Banking
Financial Planning and Consumer Information Banking
Most international students, like most U.S. students, live on limited budgets. It is important to be cautious about spending money until you have become accustomed to the value of the dollar and have developed a thorough realization of what your essential living expenses will be. The cost of living in and around New York City is very high. The transfer of funds from your home country to the United States may take several days or weeks, depending on the financial regulations of your country. It is best to ascertain in advance how long this process takes and plan your expenditures accordingly.
It is dangerous to carry or keep in your residence large amounts of cash; instead, deposit money in a bank. You can have a checking account, which will allow you easy access to your money while keeping it secure and with the possibility of earning interest. A checking account allows you to pay your bills with ease.
Most students have a checking account, often called a "currency account" in other countries. There are three kinds of checking accounts: basic, regular and checking with interest. The appropriate account for you depends on the number of checks you will write each month and the amount of money you will retain in your checking account.
Basic Checking Account
If you have this type of account, it is likely that you will be assessed a "service charge" of approximately fifty cents for each check you write. Some banks allow you to write a limited number of checks monthly. If you do not plan on writing many checks, this type of account might work for you. The basic checking account does not earn interest.
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