As you already know, money is an essential part of life anywhere in the world. Every country has its own currency and monetary system, making it a little difficult to navigate at times. The US processes its transactions through the US dollar and they have their own credit-keeping system, which is why it is crucial for international students to open an American bank account. You can wait to open an account at a consumer bank in person or easily open one online in 5 minutes on Ellis!
By opening a bank account in the US, it will be easier for you to buy everyday necessities because your money will already be in the USD currency and easily accessible in a physical card form or on your phone as a virtual card through Apple Pay as well as Google Pay. Moreover, you can easily pay your subscriptions for services such as Amazon and Disney Plus along with your rent and mobile plan with your US bank account.
Less to no transaction and currency exchange fees
Living in the US is already expensive, but it can be even more costly with transaction and currency exchange fees piled on top of expenses. Having a US bank account can relieve you of these vexing costs, and with Ellis Money you can also receive international wire transfers with no fees!
Sending and receiving money
You can easily send and receive money through your American bank account, especially if the money is being sent from or to another US account. For example, you can easily pay your friends back for dinner and your parents can conveniently send your allowance.
Building your credit score
If you are thinking about staying in the US long-term then you should definitely open a bank account in the country and start building your credit score as soon as possible. A better credit score leads to a better and more comfortable life in the US!
Different types of bank accounts
There are a variety of bank accounts that you can open, which can feel a little overwhelming, but the two main types that you want to focus on are checking and savings accounts. Within these two categories, a checking account is better for spending as it ensures that your money is accessible and a savings account is for large sums of money that you want to stash away to earn interest for it.
How to open a bank account
Here is a full article we’ve written about How to Open a Bank Account without an SSN