Are you an international student looking for the best student bank accounts services? Here are certain things you need to keep in mind. Understanding these factors can help you find the bank that suits your needs while also helping you be prepared and know what to expect ahead. In short, keeping these factors in mind will help you find some of the best student bank accounts of all time! Here are the three crucial factors to remember while looking for the best student bank accounts:
- Online banking facility
Bank visitations can be a hassle when you live in a new country, all on your own. But how else can you make sure that your banking experience is smooth? With the advancement of technology, going to the bank has become avoidable as some of the best student bank accounts provide online banking facilities. While looking for a bank for your student bank account, ensure your bank has online banking facilities. This will ensure you have fewer things to worry about while also having access to your account 24/7.
- ATM charges
International ATM withdrawals can be tricky since they come with ATM charges, a small fee for the transaction. However, some of the best student bank accounts eradicate ATM charges completely. Similarly, student bank accounts also come with the benefit of 0 monthly fees, given that students potentially have very low balances in their accounts.
- Opening documents
As an international student, it is essential to know that many banks let you open an account with very few documents. Some of the best student bank accounts for students usually only require a passport, offer letter, and visa. So, while looking for your ideal bank account, ensure that your bank only requires the documents you have.
Best Bank Accounts as per Country Wise
When it comes to money management, choosing a bank account is important. Various financing options are available in different countries, each with its own features and benefits. Let's take a look at some of the best banks in India, United States (US), United Kingdom (UK), and Australia (AUS).
1. United States
ActivationThe US banking system is strong and diverse. It consists of different types of banks, including national banks, state banks, and credit unions. The system is overseen by different agencies such as the Federal Reserve, the Department of the Treasury, and the Federal Insurance Corporation. US banking offers a variety of services, including checking and savings, loans, mortgages, loans and investment options. Known for its technology, it offers online and mobile banking services to facilitate and secure financial transactions. Adding more to your smile, our student accommodations in all the major cities like New York, Austin, Chicago and others accept all the major bank accounts for payment.
Chase Bank
Chase Bank stands out as a leading bank. Chase has an extensive branch and ATM network for convenience. Their accounts have great online and mobile banking features, competitive interest rates, and many rewards to choose from.
Requirements to open a bank account
- A valid government issued photo identification (such as passport, driving license or state ID)
- Social Security Number (SSN)
- Address proof
- Minimum deposit amount: $25 - $100
- Be aged 18 year or above
Requirements for students
- Valid student ID
- Enrollment letter
- Social Security Number (SSN)
- Address proof
- Minimum deposit amount: $25 - $100
- Be aged 18 year or above
For more information check out how to open student bank accounts in USA.
2. United Kingdom
The banking system in the UK is well established and well managed. It has traditional banks, online banks and institutions. The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) oversee the banking industry to ensure safety and consumer protection. UK banks offer a wide range of services including current accounts, savings accounts, loans, mortgages and investment options. It promotes technological advancements to provide digital banking solutions and new mobile applications to facilitate mobile commerce.
Barclays
In the UK, Barclays is known for the many funds it holds. From checking accounts to advanced options, Barclays caters to customers of all levels. Its features include mobile banking, contactless payments and personal finance tools to help you manage your money well.
Requirements to open a bank account
- A valid government issued photo identification (such as passport, driving license or state ID)
- UK address proof
- Be aged 16 or above
Requirements for students
- Valid student ID
- UCAS confirmation letter
- Permanent address proof
- Be aged 18 or above
Our blog on how to open a bank account in the UK will take you with more necessary points.
3. Australia
Australia's banking system is known for its stability and efficiency. It is the first of the Big Four banks (often referred to as the "Big Four") along with smaller banks and credit unions. The Australian Prudential Regulatory Authority (APRA) regulates the banking industry to ensure the safety and soundness of financial institutions. It offers a wide variety of services, including business, savings, mortgages, personal loans and products. For an informative understanding, check how to open student bank accounts in AUS.
Commonwealth Bank
In Australia, the Commonwealth Bank (CommBank) is a popular choice. CommBank offers innovative digital banking solutions and mobile banking solutions. They have features like tap-and-pay, rewards programs, and financial tools to help you reach your financial goals.
Requirements to open a bank account
A valid government issued photo identification (such as passport, driving license or state ID)
- Australian residence proof
- Be aged 14 or above
Requirements for students
- Valid student ID
- Enrollment letter
- Australian address proof
- Be aged 14 or above
4. India
India's banking system is large, diverse and caters. The Reserve Bank of India (RBI) is the central regulator overseeing the banking industry. The system offers a variety of services, including savings accounts, checking accounts, loans, credit cards and investment options. With the development of digital banking, the popularity of online and mobile banking services has increased, allowing customers to easily access their bank accounts and perform various transactions.
HDFC Bank
HDFC Bank has one of the best bank accounts in India. Known for its excellent customer service, HDFC offers a variety of financing options to suit different needs. Premium accounts have special privileges such as personalized service, premium customer support and airport access.
Requirements to open a bank account
- A valid government issued photo identification (such as passport, PAN card, voter ID card or driving license)
- Address proof
- Be aged 18 or above
Requirements for students
- Valid student ID
- Letter from Educational Institution
- Address proof
- Be aged 18 or above
Best Student Bank Accounts
Are you an international student looking for the best options to have an international student bank account? Here’s our curated list of the five best student bank accounts of 2023:
1. The Unizest UK Money App
The Unizest UK Money App is a fantastic alt bank with all the regular bank facilities catering to international students. Unizest allows you to open student bank accounts only through your university offer letter, after which you get a 6-week period to supply a valid VISA. The Unizest money app makes your daily expenditure easier with its online payment feature. The ease and convenience that Unizest offers make it the first in our list of best student bank accounts in 2023!
Country: The United Kingdom
Strengths
- Fewer documents
- Fast
- Convenient to use
2. Go Study Australia
It offers international students one of the most affordable and the best student bank accounts that provide smooth banking experiences with its free account opening facility. Their international student bank accounts include exclusive student baking benefits and 0 monthly maintenance fees. Go Study Australia offers cardless transactions and ATM transactions.
Country: Australia
Strengths
- Affordable
- Easy
- Additional features like Spend Tracker
3. Lorien Finance
They are the one-stop solution for all your financial needs as an international student. Lorien Finance provides everything from no-collateral student loans at the lowest interest rates to general US banking. You can open and activate your account with a few documents before moving to the US and start using it. Lorien Finance also charges no fees on ATM withdrawals or foreign transactions, making them one of the best student bank accounts.
Country: The United States
Strengths
- One-stop-solutions
- Easy activation
- Zero extra charges
4. Swadesh
The fourth bank that makes it to the list of best student bank accounts in 2023 is Swadesh. If you are looking for the fastest option to open a student account, Swadesh can be perfect. With their most rapid opening facility, you can open a bank account in under 3 minutes. With a fully digital service, there is no need for in-person visits to the bank as the setup, activation, and verification of the account happens online. Swadesh also keeps your data encrypted and money protected by bank-grade security.
Country: The United States
Strengths
- Fastest opening.
- Fully digital.
- Safest.
5. US HSBC
HSBC has been one of the most trusted banks in the US banking sector. With many benefits for international students, US HSBC offers a wide range of services that supports students through their educational journey in the US. With their checking account, you can make your online transactions easier and build a credit score in the US. HSBC international student account allows you to move foreign currency between accounts, making international transactions faster and easier.
Country: The United States
Strengths
- Trusted.
- Wide range of facilities.
- Relocation packages.
International student bank accounts are crucial when you are moving away for higher studies. Choosing the right bank for yourself is essential to ensure your banking experience is smooth and you have to face no additional hassles. With our list of best student bank accounts of 2023, you can compare all your options and ensure that the bank you choose meets your needs!
Steps to open a Bank Account for International students
Opening a student bank account as an international student typically involves a few steps. While the process may vary depending on the country and specific bank, here are some general steps to follow:
1. View details and choose a bank: Find a bank that offers services suitable for international students. Consider factors such as account fees, transaction fees, convenience and availability of services such as online banking or mobile apps.
2. Gather the necessary information: Prepare the necessary information to open the best bank accounts. Documents usually required include:
- Passport or ID: Provide a valid passport or government-issued ID card.
- Student Visa or Proof of Enrollment: Have a student visa or valid documents proving your enrollment in a recognized institution.
- Proof of Address: Provide proof of your current address, such as a rental agreement, electricity bill, or official letter from your school.
3. Go to the bank: Go to the branch of the bank where you want to open an account. If possible, it is best to make an appointment in advance to ensure a smooth process.
4. Fill out the application: Fill out the application to open the bank. Enter the correct information and ensure that all fields are filled in correctly. If you have any questions, please contact the bank staff for assistance.
5. Submit the required documents: Submit the required documents to the bank representative. They will verify the information provided and copy the information into their records.
6. First Deposit: Some banks may require you to make an initial deposit to open an account. Check with your bank for minimum deposit requirements and appropriate fees.
7. Provide additional information: Depending on the bank's policy, you may be asked to provide additional information such as your contact details, emergency contact number, or proof of income. Be prepared to provide additional information or documentation when requested.
8. Check and sign the terms and conditions: Carefully read the bank account terms and conditions. If you have any questions or concerns, please share them with the bank staff before signing the contract.
9. Open your account: After all the necessary steps are completed, the bank will give you the details of your account. This usually includes account numbers and login details for online banking or mobile apps.
10. Get started with your account: You can now start using your bank account for various transactions such as deposits, withdrawals and transfers. Find out about your bank's services and discover what else they can offer.
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