> U.S. Currency
> Opening a Bank Account
> Automatic Tellers and 24-Hour Banking
> Credit Cards and "Buying on Credit"

U.S. Currency
The basic unit of exchange in the United States is the dollar ($), which is divided into 100 cents (¢). There are four denominations of commonly used coins: 1 cent, 5 cents, 10 cents, and 25 cents. Americans usually refer to coins, not by their value in cents, but by their names. A one-cent coin is a penny, a five-cent coin is a nickel, a ten-cent coin is a dime, and a 25-cent coin is a quarter. There are also one-dollar coins and half-dollar (50-cent) coins but they are seldom found in circulation.

U.S. paper money (often called bills) comes in single-bill denominations of one dollar ($1.00), two dollars ($2.00, but these are rare), five dollars ($5.00), ten dollars ($10.00), twenty dollars ($20.00), fifty dollars ($50.00), and one hundred dollars ($100.00). You will immediately notice that, unlike in most other countries, U.S. bills are all the same size and all the same color. They are differentiated from each other by the number value and with the portrait of a different U.S. historical figure on each denomination.

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Opening a Bank Account
One of the first things you should do after you arrive in the United States is to open a bank account. It is not a good idea to carry large sums of cash or to keep it in your room. Most banks have main offices in the center of a city or town. Smaller offices, called "branches," are usually found in other parts of a city or town and in the suburbs. Even if your bank does not have a branch nearby, you can find automated bank machines to serve your needs. Banks generally are open Monday through Friday from 9:00 a.m. until 3:00 p.m. On Fridays, many banks stay open a few hours later. Many banks are also open on Saturdays, often from 9:00 a.m. to 12:00 noon. Your international student adviser can suggest which banks are convenient to campus.

You should check with several banks to determine which bank offers the best services for your needs. You should plan to open both a savings account and a checking (current) account at the same bank, simply because it will be more convenient for you. For example, if you have a savings account and a checking account in the same bank, you can easily transfer funds from one to the other. Interest rates on savings and checking accounts vary from bank to bank. Investigate and compare various banks and their rates of interests on checking and savings accounts before you decide where to open an account.

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Automatic Tellers and 24-Hour Banking
Almost all American banks now offer banking privileges 24 hours a day through "automatic teller machines" or ATMs. When you open an account at a bank, you will be issued a bankcard and a personal identification number (PIN). You will be able to use this card in your bank's ATM to access your account and make transactions. This will enable you to do such things as withdraw and deposit money, transfer funds, and obtain your balance 24 hours a day.

It is now possible in the United States to conduct most of your monetary transactions using only your bankcard. Many stores have systems that permit you to use your bankcard instead of cash to pay for merchandise.

Having a bankcard is very convenient, since it can be used all over the United States and even in other countries connected to the same banking system. Bankcards from other countries can also be used in the United States as long as they function on one of the banking networks used in the United States. Before leaving home, ask your bank if you can use your home country's bankcard in the United States. This is especially useful if, in case of emergency, you need to rapidly get money from home.

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Credit Cards and "Buying on Credit"
The use of credit cards is widespread in the United States. Banks, credit card companies, gas companies, department stores, and other organizations issue credit cards, which can be used to make purchases.

As a student, you may find it difficult at first to obtain a credit card. However, many credit card companies also offer special student credit cards, subject to certain conditions.

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