How much does it cost for China students to open an account in an American bank?

In daily life, the financial institution that has the closest relationship with Americans is the bank. All national banks and state chartered banks in the United States belong to the Federal Deposit Insurance Corporation. If any bank declares bankruptcy, depositors with less than100000 yuan will be compensated by the Federal Deposit Insurance Corporation. As long as international students choose to open an account in an insurance bank of the Federal Deposit Insurance Corporation, the interests of depositors will not be lost.

To open an account in an American bank, foreigners need to bring their passports or driver's licenses, as long as they can prove their identity. When Americans open an account, it is often husband and wife, sister or father and son who open an account. Otherwise, it will be difficult for other households to withdraw money if one person encounters an accident or goes out of town.

Bank of America's demand deposits are divided into savings deposits, interest-bearing check deposits and interest-free check deposits. Ordinary deposits can be deposited and withdrawn every day: the interest rate is low. Interest-bearing cheque holders must keep a certain amount of deposit in the bank (for example, the bottom line is 1 000 yuan), otherwise they cannot open interest-bearing cheque holders, and interest-free cheque holders usually have low deposits. Some banks will send checks, and some banks will let customers buy them themselves. Banks will provide financial cards to facilitate customers to deposit and withdraw money. Credit card applications can only be applied after personal credit is established.

The interest rate of time deposit is high, but because international students have fixed expenses every semester or every month, they can't make a long-term deposit, so it is not recommended to deposit money on a fixed term. Generally, international students will choose to open a checking account and a current savings account.

The documents required for opening an account are as follows:

1. Passport

2. ID card or driver's license.

3. Social security card.

Settle foreign exchange accounts

Generally speaking, because students with student visas need to show their living expenses to the immigration officer when they enter the United States, you can show your expenses to the immigration officer in the following ways:

Cash: It's usually not considered, because it's scary to take a large amount of cash with you just for ten hours by plane, and no one in the United States will take a large amount of cash with him.

Currency: The US dollar is the only currency used in the United States.

Coins: There are four kinds of coins: 1 (penny), 5 (nickel), 10 (dime) and 25 cents (quarter).

Plastic money: Credit cards and financial cards are the most commonly used plastic money in the United States. In the United States, you usually don't bring a lot of cash, and most stores also accept credit cards.

Checks: Personal checks are also one of the most commonly used "currencies" in the United States. Usually family bills, such as electricity bills, telephone bills, credit card bills, rent, etc. We are used to paying by personal check. Traveler's checks are equivalent to cash in the United States and can be converted into cash in general stores. It is suggested that students can change more traveler's checks when they go abroad. Except for the convenience of forming a larger denomination, the exchange rate is lower than that of cash settlement. If you accidentally lose it, you can also report the loss, and the risk is low.

Draft: Although a "draft" can be marked as payable to reduce the risk of loss, it still takes time to notify the bank to stop paying and get back the equivalent amount if it is accidentally lost. At the same time, you should be responsible for the inconvenience during this time and the embarrassment of having no money to use!

Traveler's Checks: It is safest and most convenient to carry "Traveler's Checks" abroad! In addition to the low exchange rate, if you accidentally lose your traveler's checks, you can use the global 24-hour service to report the loss and get a replacement in a short time! Traveler's checks can be used in general stores. They are treated as cash. The merchant will cash you back in local currency. (For example, if you use a traveler's check in 50 yuan dollars to pay for goods purchased in 3 yuan dollars, the merchant will refund you the cash in 47 yuan dollars without any handling fee), you can also directly deposit the traveler's check in a local bank account as cash, or directly go to an exchange bank free of handling fee to convert the traveler's check into cash.

Please pay attention! When you buy a traveler's check, the bank service staff will ask you to sign it immediately. When you use a traveler's check in the United States, you need to sign it again on the spot and hand over your identity document (such as passport) to the on-site service staff for inspection. This will not only ensure that you are the one who uses traveler's checks, but also greatly increase the safety of using traveler's checks! To sum up the above points, we suggest that when you go to the United States, you can buy an appropriate amount of cash and take it with you in case of emergency, while for a large amount, you are advised to buy traveler's checks, which is safer.