Money Matters

[LobsterQuadrille]

Help & advice needed from international and domestic students.....

I am an international student and will be starting MS EE program in US. Money is definitely the next thing to reckon after admissions. I'd like to know how to do international students manage their finances.

Many questions coming up:

How to pay the college fee,... credit card or any other way?? Which is a good method??

How to convert international currency into $$$, the most efficient (money saving) method, since the us $$ is costlier??

Do international students open a bank account there??And how to??

The best money pinching methods for managing books, clothing, supplies, food, housing etc... (domestic students, please help with this.....)

How much money to carry on arrival??

Please add more words of advice if you can.

[LockeOak]

I'm not an international student, but maybe I can help a bit. Is EE environmental engineering?

Opening a bank account is easy and usually doesn't cost anything, so definitely do so. There are often free student checking accounts at major banks. A checking account will be necessary for direct deposit of your stipend and also for paying bills (rent, utilities, etc.) Debit cards are also very convenient. As for how much money to carry on arrival, I wouldn't carry more than a couple hundred dollars unless you have a reason to carry more and I would promptly deposit that in my new checking account, sometimes they require a minimum balance of about $100. I very rarely use cash for anything and I don't have any credit cards, it's all on the debit card. *Edit: I just realized that it might be as long as a month after arrival before you get your first stipend check, so you might want to have more cash on hand to get you through.

For books, purchases should be a last resort. Borrow, beg and share first. If it's a book that's not frequently needed you can split the cost with 1-2 other students. Also ask senior students in your program if you can borrow their textbooks (they're probably not using them or have sold them). Cars require a lot of money to maintain, not to mention gas, parking and insurance, so if you can avoid buying a car that's a way to save big. For food I buy little to no meat to save money.

Edited April 16, 2010 by LockeOak

[LobsterQuadrille]

Well EE is Electrical Eng. Thanx for the info and advice about checking accounts. I'm really not planning on buying a car just yet, wouldn't want more costs than what I already have. I'm 21, just graduated and will be totally dependant on my parents, atleast for the first year of my master's. Are there usually banks on university campuses to open an account??

While using credit/debit cards, one will have to pay a nominal fee on every transaction of about $2. It is quite a lot for international students to pay for every small transaction. Any other cheaper ways??

Edited April 16, 2010 by LobsterQuadrille

[jenali]

<br />Well EE is Electrical Eng. Thanx for the info and advice about checking accounts. I'm really not planning on buying a car just yet, wouldn't want more costs than what I already have. I'm 21, just graduated and will be totally dependant on my parents, atleast for the first year of my master's. Are there usually banks on university campuses to open an account??<br />While using credit/debit cards, one will have to pay a nominal fee on every transaction of about $2. It is quite a lot for international students to pay for every small transaction. Any other cheaper ways??<br />

<br /><br /><br />

There are banks absolutely everywhere. Most campuses will have a few options.

Many major banks don't charge a fee on debit card transactions. Check into this -- read the small print. However, no US bank will charge you to get cash out of your account (as far as I know), so that's easy enough.

[karough]

Depending on which debit card you use and where you use it, there will not be a charge. Some banks charge a fee for withdrawal from an ATM of a different bank - so check which ATM you will not be charged. Usually there is no card charges if you make purchases using your card - but check the fine print on the bank account you open.

Try not to carry too much cash for arrival into the US - chance of theft will be high. contact your school's international student office and get in touch with other international students already attending for ideas on navigating life on campus. They will be a good resource for finding cheap apartments, ethnic eating/shopping places etc. Shopping at Farmer's markets, you can get local veggies etc. and you can stock up for the week. If you shop at Sam's Club or BJ's which are wholesale stores, so you can buy bulk items much cheaper. However, you need to be a member - so check with other international students at your school.

Good Luck with the move.

[LobsterQuadrille]

Thanx guys for all the tips and info, they are quite helpful.

Can you also please tell me how to look for jobs on campus, and how to approach professors for any form of assistantship.

Edited April 27, 2010 by LobsterQuadrille