How to Open a Student Bank Account While Studying Abroad?

Opening a student bank account abroad is the safest and most effective way of managing your money. However, sometimes the process can be complicated and it may take several weeks during September and October. You may need to use your international credit card in the beginning but you should try to open a local bank account as soon as possible. The reason being the withdrawal of money and operating your finances entirely from an international account is not practical for a lot of reasons –

• Using an overseas card to withdraw money will incur a charge each time.
• You will not be able to set up debits from an international account
• If you are looking for part-time employment during your academic session, employers will transfer your wages directly into the local bank account

First step: How to Choose a Bank

Ask your college’s international student cell or check their website to find out if your college has a relationship with a specific bank to which they refer their students to. If a bank is used to dealing with international students, the process of opening an account will be much smoother for you. You should also try to find a bank with a branch near or on your campus.

You should compare the services and costs of several banks before choosing one. Find out whether the bank offers interests on checking accounts, whether the account offers you overdraft protection and what the interest rate for a savings accounts is. You need to find out how long it will take to clear a check, which means how long from the time you deposit a check until you are allowed to withdraw those funds. Usually, wired funds are available immediately but the hold on checks varies by state or by the bank, and it can be several days to a week.

How to Open a Bank Account

Many banks abroad advertise that you can open an account over the phone or through the web, but you should open an account in person. As an international student, you do not fit neatly into any category set by banks abroad, and it is easier to deal with any complication in person. Moreover, it is always useful to establish a face to face relationship with the bank employees if you require additional services.

When you visit the bank to open an account, you will need to bring the following documents -

• Your passport with student visa (one or two photocopies)
• The letter from your college confirming your study details
• Your full name, home address, home telephone number, and your college address and their proofs like letterheads showing the local address, utility bills or apartment contract etc.
• An international credit card issued in your name (if applicable)
• You will also need the show the funds you want to deposit and open the account for. Every bank has different requirements, so make sure you ask in advance so you don’t forget any document you might need.