The emotions and life experiences one goes through in college can be a little jarring but can help prepare students for life. Grades, work, and networking are just some of the pressures students have to carry. We all know college students are usually financially strapped, but parents can help rectify this issue by sending money online when needed and utilizing the following tips.

3 to 5 Business Days

Parents who want to help their children financially are going to have to take the three to five business days into account. Most banks, especially larger banks, have these rules set in place for everyone’s protection, but they also create a few complications.

As parents, one of the most important steps to take when sending money online through a bank is to set up an allowance schedule so that both the kid and parents know when the money is being sent and approximately when the money should arrive in the child’s bank account or card.

Parents going down this route may want to consider just adding money to the child’s account before a need arises. Taking a step like this makes it easier for college students to simply go into the account to get the money they need.

Plan for Emergencies

Ideally, financial assistance should be predicted so that parents have enough time to budget, but that is not always possible. Expenses can spring up on college students at any time, and parents have to find a way to help their kids.

During an emergency no one has time to wait three business days like most banks require, and this means parents have to look elsewhere to send money quickly. There are a few financial services companies out there that can transfer money from one location to another in a manner of minutes.

Some of these institutions require kids to visit these financial locations to receive the money, but modern financial service specialists are now offering instant online transfers to specific accounts, which parents and college kids can take advantage of.

Pay Attention to Fees and Costs

Okay, this one is pretty important because money transfers are not always free. Of course, parents and kids who share a bank can usually transfer money between accounts without worrying about fees or costs, but this is something parents should double check with the financial institution.

Sometimes, kids cannot get the same bank for a number of reasons, like if the parent’s branch is not conveniently located. This means parents are going to have to transfer the money from bank to bank, which is not only going to take a few days, but it can also be quite costly.

Some banks could charge up to $25 though that number does vary from bank to bank, so it is wise to inquire. That amount of money can add up, especially for parents who have to help their children a few times in a month.

When it comes to transferring money, banks are not normally the best option. Independent financial institutions usually charge a small percentage of the amount being sent online through their physical establishment or through online applications if the institution has one.

Transferring Through Emails

There are some institutions that will allow parents to send money through emails. It is important that strong communication is established to make sure the recipient can trust the email he or she is opening because there are a lot of phishing emails that steal information.

Of course, the money is not technically emailed to the recipient. The email functions more like a notification that funds are now available. Part of what makes this type of transfer appealing to some is that the recipient’s account number is not necessary.

The cost to email a money transfer is usually reasonable, and receiving the money is normally free, which is yet another perk. The money, once accepted, could take a few days to appear, but it is one way parents can send over money to their college kids.

College kids can work a part time job and maybe a few side gigs to help with expenses. Parents should do their best to encourage that as much as possible because this financial burden doesn’t have to fall on the parents alone.

College kids should also consider taking financial literacy classes to make sure they understand how to effectively use cash and save it.

Money does not grow on trees, and there are kids who may misuse money, which could hurt everyone. Encouraging financial literacy classes that can be found online, and sometimes at colleges, is wise and can be quite helpful in life.