How to Open a Bank Account in USA for International Students| North Loop Official Blog
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03 Mar 2020

How to Open a Bank Account in USA for International Students

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How to Open a Bank Account in USA for International Students

If you’re an international student in the US, or going to study in the US soon, you should open a US bank account. Here’s some information about what to look for when deciding to sign up for an how-to-open-bank-account-for-studentsinternational student bank account USA.

Which Bank is Best for International Students?

When you’re deciding which bank to open an account with, here are some factors you should consider:
  • Is this a free international bank account?
  • Are there any incoming wire fees?
  • What are the ATM fees?Is this a no fee student bank account?
  • Will I be charged a monthly fee? Will it charge me a fee after I graduate?
  • Are there any account minimums?
  • Can I get a credit card?
  • Is receiving money simple, easy and free?

The best bank account for international students USA is one that charges no incoming wire fees (most banks charge over $15 per transfer!). Also make sure you can get a credit card (most banks will not offer an international student credit card), and finally, make sure that you aren’t being charged any monthly fees (both during college and after graduation).
If you’re looking to travel, then the best international bank account will also not charge you any foreign transaction fees - most banks can charge up to 3% per transaction when you use their card outside the US!

Enjoy unlimited no fee ATM withdrawals with a student account

Types of Accounts for Students

There are two types of bank accounts in the US that are available to international students:
Savings Accounts - savings accounts are designed for those who want to save money. You can hold money in these interest-earning accounts over a long period of time and earn interest on your deposits. It’s important to note that all interest earned on these accounts is eligible for taxes, so make sure you file your taxes and report any earnings (even as an international student). Note - savings accounts only let you withdraw funds six times a month.

Checking Accounts - these are accounts for everyday use. Checking accounts come with a debit card, ATM withdrawal options and (sometimes) a checkbook. These accounts are where you deposit money that you will use for your everyday living.

How to Open a Bank Account

To open an international student account, most banks will require that you have the following documents:
  • Passport
  • I-20 or DS Form
  • Student Visa (F-1/J-1)
  • Proof of Address (in the US)

You’re required to bring these documents in person when you visit a branch (or upload them online if you’re signing up for North Loop and save the hassle of going to a branch)

Open an Account Online
If you want to open student bank account online, you can’t do that at most banks in the US as all options require a social security number. The only international student bank account online is North Loop, which lets you sign up online (even before you come to the US) and is specifically designed for international students.

North Loop Checking Accounts

North Loop is the best bank account for international students USA. No incoming wire fees, no ATM fees, no account fees, no account minimums- you could save over $300 a year with a North Loop account vs. other bank accounts. No foreign transaction fees as well! Send money for free and get amazing cashback. Signing up takes 5 minutes Sign up here

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.