Banking
A local bank account will be very useful and is required to receive monthly scholarship stipends. The
U.S. Program Manager in the U.S. will disburse by direct deposit scholarship stipend payments after you confirm your arrival in the United States and U.S. bank account information.
Opening a Bank Account
Requirements to open a bank account vary from bank to bank. In general, to open a U.S. bank account, you will need to take with you the following documents and forms of identification:
- Passport
- DS-2019 Form
- Proof of address, such as rental lease
Types of Bank Accounts
The two main types of bank accounts available to you are checking and savings. The specific services provided by these types of accounts will vary from bank to bank. A checking account allows you to deposit and withdraw money from your bank account with great ease. You can write checks to pay bills, and make purchases as well. Additionally, most banks now offer online banking. Most banks offer Automated Teller Machine (ATM) cards as a service (ask for it when you open a bank account). With this card, you can access your account to check your balance or withdraw money 24 hours a day from any ATM owned by your bank. You can also withdraw money from nearly any ATM of a competitor bank, but keep in mind that these ATMs will charge a small fee for this service (usually no more than $5 per transaction).
Managing Your Money
Your scholarship will be generous by most standards. In general your scholarship is intended to cover basic living expenses for a comfortable standard of living on a student budget. You are expected to budget for your expenses responsibly and make conscientious decisions if you plan on saving some money for additional personal spending, including traveling.
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