Brandeis International Business School
Via: GCF Global, n.d
If you’re an incoming international student, one of the first things you’ll need to do upon arriving in the United States is open a bank account.
There are several options to consider. So how do you choose? And what documents do you need? Here’s a quick explainer.
Choosing a bank
It’s very convenient to choose a bank that has a branch in your area. If you’re planning to live in Waltham, some banks nearby include:
Savings or checking account?
When opening your account, you will likely be asked if you’re planning on opening a savings or checking account. What’s the difference between them? With a checking account, you’ll be able to write checks and perform your go-to daily transactions. As the name suggests, a savings account is usually used for money you are looking to save.
For everyday use — such as grocery shopping and paying bills — a checking account is the right choice.
Student accounts
Student accounts are a great option to consider because they have lower costs and offer special features. For example, some banks might offer:
However, being a student doesn’t mean that a student account is your only option, and you’re not required to choose a bank that offers a student account. So do your research to find the option that best meets your needs.
Required documentation
Be sure to have your passport and visa ready. If you possess other forms of identification, take them as well — just in case. You’ll also need to make an initial deposit. If you open an account in person, you may be allowed to use cash, check, debit card or credit card. If you open an account online or over the phone, your options might be limited to a debit or credit card.
Student Insights features blog posts and videos produced by current students and recent graduates of Brandeis International Business School. The views, thoughts and opinions expressed here belong solely to the author.
By Valentina Bernasconi, MA’22
