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Tips for Sending Money to a Student Studying in Peru

College is a life-changing time in any student’s life. It can be a lot of fun, but it can also be stressful. Especially when it comes to money.

More students than ever are worried about their finances, and it’s not just about the student loans they will be responsible for paying when they graduate. An Ohio State University found that six in ten students are worried about day-to-day expenses. Students studying abroad can be even more stressed.

Help your student by sending them money! Just make sure you do it wisely with these tips.

Choose a Money Transfer Service With Low Fees

Without a doubt, one of the easiest ways to get money to your college student is to use a money transfer service. Years ago, you only had one choice. Today, there are dozens of choices, and they aren’t all created equal.

Make sure you look for a convenient transfer service that includes things like:

  • Low fees for paying with a bank account
  • Low fees for paying with a debit card
  • Many choices for cash pickup
  • Timely transfers with a money back guarantee
  • Money transfer tracking

Send That Money Fast

Most college students aren’t very good at planning ahead. It isn’t uncommon for a parent to hear their child needs cash right now!

One great thing about a money transfer service is the fact that you can send cash immediately. Unlike bank transfers and other transfer services that make you wait days, if you’re willing to pay a fee, you can literally send money to your student in Peru in an instant.

Send a Prepaid Credit Card

Sending money with a money transfer service is easy for the person sending the money. With a debit card or a bank account, you can get online and send cash in just a few seconds! However, it may not be quite as convenient for your student because they have to go and pick up the cash at a physical location.

If you want to make things easier for your student, consider giving them a prepaid credit card. That way they have access to cash as long as they have the card, and you can reload it when all the cash has been spent.

Be Mindful of Your Budget

It’s helpful to your student if you send money from time to time, but that doesn’t mean you should send cash without considering your own budget.

Plan ahead and know exactly how much you’re willing to send your child on a weekly, monthly, or yearly basis. Then, speak with your child about what the money should be used for. That way, they aren’t spending it on a round of drinks for their friends and asking you for more cash to buy textbooks later.

Make sure your student stresses less about money and spends more time worrying about their studies by providing them with some cash from time to time. Follow these tips and you don’t have to stress about the money you’re sending either!