Banking in the U.S.
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When you arrive in the United States we strongly recommend that you
carry only small amounts of cash with you. You will probably want to set
up a bank account in the Cambridge area as soon as possible. Commercial
banks are preferable to savings banks, since commercial banks offer a
greater variety of international services. To open an account you will
need to bring your passport as identification.
The transfer of international currency can be a time-consuming process.
Students are advised to bring enough money in traveler’s checks to cover
expenses for two weeks, since it often takes ten days to honor drafts.
US currency comes in two forms: paper and coin. US paper money, known as
dollars (bills), comes in denominations of $1, $5, $10, $20, $50 and
$100. Common US coins are the penny (1 cent), nickel (5 cents), dime (10
cents) and the quarter (25 cents). One hundred (100) cents is equivalent
to 1 dollar.