You’re in a bind. You need to receive money quickly but you’re under 18 so many of the money apps don’t work for you. What do you do? Even if it’s not a dire situation – for example, you just need to give money to a friend for your share of lunch – it’s important to know what your options are to send and receive money under 18.
After all, the major options for adults – PayPal and Venmo, for example – don’t allow teens under 18 to sign up. And yet, life in the 21st century often means exchanging money through apps and other mobile means.
When Might You Need to Send and Receive Money Under 18?
Sometimes the situation is dire. For example, you’ve driven to a nearby city and your car has broken down. Therefore, you need your parents to send some money immediately in order for you to seek repairs. Often, though, it’s more mundane than that and yet it’s still necessary to learn how to send and receive money under 18. Here are some times you might need this information:
- A friend bought tickets to something for everyone in your group. As a result, you need to repay them.
- You paid for everyone’s dinner. They need to repay you before you get your next paycheck.
- You pay your own phone bill but it’s in your parents name. Therefore, you need to send payment to your parents.
In other words, sometimes it’s just more convenient for one person to pay and the others to pay that person directly. Thus, learning how to send and receive money under 18 makes life more convenient.
Google Pay for Ages 13+
Google Pay is one of the best options to send and receive money under 18. It’s also a great way for parents to begin teaching their teens about financial responsibility. You can use the Family Payment Method with kids of all ages. This allows everyone to purchase apps, tv shows, etc. The parent, or family manager, sees all purchases and can set limitations.
Moreover, teens age 13+ are able to get their own personal accounts. You can use personal accounts to send and receive money under 18.
Apple Cash Family
Apple Cash Family is similar to the Family Payment Method on Google Pay. As long as one member of the family is over 18 and another is under 18, you can set up Apple Cash Family. Parents are able to restrict teens money-sending habits as needed.
Online Bank Accounts for Teens
You don’t have to rely on apps in order to send and receive money under 18. In fact, you might be better off getting your own online bank account. As a teenager, you’ll have to have parental support in setting this up. Then you can use the bank account for a variety of financial experiences. For example, you can learn how to get direct deposit from your job.
Since most banks have apps of their own, you’ll enjoy the familiar experience of using a phone app to send / receive money. And yet, you’ll also set yourself up with good overall banking experience. Look for banks that offer “student” or “teen” checking accounts.
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