Setting up a bank account and sorting out your finances are among international students’ primary concerns when moving to a new country. The banking process is often stressful, time consuming and frustrating.
International students who are opening a bank account in the US will need to furnish their prospective bank with numerous documents such as a copy of their passport and proof of address, among others. Some banks may require additional identification.
Sending and receiving money from families can also be an additional source of financial stress, with wire fees digging into students’ funds.
However, banking just got easier for international students in the US with the introduction of North Loop – a global bank account app designed with students in mind.
Developed by entrepreneur Tahem Veer Verma, the free app offers checking accounts and debit cards for international students with its partner Evolve Bank & Trust.
Before travelling to the US, international students will need to download the app (available on both Android and iOS) and sign up for an account to start banking. Students can also have their debit card ready upon their arrival, saving them ample time as they don’t have to go to a bank in person.
North Loop also allows students to receive wire transfers in minutes rather than in days, in addition to saving money from zero incoming wire fees.
Speaking to The PIE News, Tahem explained that as a returning international student undertaking an MBA at Cornell in 2017, he struggled to open a bank account, get a credit card and had a hard time with banking in general.
He added that North Loop differs from other banking products as users do not need a US social security number to apply.