Banking and budgeting
Please note information supplied on this page is for the benefit of Fulbright Scholars travelling to the U.S., to assist with travel preparations and also to support Scholars in their transition to life in the U.S. Please note: the information has been extracted from recent Fulbright Scholar Final Reports and is not necessarily the views or recommendations of the Fulbright Commission.
| Do not cross cheques "Not Negotiable" as they may be cancelled. |
| I thought I needed to have a Social Security Number to open a bank account in the U.S. This is not the case, as I was able to do this easily through the Bank of America using my passport. I was also able to secure accommodation for myself without a Social Security Number by negotiating directly with the landlord and including all utility costs. 2006 Postgraduate Scholar |
| Banking in the U.S. is quite outdated compared to Australia. Most banks don't allow you to transfer money directly to other people's accounts (requiring a $30 wire transfer instead) and only a small number (like Bank of America) have branches and ATMs nationally. If transferring a large amount of money to a U.S. account, online services like oxforex.com give much better rates than banks. |
| I opened a checking account with one of the local banks on campus. There is no use opening a savings account here as the interest rates for saving are awful and basically everyone uses a checking account. With such an account you get a check book and ATM card. The only problem with being with a local bank is that as soon as you withdrawal cash off campus you will be subject to pretty hefty ATM withdrawal fees. 2005 Postgraduate Scholar |
| Banking can be a little archaic by Australian standards and cheques are nearly always required for paying rent. I recommend Bank of America which has no fee student accounts, many ATMs and very helpful customer service. Because I didn’t have a credit history, the blue award letter was useful to show my landlords that I had a steady income (both also remarked that they felt more confident because I had a Fulbright award). 2005 Postgraduate Scholar |