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Currency/Banking
Boston is one of the more expensive areas in the United
States. If possible, you should either open a bank account
in Boston before you arrive or bring funds with you in a
form that local banks will allow you to immediately use (travelers
checks in U.S. dollars, for example). If you open a bank
account with a personal check from a financial institution
that is not in Massachusetts, local banks will require you
to wait a week or more before you can withdraw money from
the account. If your check is not in U.S. dollars, you will
have to wait even longer before you can use your money. Banks
do this to allow time to make certain that the check will
be honored by the bank on which the check was written. Please
do not bring large sums of cash with you as it is not safe
to travel with.
Banking
To open a bank account, you will generally need to provide identification
materials such as passport and visa documents, proof of attendance at Boston
University, and a Social Security number or an Individual Taxpayer Identification
Number (ITIN). For information on how to apply for a Social Security number
or an ITIN, please contact the
International Students and Scholars Office (ISSO) upon arrival to Boston
University.
There are two types of accounts that you may open:
checking accounts and savings accounts.
Checking accounts allow for easy access
to your money to pay bills and make purchases. Most banks
charge a monthly fee for a checking account. When opening
a checking account, make sure to compare banks and ask
about fees. It is often possible to get a better deal.
Also make sure to inquire about the locations of Automated
Teller Machines (ATMs).
Savings accounts allow you to save your
money and earn interest. Again, be sure to compare interest
rates, fees and rules regarding minimum balances at different
banking institutions.
There are many banks in the Boston area that are well known
and have many branches in the area. They are also most likely
to offer special services for students.
Citizen’s
Bank
560 Commonwealth Avenue
Boston, MA 02215 USA
617.536.6138
Fax: 617.247.1823
Fleet
Bank
771 Commonwealth Avenue
Boston, MA 02215 USA
617.443.2709
Fax: 617.247.0568
881 Commonwealth Avenue
Boston, MA 02215 USA
Currency Exchange
Currency exchange offices are located at Logan Airport, as well as at many
large banks
American Express Travel Agency also provides currency exchange services
at the following locations:
1 State Street
Boston, MA
Phone: 617-723-8400 |
39 JFK Street
Cambridge, MA
Phone: 617-868-2600
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