Are there bank accounts for international students?

Quick insights

• An international student may be able to open a bank account in the United States for personal banking.
• Checking and savings accounts can be useful tools for international students.
• The type of bank account that would be best for an international student depends on the account terms, features and individual needs.

Going to school in the United States can be exciting, rewarding and maybe even a bit stressful. The logistics of setting up personal finances might seem complex. Read on to learn about the bank account options generally available to international students.

Types of U.S. bank accounts

Several types of accounts that financial institutions offer in the United States are designed for personal banking and could be useful to international students:

• Checking accounts: This is a good option for managing daily finances, such as making purchases and cash withdrawals. Money can also be deposited in person, online and on a bank’s mobile app. Checking accounts may have additional benefits tailored to a student’s needs.
• Student accounts: Some bank accounts are designed just for students, such as a student checking account. Several features and fee policies could be useful for all types of students. This account type, like a standard checking account, typically comes with a debit card, which provides a way to withdraw cash and make purchases.
• Savings accounts: A main purpose of a savings account is to set aside money for future expenses or emergencies. Having money saved for unexpected situations can be useful. Savings accounts may also earn interest but have limits on withdrawals or transfers.

Are international students eligible for U.S. bank accounts?

International students are generally eligible to open U.S. bank accounts if they are a certain age and can prove they are not a permanent U.S. resident. Eligibility requirements vary by bank, but many offer a type of account specifically for individuals studying in the States.

What documents are needed to open a student bank account?

The documents needed to open a U.S. bank account typically have to prove an international student’s identity, U.S. address and enrollment status. Here are some examples:

• Official ID: This could be a passport or government-issued photo ID. The acceptable forms of identification (PDF) are normally listed during the application process, and a secondary form of ID may be required.
• Visa: This could be one or more official documents showing legal status in the United States: an F-1 visa, Form I-20, or a letter from a university’s international student office, for example.
• School enrollment: This usually has to be issued by a recognized educational institution. The document could be an acceptance letter, enrollment certificate or student ID with photo.
• Proof of address: A bank might request proof that an international student has a mailing address in the United States. Example documents include utility bills, lease agreements and letters from a university.

What you need to open a bank account often varies from bank to bank. You can contact financial institutions directly to clarify what documents you’ll need to provide.

Opening a student bank account internationally vs. in-person

Knowing when and how to open a bank account are important steps when preparing to study in the United States. Fortunately, there are two main options:

Opening a bank account from abroad (or virtually)

Opening an account before arriving in the United States might be possible. Some banks accept all required documentation digitally or have an overseas office where applicants can complete the account-opening process.

Opening an account in-person

Some banks require individuals outside the United States to open an account in person at a local branch or office. This requirement may sound inconvenient but offers some benefits, such as facetime with a bank representative, who can help explain terms of the account.

Banking features to consider for international study

Whether it’s a checking or savings account, certain banking features may be particularly helpful for international students. For example:

• Online banking: A common convenience these days, online banking could help students manage money in a variety of ways. It can be particularly useful given the demands of courseloads and extracurricular activities.
• Mobile banking: Most banks also offer mobile apps for fast and convenient banking right from a mobile device. Having this account access may be useful in many situations, such as checking a balance before buying books.
• ATM access: The availability of a bank’s ATMs could be important depending on where someone is studying. A college campus, for example, may have an in-network ATM to deposit checks or withdraw cash.
• Wire transfer services: These can be important for students who are spending significant time away from their home country. Wire transfers to a U.S. bank account may be offered at different costs depending on account type.

In summary

International students are typically eligible to open U.S. bank accounts but may need to visit a financial institution in person. Age, ID, residence and a student’s enrollment are usually verified with several documents, including an F-1 visa and enrollment letter. Many types of bank account, such as a college checking account, have features that are particularly useful for students.