Opening accounts and receiving bank cards
The easiest and most common service for which people turn to banks is to open all types of bank accounts and obtain debit cards. Opening an account and using it is the first step in establishing a relationship with a financial institution, which can later make it easier to obtain a loan or credit card.
A checking account is the most popular product. Foreign nationals living in the U.S. can open a checking account at almost any U.S. bank with just a few documents. The account will be needed for:
Paying utilities, any bills for tuition and educational materials
receiving or sending money, including money from abroad.
The bank account is used to receive scholarships and grants for students and salaries for employees. You can usually deposit or withdraw money into a current account at any time.
A savings account allows you to keep your money, save, and earn interest on the money in your account. A savings account is a long-term deposit. You can often not withdraw money as quickly as you can from a checking account.
When you open a checking account, you can order a debit bank card from one of the three major payment systems: VISA, MasterCard, American Express. Your current account will be linked to this card, with which you carry out all financial operations.
By comparing the rates of several banks, you can choose the most appropriate one. Each bank will have different fees for opening and maintaining accounts, issuing cards, and financial transactions (for example, interbank transfers or conversion). You should also compare payment processing times, cash withdrawals, and other features. Students should contact the International Student Office at their college to find out if they have any special terms and conditions for banking services at particular banks.
Although it is now possible to open an account even by phone or online, foreigners will have to come in person to the branch of the bank of their choice and bring the necessary documents with them:
- a valid passport;
- I-94 form;
- Form I-20 for students, DS-2019 for participants of international exchange programs or Form I-797;
- Other identification document (birth certificate, state driver’s license, Student ID or other for students);
- A confirmation letter from the university for students or from the employer for employees;
- A completed bank form with the name, date of birth, telephone numbers and addresses (university, dormitory, employer, home)
- W-8 BEN form for students who do not have a Social Security number or TIN.