Best Banks in USA for International Students
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Planning to study in the US and looking for the best banks to open a student account? Here are our top five suggestions for the best banks in USA that international students should consider for opening their student accounts, along with key advantages and account opening information. So check them out now!
In order to be financially independent while studying in US, it is essential to have a reasonably good bank account. Opening a student account in USA can be a task when studying at US universities. Once applicants have shortlisted some of the best banks in the USA for student accounts, the work is half done. If the choice is right, it can make daily transactions, tuition payments, and money transfers easier and safer. In this article, we discuss the top banks in the USA for international students, why they are the best, and how to open an account with them while studying in USA.
- What is a Student Account in US Banks?
- Why Should International Students Have Bank Accounts in USA?
- Top 5 Best Banks in the USA for International Students
- Best Banks in USA for International Students
- Why Choosing the Right Bank Matters in USA for Students?
What is a Student Account in US Banks?
A student bank account in the USA is designed for students, teenagers, or young adults studying at US universities. Students aged 17-24 can open bank accounts in the USA, tailored to their specific needs and requirements. There are two primary types of bank accounts for students studying in the US: Checking Accounts and Savings Accounts. Each account type has a specific need and use for international students. These accounts are available for international students for their regular use and for making transactions.
Applicants can either open their accounts right after their student visa applications are approved. Or they can also visit the US branches to open their accounts. Until applicants open their savings or checking accounts, they can use forex cards for transactions in the US.
Types of Student Accounts in USA
As mentioned, there are two types of student accounts, and both of them have different features which may vary from one another. Here is a difference between the two types of bank accounts international students can open while studying in USA:
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| Features |
Checking Account for International Students in USA |
Savings Account for International Students in USA |
|---|---|---|
| Primary Purpose |
Everyday transactions, bill payments, daily spending, withdrawals. |
Saving money, building an emergency fund, and setting long-term financial goals. |
| Accessibility |
High accessibility via debit card, cheques, ATMs, online/mobile banking, and direct deposit. |
Limited accessibility, typically with less than 10 withdrawals per month. Access is available via ATM, online transfer to checking, or in-branch. |
| Interest Earned |
Generally low or no interest; some high-interest checking accounts exist. |
Typically earns higher interest (Annual Percentage Yield - APY) than checking accounts. |
| Fees |
Can include monthly maintenance fees (by maintaining minimum balance or direct deposit), ATM fees, and overdraft fees. |
Can include monthly maintenance fees (often waivable), excess withdrawal fees if limits are exceeded. |
| Debit Card |
Standard feature, used for purchases and ATM withdrawals. |
Less common; if available, usually for ATM withdrawals only, not direct purchases. |
| Check Writing |
Yes, allows writing checks for payments. |
Generally, no, not designed for check writing (Money Market Accounts, a type of savings account, may offer check writing). |
| Ideal for |
Managing income, daily expenses, rent, tuition payments, and quick access to funds. |
Storing funds not needed immediately, building savings, and earning interest. |
| FDIC Insurance |
Yes, accounts at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category. |
Yes, accounts at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category. |
| Taxation |
Interest earned is generally considered U.S.-sourced income and may be subject to U.S. taxes for non-resident aliens, unless exempted by a tax treaty. |
Interest earned is generally considered U.S.-sourced income and may be subject to U.S. taxes for non-resident aliens, unless exempted by a tax treaty. |
| Joint Accounts |
Possible, but requirements vary by bank and typically involve both account holders being present and providing required documents. |
Possible, but requirements vary by bank and typically involve both account holders being present and providing required documents. |
Documents required for opening a checking account in USA are the same as for opening a savings account. The documents include:
- Passport
- I-20 form /DS-2019
- US student visa details
- US address proof (utility bill, rental agreement)
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
There may be additional documents required when opening a checking or savings account in the USA for international students. The requirements will vary per bank.
Why Should International Students Have Bank Accounts in USA?
Having a bank account in USA while studying is essential in many ways. Let’s check out why it is so important for international students to have a student bank account:
- It becomes easier with a bank account in the USA to make transactions, big or small. Additionally, it allows students to support their living costs in the USA and cover daily personal expenses.
- Students do not have to additionally pay foreign exchange charges or exchange currency rate fees when paying with their American banks.
- Transferring money from India to American bank accounts is available.
- Tuition fees can be submitted through these student bank accounts in the USA to the respective universities or colleges.
- Most importantly, students get access to financial services in the country. They can also make deposits and invest, if possible.
- Students can also request student loans through these banks if the need may arise. Check out: How to Get an Education Loan at a Low Interest Rate
- Regular, monthly, or annual bill payments become easy with access to American banks for students.
Hence, keeping these benefits and uses in mind, it becomes essential for international students to choose some of the best banks in USA to open their accounts.
Top 5 Best Banks in the USA for International Students
Here is a list of the top 10 best banks in USA that international students can look at:
- Chase Bank (JP Morgan)
- Bank of America
- Wells Fargo
- HSBC USA
- Capital One
Let us discuss in detail why these are considered as some of the best banks in USA for international students in the section below.
Best Banks in USA for International Students
Here is a detailed analysis of the best banks in USA for international students, including their key advantages and account opening process.
-
Chase Bank (JPMorgan Chase)
Chase Bank is one of the largest financial institutions in the US with 4,700+ branches and 15,000 ATMs nationwide. Its Chase College Checking Account is tailored for students aged 17–24. Key advantages of a Checking Account in Chase Bank for international students is as follows:
- No monthly fee for 5 years (while in college)
- Instant money transfers
- Free debit card with chip technology
- Access to an extensive ATM network
- Mobile banking app rated among the best in the US
- Can be opened without a Social Security Number (SSN) (with alternative ID)
How to Open an Account at Chase Bank?
International students can open an account by visiting a local branch. Required documents:
- Passport with an F1 student visa
- I-20 or DS-2019 form
- I-94 form (Arrival/Departure Record)
- US college/university enrollment letter or student ID
- Proof of address (dorm lease, utility bill, etc.)
Some locations may require an ITIN (Individual Taxpayer Identification Number) or SSN, but it’s often optional.
-
Bank of America
Another banking giant, Bank of America, offers strong digital tools and a well-known Advantage SafeBalance Banking account, popular with international students. Some of its key advantages, which make it one of the best banks in USA for international students, are as follows:
- $0 monthly fee for students under 25 enrolled in US university or college.
- Bank of America Global Money Transfer allows international transfers with low fees.
- Online/mobile banking with budgeting tools is also available for students.
- Vast network of ATMs and physical branches.
- Supportive of students without SSNs.
How to Open a Student Account at Bank of America?
Visit a nearby branch and bring:
- Passport with student visa proof
- I-20 form or DS-2019
- Proof of address in the US
- School ID or enrollment verification
Some may ask for an SSN/ITIN, but student visa holders are typically allowed to open accounts without one.
-
Wells Fargo
Wells Fargo offers the Clear Access Banking account, perfect for students new to the US banking system. This is also a popular and among the best banks in USA for international students. Here are some of the advantages that applicants enjoy:
- No overdraft fees
- $0 monthly service fee for 17–24 year old students
- One of the largest ATM and branch networks in the country
- Intuitive mobile banking app with budgeting tools
- 24/7 customer support
How to Open a Student Account at Wells Fargo?
You’ll need to visit a branch and provide:
- Passport with US student visa proof
- I-20 or DS-2019 proof
- School ID or university letter
- Proof of address in USA
Note: Some locations may ask for ITIN to open student accounts in USA at Wells Fargo Bank.
-
HSBC USA
If you're planning to transfer funds internationally or maintain accounts in multiple countries, HSBC is a strong choice and one of the best banks in USA and for global banking services. The HSBC Student Account supports international lifestyles. Here are other advantages:
- Ability to open an account before arriving in the US
- Global view of accounts if you bank with HSBC in your home country
- No minimum balance requirement for students in USA
- International wire transfers are available faster and at lower rates
- Dedicated student banking advisors
How to Open a Student Account with HSBC in USA?
HSBC allows pre-arrival account setup via their global education program:
- Online pre-application from home country
- Required documents include a valid passport, student visa info, and proof of school admission
Once in the U.S., complete KYC (Know Your Customer) verification at a branch to use the student bank account opened here.
-
Capital One
Another best bank in USA for students is Capital One. This is a student-friendly bank which offers a fee-free checking account known as the 360 Checking account, which is great for students who prioritise digital banking. Key advantages of opening a student account here is as follows:
- No monthly fees or minimum balance
- No foreign transaction fees on the debit card
- Excellent mobile and online banking experience
- Free access to 70,000+ ATMs (via Allpoint and MoneyPass)
- Open to international students with a passport and proof of enrollment
How to Open a Student Account with Capital One Bank?
Capital One supports account opening at their designated branches and even online. The documents required to open a student account in this one of the best banks of USA are as follows:
- Passport with student visa USA
- I-20 or DS-2019
- Proof of US address
- Enrollment verification
- SSN or ITIN (in some cases, varies by location)
Why Choosing the Right Bank Matters in USA for Students?
International students require a bank which understands their unique demands and does not burden them with heavy charges. Choosing the right bank for students in USA should include these parameters:
- Low or no monthly maintenance fees for using checking or savings accounts in USA.
- Low or no minimum balance requirement.
- Easy international transfers, any day, any time from anywhere.
- Large ATM networks, and no charge or minimal charges for withdrawals from other ATMs.
- Mobile and internet banking with a user-friendly interface.
- Support is provided for individuals without a Social Security Number (SSN), as international students don’t have one.
Many banks in the US offer student services, but not many cater well to international students. But the best banks in USA would be those that fit all of these parameters.
This was all about some of the best banks in the USA for international students looking to open either a checking or savings account. Students must closely understand the benefits and make a choice, keeping individual parameters in mind. The best banks in the USA for students can ease daily transactions, tuition fee payments, and regular personal payments. So, choose the best bank in USA wisely!
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