Bank Account

Table Of Contents

Why do I need a U.S. bank account? #

As a J-1 work and travel student in the U.S., having a local bank account can make managing your finances much easier and more convenient. It allows you to receive payments from your employer, deposit any checks or cash you receive, pay bills, and make purchases without incurring extra fees associated with foreign transactions. Additionally, having a U.S. bank account can be necessary for setting up automatic bill payments, building credit history, and accessing certain financial services and products, and facilitating the tax return process, ensuring smooth transactions and compliance with U.S. tax regulations.

Where do I go to get one? #

There are several options for obtaining a U.S. bank account as a J-1 work and travel student. You can visit local branches of major banks such as Chase, Bank of America, Wells Fargo, or PNC, as they often have specific accounts designed for international students. Additionally, many credit unions and online banks offer accounts tailored to the needs of international students. It’s a good idea to research different banks and their offerings to find the one that best suits your needs and preferences.

What documents do I need to get one? #

  • The specific documents required may vary depending on the bank and their policies, but generally, you will need:
    • Valid passport: Your passport serves as proof of identity and your legal status in the U.S.
    • Visa: You may need to provide your J-1 visa as further verification of your legal status.
    • Form DS-2019: This is your Certificate of Eligibility for Exchange Visitor (J-1) Status, issued by your sponsoring organization. It verifies your participation in the J-1 exchange program.
    • Proof of address: Some banks may require proof of your U.S. address, which can typically be provided with a utility bill, lease agreement, or official mail addressed to you.
    • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): While not always required, having an SSN or ITIN can make the process smoother, as it allows the bank to verify your identity and comply with U.S. tax regulations.

How long should I keep my account open? #

  • We recommend opening a student account with minimum fees, as it can be beneficial even after returning home, especially for tax return purposes. Here are the guidelines for handling your bank account:
  • If You Close Your Account:
  • Ensure your bank account remains open until you’ve received your final paycheck.
  • If you choose to close your account, ensure your employer has issued your last paycheck or made the final direct deposit.
  • Visit your bank to properly close the account. Bring your identification papers (passport, J-1 visa, and DS-2019). Clear any outstanding fees and withdraw all funds from the account. Provide your home country address if required.
  • If You Keep Your Account Open:
  • Discuss with your bank the terms and conditions for keeping your account open, including any minimum balance requirements to avoid fees.
  • Verify that you can still access funds from your account in your home country.
  • Provide your updated contact information to the bank and take note of their contact details in case of any communication needs.
  • Opening a student account with minimal fees not only facilitates managing your finances during your stay but also allows you to keep it open for potential future needs, such as tax returns or future visits to the U.S.
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