Can an International Student Deposit Cash in a Bank?

International students arriving in the U.S. often encounter a new financial landscape. Many arrive with cash, prompting questions about safely and legally depositing it into a bank account. U.S. financial institutions offer various services to accommodate international students.

Establishing Eligibility for Bank Services

Before depositing cash, international students typically need to open a bank account. U.S. banks require specific documentation to verify identity and comply with regulations. Primary identification usually includes a valid passport from the student’s home country and their U.S. visa, such as an F-1 for academic studies or a J-1 for exchange visitor programs.

Proof of international student status is also necessary, commonly provided through the Form I-20 for F-1 students or the DS-2019 for J-1 students. These forms confirm enrollment in a Student and Exchange Visitor Program (SEVP)-approved institution. Banks will also require proof of a U.S. address, which can be a utility bill, a lease agreement, or an official letter from university housing.

A Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is not always mandatory for basic accounts. An SSN is generally for those authorized to work in the U.S., while an ITIN serves as a tax processing number for individuals without an SSN. Some banks may require an SSN or ITIN for interest-bearing accounts or credit products, but many allow account opening without them, especially for basic transaction accounts. Financial institutions must still report interest income to the Internal Revenue Service (IRS), even if an SSN or ITIN is not on file for the account.

Understanding Cash Deposit Regulations

Depositing cash into a U.S. bank account is generally permissible for international students, provided the funds are from legitimate sources. The U.S. financial system has regulations to prevent illicit activities like money laundering and terrorist financing. The Bank Secrecy Act (BSA) mandates financial institutions to maintain records and report certain transactions.

A key component of the BSA is the Currency Transaction Report (CTR), filed for cash transactions exceeding $10,000 in a single business day. This threshold applies to deposits, withdrawals, or exchanges of currency, whether conducted in one transaction or multiple related transactions that aggregate to more than $10,000. The CTR is filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing a CTR is a routine reporting obligation for banks and does not inherently imply suspicion regarding the transaction or the individual.

Attempting to avoid CTR filing by breaking large cash transactions into smaller ones is illegal; this is known as structuring. Structuring can lead to severe penalties, including fines and imprisonment, even if the funds originate from a legitimate source. If asked by the bank, individuals should be prepared to explain the legitimate source of large cash funds, such as family support, personal savings from their home country, or earnings from authorized employment.

The Cash Deposit Process

Once a bank account is established, depositing cash is straightforward. Before visiting the bank, it is advisable to organize the cash by denomination and ensure it is in good condition. Having the account number or a debit card readily available will expedite the transaction.

At a bank branch, the most common method is to approach a teller during business hours. The student may need to fill out a deposit slip, indicating the account number and total cash amount. The teller will count the cash, verify the amount, and process the deposit. For larger amounts, or if the deposit meets or exceeds the $10,000 CTR threshold, the teller might request identification and ask about the source of funds for the report. Always retain the deposit receipt as proof of the transaction.

Alternatively, cash deposits can often be made at an Automated Teller Machine (ATM). However, ATMs typically have limits on the number of bills that can be deposited at one time, which can vary by bank and machine. Funds deposited via ATM may not be immediately available, and the machine might not provide immediate verification of the exact cash amount. It is not possible to deposit physical cash through online banking platforms or mobile applications, as these methods are generally designed for electronic transfers or check deposits.