Best bank account for international students in USA

We need money to meet our daily living expenses. However, carrying large amounts of cash is not recommended, especially for students pursuing higher education in the United States.

Additionally, unless you have a work permit and are on the road to financial independence, your parents will need to send money online to survive. Opening is the only way to receive these funds, so it is very important. However, knowing which bank to choose and what type of account to open is very important.

Choosing the right bank

To make the right choice, you should keep in mind the most important factors for easy money transfer online and find answers to the following questions.

• What type of banking service do you need?

Check with your bank to see if they offer services such as digital banking, debit cards, credit cards, etc.

• How much do you send each month?

Bank fees apply based on the amount sent and the minimum amount you want to keep in your account.

• Are the nearest branches and their ATMs in your area?

Choose a bank with branches and ATMs near where you live in the United States.

• Does the FDIC insure banks?

You should choose a bank that is insured by the Federal Deposit Insurance Corporation. Even if your bank goes bankrupt, you can be sure that you will receive your funds.

Banks that provide bank account services to international students in the United States

There are several banks that offer the service of opening a bank account for international students in the United States. Just like a regular bank account, these banks offer international students the same banking services, allowing them to send money online or receive money from family members. Common bank and account types include:

See the table below for details on pricing and benefits.

Choosing the perfect bank account

There are two types of bank accounts that international students can choose from in the United States: savings accounts and checking accounts. A savings account allows students to earn better interest rates and save money if they work long term or part-time. You can deposit, withdraw and transfer money. Some banks only allow account opening for certain student visas, such as F1 visa (study), J1 visa (internship), M1 visa (vocational study). It’s important to check with your bank and see how dependent they are on your visa application.

Flow of opening a bank account

International students generally need the following documents to open a bank account in the United States:

• your passport
• student visa
• Second ID (student ID or driver’s license)
• university enrollment certificate
• Seed money to open a bank account (varies for each bank)

Visit your bank branch to open an account or visit your bank’s website to see if students can open an account online.

Conclusion

To receive or send money online through a money transfer company, you need a bank account to complete the transaction. Opened bank accounts serve as a medium for sending money, especially since most banks incur high transfer fees and take longer to send money than digital banks. CompareRemit’s handy feature allows you to compare money transfer companies and their exchange rates with American banks and other money transfer companies to find the most affordable money transfer services.