To open any account (either savings or checking), you must first fill out a W-8 form, which is a declaration of non-citizenship. The bank should have copies of this form available.
Savings Account: Most savings accounts require no minimum balance. You should bring your passport with you for identification. Some sav- ings accounts require a co-signer for non-citizens. In this case try another bank; it is never a good idea to give access to your money to anyone.
Checking Account: Most checking accounts require a co-signer. Many also have a minimum balance and/or service charges. Service charges can vary from $6 per month or $0.25 per check. Please note, do not open a checking account that requires a co-signer. It is never a good idea to give anyone access to your money - no matter who they are.
Automatic Teller Machine Card: Almost all banks in the U.S. have Auto- matic Teller Machines. These machines are open 24 hours a day, and you can apply for an “ATM card” when opening your account. This card will allow you to withdraw or deposit money to or from your account during non-banking hours. There is normally no service charge unless you use your card in the machine of a different bank. Card holders can withdraw from between USD 20 to USD 200 in one day, depending on the amount of money in the account. If you decide to get your own ATM-card, please make sure not to give out your personal pin code to anyone else.
Note: Checking and ATM accounts may be an easy way for students to overspend their money, so we do not advise that students use these sorts of accounts.
Changing Money: Banks in small towns do not change some foreign currencies. You will have to bring your passport to change currencies, to cash traveler’s checks, and sometimes to withdraw money from your bank account.
Monday – Friday 9:00AM to 4:00PM Saturday 9:00AM to 12:00PM (Some small savings and loans banks) Note: Many banks stay open until 5:00PM or 6:00 PM one day per week – usually Thursday or Friday. Bank Holidays: Banks are closed for major holidays.
The currency in the USA is the “dollar” or “$” and cents or “¢”. $1 = 100 cents. The notes are: $1, $5, $10, $20, $50 and $100. They are all green. Please note that it can be difficult using bills larger than $20, so we recommend that you carry bills of smaller denominations.
A 1 cent coin is also called a “penny,” a 5 cent coin: “nickel,” a 10 cent coin: “dime,” a 25 cent coin: “quarter.” We recommend that you allot $250 – $300 USD per month pocket money for your stay in the USA. Don’t forget that phone costs also need to be budgeted, so spend your money wisely!