<p>Hi guys! I'm an international student and I am wondering if anyone can recommend a good bank to go with, as well as any remarks on any bank. Also, anyone can tell me the process for a foreigner to open a bank account in Seattle? And other helpful info such as the processing time, min. deposit, additional requirements? Thank you!</p>
<p>Big banks in general tend to be very similar in most aspects. I would recommend a big bank chain if you plan on doing any traveling, banks like Chase or Bank of America have atms everywhere. I do not know what kind of documents you might need to open your account, but that info can probably be found on the bank’s websites. Minimum deposit I have seen as low as $5.00, but some banks require you use you card at least 5 times a month.</p>
<p>I’m a fan of BECU (becu.org) because credit unions are much better in regards to fees and customer service than big banks, in my opinion. They have agreements with other CUs, so even though they’re based here in Seattle, traveling wouldn’t be that big of a deal. All of the info for setting up an account is on the site.</p>
<p>It just mostly comes down to personal preference to be honest. However, if you travel to Canada often and you want the ability to perhaps wire / transfer money between the two countries without going through a ton of processes and fees, I would recommend TD Bank. It is associated with TD Canada Trust and they have a specialty that allows you to do exactly what I told you above, which I dont think other banks provide.</p>
<p>I second essited. BECU is really good and has a few ATMs on campus.</p>
<p>Hi, I would like to thank you all for your responses! Actually, I was looking more into banks (BOA/Chase/USBANK/WellsFargo/Citi) than credit unions though I know CUs have great services and rates! This is because bank transfers would be easier for my parents back at my country. I was also looking more into the processes required. I have already read the account opening requirements for most banks, but those apply mainly to US citizens. A foreigner friend told me that the minimum deposit requirement differs between a US citizen with SSN and a foreigner without (US$5-25 Versus US$300). Therefore, I hope an international student/parent can guide me along for the processes part, while others who are keen to help out can address more about the different banks (convenient ATM sites, shorter queues, more privileges, etc. etc.) as well as what kind of account to open (no minimum/maximum withdrawals/deposits/transfers).</p>
<p>Well, which country are you from Cxavier?</p>
<p>Processes could differ greatly depending on where the money is coming from. Generally speaking, we can already forget about the SSN thing for you because only US citizens are given a SSN. There are some exceptions, but those are only relevant for you maybe 5 years or so into the future so for now, when you approach your bank you should show them your passport, I-20, visa as well as the other forms that are attached to your student status. Also give them your current telephone number, and the proof of address (where you live right now, it could be from either your landlord or UW HFS if you live on campus.)</p>
<p>Based on my personal knowledge staying here so far though, I don’t think there is a minimum balance requirement especially at that level. For example, when my friend was setting up an account and I tagged along with him at Wells Fargo, they give you several account options. Debit, Credit and so on. When they see your student status they will open up some student accounts that are basically easier to manage, less fees and less requirements to handle. In WF, they say it’s not a problem if you don’t have a minimum balance held in your account, as long as you use your debit card at least a certain number of times each month. I’m not sure of the exact number now since it’s been a while, but I think my friend was told about either 7 or 9 times and it could be anything from going to the ATM to pick up cash or buying things online. As long as you fulfill the number of actions on your card per month, they will not charge you a monthly service fee.</p>
<p>Other banks most probably provide similar accounts as well, so like all of us said above it’s really just up to personal choice. The thing you need to watch out for, however, is choosing whether you get a debit, or both debit and credit cards. My opinion? Don’t carry too much cash on you at any time, use your debit card if you can, but keep a credit card on yourself in case you need the money. However, if you use your credit card you will need to be SURE that you pay all of your balances on time, or it will impact your credit score in the USA very badly. This will be a bad point if you try to look for jobs in the future.</p>
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<p>This is not true. Even people on F1 can get a social security card.</p>
<p>Yes you are correct, I suppose I did not frame my understanding correctly enough in my original post.</p>
<p>There are options for Cxavier if he/she wishes to obtain one as an international student, however, the requirements involved are quite complicated and according to my personal knowledge, most international students actually do not apply for SSN until it’s near time for some sort of employment, such as full job offer or internship.</p>
<p>However, seeing as Cxavier is only about to enter university studies especially as an international student, I believe his/her student status means he/she cannot work in the first year. Then, there are restrictions such as his/her inability to use annual drops, which means his/her studies will be placed in a disadvantage with additional pressure compared to other domestic students. Finally, there is the issue with UW’s graduation rate - most people who came in 2004/2005 when competition was not as hectic still take an average of 4.4 years just to graduate (according to stats in 2009), many I know of take even more time.</p>
<p>As a result, yes while it is possible to get SSN, it would be silly to seek all this extra trouble for a silly bank account. Personally, merely the thought of having to handle the IRS is already a clear sign he/she probably should avoid getting into the SSN deal until an actual need arises.</p>
<p>lol, getting a SSN is very simple exercise. </p>
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<p>Wrong. International students are eligible to work on campus for up to 20 hours/week but they are not eligible for any work-study program.</p>
<p>Here is what ISS @ UW has to say about F1 and SSN:</p>
<p>[Social</a> Security Number | International Student Services](<a href=“http://www.iss.washington.edu/employment/ssn]Social”>http://www.iss.washington.edu/employment/ssn)</p>
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<p>Yes, but that suggestion is given under the circumstances that a student is already determined to look for a job., Given the statistically difficult nature of classes at UW and the regular filing hassles that you need to take care of with the IRS, I honestly personally would not recommend jumping on the SSN bandwagon just for the sake of getting a new bank account.</p>