America is a beautiful place to study. It is filled with the best universities in the world. This means that if you study in the US, you are likely to meet people who will help you in your quest towards academic excellence. However, students usually find it hard to get used to life in the US. This may be because of the change in culture. Mostly the difficulty may concern money. Here are a few tips for international students in the US who find it hard to cope financially.
One thing you should know is that Americans do not usually carry a lot of cash. Even for small purchases, they prefer to pay by check or by use of credit cards. The US economy requires you to open a checking account at a local bank so that you can function efficiently. This means that you should choose a bank which you can easily and conveniently access. For this to happen, most banks will ask you for your passport. Therefore make sure that your passport is always close by.Let us look at a few types of accounts.
The first is checking accounts. These types of accounts vary depending on individual needs. Also the cost of having one is not the same in every bank. There are banks that charge per transaction, others have a monthly fee, and others offer free services as long as you maintain a certain minimum balance at all times. If you choose this type of account, make sure that you are aware of every check you write so as to avoid having checks returned and incurring additional charges. You may get in trouble if your check bounces.
The next type of account is a savings account. This one helps you save money and accumulate interest on your savings. Interest may be paid either monthly or quarterly. It is possible for you to withdraw money from such an account but you should be aware that this service is limited. Ask your bank how many withdrawals are allowed. The difference between this one and the check account is that there are fewer transactions in this one as the goal is to save your money. If you are not satisfied with one of these accounts, you can combine them into one in an account called an interest checking account. In this one, you can write checks and also collect interest on the money in your account.
Using bank cards and credit cards is quite easy but it can be tricky when it comes to cashing checks. Here you should have two pieces of ID. The first is your passport and the next is usually a major credit card. However, there are some stores that will cash your check if you shop there regularly and have a proper ID. If supermarkets get authorization from their credit department, they may allow you to pay for goods by check. You will be issued a check cashing card once the credit check is done.
As you can see, you can choose any account and payment method that you think suits you best. Just remember that the money you get does not come easy and so be careful with it.
