Discover Bank: International Student Account Options

As an international student in the US, you may be wondering how to open a bank account in your study destination country. The process is simple and can be completed before or after arriving in the US. There are two types of bank accounts to choose from: a checking account, which allows you to withdraw, send, and deposit money, and a savings account, which is designed for saving money and earning interest. It's important to note that some banks only permit students with specific types of student visas, such as an F1, J1, or M1 Visa, to open an account. You will need to provide various documents, including proof of identity and enrollment, and some banks may request verification of financial accounts from your home country.

Can international students open a Discover bank account?

International students can open a US bank account to avoid foreign transaction fees

International students can open a US bank account, and doing so can help them avoid foreign transaction fees. While it is possible for international students to open a US bank account, it is very difficult to do so from abroad. Most international students will need to visit a local branch in person once they arrive in the US.

When opening a US bank account, international students will generally need to provide two forms of identification, such as a passport, student ID, or visa, as well as a tax identification number and proof of address. Some banks may also require students to have a Social Security Number (SSN).

By opening a US bank account, international students can avoid the fees and poor exchange rates often associated with using an international credit or debit card in the US. A US bank account can also make it easier to pay bills, transfer money, and monitor finances online or through a mobile banking app. Additionally, having a US bank account can make it easier to pay for everyday purchases, flights, hotels, rental cars, and public transportation, as many companies require a US zip code for verification.

Some banks that are recommended for international students include Citibank, due to its global presence and student-friendly policies, and Chase, which has a large number of branches and ATMs across the US and offers a "Chase College Checking Account" with no monthly fees for students. Bank of America also offers a "Student Checking" account with no monthly fees for students under 24. For students who plan to travel frequently, HSBC Premier Checking and Varo are good options as they charge no foreign transaction fees.

A US bank account can make it easier for international students to pay bills and manage finances

As an international student in the US, you have the option of opening a US bank account. This can be a great way to manage your finances and pay your bills easily. While it may not be straightforward, it is a simple process.

There are several benefits to opening a US bank account as an international student. Firstly, it can help you avoid foreign transaction fees, which can add up over time if you're constantly withdrawing cash or using a foreign bank account. A US bank account will also allow you to easily access your money while studying in the US, without having to deal with currency exchange fees. Additionally, having a US bank account can make it easier to pay your bills online, such as rent, utilities, or other expenses. It can also be an essential step in securing a line of credit for the future, as it proves to lenders that you have assets in the US.

When choosing a bank, it is recommended to research the various options and determine which one best suits your personal financial needs. Some popular banks in the US offer specific plans for students, such as U.S. Bank's Student Checking Account. These plans are designed to cater to the unique needs of students and help them manage their finances effectively. It's also important to note that some banks may only allow students with specific visas, such as an F1 Visa for academic studies, to open an account.

In terms of the account type, there are two main options: a checking account and a savings account. A checking account is more versatile, allowing you to withdraw, send, and deposit money. On the other hand, a savings account is tailored for saving money and earning higher interest rates. Most students opt for a checking account as it covers their day-to-day financial needs. However, you can choose to have both types of accounts to suit your requirements.

Before visiting the bank, ensure that you have the proper documents. Each bank will have a list of requirements for international students on their website. Having all the necessary documents will make the process smoother and faster.

Some banks only allow students with a specific visa to open an account

International students can open a bank account in the United States, and there are several banking institutions that offer plans catering to students' specific needs. However, it is important to note that some banks only allow students with specific visas to open an account. These visas include the F1 Visa for academic studies, the J1 Visa for practical training, and the M1 Visa for vocational studies. This information is usually available on the bank's website, along with any fees associated with opening an account.

Having a US bank account can be beneficial for international students as it helps them avoid foreign transaction fees and easily access their money while studying in the country. It can also be a requirement if they plan to work, pay rent, or manage other financial obligations. Additionally, it can be a crucial step in establishing a credit line and building a financial base in the US, which may be useful even if the student intends to return to their home country.

It is recommended that international students consult the international student office at their university, as they can provide valuable guidance on navigating financial matters in the US. They can advise on the specific documents and requirements needed to open a bank account, as well as offer tips on choosing the right bank and account type. This can include information on checking accounts, which allow for withdrawing, sending, and depositing money, and savings accounts, which offer higher interest rates for those looking to save.

While Discover does not explicitly mention international students opening bank accounts, one source indicates that only US citizens/residents/persons can open a Discover bank account. However, the same source mentions that the term "resident" in this context typically refers to tax residency, and having an SSN, which can be obtained through on-campus work or internships, may be sufficient. Consulting with an immigration lawyer can provide clarity on this matter.

International students may face hurdles when applying for a credit card

International students can open a Discover bank account, but it is required to have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). International students may face several challenges when applying for a credit card in the United States. Firstly, most credit card applications require an SSN or ITIN, and international students may not be eligible for either of these. While an F-1 or J-1 visa holder can apply for an SSN, they must also have work authorization, which may only be possible through on-campus employment.

Additionally, having a limited or non-existent US credit history can make it difficult to get approved for a credit card. Credit card companies use credit scores to determine creditworthiness for various purposes, such as renting or buying a home, financing a car, or even applying for jobs. International students can overcome this hurdle by first opening a US bank account, which can help prove to lenders that they have assets in the country. This can be an essential first step in securing a line of credit. It is also recommended to find out if you pre-qualify for a credit card, as this can increase the chances of approval when submitting a formal application.

Moreover, the requirements for obtaining a credit card vary among credit issuers in the US. While most companies require a social security number, some do not. International students can benefit from researching the various options and comparing the requirements and perks offered by different card issuers. It is also worth noting that some credit card issuers may accept an international passport instead of an SSN or ITIN. Seeking suggestions from employers or schools, as well as consulting the international student office, can provide valuable guidance on navigating the financial landscape in the US.

Opening a US bank account can be the first step in securing a line of credit

As an international student in the US, opening a US bank account can be a smart move. It can eliminate currency exchange fees, protect your assets, and make it easier to pay for things and manage your bills online. It is also the first step in securing a line of credit for the future.

There are two types of bank accounts in the US: a checking account and a savings account. A checking account allows you to withdraw, send, and deposit money at a physical bank branch, online bank, or credit union. A savings account, on the other hand, is designed for saving money and enables you to earn higher interest. Most international students opt for both. However, some banks only permit students to open an account with a specific student visa, such as an F1 Visa (academic studies), J1 Visa (practical training), or M1 Visa (vocational studies).

Before choosing a bank, it is recommended to ensure you have the proper documents at hand. International students generally require the following documents to open a US bank account:

• Passport
• Visa
• Proof of enrolment in a US educational institution
• Proof of US address
• Social Security Number (SSN)

Several banking institutions offer great plans for students, catering to their specific needs. These include:

• U.S. Bank: Student Checking Account
• Discover: Online Savings Account

In addition to opening a bank account, international students can also apply for a secured credit card or be added as an authorized user on someone else’s account. It is important to be aware of the hurdles in applying for a credit card as an international student, but getting one is possible.

Frequently asked questions