Studying abroad is on every student’s bucket list! From deciding the best college for yourself to choosing the right bank account, studying abroad is all about making the right decisions and making your next few years fun and smooth. In this blog, we will focus on how you can make your transactions easier in a foreign country by choosing the best suitable bank! Keep reading to know more about the best bank accounts for international students in the USA and how to open accounts in an international bank!
This Blog Includes:
- What is an International Bank Account?
- How to open an International Bank Account?
- How do International Bank Accounts Work?
- Is it Legal to Have an International Bank Account?
- Types of Bank Accounts for International Students in USA
- What is the Minimum Balance in a Foreign Bank Account?
- Reasons to have an International Bank Account
- Can International Students Open Bank Accounts Online?
- List of Best Bank Accounts for International Students in the USA
- How to Select the Best Bank Accounts for International Students in USA?
What is an International Bank Account?
When it comes to pursuing higher studies in a foreign country carrying around loads of cash is not safe. Depositing your money into a secure account for payments, withdrawals, and transactions is the best way to manage your money safely. International bank accounts make this job easier. These are by default, bank accounts that scale and exchange monetary transactions for international residents so that their money is managed smoothly and efficiently just like how a localized bank would carry out monetary activities. Each account has a specific IBAN (international banking account number), that uniquely identifies the customer’s banking details at its financial institution. IBAN numbers consist of numerical digits from 0 to 9 and alphanumeric characters formed using alphabetic characters A to Z.
Must Read: Best Way to Use Credit Cards for International Students
How to open an International Bank Account?
Before finding out the best bank accounts for international students in the USA, here is how you can open an international bank account. Students require identification documents like an ID or passport, proof of local address along with the lease agreement and any utility bill. International students in the USA need to deposit some seed money to fulfill the minimum balance requirement as mandatory in every bank. Banks require students to provide student proof such as a university offer letter or your university transcript depending on which bank asks for it.
Also Read: Best Credit Cards for International Students
How do International Bank Accounts Work?
International bank accounts operate like any other bank. They help customers by offering their best financial services, such as payment accounts, and ensuring safe monetary services to foreign clients which in this case is international US students being aided by their every step of the way. Every bank has an individual banking policy outlining how they conduct their business.
Also Read: Evidence of Financial Support
Is it Legal to Have an International Bank Account?
Yes, it is legal to open an international bank account as a student in a foreign country. Most students/clients are required to maintain a minimum balance to ensure smooth financial transactions at a low cost.
Must Read: Best Apps to Manage Your Finances in a Foreign Country
Types of Bank Accounts for International Students in USA
The first activity international students need to do is to choose an account type. There are two different types of bank accounts in the US – checking account and savings account.
Checking account: A checking account allows you to deposit and withdraw money as often as you like. Usually, when you open a checking account you receive a checkbook and a debit card. Most international students will only need to open a checking account to pay for their living costs while studying in the US.
Savings accounts: A savings account is a place to collect money over a longer-term. Some students may consider opening one of these if they are working or want to save money for travel or emergencies.
Also Read: Passive Income Ideas for Students
What is the Minimum Balance in a Foreign Bank Account?
There is no specific upper limit. Students are required to maintain a minimum balance and the minimum amount differs from bank to bank. Students are free to decide how much money they wish to keep in their bank accounts and manage their transactions according to their needs.
Also Read: Health Insurance Plans for Studying Abroad
Reasons to have an International Bank Account
The best reason for international students in the USA to have an international bank account is to be able to have a legal and secure way of moving their money for paying semester fees or tuition fees whether they be semesterly or yearly in nature. Also if international students have a bank account they also receive financial services like digital banking and card systems such as banking debit or credit cards. Also given these facilities are made available to any international student they can access their funds given any time in case of emergency.
Also Read: Difference between Credit Card and Debit Card
Can International Students Open Bank Accounts Online?
International students can apply for an account online with relevant documents. Although many banks allow you to open a bank account online, some may require you to go into a branch. Your student visa and any other documents, visa status confirming your right to live and study in the US. Proof that you’re studying there, from the university is some essential documents required for verification. Some banks only allow students to open accounts with a specific student visa such as an F1 visa (for academic studies), J1 Visa (practical training) or M1 Visa (vocational studies). It is important that you check with the bank to know all the requirements.
List of Best Bank Accounts for International Students in the USA
Here are some of the best banks for opening bank accounts for international students in the USA. These banks offer a range of services to international students in the USA:
- Bank of America Advantage SafeBalance Banking
- Wells Fargo Student Checking Account
- HSBC USA International Student Account
- U.S. Bank Student Checking Account
- TD Bank TD Student Checking
- Capital One 360 Checking Account
- Chase College Checking Bank Account
- Keybank student Checking Bank Account
Also, Read Money Management Tips That You Can’t-Miss!
How to Select the Best Bank Accounts for International Students in USA?
USA has two types of bank accounts for international students: a savings account, and a checking account. A savings account is ideal for a better interest rate and to save money over an extended period or for students planning to work part-time. Whereas, a checking account allows you to deposit, withdraw, and send money online as often as you would like.
Also Read: All About Education Loan for Students
This was all about the best bank accounts for international students in the USA! If you are planning to study abroad this year and are worried about the visa requirements then call our experts on 1800 572 000 and clear all your doubts!