North Loop caters directly to international students by allowing them to open accounts and apply for loans without a Social Security number

For international students, studying in America can open new doors. But banking has remained stubbornly difficult for them due to their lack of Social Security numbers and the high price of wire transfers. Thanks to a new service from North Loop, though, this problem might soon be over for good.

The system is simple—students from overseas can apply for loans and open checking accounts, which come with ready-to-use Visa debit cards. Users sign up before they travel to the U.S., ensuring they'll have a card waiting for them when they reach their destination. North Loop's best feature might be its lack of incoming wire fees, which makes receiving money from home much cheaper.

Other benefits include high cash back, discounts on housing and cell phone bills, and free Amazon Prime Student accounts. As a young financial service, North Loop is making an aggressive play for the international student market. It appears to be paying off—around 20,000 students have already applied for accounts.

North Loop


Lead image: Square/Unsplash

For international students, studying in America can open new doors. But banking has remained stubbornly difficult for them due to their lack of Social Security numbers and the high price of wire transfers. Thanks to a new service from North Loop, though, this problem might soon be over for good.

The system is simple—students from overseas can apply for loans and open checking accounts, which come with ready-to-use Visa debit cards. Users sign up before they travel to the U.S., ensuring they'll have a card waiting for them when they reach their destination. North Loop's best feature might be its lack of incoming wire fees, which makes receiving money from home much cheaper.