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Banking

Overview

After arriving in Davis, you may want to open a local account with a bank or credit union.  A local account will give you access to Automated Teller Machines (ATMs) on campus and around Davis (See ATM locations in Davis), Sacramento, or your local area. This can help prevent you from having to carry large amounts of cash.  

Landlords and property management companies often require a written check to pay rent on an apartment or house. This is easier to do when you have a local checking account. 

It is important to note that wire transfer fees at most American banks can become very expensive, and it can take a few days to access the funds transferred. Many international students and scholars find that having a local account saves them time and money.

NEW STUDENTS: Open a banking account before you arrive in the U.S.

Considerations When Choosing a Bank

  • Do you need a banking branch location that is available nationwide or primarily local? 
  • Are Automated Teller Machines (ATMs) locations on campus, close to campus or close to where you live?
  • Can your home country bank access your U.S. account?

About ATMs

  • You must use your debit card and Personal Identification Number (PIN) to access the ATM. 
  • You can deposit checks, and many ATMs allow you to deposit cash. Check with your bank to confirm.
  • You can use the ATM to quickly withdraw cash.
  • Your bank will have a limit on the amount of cash you can withdraw from an ATM per day.
  • Use ATMs affiliated with your bank as much as possible, otherwise you will be charged extra fees.

What to Bring When You Open an Account

  • Money to deposit
  • Your passport or approved form of identification
  • A printed copy of your I-94 or I-94 card (arrival/departure record)
  • A printed copy of your Form I-20 (for F-1 students) or DS-2019 (for J-1 exchange visitors)
  • Local mailing address
  • One of the following showing your local mailing address:
    • Utility bill
    • A sign of your lease or housing agreement

Banking Tips

  • Using credit and debit cards is very common in the U.S.
  • Some businesses may require a minimum purchase amount to use cards; otherwise, there may be a small additional fee.
  • Some businesses may be cash-only.
  • When using a credit card, some businesses may ask for identification.
  • When using your debit card, be prepared to enter your Personal Identification Number (PIN), which you will set up with your bank when you open your account.
  • For safety reasons, consider minimizing the amount of cash you carry daily (less than $50).

Common Forms of Payment

  • Debit Card
  • - You can pay for goods and services directly with the money from your bank account.
    - The amount you have in your bank account is the maximum amount you can pay using your debit card.
    - It is NOT a credit card, though some debit cards can have the Visa or Mastercard logo on them and are accepted where those cards are accepted. They still function as debit cards.
    - Be aware that spending more than you have in your account can result in overdraft fees, which can be expensive. 
  • Checks
  • - You can pay bills (typically rent and utilities) and for other goods and services with personal checks.
    - Be aware that just like with a debit card, writing a check for more than what's in your account can also cause overdraft fees and other issues.
  • Cashier's Check
  • - Check drawn from the bank’s funds, signed by a cashier or teller, so the bank guarantees payment.
    - Can be obtained from most banks and credit unions where you bank.
    - Usually used for large purchases such as a car or putting down a deposit for an apartment or house rental.
  • Money Order
  • - Pre-paid amount of money that is guaranteed by a third party, like the post office, Walmart, or Western Union.
    - Can be obtained at Walmart, U.S. Postal Services (USPS), banks and credit unions, and some convenience stores, supermarkets, drug stores/pharmacies (Walgreens, Rite Aid, CVS, etc.).
    - Note: You must have proof that your account holds the amount requested.
  • Credit Card 
  • - Discuss credit cards with your bank first before applying for or getting one.
    - Most international students and scholars may find it difficult to get a U.S. credit card because they have not established a credit history.

    About Credit History:
    - You can establish credit by paying your rent and bills on time, not overdrawing your bank account. Use a third-party company (like RentTrack.com or RentReporters.com) to verify that you’re paying rent on time. Late or missed payments and overdrafts may negatively affect your credit score.
    - You can try to get a secured credit card if you are having difficulty obtaining a regular credit card.
    - Beware of the interest rate for some credit cards, which can be very high (22%+), requiring you to pay back more than you spend.
    - You may receive mail about applying for credit cards.
    - The most widely accepted cards are Visa and Mastercard.
    - Some stores may not accept certain credit cards.
  • Wire Transfers 
  • - Method of transferring funds from one bank account to another.
    - Wire transfers typically take 2-5 business days and can cost money.
    - Have your U.S. bank details on hand when you are arranging a wire transfer.
    - Be careful of scams when using a wire transfer; they are untraceable once sent and not refundable. 
  • Flywire 
  • - UC Davis’ preferred wire payment method when transferring funds from international banks.
    - Use the service to pay tuition and fees directly to UC Davis with your home bank account.

Paying Your Fees at UC Davis