The first step is getting the right bank account if you’ve recently relocated to the US to pursue your academic dreams. As a new international student in the USA, having a bank account is important because it’ll affect how you can manage your finances especially if you still need to exchange foreign currencies. Your bank can offer additional assistance like credit, loans, overpayment and other perks.

This post will highlight the best banks for international students in the US. You’ll learn about their strength and weaknesses to help you make an informed decision on the best option for your specific needs.

Bank of America Advantage Banking.

Being the number one go-to bank for anyone in the USA, Bank of America’s advantage banking is ideal for international students seeking familiarity and convenience with a large national bank. It is ideal for students under 24 years of age because it has no monthly fees, making it a great bank for international students in the USA. There are also widely accessible branches, ATM fee refunds and mobile banking through Zelle for money transfers. Unfortunately, there are limits to your debit card that when compared to other options, just seem very low. It also costs an arm for international transactions as there are high fees associated with card spending. 

Chase College Checking Account

The JP Morgan Chase College Checking account is available for international students between the ages of 17-24 in the USA. There are fee waivers for international students within this age group and you can get a $100 bonus for just opening an account. It is ideal for tech-savvy students who value international transfers and want extra bonus incentives. This is because you enjoy debit card rewards and student discounts. 

JP Morgan is also an international brand and so, its global presence can help with certain transactions. Unfortunately, the rates and fees are quite high. You also have to pay a monthly service fee once your student status expires and that can add up fast.

Wells Fargo Student Checking Account

If you’re an international student in the USA looking for a bank to help you stay on a budget in school, the Wells Fargo Student Checking account is a perfect choice. In addition to offering student loan options, there are no monthly service fees, and you have access to thousands of ATMs across the country. You have access to mobile banking, ATM reimbursements and an app with budgeting tools inclusive. While it is perfect for budget-conscious students who want to access financial management tools and loans, it’s not the best option if you need to carry out international transactions. 

HSBC USA International Student Account

Specifically designed for international students, you get multiple resources, and monthly fee waivers for up to six years. The account comes with an international SIM card and a debit card. It’s perfect for students who have existing HSBC accounts abroad and need to switch to a US option. 

The account boasts of its security features and ability to initiate international transfers. The only downside to this account is that foreign transactions incur high fees, especially with frequent transfers. Also, there are not a lot of reward programs and cashback when compared to other options.

US Bank Student Checking Account

Our final bank on this list is the U.S. bank account that caters to students between 18 years and older. Like other options, there are no monthly fees, and holders can enjoy mobile banking through Zelle for transfers. As an international student in the USA, when you use this bank, you can access student loan discounts, ATM fee reimbursements and rewards each time you spend with their debit card. Unfortunately, the US Bank student checking account doesn’t offer extensive international transfers and there are limited branch networks outside the Midwest.

Beyond the Big Five: Banking Alternatives for International Students in the US.

While banks in the US, if you’d like to manage your finances in multiple currencies and send and receive money from home, then you’ll need a more versatile option. This is why we recommend having an OhentPay account. With OhentPay, you can;

• Send money to 190+ countries and exchange 30+ currencies
• Enjoy competitive and highly favourable exchange rates
• Super-fast delivery and processing times
• No hidden fees or charges
• No long queues for account opening
• Multiple transfer and payment methods
• 24/7 customer support

Wrapping Up.

Remember, when searching for a bank, you need to prioritize features that are relevant to your financial needs as an international student. This should include convenience, great fees, a friendly international transaction policy and fast processing times. Just make sure you do enough research and you’ll find the perfect bank in no time.

If you’d like to send money anywhere in the world and prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account here to get started.