As an incoming international student, it’s important that you set up your US bank account and get a US-based debit/credit card as soon as you arrive on your student visa. Click here to learn more about opening a bank account in the US as an international student.

However, you must consider and compare the different types of fees that banks charge while evaluating the US banking options that are international student-friendly. Bank fees can quickly add up and you should be aware of the different types of fees that your bank may be charging you.

Set up your cash card before you leave for the US!

We're getting ready to launch our cash card solution for international students who plan to study in the US. We know that you will not be able to set up your US bank account on day 1. Use the Onboard Cash Card (think of it as a temporary debit card that’s acceptable nationwide in the US) to pay for your expenses as soon as you land in the US.

• 100% Online Setup, No SSN Required

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Here are some of the most common types of fees that banks charge:

Setup Fees

Ranges between $10 - $30 at opening

Banks may charge you an initial fee to simply open an account with them. Some banks mask this as a ‘minimum deposit’ required to open your account, which may not seem like an outright expense, yet comes at a cost to your wallet.

Minimum Balance Fees

Ranges between $5 - $25 every time your balance drops

Some banks will charge you a fee every time your account balance drops below a certain value. This can be extremely stressful since you need to constantly ensure that your balance does not drop below the minimum balance amount specified by your bank. 

Account Maintenance Fees

Ranges between $4 - $25 per month

This is the fee that banks charge you for using and maintaining an account with them. Most international student-friendly banks waive this fee for students up to the age of 23-25, but incoming graduate international students end up paying these hefty fees.

Overdraft Fees

Ranges between $25 - $40 per overdraft

If you’ve opted for overdraft coverage, your bank will allow your transactions to go through even if your account does not have sufficient funds, and it will charge you an overdraft fee to make the purchase. You must set up low-balance alerts for your bank account since overdraft fees can add up very quickly.

Insufficient Funds Fees

Ranges between $25 - $35 every time your transact beyond your existing account balance

If you have not opted for overdraft coverage, and try to purchase something that may cost more than the amount of funds you have in your bank account, your bank may decline the charge or return the charge as unpaid, and then charge you a fee for transacting beyond your means. You must set up low-balance alerts for your bank account since insufficient funds fees can be very expensive.

ATM Fees

Ranges between $4 - $9 per transaction

If you use an ATM that is not affiliated with your bank account, you will most likely be charged an ATM transaction fee by both the ATM bank provider as well as your own bank. It’s important to open a bank account with various ATM locations close to your dorm room / student accommodation.

Excess Transaction Fees

Ranges between $4 - $30 per excess withdrawal

Banks usually set a cap on the number of withdrawals you can make per month. Exceeding this limit will levy an excess transaction fee that gets charged to your account. If you’re using a savings account, you might want to consider switching your everyday expenses and bill pay to your checking account. 

Wire Transaction Fees

Ranges between $20 - $50 per transaction

Banks will charge you fees for sending money to someone else’s US bank account (via a domestic wire transfer) or when you transfer money to someone abroad via an international wire transfer. You can try online banking or other methods of domestic transfers to avoid paying domestic wire fees and use reputable remittance apps to transfer money internationally. 

Account Closing Fees

Ranges between $10 - $30 upon closing

If you close your bank account before the minimum time period specified to you while opening your bank account, your bank will charge you a fee for an early closure of your account. Meet the minimum balance requirement till the stipulated time period to avoid paying such fees.

Get your US phone plan and number set up before you leave for the US

Onboard Mobile is the first phone plan designed with the international student in mind. Get your US SIM card delivered to your home country address in a few days, and activate your plan / get your US phone number a few days before you leave for the US. Click below to browse through our plans - starting at just $20/month.

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