North Loop: new bank for foreign students in US
Serial entrepreneur Tahem Verma has launched North Loop, a borderless bank aimed at international students in the US.
North Loop is a fintech company focused on helping foreign students in the US to access financial services such as education loans and other such services.
The US attracts millions of international students yearly and one of the main difficulties that these students find when they arrive is the relative difficulty in accessing banking solutions.
As a result, a lot of students can’t access the benefits of banking services, including education loans.
Tahem Verma is hoping to break the barriers to banking in the USA for international students:
“Opening a bank account was really difficult when I came to the US, and the fees I had to pay to receive money from my family were outrageous. There are so many fees, and banks make it so difficult to open an account. It’s time that these global citizens got the bank account they deserve. Free, digital and focused on services that improve their lives.”
North Loop bank account will remove barriers to banking for foreign students
To sign up for the account, students don’t need a social security number and can sign up even before arriving in the US with their debit card able to be received after arrival. These are key barrier to accessing bank accounts that Tahem Verma acknowledges international students face.
The North Loop bank for foreign students will have no incoming wire fees, account fees, foreign transaction fees or ATM fees worldwide, and minimal fees will apply for sending money abroad.
Making it attractive in line with traditional student accounts, North Loop bank also offers an innovative cashback program for popular shops and restaurants on campus. Premium customers will also get free Amazon Prime Student.
The simple banking app will allow users to easily keep track of their expenses, lock their card if missing and get instant notifications on the go.
Kate Frazer is a reporter for Global Education Times with a focus on UK/Ireland and North American education news. When she is not writing for GET News, Kate spends her time as an English and Maths tutor, and is currently pursuing her PGCE in Secondary Mathematics.
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