Traveler's Checks: The money is immediately available if checks are in U.S. dollars, and they can
be replaced if lost or stolen. However, checks in large sums can be difficult to use. Checks in a
foreign currency may be subject to exchange fees.
ATMs: Cash is available immediately from ATMs. Exchange rates are good, but there may be a
daily limit and fees for using the service.
International Credit Cards: Money is available immediately and exchange rates are good.
However, not all US stores and businesses accept international credit cards.
Bank Checks/Drafts: These are useful for large sums of money, but funds are not available for
three days to three weeks after deposit (depending on which bank is used).
Wire transfers: This is the safest way to transfer money, but an account at a US bank must be
opened first. There may be a fee for using the service.
When you arrive in Eugene you will need enough money for immediate expenses including hotels,
food, and basic needs. If the University is paying you, it may take more than a month until you get
your first paycheck. Do not bring large sums of cash. There are many safer options available.
Contact your home country bank for details about the following:
FOREIGN CURRENCY EXCHANGE
Currency exchange facilities in the U.S. are less common than they are in many countries and
changing money at U.S. banks can be quite expensive. The use of a debit card is highly
recommended, especially as debit cards often give the best rate of exchange available. Some banks
do exchange foreign money, but only if the currency is in notes, not in coins.
The Eugene airport does not offer foreign currency exchange services. You should plan to convert
your foreign currency at your international port-of-entry.
OPENING A BANK ACCOUNT
Upon arrival, you will want to open a bank account as soon as possible to keep your money in a
secure location. In the U.S., you may use a combination of ATM, debit and credit cards, and
online/app banking to make purchases and pay bills.
If you are planning to have money transferred or wired from abroad, be aware that there may be a
delay of a few days or weeks before you can access your money. Inquire with the bank on wait times
based on the type of deposit you will make.
CREDIT CARDS
If you have no credit history in the U.S., it may be difficult to obtain a credit card. You can establish a
credit history by obtaining a “Secure Credit Card” which will require you to deposit money for its
usage. Within a few months of using the Secure Credit Card, you may be eligible for other credit
cards. However, you may need a Social Security Number to be eligible to apply.
CHECKING & SAVINGS ACCOUNTS
We recommend that all students open a checking account to pay bills such as rent or utilities. Most
checking accounts include an ATM / Debit card so you can withdraw money from your account and
use it for purchases. If you are working, you can request that your salary be directly deposited into
your checking account every month (a safe and convenient option). Be aware that some debit cards
have credit card logos on them (such as Visa, MasterCard etc.) and can function like a credit card
for purchases. However, the payment is drawn from your checking account directly.
UNIVERSITY OF OREGON International Student Arrival Handbook 19
MONEY & BANKING