A foreign national can open an international student bank account in USA online or over the phone. It becomes essential to start an account as it helps overseas students keep their money safe and save currency exchange charges levied on their domestic bank accounts.
Additionally, having a bank account in the United States of America enables to study in USA students to pay their utility bills and student accommodation rent quickly. Furthermore, a US international bank account allows students to receive their part-time job salaries in the same currency, without any charges.
To avail of the benefits above, foreign students can select banks with no or reasonable monthly maintenance or service charges. In addition, an overseas student must also check whether the chosen bank has an ATM near her/their/his campus. Other factors such as whether the bank is secured by the FDIC (Federal Deposit Insurance Corporation) must also be considered.
Documents for Opening International Student Bank Account in USA
To open a Checking Account or a Savings Account, an overseas student has to produce the following documents:
- Passport
- Notice of Action (I-797) or Certificate of Eligibility for Nonimmigrant Student Status (I-20) approval notice
- Secondary ID proof such as a Driver’s Licence from the USA, a Student ID card, or a letter from the overseas scholars and students office at the university in which the student is studying
- Letter of acceptance from the university
- Upfront deposit money
Best Banks for International Students in USA
To avail of cost-effective banking services in the USA, overseas students can open a bank account in the following banks:
- Chase Bank
- Bank of America
- HSBC (Hongkong and Shanghai Banking Corporation Limited) USA
- United States National Bank or US Bank
- Wells Fargo
- Banco Santander de Negocios or Santander Bank
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