USA Banking & Finance Guide

🏦 Opening a Bank Account

📋 Documents Needed

• Valid passport
• Visa / I-20 / I-94
• US address (even temporary)
• SSN or ITIN (some banks open without)
• Initial deposit ($25-$100)
• Phone number

🏛️ Top Banks

• Chase (JPMorgan): Largest bank, 4,700+ branches
• Bank of America: 3,900+ branches
• Wells Fargo: 4,500+ branches
• Citibank: Good for international
• Online: Marcus (Goldman), Ally, Chime

💰 Account Types

• Checking: Daily transactions, debit card
• Savings: 4-5% APY (high-yield online banks)
• CD: Fixed term, higher interest
• Money Market: Higher interest checking
• Most have $0 monthly fee options

💳 For International Students

• Chase, BoA accept passport + I-20
• No SSN needed initially
• Apply for SSN after arrival
• Zelle for free instant transfers
• Venmo/PayPal for peer payments
• Set up direct deposit for paychecks

📊 Credit Score (FICO)

Your credit score is one of the most important numbers in America. It affects apartment rentals, car loans, mortgages, insurance rates, and even job applications.

Score Range: 300-850. Excellent: 750+. Good: 700-749. Fair: 650-699. Poor: <650.< /li>
Factors: Payment history (35%), credit utilization (30%), length of credit history (15%), credit mix (10%), new credit (10%)
Building Credit: Start with a secured credit card ($200-$500 deposit). Pay full balance monthly. Never miss a payment.
Good First Cards: Discover it Student, Capital One Quicksilver, Chase Freedom Flex (after 1 year of credit)
Check Score Free: Credit Karma, Credit Sesame, or your bank's app (Chase Credit Journey, etc.)
Bureaus: Equifax, Experian, TransUnion. Free annual report at annualcreditreport.com

💸 Money Transfer & Remittance

🌐 International Transfers

• Wise (TransferWise): Best rates, 0.5-1.5% fee
• Remitly: Popular for South Asia
• Western Union: Cash pickup worldwide
• Payoneer: Good for freelancers
• Bank Wire: $25-$50 fee, 2-5 days

🏠 Domestic Transfers

• Zelle: Instant, free, built into most banks
• Venmo: Social payments, free for personal
• Cash App: Instant, free, has debit card
• PayPal: Widely accepted
• ACH Transfer: Free, 1-3 business days

📈 Investment Basics

401(k): Employer-sponsored retirement plan. Pre-tax contributions. Employer match (free money!). Max: $23,000/year.
Roth IRA: Individual retirement account. Post-tax contributions. Tax-free growth. Max: $7,000/year.
Brokerage Accounts: Fidelity, Charles Schwab, Vanguard, Robinhood for stocks, ETFs, mutual funds.
Index Funds: S&P 500 index fund (VOO, SPY) — recommended for beginners. Low fees, diversified.
HSA: Health Savings Account — triple tax advantage. Max: $4,150/year (individual).

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