You may be a student or a working individual, you will always need money. As a student, it is advisable not to carry around wads of cash, so the best suggestion is to put it in a bank. If you are pursuing your higher education in the USA, managing your money can get a little difficult. Unless you have a work permit and you are financially independent, your parents will have to send money for you to survive. At this point, opening an account is a good idea but you need to know which bank to pick.
Choosing the right bank
While picking your bank, ask yourself these important questions:
How much money will you be transferring every month?
Find out how much the bank charges on every transaction and calculate according to the money you will be getting and the amount you wish to keep in your account.
What type of banking services/options would you need?
Find out if the bank provides debit/credit cards and if they have easy banking transactions via digital methods.
Is the nearest branch and its ATM within your residential vicinity?
It is always advisable to choose a bank that has an ATM and a branch office near your place of residence or your university.
Does the FDIC insure the bank?
You should choose a bank that is secured by the Federal Deposit Insurance Corporation. It will ensure that you receive funds even if the bank goes under.
There are too many banks that offer banking options to international students in the US. These banks allow students to send and receive money, internationally. Here is a list of banks that offer banking services to international students specifically:
l Bank of America- Advantage Safe Balance Banking
l Wells Fargo- Student Checking Account
l HSBC USA- International Student Account
l US Bank- Student Checking Account
l TD Bank- TD Student Checking
l Capital One- 360 Checking Accounts
l Santander- Student Value Checking
l Chase- Chase College Checking
Picking the perfect bank account
Typically, there are two types of bank accounts for a student to choose from: a savings account and a checking account. A savings account allows an individual to earn some interest and save money over an extended period and if you are working part-time. However, a checking account will allow you to deposit, withdraw and send money online whenever you want to. Some banks have strict rules of allowing students with F1 Visa (academic), J1 Visa (Practical training), or M1 Visa (vocational studies) to apply for bank accounts. It is necessary for you to check your visa compliance with the bank you decide to pick.
Opening a bank account
As an international student, you would typically need the following documents to open a bank account in the USA:
l Your Passport
l Student Visa
l Second ID proof (student card or driver’s license)
l Proof of university enrollment
l Seed money to open the bank account (differs with each bank)
You’ll need to provide some money then and there to begin your account with. You can visit the bank’s branch to open your account or visit their website to see if they allow students to open an account online. The ideal bank for international students in the US depends on exactly what you need, but hopefully, this article has given you a useful place to begin.
Building credit
As an international student inside the US, there are key vital pieces of information you should be aware of when you first arrive, and building credit is one. Although your stay in the US may be short-lived, having a set credit history during your stay can be beneficial. Everyone in the US builds onto their credit history almost regularly, whether it’s participating in small acts like paying the utility bills, or larger acts like paying off a car. An individual’s credit history is the backbone in creating financial independence in the US — so it is important to develop.
You will most definitely need a bank account to be able to be monetarily free. Some banks incur high transfer fees and the whole purpose of money transferring is defeated. If you are looking for innovative mobile payment technology while wanting security and financial stability, visit us at Orokii!
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