How To Open a US Bank Account

What International Students Should Know Before Opening a Bank Account

Opening a bank account in the US for international students is not easy, but is not impossible.
Give a read to this article with ideas and resources for you before you continue scrolling down. And also check this article about credit cards for international students.

You can click this link to access the flyer for How to Open a Bank Account or read the information below.

SAVINGS OR CHECKING ACCOUNT?
  INTEREST FROM A US BANK ACCOUNT

Income unconnected to U.S. trade or business is excluded from taxable income if the primary purpose of opening the account(s) was to transfer funds from your home country to pay for expenses while here as a student or scholar. This includes income from—
 

1. Deposits, including certificates of deposit, with persons in the banking business;
2. Deposits or accounts from which withdrawals can be made e.g., mutual savings banks, credit unions, domestic building and loan associations, and other savings institutions; and
3. Amounts held by insurance companies under agreements to pay interest.

If investments were made to earn money - e.g. interest, dividends, and capital gains on investments in stocks via mutual funds or directly — they may be taxable. The general tax rate on such earnings is 30% unless reduced by a U.S. tax treaty.

OPENING A BANK ACCOUNT

When researching local branches, international students should inquire about their specific requirements for opening a new account. Examples of requirements for some of the banks listed here have been provided for your convenience. We strongly recommend researching the kind of account you want, as well as the bank locations, and using this as a general guide.

International students should inquire about the bank’s specific requirements for opening a new account. The following are commonly requested documents to open an account:

• Passport
• Enrollment verification letter on University of Tampa letterhead showing your local address
• A second piece of individual identification
• Recognized credit card (this may be issued in the home country)
• Foreign Driver’s License
• Bank-issued debit card
• A school ID
• A Florida State ID or Driver's license (check requirements to apply with the Department of Motor Vehicles [DMV])
• Proof of residency in the United States (documents that show your address in the United States. e.g., utility bills, apartment contract... or if you leave on campus ask the International Programs Office for a proof of address letter).

Many banks will ask for a Social Security Number (SSN) to open an account. If you do not have a SSN simply inform the bank of your F-1 or J-1 visa status and they will explain what other forms of identification you may need. Likely, you will be asked to show one of the items listed above.

NEARBY FINANCIAL INSTITUTIONS