Banking in the U.S.A.
Please note the information supplied on this page is for the benefit of Fulbright Scholars travelling to the U.S.A. to assist with travel preparations and also to support Scholars in their transition to life there. The information has been extracted from recent Fulbright Scholar Final Reports and does not necessarily reflect the views or recommendations of the Fulbright Commission. The information is from Australian Scholars who have travelled within the last four years.
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Banking in the US is quite outdated compared to Australia.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 US account, online services like oxforex.com give much better rates than banks.
I thought I needed to have a Social Security Number to open a bank account in the US. 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. Male PS, 2006
For postdoctoral level applications with sufficient income, obtain an American Express card before leaving Australia. This can be immediately converted into a US Amex on arrival with no US credit history etc. Alternatively or additionally, the Am-Aust Assoc of NYC runs a program with ?Chase bank providing a US Visa card for Australians who are members – possibly worth the membership fee. For other banking, credit unions are less useless than general banks. For moving money from Australia, the Wizard Clear Advantage MasterCard offers no withdrawal or currency conversion fees and is a godsend. Telegraphic transfers are very cheap through XYLO, which is a new subsidiary of Westpac. Application process is a bit involved – apply before you leave for the USA. OSS Worldwide was a decent moving service to the US. Moving home is substantially more expensive than moving to the US. Male 2005-07
You don’t need a SSN but IIE will ask for one before you leave so you should do it anyway. Oh, and you really need a checkbook, so set up a bank account straight away. Female PGS 2007
I used the Chase bank as they had good coverage in NJ, NY and also CA, and had a student plan that gave me free transactions. Bank of America also had good coverage however; they have a lot of extra fees. One thing that was quite different about banking in the USA is that everyone still uses cheques (Checks) for things like rent rather than electronic transfers, which most Americans consider untrustworthy and are expensive to do ($25/transfer for Chase), so it is important to get a cheque book when opening a bank account. Male PGS 2007
Banking was, as I had been warned, much clunkier than the Australian system and attracted many more fees. It wasn’t difficult to open an account; however, it was impossible to handle everything over the internet as you can in Australia. Given this, it is important to choose a bank that has branches that are convenient to visit. Most banks will also want to give you accounts/cards you don’t need. Decide before you leave what you need and stick to it. I would advise not bothering with a savings account as the interest is miniscule and there are often fees if you don’t maintain a minimum balance. If you are a student, you should be able to get a free checking account at most of the major banks. Female PGS 2007
It is worth opening a U.S. credit card as soon as possible after arriving, and using it frequently, in order to accumulate a credit rating. If denied a credit card, inquire about “secured” cards which do not require a credit history. Male PGS 2007
Accessing money when I first arrived was a problem – I could withdraw cash from ATMs but had some problems transferring funds from my Australian accounts into my new US account, so I would advise future scholars to organise that very carefully with their Australian bank before they leave the country. Female PGS, 2007
Banking – I was able to open a HSBC USA account prior to leaving Australia by demonstrating (with my scholarship papers) that I was going to the USA, this was helpful in having the account open when I arrived in the USA. Female SS 2009