HOW TO OPEN A US BANK ACCOUNT: A GUIDE FOR NEW ARRIVALS IN 2021

 

To make your transition better and quickly adapt to a new environment, opening a U.S. bank account as soon as you arrive there will be of great help.

It can help you pay bills, send and receive money transfers, deposit paychecks, and set up a mobile wallet. Opening a U.S. bank account is a reasonably straightforward process. This guide is primarily for new entries like immigrants and international students, but it’s also essential to anyone who necessitates a U.S. bank account.

Now, let’s look at the requirement and step-by-step guide to open an account in the United States.

DOCUMENTS NEEDED FOR OPENING A U.S. BANK ACCOUNT 

Bank regulations vary from state to state, which is to say, particular requirements will depend on the place of a bank or credit union. Also, opening a bank account online may not be a comprehensive option because there may be additional documents requirements depending on your residency status. Directly talking to someone at a physical branch is your best chance.

Most financial institutions require these documents for opening a U.S. bank account:

• Government-issued ID’s like a passport or green card
• Immigration forms
• Social Security number 
• Proof of Physical address – Utility bill or apartment lease contract 

Again, documentation requirements vary depending on where you start your bank account, so it’s always great to converse with customer service before asking for an account.

OPENING A U.S BANK ACCOUNT – INTERNATIONAL STUDENT 

All international students with a valid student ID and supporting documentation should be able to open an account. Students should check out with their university for recommendations and banking resources. Some U.S universities offer a comprehensive guide to international students on opening a U.S based account. Not all universities allow international students to open a bank account. If they qualify, the following documentation is required:

• Government-issued passport 
• Verification for school enrolment
• Secondary identification form – driver’s license, student ID, or birth certificate 
• Address- both in U.S. and resident country
• Form 1-94
• Form DS-2019, Form I-20, or I-797 approval note

STEPS TO OPEN A U.S. BANK ACCOUNT 

Once you understand what your need is, opening a bank account is a straightforward process. Let’s look at the simple steps you need to proceed with:

 GET ALL THE DOCUMENTS NEEDED 

Looking up at the above list, gather all the documentation needed to open a bank account. Making all the required documents ready and proper can ensure a faster and smoother process while filling an application online or in person.

1. CHOOSE THE TYPE OF ACCOUNT YOU NEED

The type of account you want will depend on your individual needs and your reason for being in the U.S.

For instance, immigrants or non-residents who plan to stay in the U.S. for a long time may join joint savings account with their spouses or investigate accounts for investing. Instead, international students are likely to prefer the basic bank accounts and ones that charge minimally and require no monthly maintenance fees.

A savings account serves to have raised interest rates to earn some money on your deposits. But, due to FEDERAL RESERVE REGULATION D, you may not be allowed to make over six withdrawals a month. In contrast, a checking account allows you frequent transactions and other features like debit cards for purchase and the ability to pay bills online.

But in checking accounts, you may get less interest. Then it is always essential to check fees before starting, such as bank transfer fees or non-network ATM charges. Some checking accounts may need a minimum balance.

After figuring out what type of account you want, you will have to look up different financial institutions to see which one best fits your needs.

2. SELECT A BANK AND CONFIRM REQUIREMENTS 

It will look overwhelming to pick the best option because many banks and accounts will choose. But it’s always best to go for a bank that ideally understands the needs of newcomers or international students.

Understanding this need, big banks have dedicated bank accounts for college students like CHASE COLLEGE CHECKING ACCOUNT. Moreover, you must know that you will not be physically present in the U.S. while opening a bank account. The best you can do is simple research and then call the bank. Then find out the basic information like how much money is needed when making your initial deposit and what to pay in monthly fees.

3. LOOK FOR SPECIAL FEATURES 

The bank account you choose must work for you, so always look for the features that help you save your money.

These desirable features might include:

• Fee-free ATMs 
• The ability to make cash deposits 
• No foreign transaction fees when handling your debit card outside of the U.S. 

4. OPEN ACCOUNT AND MAKE INITIAL DEPOSIT 

Once you have chosen what type of account you want and confirm that you can meet bank requirements, it’s time to open it. Either proceed online (if the bank allows you to go this route) or head to the nearest branch. 

Opening an account in person and making a direct account with the bank’s officials can make the process faster. Once the account is open, the final step is to deposit the initial amount via paper check, bank transfer, or cash.

If you catch up with these steps, it will be easier for you to open a bank account in the U.S. Once you have one, you can do this for the intended purpose- to help you settle quickly in your new country quickly and safely.

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