New to the country? Seeking a bank account where you can park your savings from a part-time job and wondering how you can go about it? Well, opening a savings bank account seems like a good option. Sadly, it is not as easy as you think. Although the process may seem daunting, there are a few things you can do to simplify it for you.

How to start a savings account for international students

You may be curious to know how to start a savings account for students. Here, we will discuss the required documents and the prerequisites that you should know.

What do you need?

• A valid ID
  National or international, all applicants need to provide identity proof to verify their name, age, and address. For this, there is a mandatory requirement of one utility bill. For international students, the conditions do not end there. You will also need a photo ID, which has your numeric identity. For this ID, you can use your passport, student ID, or any ID issued by your native country’s government. If you have a green card, the alien ID number will also work. Also, remember that only your original ID proof will be accepted. So, do not provide any photocopies.
• Social Security Number (SSN)
  An SSN is not mandatory to open a savings account in the country. If you do not have one, it will only make the bank intensely scrutinize your other documents. Of course, if you do not have it, there are ample options. As an alternative, you can file for Form W-7 with the Internal Revenue Service. It will give you an ITIN, which is your Individual Taxpayer Identification Number.

Can you open an account with an online bank?

Unfortunately, in almost all cases, an international student will have to visit the bank branch at least once to open a savings bank account. So, that implies, even if you are using an online method, you may be called in person for the application process. However, you might not be eligible to apply for several online-only banking platforms because it is difficult to thoroughly verify your documentation online.

Deposits

The minimum deposit that you will have to pay for opening a savings bank account is generally variable, but it will be a reasonable amount. A few banks might demand USD 5, while others ask up to USD 50 or even more. It all comes down to which bank you want to go ahead with; it totally depends on what you’re looking for. Some banks offer zero service charges, higher yields, and more. Moreover, if you are depositing a high amount, you will have to furnish a proof determining the source of these funds.

Thus, it is quite evident international students go through more stress while opening a savings bank account. However, hopefully, with this guide, you have your answer on how to start a savings account.