Banking as an International Student: A Guide to Chase and Other Options

Every year, thousands of people from every corner of the globe migrate to the United States, many as international students. Navigating the U.S. financial system can seem daunting, but opening a bank account is a crucial step for managing finances and settling into life in a new country. Fortunately, it is possible for non-residents to open bank accounts in the U.S., although the process may involve some additional paperwork. This article explores the requirements for opening a bank account as an international student, focusing on Chase Bank and other available options.

Why Open a Bank Account as an International Student?

Having a local bank account offers numerous advantages for international students.

Direct Deposit: A bank account allows you to take advantage of direct deposit, ensuring your paychecks are automatically delivered directly to your account.
Paying Bills: A local bank account makes paying bills a much smoother process.
Debit Card Access: A bank account typically features debit cards with access to a network of ATMs. This lets you access your funds and make everyday transactions while avoiding possible fees associated with transactions using a foreign bank account.
Building a Financial History: Opening an account at a bank or credit union begins a history between you and that financial institution. If you need a loan or other services from that financial institution in the future, this ongoing relationship may improve your chances of approval.

Types of Banks

When choosing a bank, international students have several options:

National Banks: These are large banks that can be found throughout the country. They are ideal if you want to travel around.
Regional Banks: These are smaller banks that are only in your specific area. They offer most of the same services as national banks.
Credit Unions: Credit unions are another option to consider.

What You Need to Open a Bank Account

Document requirements may vary from bank to bank, so contacting your bank to confirm what documentation is needed is essential. Here are some items that you may need to open an account:

Identification: You’ll need to provide official, government-issued photo identification. Some financial institutions may require more than one form of ID to verify your identity, particularly for non-residents. A passport is a common form of identification.
Proof of Address: Your address must be provided in the form of a document that shows both your name and address to ensure you’re associated with the property. This can include:
- Employer's pay stub or paycheck
- Letter with name and address
- Utility bills dated 60 days or sooner
Opening Deposit: Financial institutions may require an opening deposit to activate your account. The minimum required will likely vary from one financial institution to the next. A few examples of opening deposit sources are:
- Debit card
- Automated Clearing House (ACH) electronic fund transfer
- Cash

Social Security Number (SSN) vs. Individual Taxpayer Identification Number (ITIN)

Many banks require customers to provide their Social Security number (SSN). This facilitates tax reporting to the IRS. Non-residents who don’t have a Social Security number can apply for an Individual Taxpayer Identification Number (ITIN) instead. This may be used as a substitute for an SSN on your bank account application if one is required by the bank.

Although both SSNs and ITINs are used for tax reporting, they’re issued by different agencies and have different benefits. An SSN is issued by the Social Security Administration to citizens and authorized non-citizens. It typically denotes authorization to work in the United States (though not always). An SSN also provides access to public assistance benefits such as unemployment or disability income. ITINs are issued by the IRS to non-residents - anyone who isn’t eligible to receive an SSN. This includes international students under visa designations that don’t authorize them to work. However, they may be able to get a job through their university or by practical training programs due to alternative forms of taxable income.

Banking Options for Non-Residents

If you’re unable to open a traditional bank account for non-residents, you may not be entirely out of options. There are some other forms of banking for immigrants. These include:

Using an International Bank: Some banks are international, meaning they have a presence in your home country as well as the United States. Using a bank like this means you can open an account back home and likely still have access to it while in America.
Using a Correspondent Account: Sometimes, a bank from your home country might have an existing partnership with a bank in the United States.

Student Checking Accounts

During your time in school, a student checking account (an account designed specifically for students and their money needs) may come in handy. A student checking account is an account designed for you while you’re in college that helps give you control of your money. As your first solo account, student checking accounts might help in several ways:

Lower or waived fees: Some banks and credit unions may reduce or waive fees, like a monthly service fee (fee assessed for doing business with the bank if certain criteria are not met) while you’re enrolled in college. This may vary by institution.
Reduced minimum balance requirements: You may avoid being charged a fee for not having a certain amount of money in your account.
Online banking: Interact with your money like checking your account balance, transferring money, depositing checks online, and using peer-to-peer (P2P) payment systems. Online and mobile banking allows you to stay in the know of what’s happening with your money.
Overdraft Protection: As with a traditional checking account, overdrawing a student checking account may result in fees. If you’re worried about potentially overdrawing your account, you might want to consider asking your specific bank if they provide overdraft protection services for student accounts.

Choosing the Right Student Checking Account

Picking your student checking account involves looking at your current money situation, habits and goals. By evaluating the pros and cons of student bank accounts, as well as comparing them to traditional checking accounts, you can make an informed decision about which one is best for you. Let’s look at several factors to help narrow down your options.

Spending habits: If you typically use your debit card for everyday purchases or withdrawals perhaps consider accounts that offer cards with lower transaction costs. Additionally, you may want to consider the ATM access provided by your bank to help ensure access to cash when you need it.
Budgeting skills: The way you manage your money may also influence your choice of a student checking account. Some offer digital budgeting tools and features to help track expenses, set spending limits and monitor your progress towards specific goals.
Student checking vs. traditional checking accounts: Student checking accounts typically come with features designed to cater to students and they may have certain restrictions or limitations, such as age or enrollment requirements.
Additional features: Every account offers different features and benefits as well as terms and conditions. These factors as well as educational resources, customer support, perks or sign up bonuses may help you get the most out of your choice.

How to Open a Student Checking Account

The process for opening a student checking account is typically like opening a traditional checking account, with a few key differences. To open a student checking account, you may need to provide proof of your student status in addition to the standard identification documents (PDF). This could include a school ID, enrollment verification or class schedule. Banks often base account holders’ eligibility on a certain age range or enrollment in an accredited educational institution. If you have a social security number and are 18 years of age or older you may be able to open your student bank account online.

Specific Bank Options for International Students

Several banks offer accounts suitable for international students. Here are a few examples:

Chase International Student Account

If you’re between the ages of 17-24 and have enrolled in an eligible course, you may be eligible to apply for a Chase College Checking Account, which is open to both U.S. and foreign students. The Chase College Checking Account enables students to use Chase ATMs for free and manage and make local payments in the U.S. for free. The account further offers access to overdraft services with daily fees of up to \$34.

If you’re a foreign student, you’ll need to physically visit a brand in order to verify your documents needed to complete your application. To apply for a Chase International Student Account, you’ll need:

A valid passport
A student INS-I20 form, ICE I-20 form or DS 2019 form, depending on your circumstances
Personal and contact information including a residential address in the U.S. or abroad
Written evidence of the course attended and expected graduation date, such as a transcript or acceptance letter

Student accounts at Bank Of America

Bank of America offers two types of checking accounts for students; the Bank of America Advantage SafeBalance as well as the Bank of America Advantage Plus account. While the Advantage SafeBalance account doesn’t offer checks, the account does instead provide a debit card. Notably, the provided debit card won’t enable you to purchase or withdraw funds in excess of your balance through an overdraft fee. Conversely, the Advantage Plus Banking account is a traditional account, which offers both paper checks and a debit card for use for purchases and at ATMs. The account further offers overdraft services and fees.

Well Fargo Student Account

If you’re between the ages of 17-24, you may be eligible to open one of two banking account with Wells Fargo - namely, a Clear Access Banking or an Everyday Checking account. While the Clear Access Banking account offers no overdraft fees and a checkless checking account, the Everyday Checking account offers optional overdraft services, physical checks, and the ability to link a relevant Wells Fargo Campus ATM or Campus Debit Card. Both accounts require a \$25 minimum deposit.

Read also: The Rise of Chase Burns

Key Considerations When Choosing an International Bank Account

When opening an international banking account for your study abroad journey in the United States, there are three essential factors to consider when determining if an account is right for you:

Transfer fees: If you plan to transfer money frequently to recipients either in the USA or abroad, consider and budget for charges that your bank may issue. Notably, different banks charge varying fee levels for transfers - and selecting the most appropriate option for you can help you save money and budget effectively.
Account costs and charges: Different banks charge varying account fees and charges for various activities - and depending on your use and future plans, it can be helpful to review the most affordable account available to you, and budget effectively to accommodate any account charges you may incur over time.
Credit history: If you plan to continue working in the USA once your studies have concluded, pursuing an account which will enable you to build a local credit history can enable you to seek out additional finance options in the future - which may be an account overdraft or a student credit card.

Additional Banking Information for International Students

Phone Number

A U.S. phone number is typically not a requirement as an international student, however, it may be helpful to have one before opening an account because it may make it easier for banks to reach you.

Forms of Identification

Students will need acceptable forms of identification and proof of address when opening a bank account. Acceptable forms of identification can include:

Government issued photo ID or driver’s license
Passport
Birth certificate
Employment Authorization Card with photo

You may need to provide secondary forms of identification to the bank as well.

Soft Copies of Required Identification

Soft copies are forms of ID that are photocopies or reproductions of the original. Students may need to use original IDs when opening an account. Many banks do not consider screenshots or copies of IDs acceptable forms of identification. You may also want to check that your IDs are valid and not expired before opening an account.

Parental Presence

International students generally do not need a parent or guardian present to open a student checking account. Banks often base account holders’ eligibility on a certain age range or enrollment in an accredited educational institution.

Debit Cards

Debit cards allow consumers to make transactions with funds from their checking account. They are often provided when you open an account at a bank, credit union or financial institution. When applying for a debit card, you may need to provide your:

Government issued photo ID or driver’s license
Passport
Birth certificate
Proof of address

Once you are approved for a checking account, a debit card is often provided to you.

Sending Money Internationally

To send money internationally from your bank account, you may need:

The exact amount of money you wish to send.
The recipient’s full legal name and current address.
An address and name for the recipient’s bank or transfer service provider.
The recipient’s bank account number and account type.
A SWIFT or BIC bank code for the recipient, where applicable.
Your purpose for the transfer.
Your driver’s license or other form of Government-approved ID, if sent from your bank branch.

In addition, your mobile phone may be needed for a one-time passcode to validate the transfer. International wire transfers generally take 1-5 business days. Transfer cut-off times, federal regulations, weekends and bank holidays can affect how long it takes to transfer money overseas.

Fees for Transfers

Some banks may not charge a fee for sending or receiving money from another bank when making digital transfers. Often times, banks allow you to set up digital transfers to external accounts online or via app. For transfers to or from different banking institutions may take 2-3 business days. Note that some banks charge a fee to move money to different banks, so you may want to check the terms and conditions prior to starting a transfer.

Funding Your Account

At the time of your account opening, you can fund it by making a deposit at the bank. You also may be able to electronically move funds to your account one of these ways:

Direct Deposit: Direct deposit is a common electronic payment method used for a company’s payroll process. When employees enroll in direct deposit, a company can send money for single payments or on a recurring basis. To make a direct deposit, a company sends money directly to the account the employee has designated with their employer.
Wire transfer: A wire transfer is another way to move money electronically between banks. A wire transfer relies on the individual bank to process the transaction and transfer the money from payer to payee. The money only moves when the bank confirms that there is enough money available to complete the transfer.
eCheck: An eCheck is a type of electronic funds transfer (EFT), which is an exchange of money between bank accounts. eChecks may be a one-time or recurring electronic payment used in place of a paper check. They are generally processed within 3 to 5 business days of being issued.

Initial Deposit

You may not need to make a deposit when opening the account. However, you will need to add funds to the account prior to using it. If there isn’t enough money in your checking account to cover a purchase, you may be charged an overdraft fee.

Savings Accounts

One of the first steps to building a strong financial foundation may be opening a savings account. Whether you’re saving up for a long-term milestone, building an emergency fund or simply trying to incorporate sound financial habits into your life, a savings account may be a useful tool for reaching your financial goals. In addition, some savings accounts may offer overdraft protection with a checking account if the accounts are with the same financial institution. Savings accounts are a place to collect money over a longer term.

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