Banking & Finances

Once you have arrived in the United States, you will need to open a bank account. Financial institutions in the United States offer many kinds of financial services, including:

  • Checking and savings accounts
  • Foreign currency conversion
  • Bank drafts
  • Money orders
  • Credit cards
  • Loans
  • Interbank transfer
  • Traveler’s checks
  • Safe-deposit boxes for storing valuables
  • Investment services

Where Can I Get a Bank Account?

Several credit unions and banks are located on or near the IU Indianapolis campus. The Indy Chamber has compiled a list of local banks, many of which have multiple locations. Find a bank »

All financial institutions offer similar services, with slight differences. Take the time to learn about the services and fees offered before choosing a bank or credit union. Be careful to select the account that best meets your financial needs.

Opening an account is like entering into a contract. Be sure to read everything and ask questions if anything is not clear to you.

How Do I Get a Bank Account?

Before you go to a bank, you should be aware of the requirements you will need to satisfy to open an account.

Customer Identification Programs

In an effort to prevent fraud like money laundering, U.S. financial institutions are required to verify the identity of every person who opens a bank account.
Banks must obtain the following information from you before allowing you to open an account:

  • Your name
  • Your date of birth
  • Your street address—you cannot use a P.O. Box
  • An identification number—you may provide one of the following:
    • A Social Security number (SSN)—Get an SSN »
    • A passport number and country of issuance
    • An alien identification card number
    • A number and country of issuance of any other government-issued document proving nationality or residence and bearing a photograph or similar safeguard

Each bank has its own customer identification programs and may ask for documentation in addition to what is described above.

What to Bring with You

When you go to the bank to open your account, you should bring the following items:

  • Your unexpired passport
  • Your I-20, DS-2019, or I-797 approval notice
  • Any secondary form of identification you may have, such as your student ID or a credit card

How Can I Pay My Bursar Bill by Wire Transfer?

To learn more about paying your IU Indianapolis Bursar bill by wire transfer, please refer to the Bursar’s website. Look under “Electronic Transfer/International Payments.”