If you’re planning to study in the United States but aren’t sure how to open a US bank account, then this blog is for you. Using a bank account from your home country can be expensive, as you may have to pay foreign transaction fees when you use your bank cards in the US. For these reasons and more, it’s important to open a local bank account shortly after arriving. This post will walk you through each step.
Working on your student budget? Use the helpful cost of living guide on our blog to set yourself up for success.
Step 1: Gather Key Documents
First, it’s important to have all the documents you need to open a bank account in the US. In most cases, you’ll need documents that prove your identity, your US address, and your home country address.
International students generally require these documents to open a bank account:
- Proof of a permanent residence outside the US, including street address, city, state or province (if applicable), and country
- Proof of a physical address in the US (government or student ID with address and photo, current utility bill, rental agreement)
- Primary ID (usually a passport)
- Secondary ID (driver’s license, current US student ID with a photo, debit or major credit card)
- Tax Identification Number or Foreign Tax Identification Number if you’ve been issued one
Most bank websites will list the specific documents international students need.
Step 2: Choose a Bank
There are hundreds of financial institutions across the US, and depending on your needs, some institutions might work better for you than others.
As of 2026, the largest US banks were JPMorgan Chase, Bank of America, Citibank, Wells Fargo Bank, and U.S. Bank. These major retail banks offer convenient physical branches and online banking. However, students who prefer online-only banking might find online banks like Ally or SoFi are a better fit. Students can also open a bank account with a credit union, a nonprofit financial institution owned by its members. Because credit unions aren’t publicly traded, they can often afford to offer lower fees and better interest rates than banks.
Before selecting a bank, do some research to determine which options suit your financial needs. Especially at the start of the school year in September, several banks will offer specific plans for students, or promotions with discounted rates. These plans generally align to students’ specific banking needs, and are often reasonably priced.
Once you’ve chosen a bank, you may have to pay a fee to open a new account. If you can’t find these fees online, use the website’s chatbot or call the bank directly for help.
Step 3: Choose Your Account Type
After picking a bank, it’s time to choose an account type. In the US, there are two types of bank accounts: a checking account and a savings account.
A checking account allows you to withdraw, send, and deposit money at a retail bank branch, through online banking, or at a credit union. A savings account, meanwhile, is designed for saving money and offers higher interest rates than most checking accounts, but can have penalties for withdrawing money.
A checking account will cover most students’ financial needs. However, many students choose to open both a checking and a savings account.
Note: Some banks limit their services to specific groups of international students. For example, some accounts might be limited to F-1 visa holders. To prevent any disappointment, check the bank’s requirements before deciding on an account type.
Step 4: How to Use Your Student Bank Account
Once you’ve decided on a bank and signed up for an account, you’ll be issued a debit card. You’ll then be given a personal identification number (PIN), which allows you to access your account through a debit machine or an ATM.
To protect your account, don’t share your PIN with anyone or make it easy to guess (like using your birthday, address, or a common sequence like 7777 or 1234).
While most banks are open Monday to Friday during the day, and some may be open on the weekends or in the evening, many students find online banking more convenient.
Online banking allows you to:
- Access your account and bank services at any time of day
- Pay your bills
- Transfer money from one account to another
- Check your account balance
- Send e-transfers
- View your statements
- Automate your savings
That said, it’s important to be careful when banking online. Always use a secure Wi-Fi network when banking (not public Wi-Fi like at airports or libraries). Ensure your screen remains private and always log out of the website when you’re done. Following these simple precautions will help you bank online more safely.
Opening a bank account in the US will make accessing and managing your money simpler during your studies. It will take a bit of work to set up, but will make living in the US easier.
Ready to start your study journey? Explore programs in the US on the ApplyBoard platform.