How to Manage Finances as an International Student in the US

Cheerful young woman with money, demonstrating smart budgeting tips for studying abroad - The Red Pen

Life as an international student in the US is exhilarating. But managing money can be overwhelming, particularly while dealing with a new currency and banking system. With steep tuition fees and living expenses, having a solid grasp of financial management fundamentals is essential.

Here are 5 ways to manage finances as an international student in the US:

1) Understand the US currency

Before diving into money management tips in the US, it is important to understand the country’s currency. The US currency comprises paper notes with denominations ranging from $1 to $100 and coins. It uses a decimal system, dividing each dollar into 100 cents. International students in the US will come across some common slang terms, like “Benjamins” for $100 bills, “Lincolns” for $5 bills, and “dimes” for 10-cent coins. 

Pro tip: Having cash on you at all times is a good idea. But only carry the amount you need.

2) Open a US bank account

US bank accounts for international students are crucial as they provide a secure and convenient means of managing finances. Better still, it can save significant expenses in terms of fees and exchange rates that one may incur if they rely on their home country’s bank account. Several US banks offer accounts designed specifically for students or working professionals. But choosing the right one after considering factors such as fees, minimum balance requirements, and account maintenance fees makes all the difference. 

Zolve, a trusted financial partner for international students, simplifies the process to help them select the right bank with no minimum balance. It opens a bank account for international students in the US within five minutes, even before they arrive in the country. To open a bank account, students must share their passport, Individual Taxpayer Identification Number or Social Security Number. 

Pro tip: Opening and funding a bank account before leaving your home country gives you one less thing to worry about when you arrive. 

3) Get a US debit and credit card

Credit and debit cards have become more prevalent in the US than cash. A debit card is linked to the bank account of international students in the US and allows them to withdraw cash at ATMs, make purchases, and pay bills. But a credit card is a valuable tool, especially since the country has a credit-based economy. It allows international students to borrow money, establish credit, and receive rewards. However, obtaining a credit card isn’t easy for international students in the US. It requires a social security number and a history of responsible credit behaviour. Unfortunately, the US doesn’t consider the credit score from a student’s home country. 

Thankfully, Zolve offers secured and unsecured credit cards for international students powered by Mastercard. These cards enable them to build their credit history from the moment they arrive in the US. With a notably high credit limit, these cards offer several student-oriented benefits and up to 10 percent cashback.

Pro tip: Use your credit card in the US as much as possible and make your payments on time to build a good credit score that will help you later. 

4) It’s important to build credit

Establishing a solid credit history is essential for a comfortable life in the US, without which renting an apartment, buying a car or securing certain jobs can be challenging. Unfortunately, when international students move to the US, the credit history from their home country doesn’t come with them. So, those dreaming of a life in the US after graduation, must build their credit as soon as they arrive. 

Depending on certain factors, there are several ways to build credit in the US. The easiest way is using a credit card responsibly and make timely payments. Additionally, it’s essential to have one’s positive credit behaviour reported to all three major credit bureaus in the US (Experian, Equifax & TransUnion). Zolve sends this report for all its international students. 

Pro tip: Get a free credit report from each of the three major credit bureaus in the US and stay on top of your credit game.

5) Be smart about remitting money internationally

Remittance involves sending money from one’s home country to the US (and vice versa), which can be complex and expensive. Various remittance options are available, including wire and online transfers. Before selecting one, compare costs, time, and safety to avoid unnecessary fees or delays. Zolve has partnered with some of the best global remittance providers, such as Wise, to ensure cost-effective, safe and timely money movement. 

Pro tip: Opt for a service that provides mid-market exchange rates, representing real-time rates between different currencies to save on conversion fees. 

Being an international student in the US and managing your finances can be daunting. However, with proper planning, the right tools, and smart decision-making, you can overcome these challenges and gain financial independence. 

Zolve is a trusted partner for international students, providing convenient and affordable financial solutions. They offer seamless cross-border financial services. 

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Anusha Bhagat

Chief Operating Officer

PGDM, Indian Institute of Management Ahmedabad;
B.A in Economics, Lady Shri Ram College, Delhi University

Anusha Bhagat is a growth strategist and operations expert with 15 years of
securities-industry leadership
across Hong Kong, India and Singapore.
At UBS she served as Chief Operating Officer – Equities & Investment Banking, India,
transforming an at-risk equities franchise with legacy infrastructure into a
robust, growth-ready platform and rolling out new products under enhanced
governance.

She has launched cash-equity, equity-derivatives and prime-broking businesses in
multiple Asian markets and sat on the deal-closing teams for UBS’s
acquisition of ABN Amro’s global F&O business (2006) and the GS-JB Were
Australia joint venture (2003).
Her track record spans in-house M&A, technology turnarounds,
process re-engineering and enterprise-wide risk remediation
.

Known for a collaborative, cross-functional working style, Anusha combines
front-office product insight with settlement, control, technology and
regulatory frameworks to deliver end-to-end solutions. She derives energy from
tackling challenging build-outs and supporting teams in achieving
their growth and career goals.

If Anusha weren’t a COO, she would be …
helping early-stage founders scale up as a full-time venture advisor.

The question she’s asked most often …
“How do we turn this legacy process into a competitive advantage?”

Kavita Sonawala

Chief Marketing Officer

Shikha Dhar

Associate Director, Institutional Services

Nainika Ajani

Associate Director, Partner Relations

Aneri Shah

Manager, Boarding School Admissions

Mehnaz Jaffer

Associate Director, Sales, Business Development and Marketing, Undergraduate Applications and Preparation

Aarti Anand

Associate Director, Client Servicing, Undergraduate Preparation

Sheetal Vora

Associate Director, Client Servicing, Undergraduate Applications

Tripti Singh

Associate Director, Postgraduate Services

Natasha Mankikar

Manager, MBA services

Neil Maheshwari

CFO & COO, U.S. News
& World Report,

MBA in Finance, Illinois State University;
Chartered Accountant; CPA; Bachelor’s in Accounting

Neil Maheshwari is CFO & COO of the U.S. News & World Report, L.P. He has overall responsibility for financial strategy, capital allocation, business operations and strategic investments.

He has over 30 years of experience in the media business, especially related to corporate finance, business operations, taxes and digital strategy. He was a key member of the team that led the digital transformation of U.S. News in 2010.

Neil’s career began at the New York Daily News in 1993, following its acquisition by Mort Zuckerman. Over the years his responsibilities have encompassed budgeting, contract negotiations, tax management and IT operations for the New York Daily News, U.S. News & World Report and other media entities under the family’s ownership.

As a member of the executive committee, Neil participates in crucial business-strategy decisions and their implementation. He is also deeply involved in evaluating all potential acquisition and divestiture opportunities for the media companies owned by Mort Zuckerman. His prior experience includes leading the sale of Fast Company to G & J in December 2000, as well as the sales of Atlantic Monthly, Radar magazine, Applied Printing Technologies and, most recently, the New York Daily News to Tribune Publishing in 2017.

Before joining the Daily News and U.S. News, Neil spent over four years with a mid-town CPA firm, specialising in audits and mergers & acquisitions for publishing clients. He also gained experience at the India offices of Arthur Andersen and Ernst & Young.

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President

Dr. Kimberly Dixit

CEO & Co-founder of
The Red Pen