Learning how to send and receive money between family and friends is an important part of your child’s financial education. Having the ability to request money owed to them, or pay money back through their GoHenry app is much more convenient than counting out dollars and cents – and is easier for kids (and parents) to track.
GoHenry’s payments feature offers a quick and easy way for kids to securely send and receive money from their GoHenry app. Younger kids can send money directly to their parent(s) and siblings’ GoHenry account.
Teens aged 13+ can sync their phone contacts with their GoHenry account and send money to or receive money from friends who already have a GoHenry account, and request money from those who don’t - as long as they have a bank account.
How does it work?
Using their GoHenry app, your child can send and receive money via the payments feature. Kids are not charged any fees, and there is no limit to how much money they can send and receive from family members (parents and siblings) each month. Kids can send and receive up to $250 a month from their friends.
They can even personalize their payment requests with a fun, custom GIF. Note that all payments within the GoHenry network are instant, while payments from external bank accounts may take a little longer to arrive.
Parents are able to keep an eye on these incoming and outgoing payments. You’ll receive a notification any time your child receives or requests money – and you also have the option to cancel any requests that you’re not happy with via your GoHenry app.
According to a survey completed by our community members, 83% of teenagers said they have been owed money by a friend – and 59% said they’re owed money on a monthly basis. Unfortunately, in 17% of these cases, teens said they never got the money back.
GoHenry’s payments feature takes the embarrassment out of asking for money back and helps teach kids and teens how to manage money owed. Problem solved!
Have your kids been using instant payments? Send us an email to [email protected] and let us know how it's going.