The Best US Bank Account for International Students
When coming to study in the US, international students face a few challenges. Some include housing and tuition fees, cultural and environmental differences, and system adaptation. To ease the immigration process, we suggest opening a US bank account.
Perks of owning a US bank account
As an international student, you are not cutting ties with your family abroad. Indeed, the US can be your career end goal, but it may also be a single step. Therefore, you may ask yourself what are the benefits of owning a US bank account.
Currency adjustments
The first reason is for currency adjustments and exchange rates. By using your home country bank account, you may face repeated fees due to currency fluctuations. Furthermore, exchange rates between your local currency and the USD may be huge. For instance, if you come from Tunisia, you currently need almost 3 Tunisian dinars to make up for 1 USD.
Cash and daily expense management
The second reason is to ease cash and daily expense management. Having a US bank account allows you to withdraw cash at will, without having to think about additional charges. Furthermore, managing and budgeting daily expenses becomes a piece of cake. With a US debit or credit card, you don’t have to worry about international fees or regulations.
Pay for tuition
Depending on where you’re getting your funding from, owning a US bank account may ease your tuition payments. International transfers can be a plague considering exchange rates and the extended time period to make them (up to a week).
Saving opportunity
The last reason you may want to consider owning a US bank account is for saving opportunities. Depending on the type of account you are registering for, you may be able to get saving features.
Generally speaking, there are two types of accounts available: savings account and checking account.
Opening a savings account
Opening a savings account as an international student in the US is totally possible. The requirements are the same as for the checking account. A US savings account allows you to save in USD. This is a smart strategy to set money aside. However, note that you may be required to deposit a minimum amount. Plus, your money may be blocked for a certain period of time.
Opening a checking account
When first opening a US bank account, we recommend you choose a checking account. Checking accounts allow you to withdraw money and make easy transactions both nationally and internationally. Considering your needs, this type of account is preferable. Furthermore, you’ll be given a debit or a credit card.
Opening savings and checking accounts
As an international student in the US you can open both: a savings and a checking account. However, you’ll need to provide a set list of documents, including but not limited to:
- Passport
- Student visa
- Acceptance letter from university
- Debit or credit card from home country
- Report of credit history.
Although it is depicted to be accessible, this process can be time consuming. The main reason being that you need several proof of your international student status. Note that you don’t need a US address to open a bank account in the US. However, you will need to provide housing evidence through your home country bank account.
Finnt makes it easier
Knowing the struggles international students face opening a US bank account and managing their finances, we built an app to make them more accessible.
Finnt provides a USD deposit account that you can open in less than 10 minutes. Providing only your national ID and SSN or ITIN, you’ll get access to:
- instant saving on your checking account
- a free virtual debit card
- money transfers and saving for family members
& more.
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