How to open bank account in USA and Canada as an international student

You will be required to open a bank account if you are like the majority of international students studying in the US or Canada. You shouldn’t be concerned if you don’t know how to open a bank account or if you’re worried about doing it in a new language or culture. Simply to get to your university, you already overcame a lot. You are capable of doing this. Continue reading to find out the requirements for opening a bank account in the US and Canada, the benefits of various banking products, and the costs to stay clear of.

INTRODUCTION

When you enroll in a US institution, managing your finances will be one of the most important things you have to do. One worry you have is relieved when you have a secure location to keep your money. There are several banks and various account kinds in the US. Check out the student bank accounts that are offered, whether you are an international or domestic student in the US.

On the other hand, It is not necessary to have a Canadian bank account. However, it does make things simpler because there are no additional transfer or currency costs associated with using a card from another nation.

WHY YOU SHOULD OPEN BANK ACCOUNT IN USA AND CANADA?

IN USA

You will be sending money back and forth between the US and your home country as you require money to cover your living expenses while you are a student. You need to have a bank account in order to do this.

You can use a bank account from your home country, but each time you use your credit or debit card, you’ll have to pay international transaction fees and currency conversion costs. Find out whether the bank from your home country has a location in the US and get in touch with them to ask about the options available to international students.

A different option is to open a fresh bank account in the US. This will simplify a lot of chores, like getting your pals to pay you tiny amounts of money and getting your paycheck from your part-time job, paying rent and other bills, much easier.

IN CANADA

One of the fundamental requirements for sustaining yourself and managing your daily finances is having a bank account. If they operate out of Canada, you can choose to utilize a bank account from your own nation.

If not, it is always preferable to open a bank account with a Canadian institution because it will be simpler for friends and classmates to send and receive money.
Receiving your paycheck from a part-time job will be simpler.
It will be more practical to use the nearest ATMs to withdraw cash.
Rent and other payments are simple to pay online.
Use the debit/credit card you’ll get upon creating a Canadian bank account to shop without incurring any additional fees.

HOW TO OPEN A BANK ACCOUNT IN USA?

Although some banks allow you to open bank accounts online through their websites, as an international student, the procedure might go more smoothly if you visit in person. Before departing for the United States, do your research and choose one bank. When you land, head straight to the bank with all the necessary paperwork to get the process going.

The documentation needed to open a bank account varies depending on the bank, but generally speaking, foreign students studying in the US will need some or all of the following:

Your passport and visa
Your I-20
Proof of residency, such as a letter from a government agency or a bill with your US address
Confirmation of your college or university enrollment
Document of birth
Supplementary form of identification, such as a driver’s license or government-issued ID card

HOW TO OPEN A BANK ACCOUNT IN CANADA?

Many banks have online account opening options, but as an international student, it is preferable to complete the process in person to prevent problems with verification.

While at home, compare other banks and accounts, then head to the bank of your choice with all the necessary paperwork to begin the procedure. Opening a bank account requires the following documents, among others:

A passport
Acceptance letter from a university
permit for study
student identification card
Travelers’ cheques

Keep in mind that when opening the account, certain banks may want you to bring in additional documentation. Before going in person, please check the website of your bank to gather your documentation.

WHAT ARE THE DIFFERENT TYPES OF BANK ACCOUNTS AVAILABLE IN USA AND CANADA FOR INTERNATIONAL STUDENTS?

IN USA

In the US, there are basically two different kinds of bank accounts:

Checking accounts- It lets you take out and put money back in them as frequently as you like. You will also be given a debit card after creating the account. An overseas student would do well to use this kind of account.

Savings accounts- These accounts can be used for both depositing and saving money, but they also allow withdrawals. This account might be perfect for you if you are looking to save money or only work part-time.

Be aware that the majority of US banks also provide discounted rates and perks for exclusive international student checking accounts.

IN CANADA

The following two types of bank accounts are accessible to foreign students in Canada:

Checking account – With this kind of account, you can make as many deposits and withdrawals as you like. A checking account will typically be sufficient for you to cover your living expenditures and other costs. Additionally, you will obtain a debit card that you may use to make ATM withdrawals and pay your bills. You can also apply for a credit card if you’re interested.
Savings accounts- These kinds of accounts are typically used for long-term financial planning. If you want to save money by working part-time or if you want to return to Canada after your education, you can choose this type of account.

Note that irrespective of the type of account you choose, many banks offer subsidies for international students.

TOP BANKS IN USA AND CANADA

IN USA

Some of the top banks in the US include Bank of America, Wells Fargo, HSBC USA, US Bank, Capital One, and Santander. Before choosing one, visit their websites and compare the bank accounts they provide.

IN CANADA

National Bank, HSBC, TD Bank, Scotiabank, RBC, CIBC, and BMO are a few of Canada’s largest banks. Visit each bank’s website to compare the benefits and drawbacks before choosing.