Banking and Money Transactions in America - News-Credit-Mortgage-Coin


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Friday, August 13, 2021

Banking and Money Transactions in America

 Bring enough money with you to live for at least a month (approximately 1000 USD). You must bring enough money with you to cover your rent and food needs, as it may take several weeks to several months to receive your payment. Always make your plan so that you can cover your rent, adequate expenses, and other needs. If you want to return to your country or travel with money, adjust your lifestyle accordingly.


 Open a bank account as soon as possible. This will allow you to receive your money from your country and withdraw your payments on time. Services vary from bank to bank, so you can ask several banks to find the one that fits your needs. Some banks provide free monthly withdrawals for students. Take different IDs, passport and social security number with you to open a bank account. If you have a credit card, you can take it with you as proof of where you live.

Some banks charge a monthly service fee. Others charge this fee every time you use the bank. You can ask the banks how much service fee you will pay. Some banks require you to have a certain amount in your account, otherwise they will impose a penalty. You can talk to your bank about how much you need to keep in your account and whether you can afford it.

 Working hours of banks may vary. Find out the working hours of your bank. Banking is local, not national, in the United States, so be sure to cash your checks where they are issued. It may take time for funds deposited from anywhere other than your bank's location to appear in your account. If you are going to leave the city where your bank is located, either get a traveler's check or withdraw your money.


 Most banks issue an ATM card that you can use 24 hours a day. These cards are known as ATM cards or DEBIT cards. It may be useful for you to be able to withdraw your money from anywhere in the USA with a password. Your password is unique to you only. If someone else knows this number and takes your ATM card, they can withdraw your money. If you lose your card, notify your bank immediately.


If you have a card brought from your home country, check with your bank whether you can use it in the United States. You can find out the location of the nearest ATM machine by calling the number on your ATM card. If you use another bank's ATM, the bank may charge you a $1 or $2 fee. Use these cards with caution. Don't buy more than you can afford. Keep track of all your bank transactions. So you can know the money in your account and plan your spending.




The American currency is the American dollar ($). The coins are 1 cent (one cent or penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), and 50 cent (half dollar-half). There is also a $1 coin, but it is not used much. Banknotes are $1, 5, 10, 20, 50 and 100 dollars.




Most Americans have credit cards. Credit cards are one of the safest ways to spend and withdraw money. Please be careful about your limit. The only difference of these cards from debit cards is that credit cards spend money to pay later with a certain interest, while debit cards use the money in your account. We recommend that you obtain an internationally valid credit card before coming to the United States.


 Traveler's checks are perhaps the safest way to hold money on travel. If stolen or lost, they can be renewed and exchanged at any bank. Some shops may not accept traveler's checks, so ask before you shop. If the shop says "no checks accepted" it is usually for personal checks, not travellers' checks




With this method, also known as wired transfer, you can transfer money from your bank in the United States to the bank in your home country. This transfer can take a week or longer. Not all banks offer this service.


Visitors to the United States are often surprised when they are asked to pay higher than the price they see on the aisle. This is because there is also a sales tax on what you receive. (Like VAT, but added at the time of sale, not displayed on the shelves). This tax may vary from state to state.




Americans typically leave a tip of 15% to 20% of the price of the food they eat. This system applies to hairdressers, taxis, bartenders and others working in the service industry. If you are satisfied with the work of the waiter, you can show it by tipping high. Tipping less means you're not satisfied. You can find charts showing the amount of tip you can pay by price in places such as pharmacies and gas stations.




Western union allows you to transfer between your home country and anywhere in the world in as little as 15 minutes. It charges a certain amount based on the money you send. 1-800-325-6000 or


You can find the nearest office at

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