Moving to a different country as an international student is a costly affair but you cannot expect to carry all the money you require. This is where international bank accounts come into picture. International bank accounts not only provide a safe place for your money but also ensure quick payments, withdrawals, overdrafts and debit/credit card facilities. Having a bank account in USA for international students will definitely help one get good at money management. In Fact many banks offer various budgeting tools to help students make right decisions regarding their savings and expenses.
To give you a better context on bank accounts in USA for international students, how they work, facilities offered, minimum balance requirements and how to select the best bank in US for international students, we have prepared this blog.
Types of Bank Account for International Students in USA
Before diving into the details of the international student bank account USA, let us understand what are the types of bank account for international students in USA. Basically, there are 2 types of bank account in USA for international students i.e. savings accounts and checking accounts. Let us now discuss how these bank accounts are different from one another:
- Savings account: As the word itself suggests, this is the type of account meant for long-term savings. This is suitable for you only if you are looking to save some money for future emergencies, traveling, etc. and deposits in this account will get you interest on your savings.
- Checking account: This is the ideal account for international students that allows frequent deposit, withdrawal and transfer of money. With a checking bank account you will get a debit card as well as a checkbook using which you can withdraw money to meet your living expenses anytime you want.
Best education load in USA for international students
How Do International Bank Accounts Work?
Working of international bank accounts is nothing different from other banks. Just like any other bank, you will get financial services which may vary for different banks.
- There can be banks that offer more investment services while others whose services are directed towards commercial entities.
- Every bank has a set of policies and procedures on the basis of which they function.
- The services for students basically include deposit, withdrawal and usage of cards while banks provide multiple other services to businesses and organizations including letters of credit, payroll funding, time deposits, overdraft facility and more.
What is the cost of studying in US as an international student?
What is the Minimum Balance for an International Student Bank Account US?
The minimum balance for an international student bank account US varies from bank to bank. What you need to know is that there is no upper limit on your deposits so you are free to choose the amount you wish to keep and to manage your spendings. As for savings bank account international student USA, the minimum balance ranges between 25,000-200,000 INR.
Why Should International Students Have a Bank Account in USA?
The first and the most important reason to have a bank account in USA is to legally and safely pay for your tuition without having to worry about international transfers. Not only this, there are various other points in favor of having a bank account for international students in USA, take a look yourself:
- It is the most secure way of managing your cash when you are in a different country living alone.
- This is in fact the best way you can be responsible for your money and get better at wealth management.
- With an international bank account, you can carry out transactions in multiple currencies.
- Along with ease of transactions between countries, you will also get low exchange rates.
- Your bank will offer you multiple investment opportunities and help you explore various options.
Ideal methods to fund your education abroad
Best Bank for International Students in USA
Here is a list of the best bank accounts for international students in USA:
- Bank of America Advantage Banking
- Chase Bank College Checking Account
- Wells Fargo Student Checking Account
- HSBC USA International Student Account
- US Bank Student Checking Account
- TD Convenience Checking
- Key Student Checking
- Capital One MONEY Account
- Truist Student Checking Account
- PNC Virtual Wallet Student Account
We have summarized all that you need to know about these banks to choose the best bank in US for international students:
|
Name of Bank Account |
Eligibility |
Features |
Minimum Deposit |
|
Bank of America Advantage Banking |
Available for highschool students under the age of 24. |
Online banking services. Debit cards will be provided. 4,100 branches and 16,000 ATMs. Overdraft protection facility. You can keep your account even after graduation. Various finance tools that help you manage spending and budgeting. |
$25 |
|
Chase College Checking Account |
Available for college students aged 17-24 years. |
No monthly service fee up to 5 years of opening the account. Receive a sign-up bonus of $100. Nearly 4,700 branches and 16,000 ATMs. |
$25 |
|
Wells Fargo Student Checking Account |
College students aged 17-24 years. |
Online and mobile banking services. No monthly service fee for account holders aged 17-24 years. 24/7 fraud monitoring facility. Uses chip technology. More than 13,000 ATMs. |
$25 |
|
HSBC USA International Student Account |
International students studying in the US who are over 18 years old. |
No monthly service fee up to 6 years of opening the account. Receive a welcome deposit of $100. |
$25 |
|
US Bank Student Checking Account |
Available for international students. |
Online banking facility as well as access to credit scores. No monthly service fee. No minimum balance requirements. No service charges for ATM transactions. |
$25 |
|
TD Convenience Checking |
Available for students aged between 18-23 years. |
No monthly service fee for students aged between 17-23 years. Free transactions at TD ATMs. No minimum balance requirements. |
- |
|
Key Student Checking |
High school juniors, seniors or those pursuing post high school education aged 16-24 years. |
Online banking facility available. No fee for overdraft protection. Various tools that ensure your financial wellness. |
$50 |
|
Capital One MONEY Account |
Available for students under the age of 18 years. Students as young as 8 years are also eligible. |
Interest of 0.10% per year on all balances in your account. No minimum deposit required. Over 70,000 ATMs across the USA. |
- |
|
Truist Student Checking Account |
Students aged below 23 years can hold bank accounts. |
No minimum deposit required. No monthly service fees. ATM fees from non-Truist ATMs waived twice every month. Over 3,000 ATMs across the USA. |
- |
|
PNC Virtual Wallet Student Account |
It is a virtual student wallet that can be opened online. |
No monthly service fee up to 6 years. Automatic refund of your first overdraft fee. Earn interest on money in your bank account. Over 2,600 branches and 19,000 ATMs across the USA. |
$25 |
Why Credit History Is Important In USA ?
How to Select the Best Bank in US for International Students?
Remember to consider the following factors while selecting the best bank account for international students in USA:
- Online banking facility: As an international student having an account in a bank that provides online banking facility as well as a debit and credit card is essential. Given your class schedule it is not always possible to go to the counter for availing services.
- Services offered: Banks in the US offer international students additional benefits such as cash bonuses, discounts, ATM fee waiver, overdraft protection and more. While shortlisting the best bank for yourself you can consider these services as it will help you save money.
- Branch and ATM facility: While searching various banks make sure that the one you choose has a branch and ATM facility surrounding your university or accommodation.
- Extra service charges: Banks in the US often levy ATM charges if you withdraw money from another bank’s ATM. Also, there are certain service fees that banks charge every month so you can avoid having accounts in banks with high monthly fees.
Now that you have got an idea about the best international student bank account USA, you must visit the bank’s website and check all requirements to apply for a new bank account and prepare documents accordingly. Almost all banks these days offer hassle-free processes for international student open bank account in US. To get help in searching and sorting the best bank for international students in USA, upgrade to Yocket Premium and get in touch with Yocket counselors today.
Frequently Asked Questions about International Student Bank Account USA
Ques. Can international students apply for bank accounts online?
Ans. Yes, almost all banks provide the facility to apply for a new bank account for international students online.
Ques. What amount do I have to keep in my bank account in USA for international students?
Ans. The minimum bank account balance for international students varies from $10-50. There is no maximum limit on the amount of money you can keep in your bank account.
Ques. What documents are required to open bank accounts in USA for international students?
Ans. To open a bank account in USA for international students you will have to provide your passport, student visa and I-20, acceptance letter from your university, debit/ credit card from the bank account in your home country and a report of your credit history. Some additional documents may be required by your bank.
Ques. What will happen to my international student bank account when I graduate?
Ans. Once you graduate, your international student bank account will be automatically converted into a standard account when you provide the required proof.
Ques. Can I open a US bank account without a US address?
Ans. Yes, you can open a US bank account without a US address proof with the help of the bank in your country of origin.