International student? Here's how to handle your US financesby Avinash Kaur Business Manager
Are you an international student in the US? One of the most important aspects of living in the US as an international student is to manage your finances, from opening a bank account to managing your expenses.
Open a Bank Account
The first part of managing your US finances as an international student is to open a student bank account. You must have a local US bank account to start building your life, and it is critical if you are going to spend money and for your day-to-day life. You can visit a branch of a bank or open a student bank account online, such as one through North Loop.
If you’re going to the US, you may be wondering how to open a US bank account from overseas - there is only one way to do this - you must open an account through North Loop, which is the only way to open a US bank account from overseas for an international student. North Loop is a specially designed account for international students, charging no fees to students.
Track Your Expenses
The most important part of managing your finances is tracking your expenses and understanding where you’re spending your money. How much did you spend on subscriptions last month? Are you saving any money? There are many apps and services that help you track your expenses by linking your account to the app. You can then see how much money you’ve spent every month on particular categories and so on.
Digital offerings such as North Loop offer an integrated solution for you to track your expenses across all your accounts, as well as offer you a bank account.
As an international student, you will often receive money from your home country. It’s important to plan for this - most banks in the US charge an incoming wire fee. Using an account such as North Loop which charges no incoming wire fees can help reduce your expenses and save you hundreds of dollars every year.
Although you don’t have to pay any taxes as an international student in the US (if you have no income in the US), it is important to file your taxes. If you are working in the US or receiving income, you will have to pay tax on those earnings. If you don’t have a SSN, companies such as SprinTax are specially designed to help international students pay taxes.
Finally, you’ll want to start building credit. Building credit history enables you to start building the base of your life in the US, from getting credit cards to loans to mortgages (to even getting approved by landlords for renting). The best way to do this is to get a secured credit card (such as the one provided by North Loop).
In conclusion, to start managing your finances, you must get a bank account, track your expenses and start building your credit. While you can do this through a variety of different services, it is easiest to do it through an integrated, one-stop-shop such as North Loop.
Created on Jan 26th 2020 20:27. Viewed 345 times.