Banking System in the USA

The banking system in the USA is safe and sophisticated. Expats will easily be able to connect with their bank accounts overseas. Using credit and debit cards to pay for goods both locally and internationally is a standard practice in the States.

Most international banks around the country are represented in the USA. If you have an account with any of the following banks, they can assist in opening accounts in the US, banks include – HSBC, Citigroup, Credit Suisse, Barclays and Deutsche Bank.

Some of the major banks in America include: The bank of America, Citibank, Wells Fargo and JP Morgan Chase. Expats opening accounts in one of these banks offer access to variety of bank accounts, internet banking and a network of ATM’s.

Bank Accounts and Requirements

With the different types of accounts and banks that are available in the country expats may get confused when choosing a place to open an account. Many expats who already live in the country find that it is much easier to maintain an overseas account, by opening an account at the same bank and then transferring money. This is ideal for people who are in the US for a short stay. It is possible for foreigners to relocate in the country without having to open an American account.

To open an account expats in the USA should show proof of:

  • Passport
  • Immigration information
  • Social Security Number
  • Proof of address

Expats must speak to their bank and confirm what else they could be required to show.

Currency and Demoninations

The currency is the US Dollar (USD) which is broken into 100 cents

Coins: 1,5,10 and 25 cents

Notes: 1, 2, 5, 10, 20, 50 and 100 dollars


Both methods of card and cash are accepted in most places in the US. However some small outlets may not take cards but branches of banks will be found in major US towns and cities as well as ATM’s.