How to Open a Bank Account

Having a checking account will assure safe and quick deposit of foreign checks and
free the account holder from carrying large amounts of cash. Banks provide monthly
and/or online records of individual transactions from the checking account, thus allowing
easy tracking of one’s finances. Checks are typically used to pay monthly bills like
rent, telephone, and electricity or certain retail purchases if accompanied by identification.
Cashed checks are returned to the account holder after they are cleared by the bank,
and may serve as proof of payment. It is a serious matter to write a check without
having sufficient funds in the account. In addition to the various fees the bank will
charge, the individual may suffer serious financial consequences and will be vulnerable
to legal action.

 

Once you arrive to Southeastern, you may choose any local bank to open your account.
Many banks require an individual to have a Social Security Number before opening an account. If you are not eligible for an SSN, please contact the
ISO for further information. You should also bring your passport, I-94 card, and I-20/DS-2019
with you to open the account at the bank.

 

General Information

It is important that students and scholars plan their finances carefully and not rely
on earning a great deal of extra money after arrival in the United States. Employment
in most non-immigrant visa categories is highly restricted by US government regulations,
so new students and scholars should come prepared to meet all of their expenses. Moreover,
financial assistance is usually not available to international students after arrival.

 

Another factor to consider in one’s financial planning is that federal, state, city,
and/or social security taxes will be deducted from most US-source salaries, scholarships,
and stipends. With tax deductions typically ranging from 14 to 30 percent of the total
income, one’s available income may be significantly less than expected. The amount
of tax deducted depends on the individual’s earnings, tax status and whether he or
she is a beneficiary of a tax treaty. All individuals with US-source income are required
to report their annual earnings to the Internal Revenue Service by April 15 of the
following year. Anyone who has overpaid taxes during the year will receive a tax refund
after filing the tax return. For more information on how University payments to foreign
nationals are taxed, please see the ISO.

 

The financial demands on new students and scholars are typically highest at the beginning
of the academic year because tuition, health insurance fees, and housing finances
are due before the first day of class. Tuition and fees must be paid in full unless
a payment plan has been arranged through the Controller’s Office. Initial household expenses, cell phone, food, and books are other extra expenses
to take into account. Thus, it is advisable to come prepared to cover all of these
costs which will range from $2000 to $5000.

 

Currency Restrictions

Some governments restrict the amount of money that can be taken out of the country.
Others may restrict funds for students until an enrollment confirmation letter from
the admitting US institution has been received. Before leaving home, it is advisable
to determine whether any documents are required from the University in order to authorize
the transfer of funds. In some cases the ISO can provide students the necessary documentation
upon seeing proof of full-time student status.

 

Money Exchange

One should be aware of the home country’s requirements for exchanging money and the
value of the home country currency in the United States. Travelers must declare currency
amounts over $10,000 at US customs upon arrival. United States coins are different
diameters and represent different proportions of one US dollar: penny (1/100th), nickel
(1/20th), dime (1/10th), quarter (1/4), and dollar (1). American paper money is green
and all bills are the same size. The following are common bill denominations: $1,
$5, $10, $20, $50, $100.

 

It is recommended that one obtain a small amount of American currency in coins and
bills before arriving in the United States to cover miscellaneous initial expenses
such as cab fare and meals. Most major airports have banks available for currency
exchange and automated teller machines (ATM’s) for those who decide to obtain US currency
after arrival.