Studying abroad in the USA has its advantages and disadvantages. If you are planning to study in the USA, you first need to sort out your funds. If you are in your home country and will soon be shifting to the USA and don’t know where to start with a bank account, don’t worry; you are in the right place. This blog will cover the best banks in the USA and explain how to open a bank account.
Table of Contents:
- List of USA Best Banks
- Why International Students Should Have a USA Bank Account?
- Type of Bank Account in the USA
- How to Open a Bank Account in the USA from India?
- How to Apply for a Loan in the USA from India?
- Frequently Asked Questions
List of USA Best Banks
JP Morgan Chase Bank
International students can easily open their bank accounts at JP Morgan Chase Bank. The bank offers checking, student, and savings accounts. The bank also offers online, mobile, ATM, and wire transfer services. You can open a bank account virtually with the required documentation. The documents required are:
- Passport or Government – Issued photo ID
- F-1 Visa, Form I-20, or Letter from the University’s international student office
- Acceptance letter, enrolment certificate, or student ID with photo
- Utility bills, Lease agreements, letters from a university as proof of address
Bank of America
Bank of America is one of the most popular banks in the USA for international students. The bank offers SafeBalance Banking for students (under age 25) with no monthly maintenance or overdraft fees. You can get cash at thousands of ATMs and temporarily lock and unlock your debit card (if misplaced). If you are planning to open an account in Bank of America, here are the requirements:
- You must have a physical US address
- You should not be a US citizen or permanent resident
- You must have proof of home or permanent residence address
- You must have a primary or secondary ID
Wells Fargo
International college students can open an Everyday Checking account at Wells Fargo. Students must be 17 years or older to open an account online, and the minimum opening deposit is $25. Documents required for opening an account as an international student are:
- Government-issued ID providing evidence of nationality or residence
- Employee ID
- Student ID
- Credit Card or
- Recognized business or government agency ID
PNC Bank
PNC Bank offers PNC Virtual Wallet Student for international students. With the virtual wallet, students can enjoy free online and mobile banking with no monthly service charge for up to 6 years. The wallet also has a Low Cash Mode, which gives you more control over your balance (when it is low). The wallet also allows you to have incoming domestic or international wire transfers per statement period at zero charge. Required documents for Non-US person to open a bank account are:
- Valid passport with photograph
- Photocopy of passport
- US student visa or US student photo ID
Why International Students Should Have a USA Bank Account?
Having a US bank account as an international student will help you manage your finances easily, especially your tuition fees. You should have a bank account in the USA for several reasons. Some of them are:
- Your money is safe in a bank account
- You can manage your finances on your phone easily
- You can pay bills easily with online banking
- You can have your scholarship directly deposited into your bank account
- You can receive your salary directly (if you are on a part-time job)
- It is a good way to build up your credit history for the future
Type of Bank Account in the USA
The USA has two bank accounts for international students: Checking and Saving. Here are some details about them:
| Particulars | Checking Account | Saving Account |
| Primary Difference | Provides you access to your money for day-to-day needs | Allow you to put aside your money for long-term goals |
| Interest | Usually, it does not pay you interest | Interest is earned on the balance in your account |
| Withdrawals | No withdrawal limits as long as you maintain a minimum balance (as specified by your bank) | There are withdrawal limits that may vary from bank to bank |
How to Open a Bank Account in the USA from India?
Opening a US bank account from India can be a little tricky. Most US banks ask for a social security number, which a non-resident does not have. However, here is how you can open a bank account in the USA from India:
Step 1: Gather the required documents for your bank account. Your Indian passport is the most important document as proof of your identity. Some banks may require proof of address, an F-1 Visa, Form I-20, and your admission letter from your US university.
Step 2: Complete the application online on the bank’s website and follow the instructions thoroughly. Register your details as requested.
Step 3: Activate and verify your account. Some banks may require in-person verification to finalize your account.
Note: Check mandatory fees the bank requires, such as account opening, deposit, monthly maintenance, transfer or conversion fees, and more.
How to Apply for a Loan in the USA from India?
To apply for a study abroad loan for the USA from India, you can follow these basic steps:
- Research Lenders: You can apply for a study abroad loan from numerous lenders. Researching lenders is essential as every lender has different eligibility criteria, interest rates, repayment periods, etc.
- Eligibility Criteria: Check for the eligibility requirements, as the requirements can vary from bank to bank, and fulfilling the requirements is necessary for a successful loan process.
- Prepare Documents: You must prepare your documents before applying for your loan. Proof of identity and residence, passport-size photographs, a valid passport, and proof of income or funds are some of the documents required for your study abroad loan.
- Loan Approval: Apply with your lender with all the documents and wait for your loan approval/disbursement to start your study abroad journey.
If all this sounds overwhelming, and you need expert assistance (for free), no worries, you are at the right place. Nomad Credit’s experts and counselors are here to assist you with every step of your loan process for the USA. From the application process to visa and SOP guidance, our experts will guide you at every step, and ensure that you are prepared for your study abroad journey in the USA.
And do you know what is the best part? We offer US loans at a minimal interest rate starting from 3.49%.
Frequently Asked Questions
Why a bank account is required in the USA for an international student?
As an international student, a bank account in the USA would make it easier for you to manage your finances and pay for any expenses, making it easier to enjoy your study abroad journey.
Which are the best virtual banks in the USA?
CloudBank 247, Discover Bank, Ally Bank, and E-Trade are some of the best virtual banks in the USA.
Can I open a bank account in the USA as a non-resident?
Yes, you can open a non-resident bank account in the USA by completing the application form and providing the required documents to the bank.
What are the best banks in the USA?
JP Morgan Chase, Bank of America, and Wells Fargo are some of the best banks in the USA.
Which bank has the most ATMs in the USA?
JP Morgan Chase has the most ATMs in the USA, at more than 16,000, followed by Bank of America, which has approximately 15,000 ATMs.
