Banking in the U.S.

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.

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