< Back What is the local currency? What denominations does it come in? What is the best way to exchange currency? What are commonly-used forms of payment for everyday purchases (such as groceries)? Will I be able to use my credit card around town? If not, list when I’ll need cash. By what method are bills (such as rent and utilities) paid? What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? Will foreign residents be able to find banking services in their native languages? Are there any restrictions on services for those who are new to your country? What are typical banking hours? Are automatic teller machines (ATMs) available around the clock? Is there any other money information that might help me? What is the local currency? Local currency is the U.S. dollar ($), which can be divided into 100 cents. ↑ Top 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. ↑ Top What is the best way to exchange currency? Typically, banks offer the best exchange rates, but you will also find that most hotels offer currency exchange services. Additionally, Memphis International Airport has several exchange facilities and most ATM (money) machines accept overseas ATM cards. ↑ Top What are commonly-used forms of payment for everyday purchases (such as groceries)? The most commonly used forms of payment are: cash, personal checks, credit cards and ATM or debit cards. ↑ Top Will I be able to use my credit card around town? If not, list when I’ll need cash. Major credit cards are very popular, as are debit cards. Since you can never be too sure which places will accept these types of cards (though many do), be sure to carry a small amount of cash on you at all times. ↑ Top 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 check. Increasingly though, people have been paying their bills online using credit or debit cards. Some companies will allow you to set up a payment schedule that automatically debits your account. ↑ Top What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? Typically, you will be required to have a Social Security number, two forms of picture ID, a utility bill showing your address in the U.S. and money for your initial deposit. ↑ Top 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 ATMs and account executives with the ability to conduct services in other languages. To find a specific bank, check the local Yellow Pages for a complete listing. ↑ Top Are there any restrictions on services for those who are new to your country? All banks will require you to present your Social Security card and number, as well as your passport and/or visa or Green Card, in order to open a bank account and prove that you are legally authorized to be in U.S. Additionally, you will be required to provide proof of residence in the area. ↑ Top What are typical banking hours? Typical banking hours are from Monday to Friday between the hours of 9 a.m. to 6 a.m., and Saturdays from 9 a.m. to 1 p.m. To find out the hours for your local banks, contact them directly. ↑ Top Are automatic teller machines (ATMs) available around the clock? Yes, ATMs are available 24 hours, 7 days per 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 can be between one and three dollars per transaction. Before you begin your transaction, you will be advised of this and be required to accept or decline the charges. ↑ Top Is there any other money information that might help me? It is best to carry a small amount of cash for day-to-day transactions and a debit or credit card for larger transactions. ↑ Top IMPORTANT NOTE: Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.