Banking for International Students

There are two primary types of bank accounts in the U.S.: 

• Checking Account – Ideal for everyday spending. A checking account allows frequent withdrawals and unlimited deposits. It is commonly used for living expenses, daily purchases, and paying bills. Checking accounts typically include a debit card and offer online and mobile banking so you can manage your money at any time.
• Savings Account – Best for storing money you don’t plan to use for daily expenses. Savings accounts often require a minimum deposit and earn a small amount of interest. They usually limit the number of free transfers or withdrawals you can make each month.

Important questions to consider when choosing a bank

• What’s the minimum balance required on the account? 
• Are there extra fees if the balance goes below the minimum? 
• What are the monthly service fees? 
• Are there transaction limits? 
• Does the bank offer online and mobile banking? 

How to choose a bank

Banks in the U.S. offer different services and fee structures, so it’s important to read account details carefully. Compare the types of accounts available, monthly charges, minimum balances, and any service fees before choosing the option that best meets your needs.

As the official banking partner of Quinnipiac University, M&T Bank provides convenient access through online banking, multiple on‑campus ATMs, and nearby branches, including the Westwoods Plaza location at 3496 Whitney Avenue in Hamden, close to the Mount Carmel and York Hill campuses.

Most banks do not charge extra fees when you use their own ATMs. However, using ATMs at stores or other banks may result in additional transaction fees.

Additional banks in Hamden include Bank of America, Liberty Bank, and Wells Fargo. 

Documents you need to open a U.S. bank account

• Personal Information: full name, U.S. living and mailing address, U.S. telephone number (for mobile banking)
• Unexpired passport 
• I-20/DS-2019 Form 
• Quinnipiac Student ID 
• Cash in U.S. dollars to open the account (A minimum of $25 is recommended) 

Additional documents you may need:

• Most recent I-94 Arrival Record, obtained at the U.S. Customs and Border Protection website here
  
  

Managing your money and bank account 

Fees

It’s important to understand the fees associated with your bank account. Depending on the bank, you may be charged a fee if your balance falls below the required minimum. You may also incur fees if you spend more money than you have in your account (for example, by writing a check or making a debit purchase without sufficient funds). Be sure to ask about minimum balance requirements and overdraft fees.

Debit card

Most banks will provide a debit card when you open an account. A debit card allows you to withdraw cash or make purchases directly from your bank account. Unlike a credit card where charges are billed monthly, money spent with a debit card is deducted from your account almost immediately.

Withdrawing cash from your account

You can withdraw money by visiting a bank teller or using an ATM. Try to use ATMs associated with your bank, as they typically do not charge additional fees. ATMs at stores or at other banks may charge fees of up to $5 per withdrawal, and your bank may also charge an additional fee for using a non‑network ATM.

Cash back

If you need cash and cannot get to your bank, many stores offer “cash back” when you make a purchase. This means you can pay for an item and request an additional amount (usually $10–$40), which the cashier will give you in cash.

Payment forms accepted

Some restaurants and shops are cash only or require a minimum purchase to use a debit or credit card. While these locations may have an ATM nearby, those machines often charge high fees, and your own bank may charge an additional fee for using an out‑of‑network ATM. Even in large cities like New York, many places still accept cash only, so plan accordingly.

Other businesses are now cashless and do not accept cash at all. At these locations, you must pay with a debit card, credit card, or mobile payment app such as Apple Pay or Google Pay.

Online banking

Online banking makes it easier to manage your account. Most banks allow you to check your balance, pay bills, and send or receive money electronically.

If you have a job, many employers offer direct deposit, meaning your paycheck is automatically deposited into your bank account. Many banks also allow you to deposit checks using a mobile app, where you simply take a photo of the check.

Direct debit

Some companies—such as phone, internet, or utility providers—may require direct debit (automatic withdrawals). This means a set amount is taken from your account each month until the service is canceled or the bill is fully paid.

Always monitor your bank balance if you have automatic payments. If a withdrawal occurs when you don’t have enough money in your account, your bank may charge an overdraft fee. Multiple overdrafts can lead to several expensive fees.

Personal checks

Personal checks may be needed for mailing payments or for businesses that require check payments. Some companies accept checks, while others do not, so always confirm what payment methods are allowed. You can request checks directly from your bank.

Be careful when writing checks: if you write a check for more money than you have in your account, the bank may charge a significant fee. Always know your balance before sending a check, especially for large payments.

Credit cards 

Credit cards in the U.S. require an application, and approval is based on your financial history and ability to show you are not a credit risk. Each card has a credit limit, which is the maximum amount you can charge before paying off your balance. If you do not pay the full amount each month, the remaining balance will accrue interest, and your minimum monthly payment may only cover that interest.

Before accepting a credit card, make sure you understand the interest rate and any fees. Credit cards can be useful, but many people accumulate debt quickly if they are not careful.

Most credit card companies require a Social Security Number (SSN) Social Security number (SSN) to apply. F‑1 and J‑1 students are eligible for an SSN only if they have an offer of on‑campus employment or have been authorized for off‑campus work in SEVIS.