Many local banks offer free checking accounts, usually with some basic restrictions. These banks also frequently offer non-free accounts with additional features (most of which you are unlikely to require), so be sure when you sign up that you are getting the account you want.

There are a number of banks with a large presence in the Boston area, and you should feel free to find the one that best suits your needs. Since all banks now offer similar online banking features, the main difference between banks from your perspective is likely the convenience of affiliated ATMs and/or branches. Bank of America, Citizens Bank, Santander Bank, and Chase have branches and ATMs on campus or around it (map).

Not all banks are located in all U.S. cities. Thus, if you expect to travel frequently to specific other cities in the U.S. (for example, to visit family or a significant other), consider which bank has the best network in your expected destinations. You will always be able to use an ATM that is not affiliated with your bank, but you might be charged fees for doing so.

Most of these banks have dealt with international students before, so you do not have to be afraid that opening up an account as an international is going to be an issue.

There are also purely internet-based banks in the U.S., such as Charles Schtwab or Ally. These banks have no branches or their own ATMs, but they generally allow you to use a wide range of ATMs for free, as they are either affiliated with ATM networks or reimburse you for the ATM fees. They may also yield more interest in your money if you carry a large balance. I do not have personal experience with these banks, but I have heard good references, and they may be worth considering.

Getting a credit card might be important for those of you who are planning to stay in the U.S. for a longer period than a year or two (either because your program is longer, you intend to keep studying or get a job) in order to cover unexpected expenses and/or build a credit history. However, please note that it is a bit more difficult to get a credit card than simply opening a bank account.

All types of loans in the U.S. (either housing, auto, or credit card loans) are based on computerized records of your "credit history". These records are maintained by private credit bureaus, and they produce a "credit score" based, generally, on a full listing of your current and prior credit accounts and information on whether you made prior payments on time or not. In most cases, if you have never gotten into trouble with paying off your loans in the U.S., you should have a good credit score. This means that applications for anything that requires you to have a good credit score, such as applying for a credit card, are easier. However, here comes the tricky part, it is difficult impossible to build a credit score without a Social Security Number (SSN). And if you are not working, you are not eligible for such a number. Thus, applying for a credit card without an SSN means that you have to make some other arrangements.

Some banks will be willing to give you a credit card if you "back up" the allowance on your credit card beforehand. That is, suppose you want a $1,000 limit on your credit card every month. Then, they might ask you for $1,000 in advance, which they will simply put in a separate account in case you do not pay your bill for one month. Usually, by the end of the year or when your card expires, if all payments have been made and no other issues arise, they will transfer the money set aside back to your checking account. Of course, this means that the bank is not truly providing you with much, if any, real loan value. However, this can be an effective way to build a credit score and, thus, have access to better credit cards and other types of loans in the long run. For example, after one year is up, it is likely that you will be able to apply for and receive a traditional credit card.

A cosigner is another option that may help you to establish a credit history in the U.S. Basically, if you have a family member, a relative, or another person who lives in the U.S. or has a good credit history here, then that person can sign up to be liable for paying your credit card debt in case you fail to pay. In exchange for them taking on this risk, you may be able to get a credit card. In some cases, you will also get access to a higher credit limit, a lower interest rate, or other benefits. This may not be feasible for many international students, but if you have close contacts in the U.S. who are willing to back you up, then it may be a good option.

Finally, a word of caution. The credit card market in the U.S. is highly sophisticated, and that means that credit card offers will vary on a lot of different dimensions, such as credit limits, interest rates, international exchange fees, over-limit fees, and many other potential benefits or fees. Before signing up, be sure that you understand your contract well to ensure that you are getting the best deal for your situation and to ensure you are not hit with unexpected fees or charges in the future.