The Top 10 Digital Banks for International Students in 2023/2024

Best Digital Banks in the World for Foreign Students 2023-2024

by J.J Olawuyi
Best digital banks in the world for foreign students 2023-2024

Do you intend to register an account with one of the top international student digital banks in the world?

Well, I’ve made it simple for you by compiling this well-researched post on the top 10 digital banks for international students worldwide.

As you are already aware, unlike traditional brick-and-mortar banks, digital banks don’t have actual branches or premises. Through internet platforms, web servers, and mobile apps, they offer all of their services.

There are several digital banks available today, making a decision difficult. But once you finish reading this essay, making a decision will be simpler.

As we reveal the top digital banks in the globe for international students in 2023–2024, be sure not to miss a thing.

Top 10 Best digital banks in the world for foreign students

Please be aware that the majority of the digital banks on this list are based in the US and also conduct business in a few other countries, including the UK, Canada, and other popular study-abroad locations.

The top 11 digital banks in the world for international students are listed below:

1. Bank5 Connect

One of the top digital banks available today for international students is Bank5 Connect.

It serves users from all around the world from its headquarters in Massachusetts, USA.

Bank5 Connect features competitive interest rates with a checking account APY of 2.00% and a savings account APY of 1.50%.

Benefits of Bank5 Connect

  • Through the SUM Network, you have free access to thousands of ATMs nationwide.
  • You won’t ever feel powerless because it offers dependable customer care via phone and live chat throughout extended hours.

2. Ally Bank 

Ally Bank, which has its headquarters in the USA, is currently one of the top digital banks for international students.

Ally Bank is a company that solely operates online and provides services to users who are international students.
Ally Bank has you covered with a range of financial products and services such as checking and savings accounts, credit cards, loans, and investment opportunities.

The Benefits of Ally Bank

  • Ally Bank offers a sizable global network of more than 43,000 fee-free ATMs.
  • With live chat, email, and phone support available around-the-clock, you can get help whenever you need it.

3. Quontic Bank 

One of the most renowned and cutting-edge digital banks in the entire globe is Quontic Bank. For international students seeking no overdraft fees, it is the perfect bank.

Quontic Bank is a reputable digital bank with a strong focus on providing excellent services to foreign students.

Benefits of Quontic Bank

  • It has a checking account APY of 1.10% and a savings account APY of 4.05%, Quontic Bank offers competitive interest rates.
  • Enjoy a fee-free ATM network comprising 90,000 ATMs.
  • One of the major highlights of this bank is its zero overdraft fee policy.
  • Awesome customer support through live chat, email, and telephone during weekdays.

4. American Express

American Express is another of the top digital banks in the globe for international students in 2023–2024.

As a foreign student, you may depend on this company for both personal and business banking solutions.

Benefits of American Express

  • With a savings account APY of 3.75%, American Express provides young people, especially students, with competitive interest rates.
  • Enjoy the ease of using their 4.7-star smartphone app and having access to more than 37,000 free ATMs.
  • You’ll also get excellent customer service on the phone or via live chat.
  • Possibility to investigate a variety of credit card goods, personal banking choices, and business solutions catered to your requirements.

5. Connexus Credit Union

Connexus Credit Union is another top international digital bank for international students, particularly for those seeking a reliable banking experience.

Benefits of Connexus Credit Union

  • The benefits of Connexus credit union include access to a large choice of deposit products, loans, credit cards, and more, as well as a checking account APY of 1.75%.
  • Access to more than 67,000 ATMs for no fee through the CO-OPSM and MoneyPass® ATM networks.
  • It has a 4.6 mobile app rating and a cheap $4 overdraft cost.
  • Great selection of products and top-notch customer service.

6. SoFi

Any student who is studying abroad and wants to have access to simple banking services might consider SoFi Bank. It is San Francisco’s top internet bank.

In order to address the demands of international students, it is providing a variety of financial options.

  • SoFi bank offers a fantastic opportunity to earn high interest on your accounts with its checking account APY of 1.20% and savings account APY of 4.00%.
  • It offers the practical possibility of a 4.4-rated user-friendly mobile app.
  • There are no overdraft fees and 24-hour customer service.
  • Private student loans, mortgage loans, auto loans, investment services, and insurance are some of the various financial services offered by SoFi.

7. Alliant Credit Union

One of the top nonprofit digital banks in the entire globe is this one. It is suitable for undergrads because of the low fees.

A fully digital banking experience is provided to international students by Chicago-based Alliant Credit Union.

Benefits of Alliant Credit Union:

  • Alliant Credit Union is a non-profit organization that prioritizes offering accounts with low fees. Savor a 0.25% APY on the checking account and 3.10% APY on the savings account.
  • Use their convenient mobile app, which has a rating of 4.7, and have free access to 80,000 ATMs nationwide.
  • Say goodbye to overdraft charges and monthly service charges for checking accounts.
  • When using e-statements, has the advantage of having no fees on savings accounts.
  • Have phone-based, round-the-clock customer service available to you to ensure help whenever you need it.

8. Capital One 360

For international students, this is one of the most reputable and well-known digital banks in the world. For international students looking for a reliable banking partner, Capital One 360 is an excellent choice.

Benefits of Capital One 360:

  • Capital One 360 offers competitive interest rates with a checking account APY of 0.25% and a savings account APY of 3.00%.
  • Have a 4.5-star mobile app that is user-friendly, and you can access more than 39,000 ATMs without paying a fee.
  • Excellent customer service is offered over the phone and through online chat.

9. Chime

Chime is a financial technology firm that was established on the idea that fundamental banking services need to be beneficial, simple, and free. They want to make money alongside, not from, their members.

Because of this, their business strategy doesn’t rely on things like overdraft fees, monthly service costs, service fees, required minimum balances, and more.

For international students, Chime is one of the most well-liked digital banks worldwide.

  • Enjoy the advantages of a fee-free checking account and a savings account with no minimum balance requirements when you use Chime.
  • Use their mobile app, which has a 4.6 rating, for quick and simple banking on the go.
  • Chime offers trustworthy customer service via chat and email, as well as access to more than 38,000 fee-free ATMs.

10. Discover Bank

The bank, which was established in 1911, has expanded to become one of the biggest financial organizations in the country.

Customers of Discover Bank can access their accounts through a network of more than 415,000 ATMs located throughout the United States and a few other countries, despite the bank’s lack of physical locations.

For international students, Discover Bank is one of the most reputable digital banks in the world.

Every aspect of banking is done digitally using it.

Benefits of Discover Bank

  • Benefits of Discover Bank include its 0.25% APY for checking accounts and 0.40% APY for savings accounts.
  • Use their 4.8-star rated mobile app to conduct hassle-free financial transactions.
  • Gain free access to more than 60,000 ATMs countrywide and take advantage of their round-the-clock phone and online chat customer assistance.

11. Varo Bank

Varo is a brand-new kind of bank. You will adore this bank since it is entirely digital, mission-driven, and created for how people live their lives.

The purpose of the bank is to enable everyone with a desire to improve their lives to realize financial inclusion and opportunity.

You might wish to work with them if you like the sound of that.

Benefits of Varo Bank:

  • It offers convenient and accessible banking options including a fee-free checking account and a savings account with an APY of 0.20%.
  • Utilizing a mobile app (rated 4.7) for simple money management.
  • Access more than 55,000 Allpoint ATMs nationwide without paying a fee, and rely on their live chat and email customer service.

Features of Online Banks for Foreign Students

Ten functions of digital banks are listed below:

1. Account Creation

Customers of digital banks can open new accounts totally online without completing any paperwork or going in person to a branch.

2. The capacity to deposit money

Customers can deposit funds electronically using mobile check deposits, electronic fund transfers, or integration with third-party payment processors.

3. The capacity to send and receive money

Customers of digital banks can use their digital wallets to pay for a variety of things, including bills, transfers, and other online transactions.

4. They provide digital cards.

Virtual debit or credit cards from digital banks are available for usage both online and offline. The bank’s mobile app is used to handle these cards.

5. Obtaining a loan

Customers can apply for loans, frequently with streamlined procedures and prompt approvals. Personal loans, mortgages, credit cards, and lines of credit may all be available from digital banks.

6. Savings and financial planning

Many online banks offer tools and services to assist consumers in managing their finances, such as goal-setting, spending analysis, and saving tools.

7. Provide financial services

Some online banks allow consumers to invest and manage their portfolios online by providing investment products like mutual funds or robo-advisory services.

8. Consumer assistance

Through online chat, email, or phone, digital banks offer customer help with questions about accounts, transactions, or technological difficulties.

9. The capacity to protect data and stop fraud

Encryption, two-factor authentication, and transaction monitoring are just a few of the strong security measures that digital banks utilize to safeguard consumer data and transactions.

10. Integration of Services from Third Parties

Customers may carefully manage their funds across several platforms thanks to the integration of many digital banks with third-party financial apps like payment wallets, savings apps, or investing platforms.

Disadvantages of online banks

  • The lack of face-to-face interactions makes complex transactions challenging.
    technical issues, system failures, or cyberattacks that make it impossible for customers to access their accounts.
  • Information about finances is not secure. Unauthorized access or data breaches are always a possibility.
  • Being unable to offer complex investment options or specialist financial counsel.
  • People who deal with frequent currency transactions, such as cash withdrawals or deposits, may be impacted by restrictions on cash-handling services.

How to select the world’s top digital banks for international students

There are a number of things to take into account when selecting the finest digital banks in the globe for international students in order to locate the solution that best suits your requirements.

The following are some of the factors that were utilized to select the finest digital banks worldwide for international students:

1. Fees

Look for a digital bank with reasonable fees. This covers recurring charges, overdraft charges, and ATM costs.

Even third-party ATM fees are sometimes reimbursed by digital banks. Examine your banking habits to identify the fees that apply to you the most, then pick a bank that enables you to avoid them.

2. Yield percentages

Find a digital bank that offers competitive Annual Percentage Yields (APYs) on its interest to optimize your earnings.

For international students, digital banks around the world frequently offer greater interest rates; compare and shop around to get the best deals.

3. Minimum down payment and amount

It is simpler to keep an account when the minimum deposit amount and balance requirements are lower.

Find an online bank that meets your financial comfort level’s minimum needs.

4. Products Variety

Think about the particular products you require. A variety of services are provided by some digital banks around the world for international students.

Checking accounts, savings accounts, money market accounts, certificates of deposit, and more are among the many services offered.

Some people could have a smaller choice. Select an online bank that offers the products you want to buy.

5. ATM Network

Find a bank online that offers a free ATM service if you value having easy access to cash.

Find out if there are any ATMs close by or in the locations you frequent.

6. Consumer assistance

Since online banks don’t have physical locations, it’s important to think about the customer service they provide.

Choose at least one of the top digital banks available to international students, making sure to pick the one with easily reachable customer service personnel or online chat options for any support you might require.

7. Online banking encounter

Digital banking comes standard with convenience. Analyze the online bank’s mobile app and user interface.

For convenient banking on the go, the finest ones provide a user-friendly internet platform and highly regarded mobile apps.


The simplicity, low cost, savings, record keeping, automatic bill payments, and increased safety offered by digital banking are just some of the many advantages offered by this method.

I am confident that you will be able to make an informed decision for yourself using the lists that I have provided above of the finest digital banks in the globe for international students.




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