One of the biggest things that you will need to manage when you go to university in the US is your finances. Having a safe place to keep your money is one weight off your mind. There are many banks across the US, as well as different types of accounts.

There are many banks in the US, so the best way to narrow it down is to look at what the different banks are offering students. Some other points to consider when choosing a bank are:

• Does the bank accept international wire transfers? - Ask the bank if they accept international wire transfers. While some may accept incoming international wire transfers, other banks do not support you sending wire transfers to accounts outside of the United States. Consider what is the situation for you before opening an account. Many international students need access to incoming international wire transfers while in the United States.
• Monthly fees or service charges - Although they’re sometimes waived for students, many bank accounts will have these. Charges often depend on the amount of money you transfer and the minimum amount you wish to keep in your account, so be sure to have in mind what you’ll be using your account for as you research. Some banks may have additional charges for things like paper statements.
• Does the bank have an ATM nearby campus? - If you use a different bank’s ATM to withdraw money from the bank you hold your account with, there is a possibility you will be charged for your withdrawal. It is likely that the bank that has ATMs on your campus may have some kind of affiliation with your university.
• Does the FDIC insure the bank? -  It is wise to go with a bank secured by the Federal Deposit Insurance Corporation to make sure you receive still receive your funds in the unlikely event of a bank going under.

How to open a bank account

Although it is possible to open a bank account over the phone or online, if you are an international student it might be easier to open your account in person in case there are any complications. When you go to the bank to open your account you will need:

• [ ] Your full name, home address, home telephone number, campus telephone number and college address
• [ ] Your passport and visa
• [ ] Current I-20 (F-1) or DS-2019 (J-1)
• [ ] Any secondary form of identification (such as your student ID card)
• [ ] A letter of acceptance from St. Edward’s University
• [ ] An amount of money to deposit into the account (this will vary between banks)
• [ ] Consider calling the bank or reading their website for additional requirements

<aside> 👉 Click here to learn more about how to get around Austin, including to your preferred bank option.

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