Best digital banks in the world for foreign students 2023-2024
Do you plan to open an account with one of the best digital banks for foreign students in the world?
Well, I have made it easy for you by writing this well researched article on the top 11 best digital banks in the world for foreign students.
As you already know, digital banks don’t have branches or physical locations like the brick and mortar banks.
They provide all their services through online platforms, web servers and mobile apps.
Today, there are many digital banks and it can be confusing choosing one. But by the time you read this article, you’ll find it easier to chose.
Make sure you don’t miss any part as we unveil the top best digital banks in the world for foreign students in 2023-2024.
If you’re a student in the UK, here are some of the best digital banks in the UK for international students.
Now, let’s get started! 
Table of Contents
Top 11 Best digital banks in the world for foreign students
Please note that most of the digital banks in this list are situated in the US and operate in some other parts of the world like the UK, Canada and other top destinations for study abroad.
Below are the top 11 best digital banks in the world for foreign students:
1. Bank5 Connect
Bank5 Connect is one of the best digital banks in the world for foreign students today.
Its headquarters is in Massachusetts, USA where it serves users from many parts of the world.
It has a checking account APY of 2.00% and a savings account APY of 1.50%, Bank5 Connect offers good interest rates. 
Benefits of Bank5 Connect:
You can enjoy free access to thousands of ATMs nationwide via the SUM Network.
It has reliable customer support via telephone and live chat during extended hours, so you never have to be helpless.
2. Ally Bank
Headquartered in the USA, Ally Bank is also one of the best digital banks in the world for foreign Students right now.
Ally Bank is an online-only institution that caters to the various needs of international student users.
With a suite of financial products and services including checking and savings accounts, credit cards, loans, and investment options, Ally Bank has you covered.
Benefit of Ally bank:
Ally Bank has an extensive network of over 43,000 fee-free ATMs around the world.
You can enjoy 24/7 customer support via live chat, email, and phone, ensuring assistance whenever you need it.
3. Quontic Bank
Quontic Bank has earned a reputation as one of the leading and innovative digital banks in the world.
It is an ideal bank for foreign students seeking no overdraft fees.
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
Another one of the best digital banks in the world for foreign students 2023-2024 is American Express.
This is your trusted partner as a foreign student for personal and business banking solutions.
Benefits of American Express:
With a savings account APY of 3.75%, American Express offers competitive interest rates for young people especially, students.
Enjoy the convenience of their highly-rated mobile app (4.7) and access to over 37,000 free ATMs.
You’ll also enjoy good customer support via phone or live chat. 
Opportunity to explore a wide range of credit card products, personal banking options, and business solutions tailored to your needs.
5. Connexus Credit Union
Connexus Credit Union is another leading digital bank in the world for foreign students, especially those looking for a trusted banking experience.
Benefits of Connexus Credit Union:
Enjoy a checking account APY of 1.75% and access to a wide range of deposit products, loans, credit cards, and more.
Free-fee access to over 67,000 ATMs across the CO-OPSM and MoneyPass® ATM networks.
It has a mobile app rating of 4.6 and a modest overdraft fee of just $4.
Great various product offerings and excellent customer support.
6. SoFi
SoFi bank is a great option for any student abroad who wants to access easy banking services. It is the leading online bank in San Francisco.
It is offering an array of financial products tailored to meet the needs of international students.
Benefits of SoFi bank:
It has a checking account APY of 1.20% and a savings account APY of 4.00%, SoFi provides an excellent opportunity to earn high interest on your balances.
It gives the convenient opportunity of user-friendly mobile app rated at 4.4.
It has zero overdraft fees and round-the-clock customer support.
SoFi has additional financial services such as private student loans, mortgage loans, auto loans, investment services, and insurance.
7. Alliant Credit Union
This is one of the best non-profit digital banks in the world. It has minimal fees that makes it suitable for undergrads.
Alliant Credit Union is based in Chicago and offers foreign students a fully digital banking experience.
Benefits of Alliant Credit Union:
As a non-profit institution, Alliant Credit Union focuses on providing accounts with minimal fees. Enjoy a
checking account APY of 0.25% and a savings account APY of 3.10%.
Experience the convenience of their highly-rated mobile app (4.7) and enjoy fee-free access to 80,000 ATMs nationwide.
Say goodbye to monthly service fees and overdraft fees on checking accounts.
Has a benefit of no fees on savings accounts when selecting e-statements.
Have 24/7 customer support, available via phone, ensuring assistance whenever you need it.
8. Capital One 360
This is one of the leading and trusted digital banks in the world for foreign students. Capital One 360 is a reliable option for foreign students seeking a trusted banking partner.
Benefits of Capital One 360:
It has a checking account APY of 0.25% and a savings account APY of 3.00%, Capital One 360 offers competitive interest rates.
Have a user-friendly mobile app (rated 4.5) and enjoy fee-free access to over 39,000 ATMs.
Excellent customer support available via phone and online chat.
9. Chime
Chime is a financial technology company founded on the premise that basic banking services should be helpful, easy and free. They want to profit with their members, not from them.
That’s why their model doesn’t rely on overdraft fees, monthly service fees, service fees, minimum balance requirements, and more.
Chime is one of the most popular digital banks in the world for foreign students.
Benefits of Chime:
Enjoy the benefits of a fee-free checking account and a savings account with no minimum balance requirements.
Access their mobile app (rated 4.6) for easy and convenient banking on the go.
Chime provides access to over 38,000 fee-free ATMs and offers reliable customer support via chat and email.
10. Discover Bank
Founded in 1911, the bank has grown into one of the largest financial institutions in the United States.
While Discover Bank does not have physical branches, banking customers can access their accounts through a network of more than 415,000 ATMs nationwide (USA) and some other countries.
Discover Bank is one of the trusted digital banks in the world for foreign students.
It is used to carry out every banking process digitally.
Benefits of Discover Bank:
It has a checking account APY of 0.25% and a savings account APY of 0.40%.
Access their highly-rated mobile app (4.8) for seamless banking transactions.
Enjoy fee-free access to over 60,000 ATMs nationwide and benefit from their 24/7 customer support via phone and online chat.
11. Varo Bank
Varo is an entirely new kind of bank. All digital, mission driven, and designed for the way customers live their lives, you will love this bank.
The bank’s mission to make financial inclusion and opportunity a reality for all by empowering everyone with a goal to move their lives towards it.
If you love the sound of that, you might just want to do business with them.
Benefits of Varo Bank:
It has a fee-free checking account and a savings account APY of 0.20%, which provides convenient and accessible banking options.
Mobile app utilization (rated 4.7) for easy money management.
Enjoy fee-free access to over 55,000 Allpoint ATMs nationwide and rely on their customer support available via chat and email.
Functions of digital Banks for International Students
Below are ten functions of digital banks:
1. Creation of Account
Digital banks allow customers to open new accounts entirely online, without the need for physical paperwork or in-person visits to a branch.
2. Ability to make deposits
Customers can make deposits electronically, either through electronic fund transfers, mobile check deposits, or integration with third-party payment providers.
3. Ability to make payments and transfers
Digital banks enable customers to make various types of payments, including bill payments, transfers, and other online purchases using digital wallets.
4. They offer virtual cards
Digital banks offer virtual debit or credit cards that can be used for online and in-person purchases. These cards are managed through the bank’s mobile app.
5. Loan application
Customers can apply for loans, often with simplified application processes and quick approvals. Digital banks may offer personal loans, mortgages, credit cards, or lines of credit.
6. Financial Planning and savings
Many digital banks provide tools and features to help customers manage their finances, including saving tools, spending analysis, and goal setting.
7. Offer investment services
Some digital banks offer investment products, such as mutual funds or robo-advisory services, allowing customers to invest and manage their portfolios online.
8. Customer support
Digital banks provide customer support through online chat, email, or phone, offering assistance with account-related inquiries, transactions, or technical issues.
9. Ability to secure and prevent fraud
Digital banks use robust security strategies to protect customer information and transactions, including encryption, two-factor authentication, and monitoring for suspicious activities or fraudulent transactions.
10. Integration with Third-Party Services
Many digital banks integrate with external financial apps, such as payment wallets, saving apps, or investment platforms, allowing customers to manage their finances carefully across multiple platforms.
Disadvantages of digital banks
Below are 5 advantages of digital banks:
- Lack of face to face meeting thereby making complex transactions difficult.
- Presence of technical glitches, system outages, or cyber attacks leading customers to face difficulties accessing their accounts.
- Insecurity of financial information. There is always a risk of data breaches or unauthorized access.
- Inability to provide specialized products like complex investment options or personalized financial advice.
- There are limitations on cash-handling services which can affect people that deal with constant cash transactions either by cash deposits or cash withdrawals.
How to choose the best digital banks in the world for foreign students
When choosing the best digital banks in the world for foreign students, there are several factors to consider in order to find the best fit for your needs.
Below are some of the criteria used to choose the best digital banks in the world for foreign students:
1. Fees
Look for a digital bank that keeps fees to a minimum. This includes monthly fees, overdraft fees, and ATM fees.
Some digital banks even reimburse third-party ATM charges. Analyze your banking behavior to determine which fees are most relevant to you and choose a bank that helps you avoid them.
2. Percentage yields
To maximize your earnings, look for a digital bank that offers good Annual Percentage Yields (APYs) on its interest.
Digital banks in the world for foreign students often provide higher interest rates, so compare and check around for the best rates available.
3. Least deposit and balance
Lower minimum deposit and balance requirements make it easier to maintain an account.
Find an online bank with minimum requirements that align with your financial comfort level.
4. Varieties of products
Consider the specific products you need. Some digital banks in the world for foreign students offer a wide range of services.
These wide range of services are: checking accounts, savings accounts, money market accounts, CDs, and more.
Others may have a more limited selection. Choose an online bank that aligns with your desired product offerings.
5. ATM Network
If convenient access to cash is important to you, look for an online bank that provides a charge-free ATM service.
Check if there are ATMs available near your location or in the areas you frequently visit.
6. Customer support
Since online banks lack physical branches, it’s crucial to consider the customer support they offer.
Look out and choose at least one from the best digital banks in the world for foreign students, select the one that provides easily accessible customer service representatives or online chat alternatives for any assistance you may need.
7. Digital Banking Experience
Convenience is standard in digital banking. Evaluate the online interface and mobile app of the online bank.
The best ones offer a user-friendly online platform and highly rated mobile apps for seamless banking on the go.
Conclusion
Here you have it for the top digital banks in the world for international students in 2023-2024.
Digital banking offers so many benefits such as convenience, low cost, savings, record keeping, automatic bill payments, and enhanced security.
With the above lists of best digital banks in the world for foreign students, I believe you will be able to make a good choice for yourself.
Bukola Owo-Bello is a spirited storyteller, content creator and YouTuber who loves sharing amazing opportunities, inspiration, and ideas with forward-thinking African youths.
Follow her on YouTube, TikTok and Instagram on @BukkiTalks
