Savanna Hoffman
As an international student, opening a bank account in the US can be intimidating, but it's not a complicated process. Bank accounts are necessary for international students to manage their finances, pay bills, and avoid hefty international banking fees. Bank of America is one of the largest banks in the US, with many financial centres and ATMs across the country. It offers a Student Checking account with no monthly fees for students under 24. International students can open a checking, savings, or other deposit account without a parent being present, as long as they are over 18. To open an account, students will need two forms of identification, a tax identification number, and proof of both a foreign and US address. Students can schedule an appointment at a local branch and meet with a specialist to set up their account.
| Characteristics | Values |
|---|---|
| Number of forms of identification required | 2 |
| Tax identification number required | Yes |
| Proof of foreign address required | Yes |
| Proof of U.S. address required | Yes |
| Online account opening | No |
| In-person account opening | Yes |
| Minimum age | 18 |
| Student fee waiver | Yes |
| International wire transfers | Yes |
| Number of languages supported | 206 |
| Number of branches | 4,000+ |
| Number of ATMs | 16,000+ |
| Zero liability guarantee | Yes |
| Mobile check deposit | Yes |
| Cashback rewards | Yes |
| International corporate services | Yes |
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What You'll Learn
Required documents for international students
International students can open a checking, savings, or other deposit account at Bank of America without a parent being present. However, the student must be at least 18 years old, and the process of opening a bank account may vary depending on the state.
- Two forms of identification: Typically, a passport and a secondary document such as a driver's license, birth certificate, student ID, or major credit card.
- Proof of address: Documents that show proof of both a foreign and US address, such as an ID, utility bill, or rental agreement.
- Student documents: Government forms related to your domestic studies and a letter proving your enrollment in university.
- Tax identification number: A Foreign Tax Identification Number (FTIN) issued by a country other than the US. A US TIN/ITIN is not required unless you've been issued one.
While some banks allow you to open an account online, international students should plan to open their accounts in person. You can schedule an appointment at a local branch and bring the required documents to your appointment.
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Bank of America's language interpretation services
Bank of America offers a range of services to assist international students in opening bank accounts. International students can open a checking, savings, or other deposit account without a parent being present, provided they are at least 18 years old. They will need to provide two forms of identification, a tax identification number, and proof of both a foreign and U.S. address.
Bank of America also offers language interpretation services to assist customers in over 206 languages. These services are available at no cost and can be requested at a financial center or when speaking with an agent on the phone. Interpretation services can be scheduled at a time and location convenient for the customer. This commitment to accessibility ensures that Bank of America can provide advice and guidance to meet the financial needs of individuals regardless of their primary language.
In addition to interpretation services, international students can benefit from educational articles, videos, and resources provided by Bank of America to navigate banking in the U.S. They can also take advantage of mobile banking apps to send international and domestic wire transfers in various currencies.
When opening a bank account, international students should be prepared to open their accounts in person and schedule an appointment at a local branch. They may not need a Social Security Number (SSN) but should check with their bank, as some banks may ask for a tax identification number. Building a credit history in the U.S. is important, and international students can consider applying for a secured credit card to establish financial credibility.
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International wire transfers
To send an international wire transfer, you will need to gather the recipient's information, including their name, address, bank name, bank address, SWIFT code or requested bank identifier, and account number. You can also add optional instructions for the recipient's bank. You will also need to select the country where the recipient's bank account is located and the currency you will send. If you don't know the currency, the transfer will be sent in U.S. dollars.
When deciding whether to send money in U.S. dollars or foreign currency, consider factors such as exchange rates and fees, as these may impact the total cost of the transfer. There are no outbound wire transfer fees if sent in foreign currency, but exchange rate markups apply.
You can schedule an appointment at a local Bank of America branch to send a wire transfer in person. Alternatively, you can use the Mobile Banking app or Online Banking to initiate the transfer. Log in to the app or website and select "Pay & Transfer" to get started. If you have both banking and investing accounts, choose the account from which you want to transfer money. Enter the recipient's information, select the amount and currency, and review the total cost, including any wire fees. Confirm that all the information is correct, and agree to the terms, including exchange rates, fees, and taxes.
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Student benefits and account types
International students can open a checking, savings or other deposit account at Bank of America without a parent being present. However, the student must be at least 18 years old and the process of opening a bank account may vary depending on the bank and the state. International students will need to provide two forms of identification, a tax identification number and documents that show proof of both a foreign and US address.
Bank of America does not offer specific student checking or savings accounts. Instead, it waives the monthly maintenance fees on some of the most popular account products for students under 25. This means students get access to some of the best standard account products for checking and saving and won't need to pay a maintenance fee until they turn 25 or finish their education.
Students can also open a joint account with a parent or guardian. Bank of America offers several credit cards which are specifically for students, such as the Cash Rewards Card, Travel Rewards Card or the BankAmericard for Students.
Bank of America also provides a SafeBalance® for Family Banking account, which allows for one parent owner and one child on an account. Additional children require separate applications and accounts. These accounts are automatically set to the Decline All overdraft setting and cannot be changed, so Overdraft Item Fees are not charged. Direct deposit and other external money transfers are also unavailable with this account type.
Bank of America has many financial centres and ATMs located throughout the US. They also provide language interpretation services in over 206 languages to assist with any financial needs.
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Eligibility and alternatives
International students can open a checking, savings, or other deposit account at Bank of America without a parent being present. However, the student must be at least 18 years old, and the process of opening an account may vary depending on the bank and the state. To open an account, you will need to provide two forms of identification, a tax identification number, and documents that show proof of both a foreign and U.S. address. Some banks may allow you to open an account online if you have a Social Security card or other U.S. government identification. However, in general, international students should plan to open their accounts in person.
Bank of America offers a "Student Checking" account with no monthly fees as long as you're a student under 24. They also have over 4,000 branches and 16,000 ATMs nationwide, making it easily accessible. Additionally, they provide language interpretation services in over 206 languages.
Other alternatives for international students include Chase, which offers a "Chase College Checking Account" with no monthly fees for students aged 17-24, and Wells Fargo, which offers a student account with a $10 monthly fee, waived for students aged 17-24.
If you're looking for more flexibility and the ability to manage multiple currencies, you might consider alternatives like Wise, which offers low-cost international accounts with no restrictive deposit requirements. Wise allows you to hold, send, spend, and exchange USD and other currencies with low transaction fees and no maintenance charges. Neobanks and fintech companies also provide similar online account services with added convenience and low costs.
It is important to evaluate fees, exchange rates, security, and transfer times when deciding on a banking service that best suits your needs as an international student.
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Frequently asked questions
You will need two forms of identification, a tax identification number, and documents that show proof of both a foreign and U.S. address.
No, you do not need an SSN to open a bank account. However, if you get a job while attending a U.S. college, you will need to obtain an SSN.
No, international students need to open their accounts in person at a Bank of America financial center.
You can choose between a checking account and a savings account. A checking account will allow you to carry out all necessary day-to-day spending, while a savings account is designed for short or long-term savings.
Having a U.S. bank account can make it easier to manage your finances, eliminate foreign transaction fees, and provide convenient ways to pay for essentials. It can also help you build a credit history, which may make it easier to borrow money or qualify for loans in the future.
