If you don’t want to spend money on banking normally every bank will charge you $10/$12 most of the biggest bank if you are above 25 and have no deposit of $500 every month. You can consider some alternative banking service provider which is free
Why Do International Students Need a US Bank Account?
Having a US bank account makes it easier to:
- Receive payments from part-time jobs or internships.
- Pay tuition fees and other expenses.
- Avoid high international transaction fees.
- Build a credit history in the USA.
However, many banks require a Social Security Number (SSN) or proof of residency, which can be a hurdle for international students. The good news is that some banks and digital platforms are more flexible and cater specifically to students.
1. Wise (Formerly TransferWise)
Wise offers a borderless multi-currency account that is particularly useful for international students. Here are the key features:
- No Monthly Fees: There are no monthly maintenance fees.
- Multi-Currency: You can hold and manage multiple currencies in one account.
- Debit Card: Wise offers a debit card for spending and withdrawing cash.
- Easy Setup: You can open an account online with a simple verification process.
How to Open an Account:
- Visit the Wise website or download the app.
- Sign up and provide your personal details.
- Verify your identity using a government-issued ID.
- Fund your account and start using it.
2. CapitalOne 360
CapitalOne 360 offers a range of banking products that are suitable for international students. Here are the key features:
- No Monthly Fees: The CapitalOne 360 Checking Account has no monthly maintenance fees.
- High Interest Rates: Some accounts offer competitive interest rates.
- Online Banking: Manage your account entirely online or through the mobile app.
- ATM Access: Access to a large network of ATMs without fees.
How to Open an Account:
- Visit the CapitalOne 360 website.
- Choose the checking account that suits your needs.
- Sign up and provide your personal details.
- Verify your identity and fund your account.
3. CashApp
CashApp is a popular mobile payment app that is easy to use and has no monthly fees. Here are the key features:
- No Monthly Fees: There are no monthly maintenance fees.
- Peer-to-Peer Payments: Send and receive money easily.
- Debit Card: CashApp offers a debit card for spending.
- Investing: You can invest in stocks and Bitcoin.
How to Open an Account:
- Download the CashApp from the App Store or Google Play.
- Sign up using your phone number.
- Verify your identity using a government-issued ID.
- Link a bank account or add funds directly.
4. Chime
Chime is a digital bank that offers a range of services with no monthly fees. Here are the key features:
- No Monthly Fees: The Chime Spending Account has no monthly maintenance fees.
- Direct Deposit: Get paid up to two days early with direct deposit.
- Debit Card: Chime offers a debit card for spending and withdrawing cash.
- ATM Access: Access to a large network of ATMs without fees.
How to Open an Account:
- Visit the Chime website or download the app.
- Sign up and provide your personal details.
- Verify your identity using a government-issued ID.
- Fund your account and start using it.
5. PayPal
PayPal is a widely used payment platform that is easy to set up and use. Here are the key features:
- No Monthly Fees: There are no monthly maintenance fees for personal accounts.
- Peer-to-Peer Payments: Send and receive money easily.
- Debit Card: PayPal offers a debit card for spending.
- Online Shopping: Use PayPal to shop online securely.
Some More
How to Open an Account:
- Visit the PayPal website or download the app.
- Sign up and provide your personal details.
- Verify your identity using a government-issued ID.
- Link a bank account or add funds directly
| Feature | Wise | Capital One 360 | CashApp | Chime | PayPal |
|---|---|---|---|---|---|
| Monthly Fees | No | No | No | No | No |
| International Transfers | Yes (low fees) | No | No | No | Yes (fees apply) |
| Debit Card | Yes | Yes | Yes (Cash Card) | Yes | Yes (PayPal Card) |
| ATM Access | Limited | 70,000+ ATMs | No | 60,000+ ATMs | No |
| Best For | International students | Traditional banking | Mobile payments | Online banking | Online transactions |
Tips for Choosing the Right Account
- Consider Your Needs: If you frequently send money internationally, Wise is a great choice. If you prefer a traditional bank, Capital One 360 is ideal.
- Check Eligibility: Some platforms may require additional documentation, so verify the requirements before applying.
- Look for No Fees: Avoid accounts with hidden fees or minimum balance requirements.
- Read Reviews: Check online reviews to see what other international students are saying about the platform.
Some More…
1. Discover Bank Cashback Debit Account
Discover Bank offers a no-fee checking account with cashback rewards on debit card purchases. It’s a great option for students who want to earn rewards while managing their money.
Key Features:
- No monthly fees or minimum balance requirements.
- 1% cashback on up to $3,000 in debit card purchases each month.
- Free access to over 60,000 ATMs nationwide.
- No fees for overdrafts or insufficient funds.
How to Open an Account:
- Visit the Discover Bank website.
- Provide your passport, student visa, and proof of address.
- No SSN required for international students.
Best For: Students who want to earn cashback on everyday purchases.
2. Ally Bank
Ally Bank is an online-only bank that offers a no-fee checking account with no minimum balance requirements. It’s a great option for students who want a full-service bank without the fees.
Key Features:
- No monthly fees or minimum balance requirements.
- Free access to over 43,000 Allpoint ATMs nationwide.
- Reimbursement for out-of-network ATM fees (up to $10 per statement cycle).
- Mobile banking app with check deposit and budgeting tools.
How to Open an Account:
- Visit the Ally Bank website.
- Provide your passport, student visa, and proof of address.
- No SSN required for international students.
Best For: Students who want a full-service online bank with no fees.
3. Varo Bank
Varo Bank is an online-only bank that offers a no-fee checking account with early direct deposit and no hidden fees. It’s a great option for students who want to avoid traditional banks.
Key Features:
- No monthly fees or minimum balance requirements.
- Early direct deposit for paychecks.
- No fees for overdrafts or insufficient funds.
- Mobile app for easy account management.
How to Open an Account:
- Visit the Varo Bank website or download the app.
- Provide your passport and proof of address.
- No SSN required for international students.
Best For: Students who want early access to their paychecks and no fees.
6. Axos Bank Essential Checking
Axos Bank offers a no-fee checking account with no minimum balance requirements. It’s a great option for students who want a full-service bank without the fees.
Key Features:
- No monthly fees or minimum balance requirements.
- Free access to over 91,000 ATMs nationwide.
- Reimbursement for out-of-network ATM fees (up to $8 per month).
- Mobile banking app with check deposit and budgeting tools.
How to Open an Account:
- Visit the Axos Bank website.
- Provide your passport, student visa, and proof of address.
- No SSN required for international students.
Best For: Students who want a full-service online bank with no fees.
Conclusion
Opening a US bank account as an international student doesn’t have to be complicated or expensive. With options like Wise, Capital One 360, CashApp, Chime, and PayPal, you can find a no-fee account that meets your needs. Whether you’re looking for low-cost international transfers, early direct deposit, or a simple way to manage your money, there’s an option for you. Take the time to compare these platforms and choose the one that best fits your lifestyle and financial goals.