PayPal alternatives for teens under 18 years old
It’s never too early to start teaching your kids about financial concepts; and allowing them to get their hands dirty with managing their financial concerns – of course under your observation- is the best way to accomplish this mission.
Opening a bank account or some sort of financial managing system is a great way for children to learning the basics of banking concepts and budgeting skills, and understand the importance of long-term saving from the early years of their life.
PayPal has an age limit
It’s not as easy for kids as adults to use financial services like PayPal. According to the United States laws, people under 18 years old cannot enter into a legal contract which that’s why, most financial systems including PayPal, do not offer them a solo account and prohibit them from using their services.
Although PayPal was used to offer a student account formerly, now it doesn’t offer an option for kids to use their services.
But fortunately, some great kid-friendly financial institutions offer their services for under 18 years old users under certain conditions.
In this article, we’ll show you the best PayPal alternatives for teens under 18 years old.
0- Paypal!
YES, Its not impossible to use paypal under 18. Accountify is beside of you to help you use paypal. You can simply buy verified paypal account and use it.
1- Webmoney
WebMoney is an international online payment system. It was initially established in 1998 in Russia. Since then, it has around 40 million active users worldwide. Webmoney supports payouts in U.S. dollars, Euros, Russian rubles, Bitcoin, and some other popular currencies.
This payment platform includes online billing, local payment product, merchant services, and direct integration with other international financial service providers.
Webmoney is an outstanding platform with remarkable features such as professional market support, fraud screening, high security, free monthly fee, and easy to use interface.
According to the Webmoney website minimum age to use Webmoney services is 18 years old in the European Economic Aria and UK or 14 years in the other countries.
2- Perfect Money
Perfect Money is a financial service for instant online payments. This network was created in 2007 and the Corporation is based in Panama.
Perfect Money aims to provide specialist 24/7 customer support as well as fast transactions and multi-level security. A Perfect Money account comes with several features where users can transfer funds between themselves, make online purchases and create e-vouchers or prepaid cards. The system also offers a built-in Bitcoin wallet, a currency changer service and a mobile app.
There is no age limitation to use Perfect Money services.
3- CapitalOne 360 Money
Capital One is a great banking option for those who prefer to doing most of their banking online. This bank offers a checking account for teens to solve their need for bank accounts. CapitalOne 360 Money or “Money teen checking” comes with debit card access, but no check-writing privileges. Both teens and parents can access the account. Parents can also track account activity through text alerts and email notifications.
This account provides some good features such as:
- A free debit card teens can use at any store that accepts MasterCard
- Fee-free ATMs across the country
- Accounts earn interest
- No fees or balance requirements
4- American Express: Bluebird
The Bluebird card is a prepaid debit card, offered by American Express with virtually no fees. It’s like a hybrid between a bank account and a credit card with a combination of the most popular features of each which makes it a great choice if you want to escape from the hassle of opening up a bank account.
Bluebird includes a family-friendly feature called “family account” that allows you to link individual cards for up to four other family members. From your central account, you can quickly transfer money to those cards, set spending limits, and monitor activity.
5- MyVanilla Visa Card
MtVanilla Visa Card is a simple solution for under 18 kids to start learning how to use a credit card. these cards are available at most supermarkets or Walmart shops.
Although minors themselves are not able to buy these cards, parents can purchase a card and add their kid as a registered user of the card.
MyVanilla Visa Card comes with useful features such as a mobile app to check and manage the account, easy-to-use services, and no requirement to credit check.
6- FamZoo Family Accounts
FamZoo is a prepaid card, puts parents in control of their own family bank.
It offers an extensive set of tools families can use to start their child’s financial education. They can use it to pay allowances and help their kids learn more about important financial topics. From a parent account, you’ll have access to a variety of features. You can automate allowances for your kids, reward them for doing extra chores or getting good grades, pay them interest on their savings, and if you are a strict parent, penalize them if they don’t do their duties, and much more.
7- Google Pay
Google Pay is a digital wallet platform and online payment system developed by Google to provide in-app, online, and in-person purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. It’s free and there are no monthly fees to use it.
Google Pay is the simplest-inexpensive way to provide a place for your kid to save and spend their money. It is worth noting there are a lot of places which Google Pay is accepted, like so many selected supermarkets, pharmacies, restaurants, and clothing shops and etc.
conclusion
Even though there are restrictions and limitations for teens under 18 to use banking services independently, many financial institutions provide workarounds to resolve their needs. We hope this article helped you to found the best PayPal alternative for teenagers under 18.