The Best Bank For Immigrants And International Students
A bank account is the first step to building your financial life in the U.S. We’ll look at the best banks for immigrants and international students.
Opening a bank account should be one of the first things you do when you arrive in the U.S. A bank account makes life easier and, in many ways, less expensive. Opening a bank account is easy for everyone, citizen or non-citizen, regardless of immigration status. And despite some information to the contrary floating around, you can open a bank account without an SSN or ITIN. In some cases, you can open a bank account with a passport only.
We’ll take a look at the best banks for immigrants and international students.
Best banks for immigrants in the U.S.
Often, large banks with branches around the U.S. and the world are the best banks for immigrants and international students. Opening a bank account without an SSN at Chase is possible. Bank of America also allows customers to open accounts with an SSN. Chase and Bank of America welcome undocumented immigrants as customers too.
Chase has nearly 5,000 branches in 48 states, and Washington, D.C. Bank of America has around 4,200 branches in 34 states. The problem with larger banks is often the number of fees they charge, and that’s where online banks come in.
Axos Bank
Axos Bank is an online bank. You do not have to be a U.S. citizen to open an account, but you may need to submit additional documents to prove your identity and place of residence, like a passport, rental agreement, or utility bills in your name.
Axos Bank offers both checking and savings accounts.
Axos Bank Rewards Checking Account
$0 monthly fees
No minimum balance
All domestic ATM fees are reimbursed
Axos does not charge any ATM fees
If you receive $1,500 or more in monthly direct deposits, you’ll earn 0.40% on your account balance
Axos Bank High Yield Savings Account
$0 monthly fees
No minimum balance
$250 deposit to open an account
0.61% interest on account balances under $25,000
0.25% interest on account balances between $25,000 and $99,999.99
0.15% interest on account balances over $100,000
While Axos Bank does not have physical branches, it does have 24/7 phone support. Deposits can be made via Green Dot or Axos Bank’s 91,000 in-network ATMs.
Capital One 360 Online Bank
Capital One 360 Online Bank offers both checking and savings accounts.
Capital One 360 Checking
$0 monthly fees
No opening balance requirement
0.10% interest on all balances
Free ATM deposits and cash withdrawals at Capital One-branded ATMs, which have more than 70,000 locations
Capital One 360 Performance Savings
$0 monthly maintenance fee
No opening balance requirement
0.40% interest on all balances
Bank of America
Some people prefer a bank with physical locations, and typically these traditional banks offer more products, including investment products and loans, things you may want to take advantage of eventually.
Bank of America allows non-citizens to open bank accounts. You’ll need:
Proof of a U.S. address
One form of photo ID, foreign IDs are accepted
Debit, credit, or retail credit card with a Visa or MasterCard logo or from a nationally recognized retailer
Bank of America offers several products, including bank accounts, especially for college students, including international students:
Checking accounts
Savings accounts
CD accounts
IRAs
Debit cards
The First Step
Opening a bank account is an essential step in your new financial life, but it is just the first step. Upwardli can help each step of the way!
Get pre-approved instantly - no credit check or deposit required! Each account includes an unsecured line of credit designed to build credit fast. We report your progress to the three credit bureaus.
Your spare change and cash rewards automatically build up in an FDIC-insured bank account. Easily withdraw funds any time - no strings attached!
