Indian students travelling to the US for higher studies must open a student account with one of the best banks for international students in the USA. Many aspiring students prefer opening an account at banks like Wells Fargo, HSBC, Chase Bank, etc. They offer a wide range of services that are easy to access for students and help in hassle-free money management. With many banks offering lower fees, multi-currency accounts, and ATM availability, it is ideal to compare and find the best bank in the USA that’s the right fit for you. Let’s explore the most popular ones.
Table of contents
| Key Takeaways |
| Opening a student account in the US with the best banks helps you build a credit history, which is crucial for future financial endeavours. |
| Bank of America, Chase Bank, Wells Fargo, and HSBC are the best banks offering the best checking and savings accounts in the US for international students. |
| A right student account offers low/no maintenance fees, minimum deposit requirements, and online services in the US. |
Best Banks in the USA for International Students
In the USA, the top 3 for international students are the Bank of America, Chase Bank, and Wells Fargo. Their student checking accounts offer online banking services and various financial tools for effective spending and managing budgets. The Wells Fargo international student bank account has no monthly service fees for account holders aged 17-24.
Offer services like free debit and credit cards, multi-currency accounts, a wide range of ATM networks, no minimum deposit requirements, etc. make them top choices. Here’s the list of best banks in the USA for international students-
Bank of America
Bank Account for Students: Bank of America Advantage Banking
It is one of the most popular and reliable banks in the USA. Students can open a Bank of America international student account under the Bank of America Advantage banking scheme provided by the bank. It offers a lot of benefits like online banking, free debit cards, Bank of America student credit cards etc. The bank has a well-established network of branches and you can visit the same if you face any issues while handling the account.
Also Read: Check here some of the best banks providing education loans to study in USA
Chase Bank
Bank Account for Students: Chase Bank College Checking Account
Chase Bank College is one of the best banks in the USA for international students. The bank account with Chase Bank College comes with attractive features like an annual fee waiver, assured cashback, higher interest rates on savings etc. You can use all the services through online mode with the free ATM-cum-debit card provided by the bank. It also has a large network of ATMs. Besides, international students can access exclusive services like Chase Bank currency exchange at attractive rates.
Wells Fargo Bank
Bank Account for Students: Wells Fargo Student Checking Account
Wells Fargo’s student account, also called the Wells Fargo student checking account is exclusively for international students studying in the USA. The bank has a large network of branches and ATMs. The bank offers online and mobile banking, budgeting tools, overdraft protection etc for the students. You can also apply for a credit card from the bank backed by an FD or monthly income. One of the best features of this bank is that it provides access to comprehensive online tools for financial management and it has a strong presence on university campuses.
HSBC Bank, USA
Bank Account for Students: HSBC USA International Student Account
HSBC is one of the leading global banks with a strong presence in countries like the USA, UK, India etc. This bank offers multicurrency bank accounts, global transfers, and personalised financial advice. The bank has multiple dedicated schemes for international students savings accounts. You can get a credit and a debit card quickly after opening your account with HSBC Bank. Apart from savings accounts, the bank offers a lot of other financial services like HSBC Global international money transfer services, currency exchange at affordable rates, prepaid travel cards, etc.
US Bank
Bank Account for Students: US Bank Student Checking Account
US Bank Student Checking account comes with a lot of benefits, especially for international students. US Bank’s international wire transfer services make it super easy to transfer funds to and from the home country. Some of the key features of this bank account are easy online and mobile banking, free transactions from US Bank ATMs, free budgeting tools etc. All the major services are available online. The bank provides free waivers on account maintenance and cards and provides quick assistance for budgets.
TD Bank
Bank Account for Students: TD Convenience Checking
TD Bank is one of the most popular banks among international students as it provides a lot of free banking services. The students also get higher interest rates on savings, free ATM cards, credit cards etc. The bank doesn’t charge any fees for using ATMs and provides 24*7 customer support service. You can use the banking services online like the TD Global transfers using the TD Bank mobile app. The app has been developed with a user-friendly approach and is very easy to use.
Also Read: Check here and understand how to apply for an education loan in USA
Key Bank
Bank Account for Students: Key Student Checking
Key Bank student checking accounts come with a lot of benefits for international students. The bank offers two categories for this account i.e. Key Smart Checking Account and Key Bank Hassle-Free Account. Both accounts come with zero maintenance fees. In the smart checking account, you will get paper checks and all other digital features while in the hassle-free account, you won’t be getting digital services and checks. However, in the hassle-free account, there is no minimum balance requirement.
Capital One Bank
Bank Account for Students: Capital One Money Account
Capital One provides banking services for students offering the the Capital One Money Account with a lot of free banking services. The bank doesn’t charge any overdraft fees and provides free budgeting tools to the students. You can make free transactions at ATMs with the debit card provided by the bank.
Trust Bank
Bank Account for Students: Trust Student Checking Account
Trust Student checking account is another famous bank for international student bank accounts. The bank provides checking accounts enabled with all the digital services offered by the bank. You will also get a paper check for making transactions. There is no monthly fee for account maintenance and debit card usage at the ATMs. You can withdraw cash without paying any additional fees.
PNC Bank
Bank Account for Students: PNC Virtual Wallet Student Account
PNC Virtual Wallet Student Account is offered by the PNC Bank under which the student can open a virtual wallet and student checking and savings account. The bank provides a virtual wallet for managing expenses. Apart from the account, the bank also provides comprehensive online tools for financial planning and budgeting without any extra charge. Here’s a comparison of Capital One international wire transfer and PNC bank international wire transfer for you to compare the fees, charges, and other details.
Types of Bank Accounts in USA
There are majorly two types of bank accounts that can be opened by students or individuals. The first one is the Savings Account which shall be opened for long-term financial planning. The other is a Checking Account which is best suited for international students. Check all details about both types of Bank Accounts in USA:
Savings Account: Long-Term Financial Planning
A savings account in the USA is customised for long-term financial planning. It’s an ideal choice if you intend to set aside money for emergencies, future travels, or other personal goals. Deposits made into this account accrue interest, making it a wise choice for those with a focus on building financial security over time. Savings accounts offer a safe gateway for your funds while providing the potential for modest growth through interest earnings.
Also Read: Planning to study abroad? Check here and know all about Axis Bank Education Loan to Study Abroad without Collateral
Checking Account: Seamless Transactions for Daily Living
A checking account is the best option for international students studying in the USA. This account is best for frequent deposits, withdrawals, and money transfers. With a checking account, you receive a debit card and a chequebook, enabling you to access funds easily and manage living expenses efficiently. This type of account facilitates seamless transactions, providing the flexibility needed for daily financial activities.
Minimum Balance for an International Student Bank Account in the US
The minimum balance for international student bank accounts in the US varies by bank. While there is no upper limit on deposits, it’s essential to understand the minimum balance requirements. For savings accounts, the minimum balance usually ranges between INR 25,000 and INR 200,000. However, if you have a checking account with the bank, there is no restriction for a minimum balance in the account. One of the banks offering this service is the Key Students Checking Account.
Why Should International Students Have a Bank Account in the USA?
There are a lot of benefits of having a bank account in USA while studying there. A local bank account makes it very easy to manage the day-to-day expenses. Also if you face any issues while handling the account, you can easily visit the branch of the bank and get the issue resolved quickly. Check some of the major benefits of having a bank account in USA:
Secure Tuition Payments
Having a US bank account facilitates secure and legal tuition payments without the hassle of international transfers, ensuring your academic journey remains uninterrupted.
Safety and Responsibility
A local bank account provides a secure way to manage cash while living alone in a foreign country. It promotes financial responsibility and better wealth management, giving you control over your financial well-being.
Multicurrency Transactions
International bank accounts allow transactions in multiple currencies, enabling ease of financial operations between countries. Additionally, you benefit from low exchange rates, saving money on currency conversions.
Investment Opportunities
Banks offer international students various investment opportunities, ranging from savings accounts to more complex financial instruments. This helps in exploring and expanding your financial options, potentially growing your wealth over time.
How to Select the Best Bank in the US for International Students?
Whenever you are planning to open a local bank account, you must compare the banks based on several factors like services offered, digital facilities, custom support, ATM facilities etc, When choosing the best bank account for international students in the USA, consider the following factors:
Online Banking Facility
As an international student, having an account in a bank that provides online banking, as well as a debit and credit card, is essential. It is not always possible to go to the branch of the bank to avail banking services.
Services Offered
Banks in the US offer international students additional benefits such as cash bonuses, discounts, ATM fee waivers, overdraft protection, and more. While shortlisting the best bank for yourself, consider these services as they will help you save money.
Branch and ATM Facility
While searching various banks, make sure that the one you choose has a branch and ATM facility surrounding your university or accommodation. Accessibility to ATMs without additional fees can significantly impact your convenience. Several banks have their branch inside the university campus as well.
FAQs on Best Banks in the USA for International Students
Some of the top banks for international students in the USA include Bank of America, Chase, Wells Fargo, Citibank, and Capital One. These banks offer specialised accounts and services for international students.
Yes, most banks in the USA allow international students to open bank accounts. However, requirements may vary depending on the policy of the bank.
Yes, many banks offer specific accounts for international students. These accounts often come with features like no monthly fees, low minimum balance requirements, and convenient online banking options. They may also provide resources to help students understand and manage their finances.
When choosing a bank as an international student, consider factors such as account fees, accessibility of ATMs, online banking features, customer service, and any special perks or benefits offered to students. It’s also essential to check if the bank has a presence on or near your campus.
Yes, international students can apply for a credit card in the USA. However, credit approval may depend on factors such as income, credit history, and the specific policies of the bank. Some banks also offer secured credit cards, which can be a good option for those building their credit history.
International students typically need to provide a valid passport, a student visa (such as an I-20), proof of enrollment at a US university, and a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Some banks may also require proof of address in the US or additional identification documents.
Yes, most best banks in the US for international students allow money transfer services abroad. However, students should inquire about the fees associated with international wire transfers, exchange rates, and the time it takes for the transfer to process, as these factors can vary significantly between banks.
Selecting the right bank is a pivotal step in ensuring a smooth financial journey as an international student in the USA.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
