The International Bank of Kids (IBofK) is your personal, virtual, family bank for handling kid currency and allowance. Also available at https://app.ibofk.com. FREE
IBofK is a virtual bank for families and is the only family bank app that allows parents and kids to manage their bank accounts from this mobile app and the web site (https://app.ibofk.com).
Parents and kids can perform withdraw and deposit actions, as well as view the transactions register.
Parents can manage multiple child accounts. Each child can have a weekly allowance defined.
Parents decide what to call the currency. It can be "dollars", "euros", "pesos", "bucks", "marbles", "chips", "tickets", or whatever term you like to use with your kids.
You can track money or use the account to track things like screen time. For example, you could "deposit" 1 hour of screen time for helping with household chores. Then "withdraw" the amount of time spent on electronics.
What would an "international" bank be without support for multiple languages? IBofK supports English, Spanish, French, German, Italian and Catalan!
This tool is very helpful with teaching kids finance and responsibility. My kids used to ask me to buy something for them every time we went out. Since we started using IBofK, they are empowered to make their own decision on whether or not a purchase is really worth it to them. I was amazed at how this changed their perspective of money!
