Banking for International Students

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

• Checking Account – Great for day-to-day expenses. A checking account lets you make numerous withdrawals and unlimited deposits. You can use your checking account for living expenses, daily transactions, and paying bills. It comes with a bank debit card. Most banks will offer online and mobile banking, so you can manage your money 24 hours a day. 
• Savings Account – Good for long-term money saving. A savings account requires a minimum deposit and provides a modest interest rate of return. Savings accounts are generally for money you don’t intend to use for daily expenses. A savings account is also likely to have a limited number of free transfers/transactions. 

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

Every bank in the U.S. offers different services to students. Make sure you read the account information carefully so you’re fully aware of what service fees they charge. Research and compare the different accounts the bank offers and figure out the cost and monthly charges.  

As the official banking partner of Quinnipiac University, M&T Bank is available online, on campus via multiple ATMs, and via nearby in-person branches including the branch at Westwoods Plaza near the Mount Carmel and York Hill Campuses at 3496 Whitney Avenue in Hamden.  

Usually, banks will not charge extra fees when you use your bank’s ATM. When you use an ATM in a store or at other banks, you may be charged an extra transaction fee.  

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 
• 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
• Enrollment verification letter from your school (Obtained from ISS Portal)
  
  

Managing your money and bank account 

Fees

It is important to be familiar with the fees associated with your selected bank account. Depending on the bank, you may be charged a fee if your balance is too low. Be sure to ask the bank about a minimum balance fee. You will also be charged a fee if you post a debit charge or write a check for more than the balance in your account.  

Debit Card

Debit cards are generally given to you when you open a U.S. bank account. You can use a debit card in two ways: to withdraw money from your account or to charge money directly from your account. 

Unlike a credit card which is billed to you once a month, debit card charges will be withdrawn from your account almost immediately. Debit cards are generally given to you when you open a U.S. bank account.  

Withdrawing Cash from Your Account

• To withdraw money from your bank account, you can either visit a teller (person working at the counter) at your bank or use an automated teller machine (ATM). 
• Be careful using ATMs that are not associated with your bank. They usually charge fees of up to $5.00 per withdrawal. Your bank may, in turn, also charge you a fee for this withdrawal. 
• Cash Back: If you cannot find a bank and you need cash, many stores will offer you “cash back” when making a purchase. This means that you can pay for your purchase and also choose to have an additional amount charged to your debit card ($5 to $40, usually). The cashier would hand you that amount with your receipt. 
• Charging Over the Amount: Stores may also let you buy something small, charge for a larger amount, and keep the change. For example, you can buy a candy bar ($1.50) and charge $40.00 on your debit card. The cashier will give you $38.50 in change. Some places may have limits on the amount you can take or do not offer it. 

Payments Forms Accepted

Some restaurants and shops are “cash only,” or have a minimum amount that you need to spend to use a debit or credit card. Some of these establishments offer an ATM inside or nearby, but these machines often have very high fees. Your bank may also charge you a fee for using an ATM out of your network, which can make your purchase very expensive in the end. Even in big cities like New York, many places only accept cash, so plan accordingly. 

There are some restaurants and shops, on the other hand, that do not accept cash. In these establishments, you must pay for your purchase with a credit or debit card, or phone apps like Apple Pay or Google Pay.  

Online Banking

It will be easier if you can find online options for managing your bank account. You can usually check your balance, pay bills, and transfer/receive money. 

If you have a job, most employers will arrange direct deposit for you. That means when you are paid, you will not receive a paycheck but the money will be directly deposited into your account. 

See if you can deposit checks using your mobile phone. Most banks will have an app that allows you to use your camera to deposit checks.   

Direct Debit

Many companies (such as cell phone companies) will ask/require you to use direct debit (automatic withdrawals). This means that a certain amount of money will be taken from your account every month until you cancel the service or the bill is completely paid. 

It is important to always monitor your bank balance, especially if you have more than one bill being paid by direct debit. Failure to do so may cause the payment to overdraw your account. If multiple bills overdraw your account at the same time, you will need to pay multiple costly fees. 

Personal Checks

Personal checks are useful if you need to mail a bill or provide payments in certain situations. Some companies will or will not accept personal checks, while other companies will only accept checks. Make sure you ask in advance what form of payment you can use. You can request checks from your bank, if you need them. 

If you write a check for more money than you have in your bank account, you will be charged a fee, which can be as much as $1000. Always be aware of how much you have in your account, especially when making large purchases or payments.

Credit Cards 

To receive a credit card, you must apply and prove that you are not a credit risk. 

Credit cards have a limit which is the most you can charge before paying it back. If you are unable to pay the entire bill each month, the charges will remain on the card and accumulate interest. You’ll have to make a minimum payment, which usually only covers the interest. 

When you get a card, you should ask what the interest rate is. Many people find themselves in a lot of debt from credit cards, so use them carefully. 

Most credit cards will require that you have a social security number (SSN) in order to open one. F-1 and J-1 international students are only eligible for an SSN if they have an offer of on-campus employment or are authorized to work off-campus in SEVIS.