Study Abroad Content Specialist
A reliable bank account is crucial for everyone to manage finances, receive funds, and pay for tuition, rent, and everyday purchases. It is also very important for international students in the USA to have a US Bank account, as domestic accounts often have limitations for international transactions. However, in recent times, the majority of the Indian Banks offer international banking services, but it comes at an additional cost. US Student Bank accounts come in handy to offset this expense.
There are mainly two types of student bank accounts in USA.
- Checking Bank Account: These types of bank accounts allow you to access your money whenever you want and provide you with a safe place to store your money. Like in India, we all have a bank account to cover our spending (especially UPI transactions). The checking bank account in USA also does the same thing.
- Savings Bank Account: These types of bank accounts are for longer-term deposits and give interest on your savings. If you are working or want to save money for travel or emergencies, then this is a must-have.
Let us further guide you through the importance of having a student bank account, perks, benefits, and the account opening process.
Importance of Having a US Student Bank Account for Indians
A right US-based student bank account offers several key advantages for international students, such as
- Convenience: Paying bills from a local account is easy, as compared to cashing foreign checks or making frequent international transfers. It can be costly and time-consuming.
- Cost savings: A U.S. account reduces foreign transaction fees, which can go up quickly if you use an overseas account or credit card for regular purchases.
- Access to financial services: Services like renting, buying mobile phone plans, and paying installments often require a bank account for international students in USA.
- Earnings: If you plan on working on campus or applying for a paid internship or job off campus, your paychecks will go into your US student bank account.
- Safety of your money: While traveling from India to study in USA, you are definitely going to take a lot of cash with you to settle down. US student bank accounts are the safest place to keep your money, as they are often secured by the Federal Deposit Insurance Corporation. It makes sure you still receive your funds in the unlikely event of a bank going under.
List of the Best Bank Account in USA for International Students
In USA, there are five types of banks that you can choose from. These are
- International Banks
- National Banks
- Local Banks
- Credit Unions
- Online Banks and Other Digital Options
Here, we have listed some of the best banks for international students in USA.
| Banks | Account Name | Monthly Charges | Perks |
|---|---|---|---|
| Bank of America | Bank of America Student Banking | No charges for students below 24 years of age | Rounds up money into savings, no overdraft fees, foreign exchange calculator, Mobile banking, wide availability of ATMs |
| Chase | Chase College Checking Account | 6 USD, can be waived for up to five years of college enrollment | 100 USD sign-up bonus, mobile banking app, online budgeting tool, quick online money transfer, student credit card (optional) |
| HSBC USA | HSBC Premier US Account | None for the first 6 years | Domestic HSBC account linking, mobile banking, easy money transfer across countries, 100 USD welcome deposit if new to HSBC (dependent on criteria), relocation package including 30-day free SIM Card |
| Wells Fargo | Student Everyday Checking Account | None for students aged between 17-24 years | Mobile banking and easy money transfers, thousands of ATMs, 24/7 fraud monitoring, Campus Card program |
| TD Bank | TD Student Checking | None for students aged between 17-24 years | Mobile banking, thousands of ATMs across the country, 100 USD bonus (dependent on criteria), digital wallet |
| U.S. Bank | Student Checking account | None | Four non-U.S. Bank ATM transactions per statement period, free personal checks, mobile banking, campus banking |
| Santander | Student Value Checking | Fee waived with one transaction per month | Mobile banking, discounts on Santander savings accounts, no minimum balance, transfer money internationally |
| Capital One | 360 checking account | None | Mobile banking, online bill pay, overdraft options, access to 40+ currencies |
How to Open a US Student Bank Account
After choosing the right bank, it is time to know the application process for opening a bank account. While an online account opening option is available, it is always better to open your account in person by visiting the nearest branch of your university. After a successful sign-up, most of the banks allow you to use the mobile banking application right away. You will have to wait up to 14 days to receive the debit card via mail.
Check out the documents you need to open a student bank account in USA
- Valid passport
- Valid I-20 from a recognized US institution or I-797 approval notice
- Student visa as well as your I-94 card
- Letter of acceptance from a US university
- Secondary identification card (student ID card, birth certificate, driver’s license etc.)
- Credit history report
- Debit/ Credit card from your own country
- Initial deposit amount (vary upon banks)
Choosing a Student Bank Account in USA: Key Considerations
You can select any of the banks according to your specific requirements. Consider the following points while choosing the best bank for international students in USA
- Online banking facility
- Services and benefits
- If the bank has a branch and ATM near your campus
- Extra hidden charges
- If the Federal Deposit Insurance Corporation (FDIC) insures the bank
- Convenience to send and receive money internationally
Opening a US bank account is essential for international students to manage their finances and receive funds in the US. Factors like low fees, ATM access, mobile banking, and international transfer options are key when choosing the best bank. Chase, Bank of America, and Wells Fargo are great for students seeking in-person support, while Capital One and HSBC provide strong digital and international banking solutions.
FAQs
Ques: Which bank account is best for students in the USA?
Ans: Popular choices include Chase Student Checking, Wells Fargo Student Checking, and Bank of America Student Banking, as these accounts offer no or low fees, extensive ATM networks, and student-friendly perks.
Ques: Can students open a bank account in the USA?
Ans: Yes, international students can open a bank account in the U.S. with a passport, I-20 form, and student ID. Some banks may also request an address and proof of enrollment.
Ques: What is a student bank account for?
Ans: A student bank account helps manage daily expenses, pay bills, and receive funds from home with fewer fees and features designed for students' needs.
Ques: Which bank is best for Indians in USA?
Ans: Chase, HSBC, and Citi Bank are popular among Indian students due to their strong international support, low fees, and options for affordable international transfers.
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