Students who are pursuing their higher education at a reputed American university know the importance of managing their expenses and finances. As the accommodation and basic living expenses might prove expensive depending on the college and the state, you need to make sure your expenses aren’t getting out of hand.
Just like most other international students, you might have arrived in the USA with a bank account from your home country. But once you discover the exchange fee rates and the international transaction rates, you might want to open an international student account in the Bank of America.
In this blog, we will discuss how and why you need to open an international student account with Bank of America. Without further ado, let’s get started.
How Can You Open a Bank of America International Student Account
This is one of the most important pieces of information you need to know about the Bank of America international student account. As you might be coming to the United States for the first time, you might assume that opening a U.S. bank account is an extremely daunting and time-consuming process. However, keep in mind that the process is not that complicated. Here are a couple of important steps you need to remember.
Choose a Bank
Make sure you choose a bank as per your own needs. Keep in mind that the fees will vary from one bank to another. Hence, don’t forget to ask for the charges that are associated with the bank itself. This way you will be able to choose the best one.
You also need to check for the student benefits. For instance, some specific banks waive the maintenance fees for international students who are opening new accounts.
Also Read: DBS Bank International Transfer
Determine the Infomation Needed By the Bank
This is another important thing you need to keep in mind. Requirements will also depend on the bank itself. If you don’t want to make mistakes and affect your application process, make sure you ask what the bank required specifically. Here are some general things that you will be asked for:
- Acceptance letter from the university
- A valid ID
- Government proof regarding your domestic studies
- A passport and a student ID or birth certificate or driver’s license or credit card from a major bank
It’s not mandatory to provide a social security number to open a Bank of America international student account. But if you get a job while pursuing your higher education at any U.S. university, you need to get SSN. Some banks might also require some specific types of tax identification numbers while opening an account, If you don’t have a social security number, you might provide the banks with a consular identification, a passport number, or other number issued by the government.
Learn About the International Wire Transfers
With the help of a savings or checking account, you will be able to receive or send money internationally through wire transfers. This money will be secured while being traveled from your account to the receiver’s account. You can also use the banking tools to initiate international wire transfers.
Also Read: Republic Bank International Wire Transfer
Apart from your bank, some of the most effective options for wire transfers are online wire transfer services as well as in-person transfers. Don’t forget to determine the exchange rates, fees, duration, and security of the transfer.
Advantages of Opening Bank of America International Student Account
Opening a Bank of America international student account will undoubtedly prove extremely beneficial for you, especially if you don’t want to pay for the massive transfer and exchange fees. In addition, this account will also help you manage your finances properly. Here are the advantages of opening an international student account.
You Can Have Easy Access to Your Money
With the help of a Bank of America international student account, you will be able to use your money for everyday expenses such as groceries, bill payments, etc. You can access your account through any online money transfer app, debit card, or your cheque. You can also use the ATMs to either withdraw or deposit money.
International student accounts will also provide you with great access to online banking as well as digital wallets. This way you can use your smartphone to make purchases from merchants while also receiving money from cardless ATMs.
You Can Avoid Transaction Fees
If you use your bank account from your home country while living in the United States, you will have to pay for high charges such as currency exchange fees as well as international transaction fees. When you open a Bank of America international student account, you will be able to save thousands of dollars.
If you have plans to visit attractive places within the United States, using a debit card from the Bank of America to pay for hotels, flights, public transportation, and rental cars will prove cheaper and easier. Keep in mind that some gas stations only accept US cards that come with a 5-digit zip code.
Also Read: List of Best Student Loan Apps in 2023
You Can Pay Bills Automatically
When you have a U.S. bank account, you will face no problem setting up recurring payments such as utilities, rent, phone services, or streaming platforms. Thanks to these automatic payments, you will always be able to pay your bills on time and avoid late fees. However, you need to make sure that you have sufficient funds in your account.
This is everything you need to know about Bank of America’s international student account. Make sure you follow Fly Finance for updates regarding international wire transfers, education loans, money transfers, etc.
