Which International Bank Account Student Should Consider in 2023?

The major difference between a traditional bank account and an international bank account is that the latter is marked by a specific IBAN (International bank account number). Going abroad to study is expensive, and you can’t expect to have all the money you need with you. This is when accounts with foreign banks come into play. Along with offering a secure location for your money, it will also offer facilities for payments, withdrawals, overdrafts, and debit and credit cards. In fact, many banks provide a variety of budgeting tools to aid students in choosing wisely between savings and expenses.

Advantages of International Bank Account 

The following are the significant advantages of opening an International bank account: 

1. Save money on currency conversions: Using a home account will save you from having to pay bank and currency conversion fees. Generally, you’ll save money while transferring large amounts and try to keep as much of your spending in the local currency.

2. Loan can be repaid with ease: Having a bank account in the currency of your student loan can be major savings, just as you shouldn’t use your home account for living expenditures.

3. Create a history of local credit: If you keep your possibilities for employment open after graduation, you may stay in your host country longer than you had anticipated. Creating a bank account in the host country is the initial step in either case towards establishing credit in a new nation.

4. Helps in getting allowances quickly: The bursar’s office will need a place to deposit your money if you get loans or scholarships that can be used for paying expenses but are paid to the university. When you have a local bank account, they’ll almost always move your funds to it.

Also Read: Education Loan in USA for International Students

Factors to Consider while Opening an International Bank Account 

While opening an international bank account students should take into consideration the following factors: 

• Online features and services
• Rewards on payments
• International student debit card or credit card purchase cost
• Ease of deposit
• International transfer fees
• Overdraft limit and monthly service fees
• Transfer fees
• Currency conversion rates
• Monthly maintenance charges
• ATM withdrawal fees
• Loan interest rates
• Netbanking facilities
• Customer service availability
• Minimum balance limitations
• Branch availability
• Quality of official app
• Availability of funds
• Security of your funds

Also Read: Types of education loan for students 

Best Banks for International Students 

Following are some of the country-wise best banks that students can consider for opening an international bank account:

Also Read: Best Bank Accounts for International Students in USA

Things Required to Open an International Bank Account 

Some of the paperwork needed to open a bank account for an international student includes the following:

1. Your passport and the appropriate student visa
2. A second photo ID, typically a driver’s licence or student ID
3. Evidence of your home and address, your university enrolment (this is why the student card works so well)
4. Some cash to deposit (keep in mind that each bank and account will carry its own minimum deposit).

FAQs

Are you planning to study abroad? We at Leverage edu are all about helping students to realise this dream which can open the door to many career opportunities. To get assistance in your application process, just register on our website or call us at 1800-572-000.