Relocating to the U.S. can be both an exciting and daunting experience. So many things to figure out before leaving your home country, so many things on your to-do list upon your arrival. Where do you start? We suggest starting with your money matters. After that, everything else will pretty much follow smoothly. And here is some useful information to get you started.
Start your research before you arrive and try to evaluate what is the initial amount you’ll need to have upon arrival. Think about rent and monthly utility bills, commuting to work, buying or leasing a car, costs of childcare. Also consider initial setup expenses such as flights, short term sublet or hotel, car rental, and furniture. These parameters will vary depending on your location in the U.S. – perhaps your company’s Human Resources will have some information on costs of living in your new location.
Once you arrive, one of the first things you’ll want to do is to set up a new bank account. Do some more research and compare the different options: what services does each bank offer? Are there monthly fees? What are the interest rates? Is there a branch close to your home or work? Find out if your company has a relationship with a particular bank and if you’re eligible for any benefits as an employee of the company. We recommend starting your research with Bank of America – as one of the largest banks in the U.S., Bank of America offers a selection of branches and ATMs, online and mobile banking, and secure foreign currency exchange. Another great option is Santander Bank, where you might be able to have lower fees at a bank that is used to working with international clients. And speaking of fees, you can always try and negotiate those based on the initial amount of money you plan to transfer and any expected earnings.
You’ll probably find it very useful to have a credit card, and might want to try and apply for one. However, getting a credit card without established U.S. credit history can be hard. Try applying for a card at the bank your employer is using, and ask your employer to write you a letter stating your salary, position, and length of stay. This will improve your chances. You can also apply for a secured credit card – you deposit a sum of money and use it as a credit card, but cannot charge more that the deposited amount; or a debit card – you’ll be able to withdraw money from your account and make purchases, even though it is not a credit card.
We know how confusing and challenging moving to the U.S. can be. Figuring out your money matters is the first step towards a great new beginning. For more information, don’t hesitate to give us a call at Lendbuzz.
Lendbuzz is an online lender for expats & international students in the U.S. Our car financing platform offers international professionals attractive car financing solutions – without U.S. credit history or SSN.
If you are looking to buy a car – new or pre-owned – Lendbuzz partners with a wide range of auto dealers, to offer you a seamless car purchasing experience. Lendbuzz offers the lowest rates, quick & easy online approval (less than 5 minutes), and consulting services on how to build your U.S. credit history.
Visit Lendbuzz.com or contact to learn more:
Lendbuzz is an online platform providing car loan for international students and car loan for expats in the U.S.
Any questions? contact us for more details
Also available in: Chinese (Simplified)