Managing finances is a vital aspect of adjusting to life in the U.S. for international students. This guide, the fourth in the series, provides essential information on banking, credit cards, investment opportunities, and money transfer options in 2024.
1. Choosing a Bank: - Look for banks with branches near you or on campus, offering good mobile apps and sign-up bonuses. Recommended options include Chase, First Horizon, and Truist. - Most banks provide free checkbooks and debit cards. Note that non-student accounts usually have a monthly maintenance fee, waivable under certain conditions. 2. Credit Cards: - For students employed by a university, obtaining a Social Security Number allows for credit card applications. - Discover is a good starter card, offering student rewards and a cashback match in the first year. - Once you have a credit history, consider American Express and Chase Freedom for their cashback benefits. 3. Investment Apps: - Venmo and Cashapp allow investments in cryptocurrencies. - For stock investments, Public is a user-friendly app, although it requires you to be a Resident Alien for tax purposes. - Note: This section is informational only. It's important to research and understand investment risks. 4. Money Transfer Services: - For sending money home, wire transfer apps like Wise offer competitive exchange rates and quick transfers. Remitly is another popular option, though it may have slightly less favorable rates. Navigating financial management in the U.S. can be complex, but with the right tools and knowledge, it becomes manageable. Stay tuned for more parts in this series to ease your transition into American life.
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