Yes, international students can open savings accounts, but the process differs from what US citizens face

Most banks will open a savings account for an international student, but you will need to bring documents that prove who you are and where you live. The main difference from a US citizen's experience is that banks ask for a passport instead of a driver's license, and some banks require proof that you are enrolled in school. A few banks have made this easier by creating accounts specifically for international students, while others treat you the same as any other customer — it depends on the bank.

The reason banks ask for more from international students is that they cannot verify your identity through the same systems they use for US citizens. A US driver's license connects to a Social Security number, which connects to credit history and background checks. Your passport does not. So banks ask for additional proof: your I-20 form (the document that shows you are enrolled), a lease or utility bill with your US address, and sometimes a reference from another bank or your school.

Key Takeaways

  • You will need a valid passport, proof of enrollment (your I-20 form), and a US address to open a savings account as an international student.
  • Some banks accept international students without requiring a Social Security number, while others will not open accounts for people without one.
  • Banks that market accounts to international students often waive minimum balance requirements and monthly fees that other accounts charge.
  • Opening an account in person at a branch is faster and more reliable than trying online, because the bank can verify your documents on the spot.

What documents you will need to bring

Start with your passport — this is your primary form of ID. Bring the original, not a copy. Banks will look at it to confirm your name, date of birth, and passport number.

Next, bring your I-20 form or DS-2019 form (if you are on an exchange visa). This document proves you are enrolled in a school and that your visa status is current. Banks use it to confirm you have a legitimate reason to be in the country and that you are not working illegally.

Third, bring proof of your US address. This can be a lease agreement with your name on it, a utility bill, a bank statement from another account, or a letter from your school's housing office. The document must show your name and a US street address. A PO box does not count. If you just arrived and do not have a lease yet, some banks will accept a letter from your school confirming your on-campus housing address.

Finally, bring your Social Security number if you have one. If you do not have one yet, tell the bank — some will still open an account for you, and some will not. See the section below on banks that do not require a Social Security number.

Banks that accept international students without a Social Security number

Wise (formerly TransferWise) is a financial technology company that lets you open an account online with just a passport and proof of address. Wise specializes in international transfers and multi-currency accounts, so it is useful if you plan to send money home or receive money from abroad. The account is not a traditional savings account — it is a spending and transfer account — but you can hold money in it safely.

Chime is a mobile banking service that opens accounts online without requiring a Social Security number. You will need a passport, proof of address, and a US phone number. Chime offers a debit card and a savings feature, though the savings feature is not a traditional savings account — it is a tool that rounds up your purchases and saves the difference.

Some credit unions accept international students without a Social Security number. Credit unions are member-owned banks that often have more flexible rules than large national banks. You will need to find one near your school and ask directly. Start by searching "credit union near [your city]" and calling to ask whether they open accounts for international students.

Large national banks like Chase, Bank of America, and Wells Fargo typically require a Social Security number or an Individual Taxpayer Identification Number (ITIN). If you do not have either, you will need to open an ITIN first — see the section below on how to do that.

How to get an ITIN if you do not have a Social Security number

An Individual Taxpayer Identification Number (ITIN) is a nine-digit number the IRS issues to people who need to file taxes but do not have a Social Security number. Many banks will accept an ITIN in place of a Social Security number when you open an account.

To get an ITIN, you file Form W-7 with the IRS. You can mail it or submit it in person at an IRS office. You will need to include your passport, proof of address, and proof that you need an ITIN — usually a letter from your school or employer saying you need to file taxes. The process takes four to six weeks by mail.

Some international students do not need an ITIN because they do not earn income in the US. If you are not working and your school is paying for everything, you may not need to file taxes and therefore do not need an ITIN. Ask your school's international student office whether you need one before you explore.

Opening an account in person versus online

Opening an account in person at a bank branch is faster and more reliable than opening one online. When you walk into a branch with your passport and I-20, the bank employee can verify your documents on the spot and answer questions about what you need. If something is missing, they can tell you when ready instead of rejecting your process days later.

Online applications for international students often fail because the system cannot verify a passport the way it verifies a driver's license. You submit your documents, the system rejects them automatically, and then you have to call customer service to explain that you are an international student. This can take weeks. In person, you skip that step.

If you open an account online, choose a bank that explicitly says it accepts international students. Read the fine print on the process to see whether it asks for a Social Security number or says "ITIN or passport accepted." If the process only offers a Social Security number field and no other option, that bank probably will not open an account for you online.

What to expect from a savings account as an international student

A savings account holds your money safely and earns a small amount of interest — usually between 0.01% and 5% per year, depending on the bank and the account type. The interest rate changes frequently, so do not choose a bank based on the rate alone. Instead, choose based on whether the bank accepts international students and whether it charges monthly fees.

Some banks charge a monthly maintenance fee ($5 to $15) unless you keep a minimum balance in the account. Banks that market accounts to international students often waive these fees. Before you open an account, ask the bank whether there are monthly fees and what the minimum balance requirement is.

Your money is protected by the Federal Deposit Insurance Corporation (FDIC), which means if the bank fails, the government guarantees your deposits up to $250,000. This protection applies to international students the same way it applies to US citizens.

Frequently Asked Questions

Can I open a savings account before I arrive in the US?

Some banks let you start the process online before you arrive, but you will need to finish it in person once you are in the country. You cannot fully open an account remotely because the bank needs to verify your passport in person. Plan to open an account during your first week after arriving, before you run out of cash.

Do I need a US phone number to open an account?

Most banks do not require a phone number to open a savings account, but they may ask for one to contact you. If you do not have a US phone number yet, give them your school's phone number or your home country number and let them know you will provide a US number later. You can update your contact information after you get a phone.

What if my bank asks for a Social Security number and I do not have one?

Tell the bank you do not have a Social Security number and ask whether they accept an ITIN or passport instead. If they say no, try a different bank or a credit union. Do not make up a number or use someone else's — this is fraud and will cause serious problems with your visa status.

Can I use my savings account to receive money from my family overseas?

Yes. Your bank can receive wire transfers from abroad, though there may be a fee ($15 to $50). Ask your bank about their international transfer fees before you open the account. If the fees are high, services like Wise or PayPal may be cheaper for receiving money from home.

Will opening a savings account affect my visa status?

No. Opening a bank account is a normal financial activity and does not affect your F-1, J-1, or other student visa. Banks do not report account openings to immigration. However, if you work illegally and deposit that income, immigration could find out through a tax audit — so only deposit income from jobs your school has authorized.