Useful Information for International Students

In this issue of our E-Newsletter we would like to provide information related to your life in a new place. We hope to clarify these issues a beat, and assist in making the right decisions while living here as an international student. .

1. Banking Basics
2. Online Banking Basics

Banking - Basics

Transferring Money In order to open a bank account, you will have to transfer some money for your expenses from your home country. Several options exist, and you should check with your university and the bank of your choice to find the solution that suits you the best. The preferred way to transfer money is via ‘wire/electronic transfer’ from your home-country bank to your US bank account.
Choosing a Bank Every semester students are flooded by banking brochures, all offer their good services. Beware: unless you have large savings, many of these banks have high fees for checking accounts. These fees are liable to empty many dollars from your account. You should consider convenience with cost when choosing the best bank for you.

1. Ask yourself these questions before opening an account:
   How much money do I have?
   How often do I need to make deposits?
   How many checks will I write each month (rent, phone, books, etc.)?
   How often do I need to withdraw money?
2. Get information on your options:
   If you can maintain some money in your savings account at the bank, look for a regular checking account that offers no-fee while you maintain a minimum balance in your combined accounts.
3. Dare to compare:
   Set your priorities. If you are better at keeping your balance on a surfboard than balancing your checkbook, look for accounts with no minimum balance. If easy access is a key, look at ATM services. If you only write a few checks per month, a basic account may be your best bet. Finally, test their service. Call the bank and see how the bank’s customer representative treats you.
4. Be prepared when you go to open an account:
   Start by asking if the bank has a special student account. Make sure that your account is insured by the FDIC (Federal Government) up to $100,000. You will be asked by the bank's representative for your permanent address and Social Security number, or school ID number. Most banks require two forms of ID. You will probably have to wait a few days to get access to your account, and checks you deposit in your new account are often held for few days before the funds are available to you.
5. Don't be afraid to swap banks:
   If your bank is charging too much or otherwise treating you badly, move your money - it's yours!
6. It is very important for you to balance your bank account. American banks will not allow you to withdraw more money than your available balance. So be careful when you pay by checks. Remember that not all checks are presented to the bank at the same date, sometimes the merchant may deposit them quite late, and if you do not leave sufficient funds at your account – the check will bounce. American banks will rarely allow for overdraft!

Other Banking Services Banks offer a variety of services such as safety deposit boxes for storing valuable possessions, debit cards that allow you to withdraw or deposit money to your account using an ATM. The card can also be used for purchasing at stores, just like a credit card, only the money is withdrawn immediately from your account (no credit). Banks also offer credit cards, notary services, and insurance products.

On-Line Banking Basics

Managing your bank account over the Internet may make your banking experience easier and more pleasant. You spend less time on banking, safe ATM machines fees, and you bank when the time is good for you (I usually do it at the late PM hours). Online banking allows you to access banking information and make transactions from any personal computer. All you need is to connect to the internet and log into your bank website. You can then safely pay your bills, and track any transaction online.


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