Yes, international students can open savings accounts at U.S. banks

International students are allowed to open savings accounts at most U.S. banks. You will need a valid passport, proof of your student status (usually your I-20 form or admission letter), and proof of your current address. Some banks require an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number, while others accept your passport number alone. The process is straightforward, but the documents you need and the account features available to you depend on which bank you choose and which state you are in.

The main difference between your account and a U.S. citizen's account is that banks report your account activity to the IRS using your ITIN rather than an SSN. This does not affect how you use the account — you can deposit money, withdraw it, set up automatic transfers, and earn interest the same way anyone else can. Some banks do charge higher monthly fees for international accounts or require a higher minimum balance, so comparing options before you open an account saves money over time.

Key Takeaways

  • You can open a savings account using your passport and I-20 form, though some banks also accept an admission letter as proof of student status.
  • You will need an ITIN (a nine-digit number the IRS issues to non-citizens) or a Social Security number if you have one; some banks accept your passport number instead.
  • Large national banks like Chase, Bank of America, and Wells Fargo accept international students, but credit unions and smaller regional banks often have simpler requirements.
  • Interest rates on savings accounts are the same for international students as for anyone else, but some banks charge monthly fees or require higher minimum balances for international accounts.
  • Money you deposit into a U.S. savings account is insured up to $250,000 by the FDIC, the same protection U.S. citizens receive.

What documents you need to open an account

Banks require two main pieces of information: proof of identity and proof that you are a student in the United States. For identity, bring your valid passport. For student status, bring your I-20 form (the document your school issued to you for your visa process) or an official admission letter from your school on letterhead. Some banks accept either one; others require the I-20 specifically because it shows your current enrollment status and visa type.

You will also need to show proof of your current address. This can be a lease, a utility bill, a school housing contract, or a letter from your school confirming your address on file. If you just arrived and do not have any of these yet, some banks will accept a temporary address (such as your school's international student office) and let you update it later. Call the bank's customer service line before you go in to ask what they accept, because requirements vary by branch and by state.

ITIN versus Social Security number

An ITIN (Individual Taxpayer Identification Number) is a nine-digit number the IRS issues to non-citizens who need to file taxes or open financial accounts in the United States. You do not need to have worked or earned income to get one — international students often get an ITIN straightforward to open a bank account. To request an ITIN, fill out Form W-7 and mail it to the IRS with a copy of your passport and I-20 form. Processing takes four to six weeks.

Some banks will open an account for you while your ITIN process is in progress; others require the ITIN before they will proceed. A few large banks (notably Chase and Bank of America at some branches) will accept your passport number temporarily and switch to your ITIN once it arrives. If you have a Social Security number because you work on campus or have an off-campus job authorization, you can use that instead of an ITIN, and the bank will treat your account like any other U.S. account. Check with your school's international student office — they often have a list of banks that work with students and how long each one typically takes.

Which banks accept international students

Most large national banks accept international students, though their processes and fees vary. Chase, Bank of America, Wells Fargo, and Citibank all have branches on or near college campuses and have experience with international accounts. However, these banks sometimes charge monthly maintenance fees ($5 to $15) for international accounts or require a higher minimum balance (often $500 to $1,000) to avoid fees.

Credit unions and smaller regional banks often have fewer restrictions and lower fees. Many credit unions will open an account for international students with just a passport and I-20, and some waive monthly fees entirely. If your school has a credit union on campus or nearby, that is usually the fastest and cheapest option. Online banks like Ally and Charles Schwab also accept international students, though you will need an ITIN before you can open an account with them.

The best approach is to ask your school's international student office which banks they recommend. They have already worked through the documentation requirements with local banks and can tell you which ones process accounts fastest and charge the lowest fees.

How interest and FDIC protection work for international accounts

Interest rates on savings accounts are the same for international students as for U.S. citizens — the bank does not offer different rates based on your visa status. Most traditional banks (Chase, Bank of America, Wells Fargo) currently pay very low interest rates on savings accounts, often less than 0.01% per year. Online banks and some credit unions pay higher rates, sometimes 4% to 5%, though these rates change frequently. Compare rates on Bankrate or DepositAccounts before you open an account if earning interest matters to you.

Your money is protected by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per account, regardless of whether you are a U.S. citizen or an international student. This means if the bank fails, the FDIC will return your money. This protection applies only to savings accounts, checking accounts, and money market accounts — not to investment accounts or credit products. As long as you keep your balance under $250,000 (which almost all student accounts do), your money is fully protected.

Sending money to and from your home country

Once your account is open, you can transfer money into it from your home country using a wire transfer or a money transfer service. Wire transfers through your bank usually take three to five business days and cost $15 to $50 depending on the bank. Services like Wise, OFX, and Remitly often charge lower fees (2% to 3% of the amount transferred) and give you a better exchange rate than your bank does, though they take slightly longer (one to three business days).

You can also withdraw money from your account using a debit card at any ATM. If you use an ATM that does not belong to your bank, you will usually pay a fee ($2 to $3 per withdrawal). Some banks reimburse out-of-network ATM fees if you maintain a certain balance or have a premium account, so ask about this when you open your account. If you need to send money back to your home country, you can initiate a wire transfer from your account, though fees and exchange rates vary by bank.

What happens to your account when you graduate or leave the U.S.

Your savings account does not close automatically when your student visa expires or when you graduate. You can keep the account open as long as you want, even if you leave the United States. However, some banks require you to maintain a minimum balance or will charge monthly fees if your balance falls below a certain amount. If you plan to keep the account open after you leave, ask your bank what the minimum balance requirement is and whether they charge fees on inactive accounts.

If you want to close the account, you can do so online, by phone, or by visiting a branch. The bank will return any remaining balance to you by check or electronic transfer. If you are leaving the U.S. and want to transfer your money to your home country, do this before you close the account — it is easier to initiate a wire transfer from an active account than to try to retrieve money after the account is closed.

Frequently Asked Questions

Can I open a savings account if I do not have an ITIN yet?

Some banks will open an account while your ITIN process is pending and update your account once it arrives. Others require the ITIN before they will proceed. Call the bank's international student line or visit a branch to ask. If you have a Social Security number from on-campus work, you can use that instead and skip the ITIN process entirely.

Do I need a Social Security number to open a savings account?

No. An ITIN works just as well, and some banks accept your passport number temporarily. If you work on campus or have an off-campus job authorization, you can request a Social Security number from the Social Security Administration, which takes about two weeks. Your school's international student office can tell you whether it is faster to get an ITIN or an SSN in your situation.

Will opening a U.S. savings account affect my visa status?

No. Opening a bank account is a normal financial activity and does not change your immigration status or visa terms. You are allowed to have a savings account, earn interest on it, and use it to manage your money while you are a student.

What if the bank rejects my process?

Banks sometimes reject international applicants if they cannot verify your identity or student status. Ask the bank which documents they need and whether you can provide additional proof (such as a letter from your school's registrar). If one bank rejects you, try a credit union or a different bank — requirements vary, and another institution may accept your documents.

Can I use my savings account to show proof of funds for my visa?

Yes. Your bank can issue a letter showing your account balance, which you can use as proof of financial support for visa purposes. Contact your bank's customer service and ask for a "letter of account verification" or "proof of funds letter." This usually takes one to three business days and may cost $10 to $25.