money to be later transferred to account. Thus, if the students you want to send money, have a prepaid debit card, you can load the debit cards like prepaid cards. Your child might also hold college sanctioned debit cards which could also be used for the same service.
The suggestion is to allow debit and prepaid card based cash transfer. But not rely so much on credit cards holding for your college-going kids.
When it comes to money transfer, especially to someone (college student or anyone else) you should not rely on money transfer service providers for the international payments. There is an enormous number of money transfer service providers working in the form of a multipolar system of connectivity with the widespread net of the countries' global village.
These services' best features are their availability and services provided in different countries, which unlikely banks operate on a broader scale and connect enormous banks within the process. Although this money transfer service provider runs for the organizational benefit and profit market, they venture this goal by charging as low as possible to maximize their customers' saviour, care, affordability, and trust.
With this, our compilation of resources and money transfer methods to a college student comes to an end. We suggest you adopt practices that best suit your financial circumstances and living conditions. Don't go for services that involve immense charges, payments cut and low currency exchange rates.
Also talk to people who have adopted such methods before, for sending money to their loved ones worldwide, so that you should have a broader idea for the best choice of money transfer.
Finally, we suggest acquiring ACE money transfer services who have established their trust among the customers and have been delivering the best assistance with confined charging rates for almost two decades. Please feel free to contact us for any query and details. We are here to help you out!