Checkbooks For International Students: Is It Possible?

International students can open a checking account in their home country, but using it to make payments in another country may be challenging. Many banks place a hold on international checks, and some businesses may not accept them. It is therefore advisable to open a local bank account. While not all banks in the US allow international students to open checking accounts, many do. International students can also get credit cards, but this often requires a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

International students can open a bank account in the US

When opening a bank account in the US as an international student, you will need to bring various forms of identification and other documents. Although the requirements vary by bank, you will typically need proof of identification and immigration status in the US, such as a passport, I-94, and I-20 or DS-2019 form. Some banks may also require a Social Security Number, while others do not. It is also a good idea to bring a letter of enrollment, which can be obtained from your university's Registrar's Office, as well as money or a check to deposit into your new account.

It is important to consider the different types of bank accounts available in the US, as well as the fees associated with each. The two main types of bank accounts are checking accounts and savings accounts. Checking accounts allow you to deposit and withdraw money as often as you like and typically come with a chequebook and a debit card. Savings accounts, on the other hand, are designed for collecting money over the long term and may have restrictions on withdrawals. Many banks offer accounts with minimal or no fees, and it is worth comparing the fees charged by different institutions for services such as monthly maintenance, minimum balance requirements, debit card usage, ATM usage, and money transfers. Additionally, some banks may offer perks such as cash bonuses or free SIM cards for students opening new accounts.

Another consideration when choosing a bank is convenience. You may want to consider opening an account with a bank that has a location on or near your campus, or one that offers services in multiple languages if you are not proficient in English. Additionally, online-only banks such as Ally, Simple, and Chime offer great student bank accounts that can be managed from your phone or computer.

Documents required to open a checking account

International students can open a bank account in the US. Having a US bank account can help international students eliminate foreign transaction fees and provide a convenient way to pay for essentials.

The requirements to open a checking account vary from bank to bank. However, some standard requirements include:

• Identification: A government-issued photo ID, such as a passport, driver's license, state ID, or military ID.
• Social Security or Taxpayer Identification Number: You may be asked to provide your Social Security Number or Individual Taxpayer Identification Number.
• Proof of Address: Many financial institutions will want to verify your current address with a rental agreement, mortgage statement, utility bill, or account statement that shows your name and address.
• Proof of Enrollment: If you are applying for a student checking account, you must provide proof of enrollment at an eligible institution.
• Initial Deposit: Some banks require a small initial deposit, such as $25, to activate the account.

Benefits of having a US bank account

International students can open a bank account in the US. This can be done over the phone or online, but it might be easier to do it in person in case there are any complications.

Security

A US bank account is a much safer option than carrying cash or keeping money in your dorm room. Most banks have security protocols and features to prevent identity theft and fraud and protect your accounts. Additionally, accounts at US banks are insured by the Federal Deposit Insurance Corporation, a US government agency that covers up to $250,000 in your accounts in the unlikely event of a bank failure.

Convenience

With a US bank account, your money is readily available for everyday purchases, bill payments, travel, or emergencies. You can access your funds by writing a check, using a debit card, or transferring money online. Many banks also offer digital tools for budgeting, tracking expenses, managing spending, and saving, as well as maintaining account security.

Avoidance of Fees

By having a US bank account, you can avoid international transaction and currency exchange fees, which can be significant. Additionally, you can save on ATM fees by using your bank's network for withdrawals.

Building Credit History

As an international student, having a US bank account can help you build a credit history, which may make it easier to borrow money in the future.

Student Perks

Many banks offer incentives to students for opening accounts, such as cash bonuses, free SIM cards, or no monthly fees. Some banks also have specific checking accounts for students, which may include additional benefits.

Credit cards for international students

International students can open a bank account in the US, which can help them eliminate foreign transaction fees and provide a convenient way to pay for essentials. It is also a good way to build a credit history, which may make it easier to borrow money in the future. However, some companies are reluctant to issue credit cards to international students as they do not have an established credit history in the US.

If you are an international student in the US, you can still earn approval for a credit card, which can help you establish a US credit score. This may allow you to apply for loans and financing, and improve your qualifications for renting a home and applying for a job. While you can usually use credit cards issued in your native country that allow purchases in the US, your credit use on those cards will not contribute to your credit score, as credit history cannot be reported until you open a US credit account. You may also be subject to international transaction fees when you use a foreign credit card in the US.

Some credit card issuers provide cards exclusively for students that will only require your passport to submit an application. This can be a good option for students who don't plan to stay in the US long-term but want to move some expenses to credit. If you are unable to get a US credit card, you can ask a trusted family member or friend to add you to their existing credit card as an authorized user. As an authorized user, you will receive a credit card with your name on it, and any expenses made will be charged to the account owner. Some credit card issuers may report the payment history of the credit card to credit bureaus for both the cardholder and the authorized user, which can help build your credit score.

If you already have a Social Security Number or an Individual Taxpayer Identification Number, you should be able to apply for most credit cards. You can also use your foreign credit history to apply for a US credit card. For instance, international students from select countries can now use their foreign credit history to apply for any American Express Card.

There are also some good options for credit cards that do not require an SSN. The Discover it® Student Cash Back card offers a variety of rewards (including some for good grades!) without many fees. The Bank of America® Travel Rewards Credit Card for Students offers a large intro points bonus, good flat-rate rewards on every purchase, and extra rewards for Bank of America customers with a checking or savings account. The Blue Cash Everyday® Card from American Express is another good option for students who often shop at supermarkets and commute by car, as it has 3% cashback in these areas.

How to choose a bank

International students can open bank accounts in the United States. Most international students will only need a checking account to pay for their living costs while studying in the US. A checking account allows you to deposit and withdraw money as often as you like, and you usually receive a chequebook and a debit card when you open one.

• Fees: Monthly fees and service charges are common, although they are sometimes waived for students. Charges often depend on the amount of money you transfer and the minimum amount you wish to keep in your account. Some banks may have additional charges for things like paper statements. Transactions, transfers, and foreign currency conversion may also incur fees.
• Location and convenience: Consider whether the bank has branches and ATMs located near your campus or accommodation. If you use another bank's ATM to withdraw money, you may be charged for your withdrawal.
• Specialised services: Some banks may offer services specifically tailored to international students, such as online banking, mobile banking, and accounts with no fees.
• Identification requirements: Many banks will require some form of government-issued identification, such as a passport, and may ask for additional documents like an Individual Taxpayer Identification Number (ITIN) or an Employment Authorisation Document (EAD). It is a good idea to call ahead and ask about the specific requirements.
• Credit history: If you plan to build a credit history in the US, you may want to consider a bank that offers credit cards or accounts that will enable you to seek additional finance options in the future, such as overdrafts.
• Reputation and financial stability: Ensure that your money will be safe by researching the bank's reputation and financial stability. Look for banks that are secured by organisations like the Federal Deposit Insurance Corporation (FDIC).
• Recommendations: Ask other international students at your school about their experiences with different banks to get insights into the options available.

Some popular banks for international students in the US include Bank of America, Chase, and Adro.

Frequently asked questions