International student bank account

tclogg

My Son is going out to the US to study for 4 years and I am wondering which is the best bank account to open for him to reduce any charges for transactions. 

Daliah

Have a look at the multi currency accounts offered by Fineco Bank or Wise. Fineco is a bank and has FSCS protection. Wise is an e-money provider and only 'safeguards' deposits but is ok for moderate sums of money. Wise has an easier user interface.

eskbanker

tclogg said:

My Son is going out to the US to study for 4 years and I am wondering which is the best bank account to open for him to reduce any charges for transactions. 

A local US-based account for which international students should be eligible?

https://www.applyboard.com/blog/opening-bank-account-in-the-us

Daliah

eskbanker said:

tclogg said:

My Son is going out to the US to study for 4 years and I am wondering which is the best bank account to open for him to reduce any charges for transactions. 

A local US-based account for which international students should be eligible?

https://www.applyboard.com/blog/opening-bank-account-in-the-us

Presumably he'd still need a means by which the parents can transfer money from the UK to the US. Fineco and/or Wise are ideal for this. As either of them come with a Mastercard debit card, as well as the means to make payments to US bank accounts, there may or may not be a need for an actual US account.

PRAISETHESUN

+1 for Wise/Fineco, or to look into local options in the US.

gt94sss2

tclogg said:

My Son is going out to the US to study for 4 years and I am wondering which is the best bank account to open for him to reduce any charges for transactions. 

Banking in the US is very regionalised. Whereabouts is he going?

tclogg

He’s going to Missouri, I’m just looking for an account with little charges for us sending money etc too 

Daliah

tclogg said:

He’s going to Missouri, I’m just looking for an account with little charges for us sending money etc too 

Doesn't matter what state he goes to. Wise or Fineco will be fine for sending GBP to USD, even if he chooses to open a 'proper' US checking account.

gt94sss2

tclogg said:

He’s going to Missouri, I’m just looking for an account with little charges for us sending money etc too 

If he is happy with a UK bank account, have a look at Chase and Starling for use overseas.

With Chase, he can also use Chase ATMs in the US for free.

Revolut will also allow him to hold/spend money in both GBP and USD

Daliah

gt94sss2 said:

tclogg said:

He’s going to Missouri, I’m just looking for an account with little charges for us sending money etc too 

If he is happy with a UK bank account, have a look at Chase and Starling for use overseas.

With Chase, he can also use Chase ATMs in the US for free.

Revolut will also allow him to hold/spend money in both GBP and USD

Neither Starling nor Chase give you a USD account. Fineco and Wise do.

Not sure about Revolut. They are famous for pretty terrible CS. They are also not a bank in the UK, although they did apply back in January 2021 for a UK banking licence. AFAIK, they also applied for a US banking licence in March 2021 but haven't got that one either yet.

gt94sss2

Daliah said:

gt94sss2 said:

tclogg said:

He’s going to Missouri, I’m just looking for an account with little charges for us sending money etc too 

If he is happy with a UK bank account, have a look at Chase and Starling for use overseas.

With Chase, he can also use Chase ATMs in the US for free.

Revolut will also allow him to hold/spend money in both GBP and USD

Neither Starling nor Chase give you a USD account. 

Yes, but a USD account may not be necessary and all my suggestions will give near perfect exchange rates on transactions/free ATM withdrawals