The International Student’s Guide to Stress-Free Banking in the US

Studying in the U.S. is exciting, but managing money in a new country can be stressful. One of the first things you’ll need to do is set up a bank account. Having a U.S. bank account makes life so much easier. You won’t have to worry about crazy foreign transaction fees, and paying for things like rent and groceries will be so much easier.

This guide breaks down why opening a U.S. bank account is a smart move, why you should start building your credit score early, and which banking options are best for international students (some are way better than others). 

Why You Need a U.S. Bank Account

You may survive in the U.S. without opening an American bank account, but everything will be easier if you do. Here’s why a U.S. bank account is a must-have:

• • No transaction fees. Foreign transaction fees add up fast. With a U.S. bank account, you avoid them when spending on a debit card or using an ATM (Automated Bank Machine) to withdraw cash.
  • Simple tuition payments. Many universities require payments from a U.S. account, so having one saves a lot of hassle. If you can pay from a foreign account, there will often be a transaction fee. 
  • Faster and cheaper money transfers. If your family is sending you money from back home, having a U.S. account makes the process quicker and more affordable.
  • Exchange to US Dollars: Set budgets and spend confidently without having to calculate daily exchange rates. 
  • Venmo and Zelle: Popular money transfer apps such as Venmo and Zelle require a U.S. bank account to send and receive money.
  • Paying Rent: Paying rent with a credit card or foreign bank account will typically cost 2-3% in convenience fees. Set up direct payment with a U.S. bank account to avoid fees.
  • Get Paid Directly: Get your paycheck faster by setting up direct deposit. Most jobs require a U.S. bank account for direct deposit. 

Why Building Credit Early Matters

A lot of international students don’t realize this, but your credit score is a big deal. It affects your ability to:

• • Rent an apartment (landlords often check your credit)
  • Get a car loan (you’ll need credit to finance a car)
  • Apply for a credit card (good credit gets you better perks)
  • Even land a job (some employers check credit reports)

The FICO® credit rating system is used in the U.S. to rate creditworthiness. The better your credit score, the better your rates on loans. A low credit score can exclude you from getting a loan at all. Scores range from 300-850, and no one starts with a perfect credit score. Instead, you build it up over time by taking out loans or spending on a credit card.

The problem? Most banks make it hard to start building credit without a Social Security Number (SSN). But don’t worry, some options let you start building credit right away, even without a SSN.

How to Open a U.S. Bank Account as an International Student or Scholar

Opening a bank account in the U.S. is straightforward. Here’s what you’ll typically need:

• • A valid passport
  • Proof of enrollment (student email or approved visa)
  • A U.S. address (where your debit card will be sent)
  • A phone number

Some banks require you to visit a branch in person, but consider a bank like Adro, that specializes in working with international students and scholars, and lets you open your account online before you get to the U.S. That’s one less thing to worry about when you arrive.