Studying abroad is an exciting journey for any student. However, managing finances in a foreign country shall be planned properly and having an international bank account is best for that.
For Indian students aspiring to study abroad, securing the right checking account is an important step towards financial stability and managing day-to-day expenses. In this blog, we will explore the best checking account for international students studying abroad.
Table of contents
- Chase Bank – College Checking Account
Chase Bank offers a College Checking Account that is best suited to international students. The bank offers zero monthly service fees for up to five years while in college. It provides access to over 16,000 ATMs and more than 4,700 branches nationwide. Chase mobile banking app offers features like mobile check deposit and account alerts and other digital banking preferences. However, international transactions may incur fees and you shall avoid frequent transactions.
Also Read: Check here some of the most important terms related to international money transfer
- Wells Fargo – Everyday Checking Account
Wells Fargo Everyday Checking Account offers various features suitable for students. These include zero monthly service fees and direct deposit options. It has a vast network of ATMs and branches and so the students can access their funds across the United States. International students can benefit from Wells Fargo Global Transfer service that makes international money transfer services easy with competitive exchange rates
- HSBC – Student Checking Account
HSBC Student Checking Account is designed specifically for international students and provides benefits like no monthly maintenance fees and unlimited ATM fee rebates worldwide. HSBC has a global presence which provides seamless access to funds internationally. The account has features such as mobile check deposits and 24/7 online banking. However, students should check the HSBC fee schedule to understand the types of charges for certain transactions and services.
Also Read: Staying abroad for studies? Check here for some of the important tips for the cheapest international money transfer
- HDFC Bank NRE Rupee Checking Account
Catering specifically to Indian international students, HDFC Bank offers the NRE Rupee Checking Account, which allows seamless repatriation of funds, competitive exchange rates, and convenient online banking services. With no minimum balance requirement and a wide network of ATMs, it’s a popular choice among students.
- ICICI Bank NRE Account
ICICI Bank NRE Account provides Indian students studying abroad with a comprehensive checking solution. You will get attractive features like free international debit card issuance, 24/7 customer support, and easy fund transfers. The bank offers convenience and reliability, making it a preferred choice among other banks. You can make an enquiry with the bank by 24×7 helpline number for services like inward and outward remittance.
- Axis Bank NRE Rupee Checking Account
Axis Bank NRE Rupee Checking Account is dedicated scheme for Indian students studying overseas. It offers benefits like multi-city banking facilities, competitive exchange rates, and a user-friendly mobile banking app. It has no charges for inward remittances and provides access to a global ATM network.
- State Bank of India (SBI) NRE Savings Account
SBI is the largest government bank in India offering a lot of international financial services to students. SBI NRE Savings Account is a popular choice among international students due to its wide accessibility and attractive banking features. The bank offer options for both online and offline banking, low maintenance requirements, and personalised customer service.
- Kotak Mahindra Bank NRE Savings Account
Kotak Mahindra Bank NRE Savings Account caters to the banking needs of Indian students studying abroad. The bank offers benefits such as competitive interest rates, free international debit card issuance, and seamless online fund transfers. You can also get a Kotak Mahindra Forex card easily and manage expenses without any hassle.
- Yes Bank NRE Savings Account
Yes Bank NRE Savings Account is designed to meet the banking requirements of Indian students studying overseas. The bank is renowned for providing attractive features like instant fund transfers, low interest rates, and 24/7 customer support. Apart from the NRE account, you can also apply for an education loan from Yes Bank as well as loan refinance.
- Federal Bank NRE Savings Account
Federal Bank NRE Savings Account is a preferred choice among Indian international students because of its comprehensive banking services and competitive offerings. With benefits like free international debit card usage, online account management, and quick fund transfers, it is one of the best bank for international students. However, the bank has discontinued its Forex Card. Contact the bank for more details on international bank account for transferring and receiving money from abroad.
Tips for Choosing the Right Account
When selecting a checking account as an Indian international student, consider the following tips:
- Compare the features, fees, and benefits offered by different banks to find the account that best aligns with your needs and preferences.
- Look for accounts that offer competitive foreign exchange rates and minimal fees for international transactions to avoid excessive charges.
- Prioritise accounts with a widespread network of ATMs and branches, both domestically and internationally, for convenient access to your funds.
- Look for accounts with student-friendly features such as no monthly maintenance fees, mobile banking options, and overdraft protection.
- Pay attention to any eligibility criteria or minimum balance requirements associated with the checking account to ensure it suits your financial situation.
Major Benefits of Checking Account for International Students
As students will frequently need to manage transactions in foreign currencies, a checking account with favourable foreign exchange rates and low transaction fees is working. Check some of the major benefits of checking students below:
- You will get easy access to funds through ATMs and online banking platforms, both domestically and internationally.
- Many students seek accounts with benefits as per the requirement, such as no monthly maintenance fees, overdraft protection, and mobile banking options.
- Currency exchange will be very easy as you will already be an existing customer of the bank.
Banks like Chase Bank, Wells Fargo, HSBC, or another financial institution provides easy options for opening a checking account for international students. Always compare the terms and conditions of all the banks and then proceed with the account best suited for your requirements. Check some of the FAQs based on 10 Best Checking Account for Indian International Students.
FAQs
Indian international students should look for accounts with competitive foreign exchange rates, minimal fees for international transactions, a large network of ATMs and branches, no monthly maintenance fees, mobile banking options etc.
Some of the best banks for checking account are Chase Bank College Checking Account, which offers zero monthly fees for up to five years, and Wells Fargo Everyday Checking Account, which also has zero monthly fees and a vast ATM network.
Indian banks like HDFC, ICICI, Axis Bank, SBI, Kotak Mahindra, Yes Bank, and Federal Bank offer NRE checking accounts. These accounts offer benefits such as no minimum balance requirements, competitive exchange rates, and easy online banking.
A checking account provides easy access to funds through ATMs and online banking, benefits like no monthly maintenance fees and overdraft protection, and simplified currency exchange with competitive rates and low transaction fees.
International checking accounts offer easy access to funds, mobile banking features for expense monitoring, options for international money transfers with competitive exchange rates, and protection against high fees for frequent transactions.
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.
Follow Us on Social Media
