The USD value is higher than many other currencies in world so in USA the smaller denomination and every state has its own picture in coin however the size remain the same to use them on machines etc. The currency bills starts from $1 bill and goes maximum to $100 bill.
Sending / Receiving / transferring money between Pakistan and USA:
While in USA you might need to send money from USA or receive money from Pakistan. I have searched a lot for better options that could cost me less and I easily send or receive money from Pakistan I am mentioning the best ways. For receiving money in USA no easy option seems to work up till now because the Pakistani system has not been computerized yet. I have used western union to receive money here once but it’s expensive and its fee is too much specially if you want to receive a small amount of money you will really feel that the fee is excessive. So my advice is to bring as much cash as you can to start a life here, do not just leave your money in Pakistan thinking that you will get later when you need it.
For sending money there is an option named UBL click and remit. You can sign up and update your USA bank account details; it will directly send money from your account to other person’s account in Pakistan. They will not charge extra money however the exchange rate they will provide will not be good, the difference will be around 1 – 1.5Rs still it’s nothing if we compare it to other services fess like western union and money gram. You can visit website remit.ublny.com for more details.
There are many online services available for other countries with which they can transfer the money instantly buy Pakistani people are not lucky enough to have online banking systems that can send or receive money with just one click.
Bringing money in USA / Money exchange system:
You cannot take more than 4000 – 5000 PKR while going on international flight, so it is advised to convert your money in USD before leaving for USA. You can convert it to other currencies as well that that you might think will be better but read the below details to decide better how you should bring your money to USA.
Exchanging money in any currency in United States is not as easy as in Pakistan. You may not easily find currency exchange shop everywhere. There are total three ways to get your money exchange, an airport a bank or a currency exchange shop. Off course you will chose a bank to exchange money when you are in need. Keep this thing in mind that you will not find a competitive exchange rate like in Pakistan, in other words you will not feel happy at all with the rate you will get if you will compare it with the online rates on websites or Pakistani’s currency exchange charts. One more thing to keep in mind that in USA you use term “Currency Exchange” instead of “Money exchange”
Banks – How to open a bank account:
Before opening an account you must have your SSN (social security number) with you, because without SSN banks refuse to open an account). After acquiring a SSN you can look for number of banks in competition to select the suitable bank for you. Mostly banks charge monthly fees for opening a checking account or saving account, however with little research you might be able to find some account types in banks that offer no monthly fee accounts like Bank of America offering free checking account for students and Wachovia bank offering free checking account to all.
Note: To get the information for how to get a social security and why you need it you can visit the website www.ssa.gov
Cards – debit & Credit cards:
Cards are the most used medium of transactions whether online or onsite. People hardly carry any cash here and you will be amazed that the biggest currency bill is $100 as compare to a 5000PKR bill in Pakistan.
Debit Cards / ATM Cards: Once you open a bank account they provide Visa or MasterCard debit card for free that you can easily use to make transactions. The same debit card will be your ATM card as well. While using an ATM card we need to keep one important thing in mind, there are no 1-Link ATM systems like Pakistan where you can withdraw money from other bank’s ATM for free and a smaller fee of 30 – 50 PKR if it’s not a 1-Link. In USA you need to pay $2 – $5 fee if you use some other banks to withdraw money even if you withdraw $20 and a deduction of $5 for $20 might not feel reasonable for many people
Credit Cards: Before issuing a credit card the companies check the credit rating and getting a first credit card is not easy because the credit rating is mostly dependant on how consistent you are in paying credit card bills. It’s better to apply for a credit card after 6 – 8 months of issuance of your SSN number. Do not forget to check yearly fee and the interest of a particular credit card before applying.
We have applied for credit card for almost all famous companies however only Capital one and Citi bank has accepted the credit card applications. Most common credit cards types used in USA are the MasterCard and Visa, Discover and American Express are also widely accepted but not like Master or Visa.
What is Credit History?
Your financial history has online records in USA and it plays a crucial part in your financial life. You might not be familiar with the word “Credit History” but you will often listen to this word in USA. Whenever you will need to have anything on credit your credit history will be checked like for a credit card or a bank loan your must have a good credit rating or your request will be declined. To built a good credit rating you must pay your all credit card bills on time and must not be involved in some kind of banking frauds or Bankruptcies