How to Open a Bank Account When You Are on a Student Visa
Foreign students attending a U.S. university have more paperwork to complete before attending their first class. Many universities provide foreign advisors with detailed orientation packets to help students navigate through immigration, campus and financial requirements to ensure a smooth transition to college life. When a student visa, college identification card and housing are secured, a student can open a bank account at an on-campus institution. The on-campus branch provides special programs for students and faculty and is in a better position to understand the needs of new students to establish good financial habits.
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Things You'll Need
- Student ID card
- Passport
- Visa
- Proof of residence (such as a lease or utility bills bearing your name)
- Funding (traveler's checks, checks, ATM card)
- Co-signer
Instructions
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1
Meet with a bank officer at your campus bank. Complete the application for a checking account (if desired, a savings account application may be completed at this time as well).
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2
Check that your co-signer also completes her section of the application(s).
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3
Submit your student ID, passport, student visa and proof of housing to the bank officer. The bank officer may make photocopies of the documents in addition to writing down the information. Make sure these items are returned to you.
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4
Endorse and submit your funding in the presence of the bank officer and submit these for depositing into your account(s). Note that checks from out-of-state banks or foreign banks take one to three weeks to clear. Ask the bank official when he expects the funds to be available and do not issue checks until you have available funds. Traveler's checks are usually treated as cash deposits for immediate funding.
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Check that you receive a set of starter checks and keep these in a safe place until your imprinted checks arrive.
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Tips & Warnings
Orientation activities usually include setting up a bank account at one of the campus banks. Check your orientation packet for a list of these facilities and make sure that your student ID and visa are finalized before applying at the bank. Consider setting up a joint account with your parent so that she can transfer or deposit money directly to your campus account. If you currently have a bank account with an international banking firm, check whether a local branch is available and if your accounts can be linked to optimize your financial status and services.
Many banks require a co-signer such as a parent or guardian, during the application process to guarantee the account. Plan this activity before classes start, while your parent is in town.
