Bank Accounts for International Students in the US
There are many banks and accounts available for international students in the US, but finding the most suitable one takes a bit of research. From my experience, it’s worth taking time to look around and explore different major options across the country. Each bank is offering unique benefits, so doing your own comparison helps you choose wisely and feel confident about where your money goes.
When you arrive at a university in the US, one of the first things to handle is your finances. Finding a safe and reliable spot to keep your money helps you focus on studies instead of worrying about it. Many banks offer student-friendly accounts designed especially for international and domestic learners, so you can easily manage your funds. It’s always smart to check what types of accounts are available across different institutions before making a decision.
From my own experience studying abroad, finding the right place to bank made a huge difference. Knowing my money was safe lifted a weight off my mind. Whether you plan to keep your savings for tuition or everyday use, choosing a trusted bank will help you stay organized and confident.
How to Choose Best Bank for International Students in USA
When you start looking for the best banks in the US, the first thing to do is research what different banks are offering to students. Some points to consider can help you narrow down your options and choose wisely. Based on my own experience as an international student, here’s what you should look at before you open an account:
- Monthly fees and service charges: Many banks may charge you, but some waive fees for students. Always check the minimum amount you need to keep in your account and whether there are additional paper statements or hidden costs.
- ATM and campus access: Try to choose a bank that has ATMs near your university. If you withdraw from another bank’s ATM, you may pay extra charges. Some banks even have affiliations with your campus, which can make things easier.
- State vs. national banks: It’s advisable to go for a national bank such as Bank of America or Chase. They have ATMs across the country, which is convenient for out-of-state or international students. However, if you’re staying in-state, it might be worth sticking with your local bank.
- Security: Always choose a bank insured by the FDIC (Federal Deposit Insurance Corporation). This ensures your funds are secure, even in the unlikely event that the bank fails.
How to Choose a Bank Account in the US
When choosing a bank account in the US, start by understanding the two main types—checking and savings. From my experience as an international student, knowing how each one works can help you consider what fits your living costs and studying needs.
- A checking account is perfect for everyday use. You can deposit or withdraw money anytime. When you open one, you usually get a checkbook and a debit card. Some banks, like Chase College Checking Account and Santander Student Value Checking Account, offer specific student plans that make managing your finances easier.
- A savings account, on the other hand, is a place to collect money for a longer term. If you’re working, want to save for travel, or prepare for emergencies, this account helps you grow your savings safely.
Bank | Account name | Monthly fee | Extras |
Chase | $15 a month, but this is waived for up to five years of college enrollment. | A $125 sign-up bonus (dependent on criteria), mobile banking app, online budgeting tool, quick online money transfer, student credit card (optional), access to savings accounts | |
Bank of America | $0 for students under 24 years old | Mobile banking app, thousands of ATMs across the country, foreign exchange calculator, international and domestic wire transfers | |
Wells Fargo | Student Everyday Checking Account or Clear Access Bank Account | $0 if aged between 17 and 24 years old | Mobile banking and easy money transfers, thousands of ATMs, 24/7 fraud monitoring, Campus Card programme |
HSBC USA | $0 for six years | Can connect to a HSBC account in your home country, mobile banking, easy money transfer across countries, $100 welcome deposit if new to HSBC (dependent on criteria), and a relocation package includes a 30-day free SIM card. | |
U.S. Bank | $0 | Four non-U.S. Bank ATM transactions per statement period, free personal checks, mobile banking, campus banking | |
TD Bank | TD Student Checking or International Student Banking Package | $0 if aged between 17 and 23 years old | Mobile banking, thousands of ATMs across the country, $125 bonus (dependent on criteria), digital wallet, access to TD Global Transfer and savings and investment accounts |
Capital One | $0 | Mobile banking, online bill pay, overdraft options, access to 40+ currencies and bank details to use as a local in certain countries | |
Santander | $0 for students aged between 14 and 25 years old, fee waived with one transaction per month | Mobile banking, discounts on Santander savings accounts, no minimum balance, transfer money internationally |
How do I Open a Bank Account in the US
Opening a bank account in the US can be done online, over the phone, or in-person, though as an international student, I found it easier to go in person to avoid any complications. When you open your account, you will need a few documents and information:
- Full name, home address, home telephone number, campus telephone number, and college address
- Passport
- I-20 (certificate of eligibility for non-immigrant student status) or I-797 approval notice
Any secondary identification like student ID card, birth certificate, or driver’s license
A letter from the international students and scholars office at your university or a letter of acceptance
An amount of money to deposit into the account
These requirements can vary slightly across banks, so make sure to check before heading over. From my experience, preparing all these in advance makes the process smooth and stress-free.
Do I Need a Social Security Number to Open a Bank Account?
As an international student in the US, you do not always need a social security number to open a bank account. Often, your form of ID and other documents are enough. It is always best to check with your bank beforehand so you know exactly what is required.
Can I Have a Credit Card as an International Student in the US?
Many students coming to the US choose to take out a credit card to build their credit history while they study. Make sure to check the annual fee, interest rate, and rewards programs the card offers so you can keep up with your payments. Banks like Bank of America and Capital One have specific credit cards designed for international students, which can make managing your money and establishing credit much easier.
Frequently Asked Questions (FAQ)
What documents do I need to open a bank account as an international student?
You typically need your passport, I-20 or I-797 document, a secondary ID like a student ID or birth certificate, a letter from your university, and an initial deposit. Requirements may vary by bank, so preparing these documents in advance makes the process smooth and stress-free.
How do I choose the best bank for international students in the US?
Consider monthly fees, ATM access, whether the bank is national or local, and FDIC insurance. Look for student-friendly accounts that waive fees, offer mobile banking, and provide easy money transfer options.
What types of bank accounts are best for students in the US?
International students should consider both checking and savings accounts. Checking accounts are ideal for everyday use, while savings accounts are better for long-term savings, emergencies, or travel plans. Some banks also offer student-specific plans with added benefits.
Disclaimer: The information provided in this article is for general educational purposes only and does not constitute financial or legal advice. Bank fees, account features, and eligibility requirements may change over time, so always verify details directly with the bank before opening an account.
