If you have watched live television recently, then you probably will have stumbled across an advert for a GoHenry card.
Through a series of TV adverts, GoHenry aimed to become a household name, and they have done so successfully. That is why you have probably heard of GoHenry cards.
Time and time again, you will hear people complain that we are not taught enough about finances in school.
When you leave secondary school, you suddenly find yourself in the real world, without the education system really teaching you anything about money, and how to handle it.
But, the GoHenry card aims to teach young people about finances from early childhood.
Of course, children will not be earning an income, so they don’t really have any money of their own.
However, a GoHenry card can be used by parents to teach their children about finances by simply depositing a small amount of cash into a bank account.
But security is very important when it comes to finances, and even more so when it comes to children.
So, who can transfer money to a GoHenry card? And is this something that anyone can do? Find out in this guide.
What Is A GoHenry Card?
As we have said, a GoHenry card is a type of card that is designed to teach young people about finances from a very young age.
GoHenry cards are designed to be used by children so that they can understand how finances work, and how to control their spending early on.
Often, people complain that children are not taught enough about finances in school, but a GoHenry card allows parents to teach their children about finances in real time.
Children do not have the knowledge, experience, or authority to have a real bank card themselves.
But, with a GoHenry card, your child will have a bank account, and a bank card to go with it, which you have control over.
The card links up to an app that can be downloaded onto a smartphone or tablet, allowing your child to see the money that is in their account.
While the card is not the same as a real bank card, it can be used in the same way.
A GoHenry card can be used when shopping in the same way that a regular bank card can, the only real difference is that you have control over it. Not your child.
GoHenry is an interesting concept, and it is a good option if you want to teach your child about finance through experiences. But, how does money enter the account? Let’s take a look.
Can Anyone Transfer Money To A GoHenry Card?
While GoHenry cards are similar to regular cards, they are not quite the same.
One of the major ways that they differ is that only certain people will be able to deposit money into your child’s GoHenry account. This is for security reasons, and it ensures that your child is completely safe when using this account.
GoHenry was set up on the principle that a parent will deposit a small amount of money into their child’s account.
In their advertising, GoHenry states that their services can be used to deposit a child’s pocket money into, allowing them to learn how to spend their money and manage their finances with cash that they have earned.
To ensure that your child is safe, only people who are authorised to deposit money into the GoHenry account will be able to do so.
Parents can manage authorised accounts through their child’s GoHenry account as only approved people will be able to give the child money.
On the GoHenry app, these people are referred to as ‘relatives’, and they must be added to the account before they will be able to give your child any money. So, let’s take a look at how to add relatives on GoHenry.
How To Add Relatives On GoHenry
So, how do you add relatives on GoHenry?
Well, this is surprisingly easy. While GoHenry is designed to be used by children, parents are given the authority over these accounts.
That is why every GoHenry account will have a children’s account, and a parent’s account.
This means that parents can monitor their children, and ensure that they are handling their money well through the parent’s account. They can also use this account to deposit money into their child’s account, and manage relatives.
If you want to add a relative to your child’s account, then you must begin by logging into your parent’s account.
Once you are logged in, you will have access to the management dashboard, from which you will be able to select ‘relatives’ from the slide menu. When you select ‘relative’, you will be given a number of options, you should then select ‘invite a relative’.
When you press on this button, you will be redirected to a form. On this form, you will be asked to add personal information for the relative that you want to give access to your child’s account.
After you have submitted the form, the relative in question will be sent a link to their email. This link will grant them access and permission to deposit money into your child’s account. But, you will remain in control of the account overall.
Most of the time, it is recommended that you do not have too many relatives with access to your child’s account, simply because this could lead to your child having too much money in their account to manage.
However, if you want to add your co-parent, a grandparent, or auntie/uncle, etc., then GoHenry allows you to do so. It will also allow you to keep track of the relatives that have access to your child’s depositing account.
In short, no, not anybody can transfer money to a GoHenry card. As GoHenry cards are designed for children, they have to be very safe and secure.
Due to this, only approved relatives will be able to deposit money into your child’s account.
As a parent, you can invite and approve relatives to your child’s account using your parent account. This ensures that you have control over your child’s account at all times.