How to Open a Bank Account in the USA & Manage International Money Transfers

But first, let’s address a critical question: Can you even open an account as a foreign national?

Can a Foreigner Open a U.S. Bank Account?

Absolutely! Although U.S. banks primarily serve citizens and residents, many are open to non-residents, particularly those with F-1 or J-1 student visas. However, each bank has its own rules, so it’s best to be prepared.

Important Considerations (and Solutions)

• Social Security Number (SSN):

This isn’t always needed. Certain banks will accept an Individual Taxpayer Identification Number (ITIN) or, in some instances, waive the requirement for one for students.

• Visa Status:

F-1, J-1, and M-1 visa holders are generally eligible. Tourists (B-1/B-2 visas) might encounter limitations.

• Proof of Address:

A lease, utility bill, or a letter from your school will often do. No U.S. address yet? Online banking options such as Revolut or Wise are available.

Helpful Hint:

Big banks, such as Chase and Bank of America, often offer specialized programs for international students, including lower fees or waived required minimum balances. Local community banks might also be more accommodating.

Whether you’re transferring money from home or earning through a part-time job, a local account simplifies everything. Learn more about our tailored support for international students in the USA.

Knowing that it’s doable, here’s the rationale for why you shouldn’t overlook this

Why You Need the U.S. Bank Account

Having a U.S. bank account is more than just practical; it’s a financial asset for international students. Here’s why:

Easier Money Handling

• No more currency exchange issues. With a U.S. account:
• Pay tuition and rent directly in USD.
• Receive part-time earnings or stipends promptly.
• Skip the 3-5% foreign transaction fees on each purchase.

Quicker Access to Local Services

Many U.S. services need a U.S. bank account connection:

• Peer-to-peer payment apps (such as Venmo and Zelle) for splitting costs.
• Ride-sharing (Uber/Lyft) and food delivery services.
• Campus systems for lab fees or event tickets.

Reduced Fees

International cards can be costly:

• ATM charges: $3–$5 per withdrawal compared to $0 at affiliated ATMs.
• Wire transfers: $25–$50 per transfer versus free local ACH transfers.

Hassle-Free Online Payments

Foreign cards are often rejected for:

• Subscriptions (Netflix, Spotify).
• Online shopping (Amazon, Target).
• App stores (iOS and Android purchases).

Helpful Tip: Certain banks, such as Chase, offer student accounts with no monthly fees, which can save you over $100 each year.

Ready? Let’s go over the steps.

Step-by-Step Guide to Opening a U.S. Bank Account

Here’s how to navigate U.S. banking:

Step 1: Verify Qualifications

Most banks accommodate students with:

• F-1/J-1 visas (full-time student status needed).
• M-1 visas (check with the bank).

Important:  Some banks demand that you be at least 18 years old or have a U.S. phone number.

Step 2: Collect Needed Items

Get ready, these (originals and copies):

• Passport with visa.
• I-20/DS-2019 form (verifies your student standing).
• Proof of address (dorm letter, utility bill, or lease agreement).
• Secondary ID (such as a driver’s license or student ID from your home country).

No SSN? Banks like Bank of America might accept your I-20 instead. Check our pre-departure checklist to get everything ready before you fly

Step 3: Decide on the Account

• Checking account: Good for day-to-day use (includes a debit card).
• Savings account: To set aside savings (earns a little bit of interest).

Student advice: Look for accounts with no monthly fees or minimum balance requirements.

Step 4: Apply – Online or In-Person

• In-Person: Visit branches of Chase, Bank of America, or Citibank—often, they have staff who speak multiple languages.
• Online: Neo-banks like Wise or Revolut allow fully digital setups (a good option before you arrive).

Step 5: Deposit Funds

Initial deposits usually range from $25 to $100. Methods include:

• Wire transfer from your home country (ask about waived fees).
• Cash deposit at a branch (limit is $10,000 without reporting).

Before you go, review this document checklist.

Documents Required to Open a U.S. Bank Account

To open a bank account, gather these necessary documents beforehand:

Identification:

• Valid passport and F-1/J-1/M-1 visa.
• Some banks might take other government IDs.

Proof of Status:

• Your I-20 (F-1/M-1) or DS-2019 (J-1) form.
• A letter to prove you are currently enrolled (from your school).

Proof of Address:

• A lease, utility bill, or a letter from your university for housing.
• No permanent address yet? Use:
• A friend or family member’s address (along with their consent).
• Your school’s mailing address (ask the international student office).

SSN/ITIN (If Needed):

• Not always required: Many banks allow:
• ITIN (for those with a part-time job).
• Bank-specific options (e.g., Chase’s “Student Checking”).

Finding a bank that welcomes international students can be tricky. Here are the best ones for you.

Best Banks for International Users in the U.S.

Traditional Banks 210

1. Chase

• Student Benefits: Waived monthly fees on Chase College Checking for 5 years (with proof of enrollment)
• Physical Locations: Over 4,700 branches across the U.S.
• Cons: $34 overdraft charge; international wire fees incur ($40–$50).

2. Bank of America

• Student Benefits: Advantage Banking eliminates charges for students under 25.
• Worldwide Coverage: Handles transfers in over 140 currencies.
• Cons: Modest interest on savings.

3. Citibank

• Benefits: Free Global Transfers to other Citibank accounts worldwide.
• ATM Availability: ATMs in over 40 countries.
• Cons: Fee structures are complex and vary depending on the region.

4. Wells Fargo

• Student Benefits: Clear Access Banking has no overdraft fees (suited for students)
• Important Note: Dormant accounts may be closed after 12 months.

5. Capital One

• Benefits: No foreign transaction charges; 360 Checking offers fee-free ATM withdrawals worldwide.
• Cons: Limited branches (280 in 7 states)

Online Banks

• Wise: Supports 40+ currencies, mid-market exchange rates, and small transfer fees (from 0.33%).
• Revolut: 30+ currencies, free plan available, but weekend FX fees (1%) apply.

Account sorted? Next: Transferring money without losing money on fees.

Managing International Transfers