Can an International Student Open a Bank Account in the US?

For international students in the United States, establishing a local bank account is a practical step for managing finances. This guide covers necessary documentation, selecting the right account, and the opening process for a smoother financial transition.

Required Documentation and Information

Before visiting a bank, international students must gather specific documents. Banks require these to verify identity, legal status, and student status. Having them ready streamlines the account opening process.

Your valid passport is the primary identification document, confirming identity and citizenship. Your U.S. visa (F-1 or J-1) is also required to demonstrate legal entry and immigration status.

Form I-20 (F-1 students) or DS-2019 (J-1 exchange visitors) confirms your student status. Proof of a U.S. address is also required. Acceptable forms include a utility bill, a lease agreement, or an official letter from your university’s housing department or international student office.

An SSN or ITIN may be requested, but is not always mandatory for basic accounts. An SSN is for those authorized to work in the U.S., while an ITIN is for tax reporting for individuals not eligible for an SSN. Many banks can open accounts without an SSN or ITIN, especially for non-interest-bearing accounts. Some may require one for interest-earning accounts or credit products. Inquire about specific SSN/ITIN policies with banks before applying.

Selecting a Bank and Account Type

Choosing the right financial institution and account type impacts your daily financial management. Various options exist, each with distinct advantages and disadvantages for international students. Understanding these differences helps you select the best fit.

Large national banks, such as Chase or Bank of America, offer extensive ATM networks and widespread branch locations across the country, which can be convenient for students who travel. However, these banks might have higher fees or less personalized customer service compared to smaller institutions. Conversely, local banks and credit unions often provide more personalized service and potentially lower fees, as credit unions are non-profit organizations owned by their members. Some universities even have affiliated credit unions on campus that offer student-tailored accounts and easier joining processes.

International students typically consider two main types of bank accounts: checking accounts and savings accounts. A checking account is designed for everyday transactions, allowing you to deposit and withdraw money frequently for daily expenses, bill payments, and purchases using a debit card. These accounts generally offer little to no interest on balances and may come with monthly service fees, ATM fees for out-of-network withdrawals, or overdraft fees.

A savings account, on the other hand, is intended for saving money and typically earns interest, helping your funds grow over time. Savings accounts often have limitations on the number of withdrawals per month and may have minimum balance requirements or other fees. Many students find it beneficial to open both a checking account for daily spending and a savings account for longer-term financial goals. When choosing, consider factors like monthly fees, ATM access, minimum balance requirements, online and mobile banking features, and the costs associated with international wire transfers, which can be important for receiving funds from home.

Opening Your Bank Account

Once documents are gathered and a bank and account type chosen, the next step is to open your bank account. An in-person visit to a bank branch is often the most recommended method. This allows for direct verification of physical documents and provides an opportunity to ask questions.

During your visit, a bank representative will guide you through the application. You will present your passport, U.S. visa, Form I-20 or DS-2019, and proof of U.S. address. The representative will assist you in completing the application form, which asks for your full name, U.S. address, contact details, date of birth, country of citizenship, and visa information.

An initial deposit is usually required to activate the account. This can often be made with cash, a money order, or a wire transfer. The minimum initial deposit can vary between banks, but it is often a small amount, such as $25 to $100. After the application is processed and the initial deposit is made, you will receive immediate account information, including your account number and routing number.

Your debit card and checks are typically mailed to your U.S. address within 7 to 14 days. In the interim, many banks allow immediate access to mobile banking features. Setting up online and mobile banking is important for managing funds, paying bills, and monitoring transactions. Ask the bank representative any remaining questions regarding fees, online access, or international transfer options during this meeting.