Banking and finances

Banking and Finances

Opening a local bank account

All international students would be able to benefit from opening a local bank account because there are perks available for students and you can also avoid paying for a withdrawal fee from local ATMs.

Several banks are popular with international students, and they are:

Things to consider

Some important tips to consider before opening your bank account, according to CompareRemit.com:

  1. You should choose a bank which is secured by the Federal Deposit Insurance Corporation. It will ensure that you receive funds even if the bank goes under.
  2. Compare the fees and benefits of the bank accounts above to make a wise decision.
  3. Some banks only allow students to open accounts with a specific student visa such as F1 Visa (academic studies), J1 Visa (practical training) or M1 Visa (vocational studies). It is important that you check with the bank and see their dependency on visa applications.
  4. Most banks incur high transfer fees and take more time to transfer money than its digital counterpart, the bank account you open would work specifically as a medium through which the money is transferred. Find out the exchange rates of the American banks to help you decide on the most affordable money transfer service.

MABECS Global consultants would recommend students to find out which bank’s ATM is the nearest to your accommodation or campus – and then consider applying for an account with this bank for your convenience and to avoid extra withdrawal charges. You can also find out more on average fees and cost of living in the USA by reading this article.

Have more questions about studying inUSA?

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