Why should I set up a US bank account?

If you are coming to the US for the first time as a student, you should consider opening a US bank account within the first few days of your arrival to the US. Typically, international students either carry large sums of cash, use forex cards, or swipe their debit/credit card(s) issued by their bank account in their home country to pay for their expenses. 

Hiding large sums of cash in your dorm room or accommodation can be extremely risky, and you may end up paying hefty additional fees while using forex cards or debit/cards issued by banks in your home country.

Benefits of setting up a US bank account

Opening a checking or savings account with a US bank and depositing your cash with the bank will help you keep your money safe. Using debit cards issued by US bank accounts will help you avoid paying the added international transaction and currency exchange fees. 

As a student, you’ll also be able to use college-friendly apps like Venmo and Splitwise by connecting them to your US bank account, and when needed, you’ll be able to quickly send money to or receive funds from other US bank accounts as well. 

Besides, if you decide to get a US-based credit card, the credit card issuer will require you to have a US bank account to make your monthly bill/statement payments. 

What do I need to open a US bank account?

You must consider several factors such as low bank fees, proximity from your university, availability of ATM machines near you, etc.before choosing which bank to open an account with.  

Most US banks offer an online option to set up your account with them. However, they require you to provide a Social Security Number (SSN) and/or a US phone number. Unfortunately, international students can apply for a SSN only a few weeks after they have arrived in the US and have secured a valid job that is approved by your university. As an international student, you will be required to book an appointment with your desired bank’s branch location near you, and visit the bank location with your documents, as specified by the bank. 

You must check your desired bank’s document checklist requirements before you make a trip to the branch location. Most international student-friendly banks will require you to carry the following documents:

• Original Passport (unexpired)

• F-1 Visa Page (in your passport)

• Form I-20

• US College / University Acceptance Letter

• US College / University Student ID

• Alternate form of identification (home country driver’s license, birth certificate, etc.)

Need a US phone number 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.

Browse Phone Plans

What are some international student-friendly US banking options?

Here are some of the best US bank account options for you to choose from:

Bank of America

Account Name: Advantage SafeBalance Banking
Minimum Age Requirement: You must be at least 16 years old
Setting Up: You must visit a physical location (online setup requires SSN)
Monthly Maintenance Fee: $0 for students below 25 years of age
Document Checklist + Appointment Booking: Click here

JP Morgan Chase

Account Name: Chase College Checking
Minimum Age Requirement: You must be at least 17 years old
Setting Up: You must visit a physical location (online setup requires SSN)
Monthly Maintenance Fee: $0 for students up to 5 years while in college
Document Checklist + Appointment Booking: Click here  

HSBC

Account Name: International (Student) Account
Minimum Age Requirement: You must be at least 18 years old
Setting Up: You can set it up online
Monthly Maintenance Fee: $50*
Document Checklist + Appointment Booking: Click here  

*To waive the $50 monthly maintenance fee, you'll need to meet one of the following requirements: (1) $75,000 in combined balances in US Dollar personal deposit accounts and investment balances, or (2) Recurring direct deposits totaling at least $5,000, or (3) US residential mortgage loan with an original loan amount of at least $500,000, or (4) If you are a Premier or Jade customer in your home country, you are eligible to be a Premier customer in the US.

Santander Bank

Account Name: Student Value Checking
Minimum Age Requirement: You must be at least 18 years old
Setting Up: You must visit a physical location (online setup requires SSN)
Monthly Maintenance Fee: $0 for students below 25 years of age
Document Checklist + Appointment Booking: Click here

TD Bank

Account Name: Student Checking Account
Minimum Age Requirement: You must be at least 18 years old
Setting Up: You must visit a physical location (online setup requires SSN and US phone number)
Monthly Maintenance Fee: $0 for students below 23 years of age
Document Checklist + Appointment Booking: Click here

Wells Fargo

Account Name: Student Checking Account
Minimum Age Requirement: You must be at least 17 years old
Setting Up: You must visit a physical location (online setup available for those who already reside in the US)
Monthly Maintenance Fee: $0 for students below 24 years of age
Document Checklist + Appointment Booking: Click here  

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

• No Setup Fees, No Minimum Balance Requirement

• Immediate Access to Digital Cash Card and Free Delivery of Physical Cash Card to your US Address

Click below to be the first to know and earn exclusive early-access rewards. 

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