Here's a rundown of the American system of currency, as well as tips for setting up a U.S. bank account. To get international currency exchange rates, visit http://www.xe.com/ucc.
Money in the United States
U.S. currency is based on the dollar or USD, as it is known internationally. As you might notice initially on signs and billboards, the dollar is represented using this symbol: $. Americans use both paper and coin money; the most common, from smallest to largest, are:
- Pennies: Copper-colored coins that are worth one cent. It takes 100 cents to make one U.S. dollar.
- Nickels: Silver coins that are worth five cents.
- Dimes: Smaller silver coins that are worth ten cents.
- Quarters: Largest of the commonly used silver coins, this coin is worth 25 cents, or one quarter of an American dollar.
- One-dollar bill
- Five-dollar bill
- Ten-dollar bill
- Twenty-dollar bill
- Fifty-dollar bill
- One hundred dollar bill
Commemorative coins or special-denomination notes will occasionally be introduced into American currency, but these are normally temporarily circulated and not universally accepted by vendors. They can be exchanged for more common currency at U.S. banks as well as some retailers.
Carrying cash is both a necessity and a responsibility when traveling as an international student. It is accepted everywhere, but it's important to only carry as much as you need and never disclose to anyone how much cash you have. Also, keep your money safe by using an undergarment wallet or inside pocket when possible.
Banking in the United States
Many international students find it helpful to open a bank account in the United States. If possible, you should work with your bank in your home country to set up a corresponding account. You will likely be issued a checkbook and/or a debit card before leaving home.
If you are unable to make prior arrangements, contact your institution's office of international student affairs upon arrival to find out where and how to set up a bank account.
It is important to carefully gauge the money that you withdraw from your U.S. checking or savings account. Banks make money by charging fees to customers who exceed a set number of transactions or fail to maintain a required account balance.
Be clear up front about your bank's requirements and stipulations. Find out how much you need to keep in the bank, and whether your account is "free" or if you will be charged maintenance fees. Anytime you're uncertain about your balance, you can find it by asking a bank teller, inquiring at any one of your bank's automated teller machines (ATM), or setting up online access to your account.