| What is the local currency? |
| Local currency is the U.S. dollar ($), which can be divided into 100 cents. |
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| What denominations does it come in? |
- Coins (cents) come in denominations of one (penny), five (nickel), 10 (dime), 25 (quarter) 50 (half dollar) and 100 (silver dollar); the last two are rarely used.
- Bills (dollars) come in $1, $2 (rare), $5, $10, $20, $50 and $100.
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| What is the best way to exchange currency? |
| Typically, banks offer the best exchange rates, but you will also find that most airports and hotels offer currency exchange services. Additionally, there are also many licensed money changers and foreign exchange offices available throughout the city. |
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| What are commonly-used forms of payment for everyday purchases (such as groceries)? |
| The most commonly-used forms of payment are: Credit cards, debit cards, cash and personal checks. |
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| Will I be able to use my credit card around town? If not, list when I’ll need cash. |
| Yes, credit and debit cards are widely accepted around the city. In some cases, you may find that smaller businesses only accept cash so it is recommended that you carry a small amount of cash on you. |
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| By what method are bills (such as rent and utilities) paid? |
| The method could vary depending on the company and/or building, but bills are typically paid by mailing a check. Increasingly, though, people have been paying their bills online using a credit or debit card. Some companies will also allow you to set up an automatic payment schedule which can go on your credit card or through your bank account. |
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| What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? |
| Crown Miami can assist you with setting up a bank account even before you arrive in the United States. Typically, you are required to show two forms of picture ID, a utility bill showing your current address in the U.S. and the funds to make your first deposit. Do note, depending on the type of account, some banks have a minimum cash requirement when opening a new account. |
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| Will foreign residents be able to find banking services in their native languages? |
Most of the banking services will be conducted in English, however, some international banks have account executives with the ability to conduct the services in other languages (mostly in Spanish and some Asian languages).
To find a specific bank, check the local Yellow Pages for a complete listing. |
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| Are there any restrictions on services for those who are new to your country? |
| Generally, when opening a bank account, the only restrictions that might apply are if you do not have a Social Security card, picture ID, current address of six months or more and proof of a good credit history in the United States. And, some find it difficult to purchase items on credit (i.e. cars, mortgages, etc.) even if evidence of a good credit history is shown from another country. |
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| What are typical banking hours? |
| Typical banking hours are from 9AM to 4PM, Monday through Thursday and from 9AM to 6PM on Fridays. Also, some banks are open until noon on Saturdays and just recently some banks offer services on Sundays! To find out the banking hours for your bank, contact them directly. |
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| Are automatic teller machines (ATMs) available around the clock? |
| Yes ATMs are available 24 hours a day, 7 days a week and can be found all over the city. Do note: when using an ATM at a bank or store that you do not have an account with, you will be charged a service fee. This fee is usually between one to two dollars per transaction. Before you begin your transaction, you will be advised of this on the screen and will be required to answer "I accept" to such charges. |
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| Is there any other money information that might help me? |
| Cash and checks are still used for payments such as rent and utilities. Most other payments can be made by either credit or debit card. |
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| Useful Links |
Florida Banks:
www.finance-info.net/bank/FL
Currency Exchange:
www.xe.com/uss
www.oanda.com/convert/classic |