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.
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Last Updated on 2013-04-21
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