How to open a US bank account as an international student

As an international student traveling over to the US, you will likely have considered the possibility of opening a US bank account.

After all, doing so has many advantages – for example, it will be easier to manage your finances and cheaper than withdrawing money from a foreign bank account.

You can also pay your bills online or by check, and use credit cards without the hassle or hefty international banking fees.

In this blog, we’ll discuss some of the options for opening a US bank account as an international student!

Table of Contents Hide

Can an international student open a bank account in the US?
Why do international students need to open a US bank account?
How to open a bank account as an international student
What is the difference between a checking and savings account?
1. Checking account
2. Savings account
Best bank for international students in the USA
How long does it take to open a bank account as an international student?
How can Sprintax help me?

Can an international student open a bank account in the US?

Yes, international students can open a bank account in the US.

When opening a bank account, you’ll generally be required to provide two forms of identification as well as your tax identification number. You also can’t open a bank account with no proof of address, so ensure you bring this with you too.

It’s very difficult to open a bank account in the US from abroad, and you will likely need to stop into your local branch when you arrive.

As well as this, while there is an outside chance that they may allow you to open a bank account online without an SSN or ITIN, most banks will require one.

Not got your SSN or ITIN? No worries! You can always prepare your application forms for SSN and ITIN with Sprintax Forms!

Open bank account online without SSN or ITIN

Why do international students need to open a US bank account?

There are many positives to opening a US bank account online or in-person as a nonresident.

Here are some benefits of opening a US bank account:

Convenience of daily expenses

A US bank account makes it easier to manage day-to-day expenses like paying for rent, groceries, and utilities.

Using a US debit card allows you to avoid the hassle and fees associated with converting foreign currency. As well as this, most banks offer excellent online and mobile banking services, allowing you to transfer money, pay bills, and monitor your account at any time.

Avoid transaction fees

If you use an international credit or debit card for purchases in the US, you are often charged foreign transaction fees and possibly poor exchange rates.

By having a US bank account, you can avoid these extra charges.

Lower fees for International Transfers

Having a US bank account allows your family or sponsor to send money to you through wire transfers at potentially lower fees.

Some banks have partnerships with international banks that reduce costs further.

Tuition payments

Most universities accept tuition payments directly from US bank accounts.

This streamlines the payment process and can help avoid complications with foreign payments or exchange rate fluctuations.

How to open a bank account as an international student

While documents are required to open a bank account for international students at all banks, some may require more than others.

In general, you will need the following documents in order to open a bank account in the US:

A current passport;
Proof of address (e.g., utility bill, apartment contract);
College address (e.g., enrolment verification letter);
An identification number, such as one or more of the following;
A taxpayer identification number;
A passport number and country of issuance;
An alien identification card number;
Number and country of issuance of any other government-issued document showing nationality or residence and bearing a photograph or similar safeguard.

Remember, some banks may ask for additional documentation to establish your identity, such as:

I-94 card
I-20, DS-2019, or I-797 approval notice
Another form of identification, such as a foreign driver’s license or credit card
Form W-8BEN if you’re not eligible for an SSN or ITIN.
Once you open the bank account, you’ll need to make a deposit to activate the account.

What is the difference between a checking and savings account?

When it comes to opening a new bank account, nonresidents will usually choose between a checking and a savings account.

There are some big differences between the two, however, so it’s important to know which one to open.

In short, you’ll use a checking account for:

Everyday expenses
Daily withdrawals
Access using checks, automated teller machines and electronic debits
Examples include student accounts, business accounts, and joint accounts

Checking account

With a checking account, you will be able to carry out all necessary day-to-day spendings.

This is the perfect type of bank account for international students to use for expenditure such as groceries, online shopping, or leisure activities. Typically, there is little to no interest on any funds you have deposited.

Savings account

On the other hand, savings accounts are designed for short or long-term savings.

Opening a savings account makes sense if put some cash away for a bigger purchase, like a television, computer, or new phone.

A savings account has the following features:

Good for long-term investments
Requires a minimum deposit
A limited number of free transactions

international student bank account

Best bank for international students in the USA

Choosing the best bank as an international student in the US depends on factors such as fees, services, ease of opening an account, and your banking needs.

Here are some of the best banks for international students based on those factors: