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Money and Finances

Should I bring cash or traveler’s check with me?
It is easier and safer for you to carry traveler’s check than cash.

UNITED STATES CURRENCY

Coins: American coins are in two colors, and six different sizes.  The size and monetary value are not related to each other; smaller in size does not necessarily mean smaller in value.

            The PENNY or CENT -- worth 1 cent, the only copper colored
            The NICKEL -- worth 5 cents -- silver colored larger than penny
             The DIME -- worth 10 cents -- silver colored and the smallest in size
              The QUARTER: -- worth 25 cents -- silver colored
             The HALF DOLLAR -- worth 50 cents -- silver colored; not common in use
            The SILVER DOLLAR comes in two forms, and neither of them is seen in circulation very often.  The Susan B. Anthony silver dollar is about the size of a quarter; the older silver dollar is the largest U.S. coin.

Paper Money:  All U.S. paper money is the same size and color, including $1, $5, $10, $20, $50.


OPENING A BANK ACCOUNT

To open any kind of bank account, go to the bank and tell the clerk or receptionist that you want to open a bank account.  YOU HAVE TO HAVE YOUR MONEY, PASSPORT AND ANOTHER ID (BW-ID) WITH YOU.  There are different types of accounts.  The bank clerk can explain the various types of accounts available to you.  Interest rates and fees vary according to the type of account you choose.  BE SURE YOU UNDERSTAND THE REQUIREMENTS FOR EACH ACCOUNT BEFORE YOU MAKE YOUR DECISION. 

Some banks have a minimum deposit requirement or require you to leave your money in the account for a specified period of time.  Requirements may change from bank to bank, but generally they are very similar.

For checking accounts, you will be given a supply of temporary checks.   Checks imprinted with your name and address will be sent to your address.  There will be a charge for imprinted checks depending on the style of the check and the number you order.  You can expect to pay between $10-20 for a reasonable supply of checks.