Daily Life > Banking, Money Matters

Banking Options for Children


Banking Options for Children

Checking accounts, time deposits, installment accounts, and even online banking are all available to children.  The regulations to access these various products and services vary depending on the age and nationality of your child.

Under 14: If your child is under 14 years of age, the parent will have to open all of his/her bank accounts, including on-line banking. There are limits on the online transactions a child can make.  For example, online transfers will be limited to a maximum of 1 million won per day.  Also, children cannot be issued check cards until they are at least 14 years old.

The documentation required varies depending on nationality - Korean citizen (one parent is Korean or both) or non-Korean (neither parent is Korean).  The child does not have to present when the parent sets up banking accounts for her/him.

14 and Older: Once the child turns 14 though, s/he can handle opening his/her own accounts and registering for online banking independently, as long as s/he has a valid passport and Alien Registration Card.  S/he can get her/his own check (ATM) card or be given a check card that accesses the parents' account.. Both of these cards can be used internationally (subject to the regular limits on international bank access). Parents can also set a monthly spending limit on their child's family check card.

Credit cards are not issued to anyone under 20. However, those18 and older an be included on the family credit card and share the parents' credit limit. 

Documents required for foreign citizens:
- Parent's passport and Alien Registration Card
- Child's passport and Alien Registration Card
- A traditional Korean name stamp (do-jang / 도장) with the child's name in either English or Korean.
 - The "Family Confirmation Certificate for International Residents" (Way-gook-in dung-rok sa-shil chung-myong-won" / 외국인등록사실증명원)  issued by Immigration.

Documents required for child who is Korean citizen:
- Parent's passport and Alien Registration Card (if foreign) or Korean photo ID (if Korean citizen)
- A Do--jang" (도장) with the child's name in Korean.
- A  "Family Confirmation Certificate" (Ka-jok gwan-gye chung-myong-sa" / 가족관계증명서) which is available from your local government "dong" office. This certificate will usually show the child's and the parent's names and ID numbers.
- If opening a fund account (available to Koreans only) or for online banking on behalf of a child, another "Family Confirmation Certificate" (Ki-bon chung-myung-seo /기본증명서) that is also available from the local government "dong" office. This certificate must have the child's name on it.


K4E Editor: We try to make the information on Korea4Expats.com as complete and accurate as possible, so if you notice any errors or omissions in the content above, please let us know at info@korea4expats.com 

Last Updated on 2013-04-21


In the same header
ATM Bank Transfers ATM Basic Terms Korean-English
ATM Functions-Translation Korean-English Bank Checks as Cash
Banking at the Post Office Banking Hours in Korea
Banking Options for Children Banking Regulations for Foreign Account Holders
Banks and Securities Firms List Credit Cards for Non-Koreans
FX and International Banking from Korea Inside a Korean Bank - Help for First Time Customers
Insurance Coverage Joint Bank Accounts
Korean 50,000 Won Note Korean Currency
Online Banking Opening a Bank Account in Korea
Payments Without a Bank Account Taxation
Burton Snowboards Sale, 21-23 Sept 2017, Gangnam-gu, SeoulK4E visitors get an extra 10% discount on purchases made during the event.
At the Movies This Week - SeoulClick here for a list of English language/subtitled movies and where they are playing in Seoul. For...
Advertisement
JZ Associate
A Plus Dental
Taejon Christian International School
Korea International School-KIS, PK-12 English, Pangyo, Gyeonggi-do
Seoul Foreign School, K-12 English School, Seodaemun, Seoul
I want to convert
EnglishClass101 - An online English learning system
Cocoonfice, Business Center, Gangnam-gu, Seoul
Helpul telephone numbers seoul korea
KoreanClass101 - An online Korean learning system
Directory