Lana Oconnell
If you're an international student heading to Princeton University, you might be wondering which bank to choose. It's advisable to open a local bank account for safety and convenience, and there are several banks within walking distance of the university where you can do this. These include Wells Fargo, PNC, Chase, and the Bank of Princeton. PNC Bank has a branch located right in front of the university, so that might be a good place to start. You can also check out the Princeton Federal Credit Union, a not-for-profit financial institution that offers low-rate loans and cards, low-fee accounts, and high-yield savings certificates.
| Characteristics | Values |
|---|---|
| Advisability of keeping money in a local bank | Yes |
| Requirement to open a bank account | Yes |
| Banks within walking distance of Princeton University | Wells Fargo, PNC, Chase, Bank of Princeton |
| Bank with a branch located just in front of the University | PNC Bank |
| Bank with a branch located in front of the University | Chase |
| Bank with a branch located in Princeton | Princeton Federal Credit Union |
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What You'll Learn
Opening a bank account
As an international student at Princeton University, you may have several questions about your arrival and stay. One of the crucial aspects is managing your finances and opening a bank account. Here is a comprehensive guide to help you navigate the process:
Firstly, understand the importance of having a local bank account as an international student at Princeton University. It is advisable to keep your money in a local bank for safety and convenience. Having a U.S. bank account offers several benefits, such as receiving money from international currencies, which can be crucial for your expenses during your stay.
Choosing a Bank:
There are several banks within walking distance of Princeton University, offering various services and accounts tailored to students. Some national chains with branches and ATMs in town include Wells Fargo, PNC, and Chase. Additionally, there is a local Bank of Princeton, but its services may be limited compared to the larger chains.
Types of Accounts:
When opening a bank account in the U.S., you will come across two primary types of accounts: checking accounts and savings accounts. Checking accounts may or may not accrue interest, while savings accounts always do. Some banks may require a Social Security Number to open a new account, so it is essential to inquire about their specific requirements.
Recommendations:
PNC Bank is highly recommended by a student as it has a branch located just in front of the University. Additionally, Princeton Federal Credit Union (PFCU) is a full-service financial institution serving the greater Mercer County community. As a not-for-profit organization, they offer low-rate loans and cards, low-fee accounts, and high-yield savings certificates.
Orientation Support:
During your first days at Princeton University, you will participate in an orientation program designed to welcome international students. The Davis International Center, located on campus, provides specialized support for international students, helping with the visa process and offering English language classes and tutoring. They can also assist you in choosing a bank and understanding the different types of accounts available.
Remember to compare the services, policies, and fees of the different banks before making your decision. By following this guide, you can make an informed choice about opening a bank account and effectively manage your finances during your time at Princeton University.
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Choosing a bank
As an international student, there are several factors to consider when choosing a bank. Firstly, it is advisable to keep your money in a local bank while studying at Princeton for safety and convenience. Many banks offer special services or accounts for students, so it is worth exploring these options. Some banks may be within walking distance of the university, making them more accessible. It is also important to consider the requirements for opening an account, as some banks may necessitate a Social Security Number.
When selecting a bank, it is crucial to understand the distinction between checking and savings accounts in the US. Checking accounts may or may not accrue interest, while savings accounts always do. It is worth noting that the differences between banks are often minor, but their services, policies, and fees can vary. Therefore, it is recommended to research multiple banks and choose one that aligns with your specific needs.
PNC Bank, for example, is located just in front of the university and is suggested by a student. Additionally, national chains like Wells Fargo, PNC, and Chase have branches and ATMs in town, offering convenience and accessibility.
Another option is the Princeton Federal Credit Union (PFCU), a not-for-profit financial institution serving the greater Mercer County community. PFCU offers low-rate loans and cards, low-fee accounts, and high-yield savings certificates.
Remember, having a US bank account will simplify receiving money from international currencies and building a relationship with a bank can facilitate securing a credit card in the future.
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Applying for financial aid
Princeton University welcomes applications from international students and treats them the same as U.S. students in the financial aid process. The university is committed to ensuring that admitted students can afford to attend, offering one of the strongest need-based financial aid programs in the country.
The financial aid program at Princeton is entirely based on need, and the university meets 100% of demonstrated financial need with a grant. The university does not offer academic or athletic merit scholarships.
To apply for financial aid as an international student at Princeton University, you must first apply for admission and create a Princeton Applicant Portal account. Instructions on how to set up the account will be sent via email within 48 hours of submitting your admission application. The same credentials will be used to access the Princeton Financial Aid Application, which is free and easy to use for international applicants.
It is important to note that Princeton will use the information provided on the Princeton Financial Aid Application to offer admitted students a tentative aid package. Since there may be a delay in receiving student FAFSA information from the U.S. Department of Education, the tentative aid packages will meet full needs without federal funds and will be adjusted later with federal funds for those who are eligible.
Additionally, if English is not your native language, you must take the Test of English as a Foreign Language (TOEFL) or a similar test, in addition to the SAT or ACT.
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Getting a debit card
As an international student at Princeton University, it is advisable to keep your money in a local bank. Many banks offer special services or accounts for Princeton students, and there are several banks within walking distance of the university where you can open a checking or savings account.
Checking vs Savings Accounts
US banks offer checking accounts that may or may not accrue interest, while savings accounts always do. It is important to note that some banks may require a Social Security Number to open a new account.
Debit Cards
PNC Bank is recommended by a student as it has a branch located just in front of the university. Other national banks with branches and ATMs in town include Wells Fargo, Chase, and the Bank of Princeton.
Additionally, Princeton Federal Credit Union (PFCU) is a full-service financial institution serving the greater Mercer County community. As a not-for-profit organization, they offer low-rate loans and cards, low-fee accounts, and high-yield savings certificates.
During International Orientation, phone companies come to campus to help set up accounts, so be sure to take advantage of that opportunity as well.
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Phone plans
As an international student at Princeton University, you may have several questions about your arrival and stay at the university. One of the most important things to do is to open a bank account. Having a U.S. bank account will make it easier to receive money from international currencies and pay for expenses. PNC Bank, which has a branch located in front of the university, is highly recommended.
It is important to have a U.S. phone number and some type of data plan. While on campus, you can use the university's WiFi and won't need cellular data. However, when you go off-campus or to New York City, it is always a good idea to have internet access. Verizon, AT&T, and Mint are all good options for phone plans. During International Orientation, phone companies come to campus to help students open accounts, so be sure to look out for that.
While many domestic students bring basic living supplies from home, international students often have to start from scratch. You won't need to bring big furniture like bed frames and closets, as these will already be in your dorm room. However, you will need to get pillows, bed sheets, a mirror, writing supplies, etc. You can buy these items from the U-Store on campus or Target if you want more options.
Princeton University welcomes applications from students worldwide, and international students are encouraged to apply for graduate admission. The university meets the full need of all admitted international students, the same as for U.S. students, and treats international and U.S. students equally in the financial aid process.
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Frequently asked questions
Yes, it is recommended that international students open a bank account at a local bank near Princeton University. Many banks offer special services or accounts for Princeton students.
Banks within walking distance of Princeton University include Wells Fargo, PNC, Chase, and Bank of Princeton. PNC Bank has a branch located in front of the University.
Checking accounts may or may not accrue interest, while savings accounts always do.
The Princeton Federal Credit Union (PFCU) is a financial institution established in 1972 to serve the greater Mercer County community. PFCU is a not-for-profit organization that offers low-rate loans and cards, low-fee accounts, and high-yield savings certificates.
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