Discovering the US 2020

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 US 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:

+ Two forms of picture identification including: your passport, visa, or driver’s license + A letter of employment from your employer in lieu of a Social Security Number + A mailing address; you may use a temporary address if you have not selected housing + 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 US 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 US 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.

© 2020 Dwellworks, LLC

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Discovering the US