Banking Options for International Students

Question

What banking options do I have as an international student?

Answer

US Bank Account: Should I Get One?

The answer: it depends. The majority of new international students should take the time to get a US bank account. It is a relatively straightforward process and there is typically no cost involved if you maintain a positive balance in your checking or savings accounts. If any of the following apply, you should set up an account with a local financial institution:

• You have on-campus employment, and your paycheck is direct-deposited to a US bank account
• You plan to set up a payment plan through USD, a US bank account is required for this option
• You plan to pay rent to your landlord via check
• You want to use mobile payment apps like Venmo, Zelle, or the CashApp
• You plan to be in the US for a year or more

How to Set Up an Account

1. Setting up a bank account in the US is relatively straightforward
2. First, call the bank and say you would like to make an appointment to set up a checking account
3. They should give you instructions on what you will need to bring, but typically you must have the following:
   1. Passport with visa
   2. I-20 or DS-2019
   3. Money/check to deposit
   4. Address 
   5. US phone number
      Note: F and J-visa holders do not need a Social Security Number (SSN) to open a bank account or for most other financial transactions. The bank may ask F and J visa holders to fill out Internal Revenue Service form W-8BEN to prove that they are exempt from the requirement of providing a SSN

Banking Options in Vermillion

1. It’s highly recommended that you pick a bank with a branch in Vermillion so you can deal with any issues face-to-face
2. Cash can typically be withdrawn from ATMs or participating merchants using the cash back feature for debit cards
3. Check with the bank for details including which surcharge free ATM Network can be used to get cash
4. The following is a list of banks with local branches; the International Office does not endorse any specific bank
   1. BMO 15 E Main St, 605-624-4431
   2. CorTrust Bank, 101 W Main St, 605-624-4461
   3. First Bank & Trust, 20 E Main St, 605-624-2608
   4. First Dakota National Bank, 1110 E Cherry St, 605-624-5555
   5. Vermillion Federal Credit Union, 105 E Cherry St, 605-677-5214
   6. Wells Fargo, 810 Cottage St, 605-624-6833