Banking

United States Currency

US$0.01 (1 cent) – a copper-colored coin called a penny
US$0.05 (5 cents) – a silver-colored coin called a nickel
US$0.10 (10 cents) – a silver-colored coin called a dime
US$0.25 (25 cents) – a silver-colored coin called a quarter

A few silver-colored 50¢ coins (half-dollars) and US$1.00 coins are also in circulation.

Paper money is all the same size and green in color. These bills come in US$1, US$5, US$10, US$20, US$50, and US$100 denominations. You may still find some old US$2 bills in circulation too. Larger denominations are rarely seen.

Checking Accounts

You will need a checking account in order to pay bills, such as rent and utilities. You should pay for most of your purchases using a check or credit card. It is not safe to send cash through the mail or carry large amounts of cash on your person. To open a checking account, visit a bank and ask to open an account. You will need to deposit money into the account when you open it. You can deposit cash or travelers checks, or arrange for a wire transfer from your home bank (there will be a charge for the service). Additional deposits and withdrawals may be made at any time.

The bank will ask you for your Social Security number. As an F-1 student you should be eligible to apply for a Social Security number. However, if you cannot obtain one, you may apply for an Individual Tax Identification Number (ITIN). Ask your International Office about getting a Social Security card. Additional information regarding Social Security numbers may be obtained by visiting the Social Security Administration’s website.

You can withdraw money from your account using a check or an automatic teller machine (ATM) card. The check is a negotiable order of withdrawal that tells the bank to pay the money to the payee by withdrawing money from your account. When you open the checking account, the bank will provide you with an initial set of checks.

If you want your bank to honor checks even when your account is overdrawn, you must ask for overdraft protection.

If you have an ATM card from a foreign bank, ask the bank whether your personal identification number (PIN) will work in the United States. Some banks will give you a different PIN for transactions abroad.

Savings Accounts

Another type of bank account is a savings account. Savings accounts earn interest, but do not include check-writing privileges. A savings account will pay a higher rate of interest than a checking with interest account. You can use an ATM card to withdraw money from a savings account.

The Federal Deposit Insurance Corporation (FDIC) insures all bank accounts against loss up to US$100,000. The FDIC is a federal agency that protects depositors against losses caused by bank failure.

Credit Cards

Many international students find it difficult to get a credit card in the United States because they do not have an established credit history. So if you already have a major credit card such as a MasterCard (Eurocard, Access, Chargex), Visa (Barclaycard, Carte Bleue), or American Express, it is a good idea to bring it with you. American banks can check your credit limit on the foreign card, and this may help you to obtain a credit card in the United States.

Travelers Checks

Travelers checks are one of the safest ways to transport money. If the travelers checks are lost or stolen, you can easily get them replaced. Do not countersign the checks until you are ready to use them.

Exchanging Money

Some banks will exchange foreign currency for a fee. No bank, however, will exchange foreign coinage. You can also exchange currency at the airport, a major hotel, or through Thomas Cook Foreign Exchange.

Exchange rates are usually printed on the financial pages of the local newspaper. You can also get daily exchange rates from several web sites, including OANDA.com, the currency site.

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	Independence Banking Dress Code Learning From Your Visit Driving	Banking United States Currency US$0.01 (1 cent) – a copper-colored coin called a penny US$0.05 (5 cents) – a silver-colored coin called a nickel US$0.10 (10 cents) – a silver-colored coin called a dime US$0.25 (25 cents) – a silver-colored coin called a quarter A few silver-colored 50¢ coins (half-dollars) and US$1.00 coins are also in circulation. Paper money is all the same size and green in color. These bills come in US$1, US$5, US$10, US$20, US$50, and US$100 denominations. You may still find some old US$2 bills in circulation too. Larger denominations are rarely seen. Checking Accounts You will need a checking account in order to pay bills, such as rent and utilities. You should pay for most of your purchases using a check or credit card. It is not safe to send cash through the mail or carry large amounts of cash on your person. To open a checking account, visit a bank and ask to open an account. You will need to deposit money into the account when you open it. You can deposit cash or travelers checks, or arrange for a wire transfer from your home bank (there will be a charge for the service). Additional deposits and withdrawals may be made at any time. The bank will ask you for your Social Security number. As an F-1 student you should be eligible to apply for a Social Security number. However, if you cannot obtain one, you may apply for an Individual Tax Identification Number (ITIN). Ask your International Office about getting a Social Security card. Additional information regarding Social Security numbers may be obtained by visiting the Social Security Administration’s website. You can withdraw money from your account using a check or an automatic teller machine (ATM) card. The check is a negotiable order of withdrawal that tells the bank to pay the money to the payee by withdrawing money from your account. When you open the checking account, the bank will provide you with an initial set of checks. If you want your bank to honor checks even when your account is overdrawn, you must ask for overdraft protection. If you have an ATM card from a foreign bank, ask the bank whether your personal identification number (PIN) will work in the United States. Some banks will give you a different PIN for transactions abroad. Savings Accounts Another type of bank account is a savings account. Savings accounts earn interest, but do not include check-writing privileges. A savings account will pay a higher rate of interest than a checking with interest account. You can use an ATM card to withdraw money from a savings account. The Federal Deposit Insurance Corporation (FDIC) insures all bank accounts against loss up to US$100,000. The FDIC is a federal agency that protects depositors against losses caused by bank failure. Credit Cards Many international students find it difficult to get a credit card in the United States because they do not have an established credit history. So if you already have a major credit card such as a MasterCard (Eurocard, Access, Chargex), Visa (Barclaycard, Carte Bleue), or American Express, it is a good idea to bring it with you. American banks can check your credit limit on the foreign card, and this may help you to obtain a credit card in the United States. Travelers Checks Travelers checks are one of the safest ways to transport money. If the travelers checks are lost or stolen, you can easily get them replaced. Do not countersign the checks until you are ready to use them. Exchanging Money Some banks will exchange foreign currency for a fee. No bank, however, will exchange foreign coinage. You can also exchange currency at the airport, a major hotel, or through Thomas Cook Foreign Exchange. Exchange rates are usually printed on the financial pages of the local newspaper. You can also get daily exchange rates from several web sites, including OANDA.com, the currency site.
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