Moving to a different country as an international student is a costly affair but you cannot expect to carry all the money you require. This is where international bank accounts come into the picture. International bank accounts not only provide a safe place for your money but also ensure quick payments, withdrawals, overdrafts, and debit/credit card facilities. Having a bank account in the USA for international students will help them get good at money management. Many banks offer various budgeting tools to help students make the right decisions regarding their savings and expenses.
For doubts and confusion regarding which bank to choose and all the necessary information about the same, upgrade to Yocket Premium right away! Our experts not only give you all the streamlined information but they can also provide you with insights that are not well known. To ease your process of opening a bank account abroad as a student, reach to out to one of our experts and book your very own 1:1 counseling session!
To give you a better context on bank accounts in the USA for international students, how they work, facilities offered, minimum balance requirements, and how to select the best bank in the US for international students, we have prepared this blog.
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Types of Bank Account for International Students in USA
Before diving into the details of the international student bank account in the USA, let us understand the types of bank accounts for international students in the USA. There are 2 types of bank accounts in the USA for international students i.e. savings accounts and checking accounts. Let us now discuss how these bank accounts are different from one another:
- Savings account: As the word itself suggests, this is the type of account meant for long-term savings. This is suitable for you only if you are looking to save some money for future emergencies, traveling, etc. and deposits in this account will get you interest on your savings.
- Checking account: This is the ideal account for international students that allows frequent deposit, withdrawal, and transfer of money. With a checking bank account, you will get a debit card as well as a checkbook using which you can withdraw money to meet your living expenses anytime you want.
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How Do International Bank Accounts Work?
Working with international bank accounts is nothing different from other banks. Just like any other bank, you will get financial services which may vary for different banks.
There can be banks that offer more investment services while others whose services are directed towards commercial entities.
Every bank has a set of policies and procedures based on which they function.
The services for students include deposit, withdrawal, and usage of cards while banks provide multiple other services to businesses and organizations including letters of credit, payroll funding, time deposits, overdraft facilities, and more
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What is the Minimum Balance for an International Student Bank Account in US?
The minimum balance for an international student bank account in the US varies from bank to bank. What you need to know is that there is no upper limit on your deposits so you are free to choose the amount you wish to keep and to manage your spending. As for savings bank account for international students in the USA, the minimum balance ranges between INR 25,000 and INR 200,000.
Why Should International Students Have a Bank Account in USA?
The first and most important reason to have a bank account in the USA is to legally and safely pay for your tuition without having to worry about international transfers. Not only this, there are various other points in favor of having a bank account for international students in the USA, take a look yourself:
- It is the most secure way of managing your cash when you are in a different country living alone.
- This is the best way you can be responsible for your money and get better at wealth management.
- With an international bank account, you can carry out transactions in multiple currencies.
- Along with ease of transactions between countries, you will also get low exchange rates.
- Your bank will offer you multiple investment opportunities and help you explore various options.
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10 Best Bank for International Students in USA
Here is a list of the best bank accounts for international students in USA:
- Bank of America Advantage Banking
- Chase Bank College Checking Account
- Wells Fargo Student Checking Account
- HSBC USA International Student Account
- US Bank Student Checking Account
- TD Convenience Checking
- Key Student Checking
- Capital One Money Account
- Trust Student Checking Account
- PNC Virtual Wallet Student Account
We have summarized all that you need to know about these banks to choose the best bank in the US for international students:
Name of Bank Account | Eligibility | Features | Minimum Deposit |
|---|---|---|---|
Bank of America Advantage Banking | Available for high school students under the age of 24. | Online banking services. Debit cards will be provided. 4,100 branches and 16,000 ATMs. Overdraft protection facility. You can keep your account even after graduation. Various finance tools that help you manage spending and budgeting. | $25 or INR 2,080 |
Chase College Checking Account | Available for college students aged 17-24 years. | No monthly service fee up to 5 years after opening the account. Receive a sign-up bonus of $100 or INR 8,320. Nearly 4,700 branches and 16,000 ATMs. | $25 or INR 2,080 |
Wells Fargo Student Checking Account | College students aged 17-24 years. | Online and mobile banking services. No monthly service fee for account holders aged 17-24 years. 24/7 fraud monitoring facility. Uses chip technology. More than 13,000 ATMs. | $25 or INR 2,080 |
HSBC USA International Student Account | International students studying in the US who are over 18 years old. | No monthly service fee up to 6 years after opening the account. Receive a welcome deposit of $100 or INR 8,320. | $25 or INR 2,080 |
US Bank Student Checking Account | Available for international students. | Online banking facility as well as access to credit scores. No monthly service fee. No service charges for ATM transactions. | $25 or INR 2,080 |
TD Convenience Checking | Available for students aged between 18-23 years. | No monthly service fee for students aged between 17-23 years. Free transactions at TD ATMs. No minimum balance requirements. | - |
Key Student Checking | High school juniors, seniors, or those pursuing post-high school education aged 16-24 years. | Online banking facility available. No fee for overdraft protection. Various tools that ensure your financial wellness. | $50 or INR 4,160 |
Capital One MONEY Account | Available for students under the age of 18 years. Students as young as 8 years are also eligible. | The interest of 0.10% per year on all balances in your account. No minimum deposit is required. Over 70,000 ATMs across the USA. | - |
Truist Student Checking Account | Students aged below 23 years can hold bank accounts. | No minimum deposit is required. No monthly service fees. ATM fees from non-trust ATMs are waived twice every month. Over 3,000 ATMs across the USA. | - |
PNC Virtual Wallet Student Account | It is a virtual student wallet that can be opened online. | No monthly service fee for up to 6 years. Automatic refund of your first overdraft fee. Earn interest on money in your bank account. Over 2,600 branches and 19,000 ATMs across the USA. | $25 or INR 2,080 |
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How to Select the Best Bank in US for International Students?
Remember to consider the following factors while selecting the best bank account for international students in the USA:
Online banking facility: As an international student having an account in a bank that provides an online banking facility as well as a debit and credit card is essential. Given your class schedule, it is not always possible to go to the counter to avail of 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 you can 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.
Extra service charges: Banks in the US often levy ATM charges if you withdraw money from another bank’s ATM. Also, there are certain service fees that banks charge every month so you can avoid having accounts in banks with high monthly fees.
From the Desk of Yocket
When seeking the best international student bank account in the USA, it's crucial to prioritize key features for financial convenience. Opt for an account with minimal fees tailored to students, encompassing considerations like monthly maintenance fees, ATM charges, and wire transfer fees. Access to a widespread ATM network or fee reimbursem*nts for out-of-network ATMs is beneficial for the ease of cash withdrawal. A robust online banking platform with mobile accessibility facilitates convenient financial management, and student-centric perks such as reduced fees and free checks add value. Investigate international wire transfer fees and procedures, ensuring favorable terms. Customer support quality and overdraft protection are also essential factors.
To get help in searching and sorting the best bank for international students in the USA, upgrade to Yocket Premium and get in touch with Yocket counselors today. You can book your personal session with one of our experts to guide you through the whole process of opening a bank account abroad as a student and navigate you through all the complexities that you might encounter.
