Three Ways to Send Money to a Child Who Is Studying in Peru, and One You Should Avoid
College is the perfect time for your student to explore the world. With exchange programs, it can be extremely easy, and without a family and a full-time job, they have nothing tying them down. Not to mention, experiencing another culture is a great way to encourage global citizenship.
But, that doesn’t mean living abroad is cheap!
If you have a student who is or will be studying overseas, it is important to know the best ways to send them money, and one that you should avoid.
Money Transfer Service
One of the best ways to send money to a student in Peru is by using a money transfer service. They have been a dependable way to send money to people in other countries for decades.
There are many transfer services to choose from, so you’ll have to do a little digging to find the one that’s right for you. Look for one that has low fees and reliable service. Remitly is a good choice, not only because fees are low, but because you can complete your first transaction for free!
Prepaid Credit Card
A transfer service can be a bit frustrating for a student who needs the cash immediately. It means having to access and cash the money that was transferred. For some students, using plastic would be a lot easier.
For some families, a prepaid credit card is the answer. All you have to do is order the card and put money on it. Your child can then use the card the way they would use any debit or credit card.
Money can be reloaded on the card when they run out. It’s a secure option too. If they lose the card, you can cancel the account and open a new one.
If both you and your child have a bank account, you can consider a bank transfer. However, sometimes fees can be high, so it is important to compare this option to the other options on this list before you decide.
It’s even easier if you share the same account. By signing your name to their account, you can deposit funds whenever you choose and they can withdraw those funds conveniently.
Avoid Mailing Cash
Not every method of sending money is a good one. Although mailing cash isn’t illegal, it is a bad idea because it can be:
- Accidentally thrown in the trash
It is especially dangerous when sent overseas. Your package will move through more post offices and hands the further it travels, increasing its chances of getting lost or stolen. Even if you’re sending a care package, avoid putting any cash in the box.
Your child needs to focus when they are studying abroad. They should have fun too! Make sure they aren’t worried about money by choosing one of the three methods on this list very carefully, and never send them cash in the mail.
Just signed up and looking forward to checking everything out .?????