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Opening a Bank Account
It is sometimes possible to set up an account from abroad and some international financial institutions allow you to write USD checks on funds deposited abroad, but most local banks in the United States will want you to come in personally to set up your account. When you do so, bring your student identification, your passport, and the funds you wish to deposit.
Banks offer many different financial services. You may wish to compare the services and costs of several banks before choosing one at which to open an account.
A checking account will permit you to write checks to make purchases and pay bills. Most retailers and service providers will accept a personal check drawn on any U.S. bank as long as you can show appropriate identification.
Unlike most checking accounts, savings accounts earn interest on the balance in the account. If you plan to bring money for the entire academic year, this should be a good alternative in order to earn interest. You can withdraw money from an ordinary savings account, but you cannot do so by writing a check.
Many students open a saving account and a checking account at the same bank so they can transfer money from the saving account into their checking account, as they need it.
Other Banking Services
A "debit card" or "check card" allows you to withdraw or deposit money to your bank account using and automatic teller machine (ATM) and to make purchase at stores that accept the card (many stores accept these cards). Debit cards are not credit cards. That is, debit card can be used in place of a check or credit card.
Credit cards will allow you to make purchases even when you have no money immediately available. You are billed every month and are required to pay at least a portion of your balance each month. Interest rates are very high and can leave you with an abundance of debt, so be careful and responsible with credit cards.
Money Transfer
Bring enough money to meet the initial cost of arriving to the campus and at least one month's expenses. In this context, Traveler's checks are the safest way to carry money. Although Madison is safe, it is not recommendable to carry large amounts of cash.
You will need to transfer larger amounts of money for your expenses for the year. Several option exist, the best way to carry or transfer money are:
- Traveler's checks (in U.S. dollars)
- A bank check (also called a cashier's check) drawn on a U.S. bank in U.S dollars.
- A "wire transfer" from your bank at home to a U.S. bank.
Avoid checks in U.S. dollars drawn on a foreign bank. Such checks take much longer to "clear" than do checks drawn on U.S. bank or even checks in your home currency drawn on a bank at home.
More information
If you want to know more about bank accounts, you can contact the University of Wisconsin Credit Union, www.uwcu.org.
Local banking institutions
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