Money Transfer Options for Minors: How to Transfer Money Under 18
Discover safe ways for minors to transfer money, including joint accounts and prepaid debit cards.
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To transfer money under 18, consider using a joint bank account with a parent or guardian or a prepaid debit card. Both options allow minors to manage funds under supervision. Another method is utilizing money transfer apps that offer teen accounts, ensuring compliance with legal requirements.
FAQs & Answers
- What methods can minors use to transfer money? Minors can use joint bank accounts, prepaid debit cards, or teen accounts offered by money transfer apps.
- Are there any legal restrictions for minors transferring money? Yes, minors typically need parental approval and must use supervised methods like joint accounts.
- What is a prepaid debit card? A prepaid debit card allows users to spend only the amount loaded on it, helping minors manage their spending.
- Can teens use money transfer apps? Some money transfer apps cater specifically to teens, allowing them to manage funds with adult oversight.