Best Us Banks For International Students: Top Picks

As an international student in the US, choosing the right bank account can be challenging. There are many banks in the US, and each offers different services and benefits to students. International students should consider opening a bank account as soon as they arrive in the US, as this will make it easier to manage finances and pay for expenses such as tuition, housing, and food. The two main types of bank accounts in the US are checking accounts and savings accounts. Checking accounts are used for everyday transactions, such as depositing, withdrawing, and spending money, while savings accounts are meant for long-term deposits and allow interest to accumulate on savings. Some banks offer special student accounts with waived fees and bonus perks, such as free online and mobile banking, no monthly service charges, and cash bonuses. When choosing a bank, it is important to consider factors such as fees, convenience of locations and ATM networks, and whether they offer services tailored to international students.

Characteristics and Values of the Best Banks in the USA for International Students

Types of accounts: checking and savings

As an international student in the US, you will need a bank account to manage your finances and pay for expenses such as housing, food, and tuition fees. There are two main types of bank accounts in the US: checking accounts and savings accounts.

Checking accounts are the most common type of account and are ideal for everyday use, such as depositing, withdrawing, and spending money. With a checking account, you will typically be provided with a debit card and access to online banking and ATMs. 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. Similarly, Wells Fargo offers an Everyday Checking account for international students aged 17-24, which provides optional overdraft services, physical checks, and the ability to link a relevant Wells Fargo Campus ATM or Campus Debit Card. This account requires a $25 minimum deposit.

Savings accounts are meant for long-term deposits and are ideal if you want to save money for future emergencies, travel, or large purchases. Savings accounts allow you to earn interest on your deposits, so it is worth researching the interest rates offered by different banks to find the most competitive rate. Some banks may also offer additional benefits, such as reduced fees for using another bank's ATM.

When choosing a bank, it is important to consider factors such as fees, the convenience of locations and ATM networks, and whether they offer services tailored to international students. It is also advisable to choose a national bank, such as Bank of America or Chase, as this will give you access to ATMs across the country.

Student accounts: fees and charges

As an international student, it is important to open a bank account as soon as you arrive in the US, as this will make it easier for you to manage your money and pay for expenses like housing and food. You may also need a bank account to receive financial aid or scholarships and to pay tuition fees.

There are two types of bank accounts in the US: a checking account and a savings account. A checking account allows you to deposit and withdraw money as often as you like, and is the account you will use on a day-to-day basis. A savings account is for collecting money over a longer term. Most international students will only need a checking account to pay for their living costs while studying in the US.

When choosing a bank, it is important to consider the fees they charge for different services, the convenience of their locations and ATM networks, and whether they offer services specifically tailored to international students. Some banks may require you to have a minimum amount of money to open an bank account, or may ask for proof of enrollment at your school. It is also important to be aware of the currency used in your host country, and any potential exchange rate fees or other charges that may apply when you withdraw or transfer money.

Banks in the US often levy ATM charges if you withdraw money from another bank's ATM. There may also be monthly service fees, overdraft fees, wire transfer fees, and other transaction-related charges. Some banks may have additional charges for things like paper statements.

Some banks, such as Bank of America, offer accounts with no monthly maintenance or overdraft fees. PNC Bank offers a virtual wallet with free online and mobile banking with no monthly service charge for up to six years. Lorien Finance has no minimum balance requirement and no charges on debit card swipes or foreign transactions. Swadesh offers a free US FDIC-insured checking account, a free credit card with no interest rate, collateral, or fees, and a free AT&T SIM card with cost-effective plans for communication.

Student accounts: perks and benefits

Student accounts are a great way to access a bank account with no monthly fees and low deposit requirements. Banks often try to entice students with a variety of perks and benefits.

Firstly, it is important to note that there are two types of bank accounts in the US: a checking account and a savings account. A checking account is the bank account you will use on a day-to-day basis, allowing you to deposit and withdraw money as often as you like. Usually, when you open a checking account, you receive a chequebook and a debit card. Most international students will only need a checking account to pay for their living costs while studying in the US. A savings account, on the other hand, is a place for long-term savings. Some students may consider opening one of these if they are working or want to save money for travel or emergencies. Savings accounts offer a safe haven for your money to grow with interest.

When it comes to student accounts, some banks offer waived fees, such as monthly service fees, which are usually between $6 and $50 per month. These can often be avoided by having a regular monthly deposit or keeping a certain amount of money in your bank account. Some banks also offer a large number of ATMs around the country, which can be beneficial if you are an international or out-of-state student. However, some banks will charge you for using another bank's ATM, so it is worth checking this before choosing a bank.

Other perks and benefits of student accounts include welcome bonuses, the ability to earn APY on your balance, and continuing financial education options. Some banks offer cash bonuses through cashback and discounts, while others provide overdraft protection and ATM fee waivers. For example, the Chase College Checking Account offers a $100 welcome bonus after completing 10 qualifying transactions within 60 days of coupon enrollment. Additionally, some banks offer low initial deposit requirements, FDIC insurance, and access to thousands of fee-free ATMs. For instance, the Capital One MONEY Checking Account has no minimum to open the account, and you can earn 0.10% APY on all balances.

Furthermore, having a student account in the US can provide easy access to financial aid, scholarships, and student loans, easing the burden of college tuition and living expenses. Some banks also offer special discounts on textbooks, electronics, and transportation, as well as free access to online courses and discounted gym memberships.

Choosing a bank: location and reputation

As an international student in the US, choosing a bank with a convenient location and a good reputation is essential for managing your finances effectively. Here are some key considerations for selecting a bank based on these factors:

Location

When selecting a bank, consider the convenience of its locations and ATM networks. Choose a bank with branches and ATMs easily accessible from your campus or accommodation, making it convenient to conduct in-person banking when needed. Additionally, look for banks with a wide ATM network to ensure you can access cash without incurring additional fees from using out-of-network ATMs.

Reputation

The reputation of a bank is crucial when considering your options. Research the banks' websites and reviews to understand their services, fees, and benefits. Some banks may offer services tailored specifically to international students, such as waived fees, bonus perks, or special discounts. Compare the exchange rates offered by different banks if you plan to transfer money frequently between countries. Also, consider banks that provide online banking and mobile banking services, which can be extremely convenient for managing your finances on the go.

Popular Banks for International Students

While considering location and reputation, here are some banks in the US that are popular among international students:

• JP Morgan Chase Bank: Offers checking, student, and savings accounts, along with online and mobile banking services.
• Bank of America: Provides SafeBalance Banking for students under 25 with no monthly maintenance or overdraft fees and access to thousands of ATMs.
• Wells Fargo: Offers Everyday Checking and Clear Access Banking accounts for international students, with optional overdraft services and physical checks.
• PNC Bank: Features the PNC Virtual Wallet Student account with free online and mobile banking and no monthly service charge for up to six years.

Opening an account: required documents

As an international student, you can open a bank account in the USA, which will make it easier to manage your finances and pay for any expenses. There are two types of bank accounts for international students in the USA: checking and savings accounts.

To open a bank account in the USA as an international student, you will generally be required to provide two forms of identification, one of which must be a passport, and a tax identification number. You will also need to provide proof of address, including a foreign and US address. Some banks may ask for additional documentation to establish your identity, such as:

• A student ID card
• A birth certificate
• A driver's license
• A letter from the international students and scholars' office at your university
• A US student ID validated for the current term or school year (with photo)
• A debit or major credit card with a Visa or Mastercard logo
• A major retail credit card from a nationally well-known company
• A Foreign Tax Identification Number (FTIN) issued by a country other than the US
• Form W-8BEN if you are not eligible for an SSN or ITIN

It is important to note that the requirements may vary slightly across banks, so it is recommended to check with your specific bank before opening an account. Additionally, while it is possible to open a bank account over the phone or online, it might be easier to open an account in person in case there are any complications.

Frequently asked questions