In this article, we’re explaining where to find the best bank accounts for international students in the USA. We’re going to break down your options and help you navigate account opening as a new student, both before and after you arrive.
Importantly, if you are looking to open digital accounts like those in Europe, you’ll find that most of the US fintech options cater to US businesses and not individuals. But don’t worry, there are plenty of traditional banks to choose from.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to you.
Table of Contents
- How to Find the Best Bank Accounts for Students in the USA
- What is a Student Bank Account?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
How to Find the Best Bank Accounts for Students in the USA
Opening Accounts Before You Arrive in the USA
Whether you’re an international student or a non-resident staying abroad finding the best bank account in the US as a foreign national is challenging. If you are moving, it can often help to set up an account before you even land in the United States.
For example, if you are an international student and you plan to live off campus, you will probably need a local bank account to send monthly rent payments, pay local utility bills, and get a local phone number.
That said, opening an account in the United States from abroad can be difficult. This is especially true if you cannot meet the qualifying deposit, don’t have a US address, don’t have a tax identification number, or meet other requirements. However, it’s still possible to open an account. You just need to know which banks (and bankers) to contact and which account-opening strategies to use.
Note: most international students prefer to open a bank account before arriving in the US. It not only streamlines your transition to the country but also makes paying for local services easier and cheaper.
Before diving in any further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Opening Accounts After You Arrive in the USA
On the other hand, if you plan to open a bank account in the USA after arriving in the US, the account opening process will be more straightforward. In fact, in many instances, there are banks located near US universities and college campuses that can help with the account opening process for students.
Of course, you will still need to meet the bank’s account opening requirements, such as providing supporting documentation, proof of your status as an international student, and (in some cases) a qualifying deposit. However, the banks near campus will be experienced with onboarding such accounts and equipped to assist you.
What is a Student Bank Account?
While most banks have designated bank accounts for students, you are not required to open a “student bank account” simply because you’re an international student. So, if you are currently weighing the available options, be sure to consider all of the accounts that are on offer by the bank before making a decision.
Checking Account
Since most people in the university are full-time students and not fully employed, most student bank accounts are checking accounts. That said, many students will also open a savings account, in addition to a checking account.
Frequently Asked Questions
Below are four of the most common questions that we receive from international students looking to open US bank accounts. If you have further questions, don’t hesitate to get in touch with us directly.
Can International Students Open Bank Accounts in the USA?
Yes, international students can open a bank account in the USA. This includes opening an account before or after arriving in the country. In most cases, opening accounts before arriving will require a higher deposit to open the account.
Can International Students Obtain US Credit Cards?
Yes, international students can obtain US credit cards from US credit card issuers if they have a social security number (SSN) or an Individual Taxpayer Identification Number (ITIN). It’s also possible to obtain US credit cards without an SSN or ITIN. We discuss this in detail in our advanced report called US Credit Cards for Foreigners and Non-Residents
Can I Open a US Bank Account Online Before Entering the US as a Foreign Student?
Yes, it is possible to open a US bank account online before entering the US as a foreign student. However, not all US banks will accept online (or remote) applications. So, it’s important to know which specific banks (and bankers) to approach, what their specific account opening requirements entail, and which account opening strategies work best for your situation.
Can International Students Have More Than One Bank Account?
Yes, international students can open multiple bank accounts in the United States. In fact, international students can even open multiple bank accounts in the United States before entering the country.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
