Money Matters:

You are aware that to get a quality education in USA is quite expensive process. But through proper preparation you can minimize the cost for attaining this extraordinary opportunity. You should keep in mind to explore money matters that are of your concern especially during your adventurous journey in the United States.

It is not advisable to carry large amounts of cash along with you in any country. There are other options available for carrying amount with you such as credit cards, traveler’s checks or bank cards also called as debit cards which are considered as valid forms with which to pay for things in USA. Traveler’s check is one of the safest and easiest ways to transport money. The reason being you can replace it if it gets lost or stolen. If you choose to carry traveler’s check with you from your native country to USA, make sure they are denominated in USA funds. Almost everywhere except taxi drivers and public transportation accepts USA denominated traveler’s checks during regular business hours, basically between 9 a.m. to 5 p.m. from Monday to Friday. It is advisable to bring about $100 US in cash with you, so you will be able to manage your arrival on your own in USA.

USA Currency:

The currency of USA is based on decimal system. In which 1$ is equal to 100 cents. The coin currency is used only if the amount is below 1$. The most common coins are as follows:

• 1 penny equal to one cent or 0.01 dollars
• 1 nickel equal to five cents or 0.05 dollars
• 1 dime equal to ten cents or 0.10 dollars
• 1 quarter equal to twenty-five cents or 0.25 dollars

It takes some days to adapt new currencies for you. It is also interesting to know that $1 is considered as a reasonable price for a can of cola out of a vending machine; $2 for the same item is treated as expensive. $5 for a pizza is inexpensive but $12 for a pizza is considered as expensive. Paper currency is printed in green and white color and most oftenly circulated in the amounts of $1, $5, $10, $20, $50,$100 etc. The code term for a dollar bill is a "buck,” so $50 is commonly said as "fifty bucks" rather than fifty dollars.

Many banks, major airports and hotels will help you out to exchange foreign paper currency as a service fee; very few exchange foreign coins. Pay attention towards the fluctuations in the exchange rates in your native country currency and US currency. If your home currency is in decreasing value then it is profitable for you to conduct all transactions like student loans etc in US currency.

Credit Cards and Debit Cards:

One of the best options for payment which is accepted nationwide is through credit card. Without a credit card you may find it difficult to make certain purchases. You have to place an order either by phone, to rent a car, or buy airline tickets in many cases. A credit card is also useful if you want to keep good financial records, as your monthly statement will act as a reminder of how you are spending money.

If you are not able to pay the balance of the account within the specified grace period generally, between 20 and 30 days, then a credit card may turn into a very expensive payment option. Carefully read all of the details of the credit card offer before investing in it; some companies offer a special low introductory interest rate may be 2.9%, but then increase dramatically to 18.9% after the introductory period. Also verify the structure of the annual fees of credit card companies, like how much and when they charge it to your card. Moreover, learn as much as you can so that you can make an educated decision.

Some companies are hesitant to issue credit cards to international students, as they do not have their credit history in USA. If you already have a major credit card from your home country like Access, Euro card, Charge X, American Express, Barclay card, Carte Bleue, Visa or MasterCard, etc bring it along with you; after the US bank reviews your credit limit mentioned on the foreign card, they will be ready to offer you a credit card of their country. Banks in which you have your accounts may also accept your request for a credit card.

Debit Cards are also termed as “bank cards”. When you open an account, you will get a bank card from which you can withdraw money from an ATM. You can also use it as a credit card to make required purchases. Dissimilar to credit cards, the money is instantly taken from your account, so if the money is not there then the bank card will be rejected. For the new students in USA, the debit card is a best option to pay for things until you can establish credit.