Ibrahim Gardner
Choosing a bank as an international student in the USA can be a challenging task. It is important to select a bank that meets your needs and offers the services you require at an affordable price. There are two main types of bank accounts in the USA: checking accounts, which are used for everyday transactions, and savings accounts, which are used for long-term deposits and earning interest. When selecting a bank, it is essential to consider the fees charged for various services, the convenience of ATM networks, and whether they offer services tailored to international students. Some popular banks in the USA for international students include JP Morgan Chase Bank, Bank of America, Wells Fargo, PNC Bank, and Zolve. These banks offer various benefits, such as checking and savings accounts, online and mobile banking, and competitive fees. It is also a good idea to ask other international students about their experiences with different banks to help make an informed decision.
| Characteristics | Values |
|---|---|
| Bank charges | Compare charges for opening fees, maintenance fees, additional transactional charges, and ATM charges. Some banks offer 0 maintenance fee accounts. |
| Bonuses | Some banks offer cash bonuses to students through cashbacks, discounts, and welcome deposits. |
| Currency | Be aware of the currency used in the host country and any potential exchange rate fees or other charges that may apply when you withdraw or transfer money. Compare the exchange rates offered by different banks. |
| Location | Consider the convenience of the bank's location and ATM networks. |
| Services | Ensure the bank offers the services you need, such as online banking and access to ATMs. Some banks offer services tailored to international students, such as multi-currency accounts. |
| Credit history | If you plan to work in the USA after your studies, consider a bank that will enable you to build a local credit history, which can provide additional finance options in the future. |
| Checking accounts | Checking accounts allow you to deposit, withdraw, and spend money freely. Many banks offer student-specific checking accounts with waived fees and bonus perks. |
| Savings accounts | Savings accounts offer a safe place for your money to grow with interest, ideal for long-term goals. |
| Overdraft protection | Some banks offer overdraft protection, which allows your transactions to go through even if you don't have the money in your account at that moment. |
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What You'll Learn
Types of accounts: checking and savings
When it comes to banking in the US, there are two main types of bank accounts: checking accounts and savings accounts.
Checking Accounts
Checking accounts are the most commonly used bank accounts in the US and are ideal for managing daily expenses and paying bills. With a checking account, you can deposit and withdraw money as often as you like. You will usually be given a chequebook and a debit card when you open the account. Most international students will only need a checking account to pay for their living costs while studying in the US. Many banks offer student-specific checking accounts with waived fees and bonus perks, such as the Zolve Checking account for students.
Savings Accounts
Savings accounts are used for longer-term deposits and allow you to earn interest on your savings. These accounts are perfect for stashing away cash without the temptation to spend it, making them ideal for long-term goals like travel or large purchases. While access is slightly more restricted compared to checking accounts, you can still withdraw money when needed. Some banks may also offer hybrid accounts that combine the features of both checking and savings accounts.
Choosing a Bank
When choosing a bank, it is important to consider the fees and services offered. Many banks in the US charge monthly fees or service charges, although these may be waived for students. It is also worth looking into the bank's policy on ATM fees, as these can add up if you frequently use other banks' ATMs. Other factors to consider include the availability of online banking, the number of branches and ATMs, and any additional perks or benefits offered to students.
Popular Banks for International Students
Some of the most popular banks for international students in the US include Bank of America, Chase Bank, Wells Fargo, Citibank, and Capital One. These banks offer a range of student checking accounts with features such as online banking, debit and credit cards, multi-currency accounts, and ATM networks.
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Bank charges and fees
When choosing a bank, it is important to consider the fees they charge for different services. Different banks charge varying account fees and charges for different activities, so it is worth reviewing the most affordable account available to you. Banks may charge monthly service fees, also known as monthly maintenance fees, which are fees charged by banks to maintain your bank account every month. These typically range from $6 to $50 per month, depending on the bank and the type of account you open. However, these fees are easily avoidable and are frequently waived for student accounts. They can also be avoided by making a regular monthly deposit or keeping a certain amount of money in your account.
Some banks may require you to have a minimum amount of money to open an account, so it is worth checking this before choosing a bank. It is also important to be aware of any potential exchange rate fees or other charges that may apply when you withdraw or transfer money, especially if you are transferring money internationally. Banks will often charge you if you take money from another bank's ATM, but some banks will offer reduced fees for this as a benefit.
Other charges to be aware of include overdraft fees, which are charged when you spend more money than you have in your account, and transaction-related charges, such as wire transfer fees. Some banks may also charge for specific services such as foreign transactions or debit card swipes. It is worth checking whether the bank offers any accounts with no charges, such as a student account with no monthly maintenance or overdraft fees.
Some banks may also offer incentives such as cash bonuses to student account holders, including welcome deposits, to encourage you to bank with them. It is worth considering these when choosing a bank, as well as the overall affordability of the account.
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Bonuses and perks
When it comes to bonuses and perks, several banks in the US offer specialised accounts with additional benefits for international students. These perks can significantly assist students in their academic careers and make managing finances easier.
Many banks provide cash bonuses in the form of cashback, welcome deposits, discounts, and other benefits to student account holders. For instance, Chase Bank offers a $100 sign-up bonus for its College Checking Account, while JP Morgan Chase offers a $100 bonus for opening an account. Additionally, some banks offer fee waivers for monthly service charges, ATM fees, and overdraft protection. For instance, Chase Bank's College Checking Account has no monthly service fees, and Wells Fargo's Student Checking Account also has no monthly service fees for account holders aged 17-24.
Banks may also provide a large number of ATMs throughout the country, making it more convenient for students to access their money. Bank of America and Chase Bank, for example, have approximately 15,000 and over 16,000 ATMs, respectively.
Some banks also offer online and mobile banking capabilities, making it easier for students to manage their finances remotely. US Bank, for instance, offers Zelle for mobile banking transfers.
Other perks include access to student loan discounts, debit card rewards, and special student discounts. For example, US Bank offers student loan discounts, and JP Morgan Chase offers debit card rewards and student discounts.
International students should consider these bonuses and perks when choosing a bank to help them save money and manage their finances more efficiently during their studies in the US.
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Online banking and ATM access
When choosing a bank, it is important to consider the fees associated with the account, including any transaction fees, transfer fees, and foreign currency conversion fees. It is also worth checking if the bank has an ATM nearby your campus, as using another bank's ATM to withdraw money can often incur additional charges.
Many banks offer student-specific checking accounts with waived fees and bonus perks. For example, the Zolve Checking account for students can be opened with just a passport and a selfie, and there is no minimum balance requirement. The Key Student Checking account, offered by KeyBank, provides no monthly maintenance fees, no minimum balance requirements, and access to online and mobile banking services. PNC Bank offers a similar service with their PNC Virtual Wallet Student account, which also has no monthly service charge for up to 6 years.
Some of the top banks for international students in the USA include Bank of America, Chase, Wells Fargo, Citibank, and Capital One. Bank of America offers SafeBalance Banking for students under 25, with no monthly maintenance or overdraft fees, and access to thousands of ATMs. Chase Bank has the most ATMs in the USA, at over 16,000, and also offers online, mobile, and wire transfer services. Wells Fargo offers a student account with no monthly service fees for account holders aged 17-24, as well as free debit and credit cards, multi-currency accounts, and a wide range of ATM networks.
Other online-only banks that offer great student accounts include Ally, Simple, and Chime.
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The bank's reputation and financial stability
When choosing a bank, it is important to consider the bank's reputation and financial stability. As an international student, you should look for a bank that is well-established and has a strong presence in the country, ensuring easy access to your finances and a wide range of services.
One of the most important factors to consider is the availability of ATMs. You will likely want to choose a bank with a large network of ATMs, preferably located near your campus or places you frequently visit. This will make it convenient and cost-effective to withdraw cash, as using another bank's ATM may incur charges. Banks with extensive ATM networks in the USA include JP Morgan Chase Bank, Bank of America, and Wells Fargo.
Additionally, consider the bank's reputation for customer service and its ability to cater to international students. Look for banks that offer specific benefits for international students, such as waived fees, no minimum deposit requirements, and easy account opening processes. Some banks may also provide multi-currency accounts, global transfer services, and personalised financial advice, which can be advantageous if you frequently send or receive money from abroad.
It is also advisable to select a bank that is FDIC-insured, such as Bank of America. This ensures that your funds are protected even in the unlikely event of the bank failing.
Lastly, consider the bank's financial stability and reputation for providing competitive interest rates and financial tools. This is especially important if you plan to open a savings account to earn interest on your deposits or if you wish to take out a loan or credit card with favourable rates.
By considering these factors, you can assess the reputation and financial stability of different banks in the USA and make an informed decision when choosing the best bank for your needs as an international student.
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Frequently asked questions
A bank account in the USA will help international students manage their finances and pay for expenses, including tuition fees and living costs. It is also the safest way to manage your money when living in a different country.
There are two main types of bank accounts in the USA: checking accounts and savings accounts. Checking accounts are for everyday use, allowing you to deposit, withdraw, and spend money freely. Savings accounts are for long-term savings and allow your money to grow with interest.
Some popular options for international students include JP Morgan Chase Bank, Bank of America, and Wells Fargo. PNC Bank also offers a specific virtual wallet product for international students, with free online and mobile banking for up to 6 years.
You should consider the fees charged by the bank for services such as transactions, transfers, and foreign currency conversion. Also, look into the bank's reputation and financial stability, and whether they offer services tailored to international students, such as student accounts with waived fees and perks.
Most banks allow you to apply for an account online. However, international students may need to make an appointment with a bank branch to sort it out in person. You will need to provide certain documents, which may include a passport, proof of address, and evidence of enrolment at a school, such as a transcript or acceptance letter.
