Discovering the U.S.

Page 16

Money and Banking

Banks

Although there will be many banking options in your area, some banks have more experience

servicing international assignees, especially without a U.S. credit history. If your employer does

not already have a preferred banker, your consultant will be happy to set up a meeting with

banking personnel to establish your accounts and provide an orientation to the banking system.

Bank Accounts

Most often, you will need the following information to open a bank account:

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Two forms of picture identification including: your passport, visa, or driver’s license

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A letter of employment from your employer in lieu of a Social Security Number

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A mailing address; you may use a temporary address if you have not selected housing

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Initial funds to deposit into the account per the minimum amount required

It is possible to establish multiple accounts at more than one bank in the U.S. Explore the

options that best suit your need, as costs, interest rates, and features of the account vary. Some

people have a checking account at one bank, a savings account at another, and a certificate of

deposit at a third bank.

Savings Accounts

Savings accounts pay interest on the deposited money, so many times people open one in

addition to a checking account. Funds can typically be transferred between your savings and

checking accounts as your needs and bank policy dictate. In order to open this kind of account,

you must have a SSN.

Account Statements

Once a month, the bank sends a statement of the account(s). The statement provides a record

of transactions for that month as well as final account balances. Banks offer statements by

paper copy in the mail or electronically via email.

Exchange

Exchanges are offered at airports, but the best rate is typically at a bank. If you need to carry a

lot of money, a traveler’s check may be a safer option. When traveling with a credit or debit

card, you can use an automated teller machine (ATM) to withdraw funds, although check with

your bank for any additional fees and limitations. This will allow you to access U.S. dollars

immediately and the exchange will take place automatically.

Helpful Hint:

Exchange some money before arriving. You will be able to take a cab or

get a bite to eat right away.