How to Open account in Us Bank: It’s not easy for international students to open a bank account in the US, but it’s not impossible either. Before you keep scrolling down, read this article. It has ideas and resources for you. Reading this article about credit cards for international students is also a good idea.
How to Open account in Us Bank
Savings and checking account
Checking accounts: You can put money in and take it out of your checking account often, and it’s a great way to pay your bills every month. When you open a checking account, you usually get checks and a bank card that you can use to pay your bills and buy things. Depending on the type of account you open, there may be service fees and minimum monthly balances.
Savings accounts: With a savings account, you can put money away for a long time and earn interest on it. Each bank has its own rules about service fees, minimum balances, and interest rates. The amount of money you deposit is also important. You can’t use the money in a savings account right away.
ATM (Automated Teller Machines): Automated Teller Machines, or ATMs. Most of the time, banks won’t charge you extra to use their ATM. Some ATMs may charge you extra fees when you use them in stores or at other banks.
Attention from a US bank account
If you opened the account mainly to send money from your home country to pay for things while you were here as a student or scholar, you won’t have to pay taxes on any income that has nothing to do with U.S. trade or business. With this, income from
- Money that is deposited, like CDs, with people who work in the banking business;
- Money that can be deposited or taken out, like at credit unions, mutual savings banks, domestic building and loan associations, and other savings institutions; and
- Money that insurance companies hold because they agreed to pay interest on it.
They might be taxed if they were made to make money, like interest, dividends, and capital gains from investing in stocks directly or through mutual funds. Most of the time, this kind of income is taxed at 30%, unless a U.S. tax treaty lowers that rate.
Opening a bank account
When looking into local branches, international students should find out what they need to do to open a new account. For your convenience, examples of what some of the banks on this list need have been given. You should really look into the type of account you want and where the banks are located, and then use that as a general guide.
- Passport
- Enrollment verification letter on University of Tampa letterhead showing your local address
- A second piece of individual identification
- Recognized credit card (this may be issued in the home country)
- Foreign Driver’s License
- Bank-issued debit card
- A school ID
- A Florida State ID or Driver’s license (check requirements to apply with the Department of Motor Vehicles [DMV])
- Proof of residency in the United States (documents that show your address in the United States. e.g., utility bills, apartment contract… or if you leave on campus ask the International Programs Office for a proof of address letter).
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