Banking

One of the first things you'll need to do when you get to the United States is to open a bank account. A bank account is necessary in order to manage money, make deposits, transfer funds and use a debit card. Keep in mind that some vendors might charge extra fees for or not even accept non-US cards.

In the US it is considered extremely unsafe to keep large sums of cash at home. Using a debit card is more practical than cash for the majority of your everyday transactions.

CHECKING ACCOUNTS

When you go to the bank, you will want to open a checking account, which is a payment account that stores the money you will use to pay bills or make purchases. With your checking account, you will have easy access to your stored cash via checks, debit card, or online bill pay. When opening a checking account, you need to come in person to the bank with your student identification card, passport, and the funds you wish to deposit.

As many bank accounts charge monthly fees, you should also ask the banker about "Student" checking accounts because they usually have better rates and waive any minimum balance requirements. There are also certain checking accounts that will accrue interest if a minimum amount of money is kept in the account. Such accounts are known as "Checking with Interest." Please see the bank for more details on all types of accounts they offer.

Make sure to set up online banking or download the banking app for your cell phone to have easy access to your accounts, make transfers, cancel cards, put in travel notices, etc.

SAVING ACCOUNTS

Additional to a checking account you may want to open a savings account to securely store your savings. Saving accounts are used for the additional cash you have that you do not need at the moment. Funds in this account can’t be used to make purchases directly through your debit card. You can transfer money between your checking and saving accounts; however, most banks will enforce a maximum number of transactions you can make from your savings account per month.

DEBIT CARDS

Americans use debit cards much more often than cash and it is not unusual to use a debit card for something as small as a $2 purchase. Do not hesitate to use your card when making purchases, many vendors expect that you will use a debit card instead of cash.  You will receive a debit card in the mail several days after you open your bank account. Along with your debit card you will receive a PIN (Personal Identification Number), usually a four-digit number, to access your account with the card. Always be mindful that the amount of money you have in your account should cover your debit card transactions. Spending more money then you have in your account will result in what are called “overdraft fees” which are usually between $30 - $50 (depending on the bank) so make sure you always know your balance!

ATMs

Your debit card allows you to get cash, make deposits, transfer funds, or check your account balances at any time from an ATM (Automated Teller Machine). ATMs are usually located at the bank and at various locations throughout the campus and city. The money withdrawn from an ATM will be taken out of your savings or checking account immediately. Please note that using an ATM that does not belong to your bank will result in charges (usually $2-$5) so it’s better just to find and use an ATM of your bank if possible.
If you wish to use your international card in the ATMs here, you are only allowed to withdraw money in dollars. Most ATMs will not allow other actions for foreign cards and bank accounts. For more details contact your bank in your home country.

CHECKS

Checks are rarely used in the US anymore EXCEPT when paying rent at your apartment. Typically landlords only accept checks as the form of rent payment; however, some landlords are starting to accept credit cards. 
Upon opening your checking account, you will receive free starter checks but most likely you will need to place an order for more checks through your bank so you can pay rent for the whole year. 

If there are insufficient funds in your account to cover the check, the check will "bounce" and your account will be overdrawn. This means that the bank will refuse to honor the check and will return it to the depositor. In addition, the bank will charge you a bounced check fee of $25- $50. If the payee tries to redeposit the check (sometimes the bank will do this automatically), you will be penalized with a second bounced check fee for the same check. Many international students expect the bank to pay checks even when their account is overdrawn but American banks will not do this and penalty fees can add up quickly if you are not aware of your balance!

A credit card allows you to borrow money from the bank and pay it back usually at the end of the month. The limit for how much you can borrow is determined by your credit score. A lot of factors, including your employment status, your income and debts, are considered when calculating your credit score. For more details about eligibility contact your bank.

Deserve Credit Card

If you are looking to open up a credit card and to build a credit history, the Dashew Center recommends Deserve. Deserve’s mission is to help international students access a U.S. credit card and start establishing a credit history early. As former international students, the company’s founders have developed a special approval process that goes beyond standard credit scoring. Deserve identifies financially responsible international students by examining factors that traditional scoring overlooks including education, source of funding, and future employ-ability — without requiring a Social Security number or a credit history to apply. 

For more information about Deserve please visit their website: https://www.deserve.com/

Budgeting Tools

One of the key elements for managing your money efficiently is knowing your expenses. You can use budgeting apps to track down how much you spend for food, utilities, entertainment, etc. and adjust your spending. Here are some useful budgeting apps:

1) Mint – free: https://www.mint.com

2) You Need A Budget (YNAB) – free for a year for students: https://www.youneedabudget.com/

Some budgeting apps may charge a small fee for their services like tracking your expenses and categorizing them automatically. However, you can create your own budget by using a spreadsheet and enter your transactions manually. 

Financial Wellness Program

Financial Wellness Program helps UCLA students to manage their finances efficiently and confidently. They offer workshops, online courses, personal appointments, etc. and can connect you to other resources that you might benefit from. For more information, visit their website: https://www.financialwellness.ucla.edu/

UCLA Resources

UCLA offers free or discounted resources to both undergraduate and graduate students manage their everyday expenses. Check out the table below for possible opportunities:

Free or Cheap Meals

Bruin Resource Center

https://www.brc.ucla.edu/

Meal Voucher Program for all in need. To be eligible: live off campus and don’t have a meal plan

Hillel at UCLA

http://www.uclahillel.org/dining_facilities

Free Shabbat dinner on Fridays for Jewish students and students interested in the Jewish culture

Café 580 at 580 Hilgard Avenue

Free food, hot meals and internet access

Community Programs Office Food Closet at SAC 111

http://www.cpo.ucla.edu/

Students can pick up free groceries, no requirements, so please be considerate!

Basic Needs Committee

https://www.basicneeds.ucla.edu/Hungry/Resource-List

Free food resources on campus, free grocery shuttle, etc.

Housing, Utilities and Personal Care

Apartment Finances Guide by Financial Support Commission by USAC

http://fsc.usac.ucla.edu/wp-content/uploads/2015/03/FSC-Apartment-Finances.pdf

Useful tips for and affording apartments

Career Closet at University Religious Conference Building

900 Hilgard Ave 304

https://www.facebook.com/careerclosetucla/

Professional outfits for interviews and events

Good Clothes Good People Redistribution Center at SAC B54

https://www.facebook.com/GoodClothesGoodPeople/?tn-str=k*F

Students can pick up hygiene products, casual and professional clothing, school supplies, etc.

Free and For Sale Group on Facebook

Students sell/buy furniture, textbooks, clothes, etc. for cheaper prices (Register with you UCLA email to join)

Transportation and Parking

Parking around Westwood Guide by Financial Support Commission by USAC

http://fsc.usac.ucla.edu/wp-content/uploads/2015/03/Updated-Parking-Guide1.pdf

Useful tips for parking options around Westwood and an overview of parking regulations

Transportation in LA Guide by Financial Support Commission by USAC

http://fsc.usac.ucla.edu/wp-content/uploads/2015/02/FSC-Transportation-Article.pdf

General information about transportation options and deals, BruinBus information (goes around Westwood, free for students)

Ride Share Group on Facebook

Students use this group to carpool and cut down traveling expenses (Register with you UCLA email to join)

Entertainment

Central Ticket Office

https://tickets.ucla.edu/home

Discounted tickets for students

Campus Events Commission

https://www.uclacec.com/#/

Cultural Affairs Commission

https://www.facebook.com/culturalaffairsla/

Free concerts, guest speakers, movie screenings and other cultural activities for students

Printing

On the Hill (Covel Commons Student Technology Center, De Neve Room 333, Rieber Hall 145, Sunset Village Room 150B)

$5 free for residents of the hill

LQBTQ+ Campus Resource Center (SAC Room B36)

10 pages free printing every day for all UCLA students

Student Activities Center Computer Lab (SAC Suite 106)

10 pages free printing every day for all UCLA students

Graduate Student Resource Center (SAC B11)

https://www.gsrc.ucla.edu/Services#504041631-printing

250 pages of free printing per quarter to all registered UCLA graduate students

Other

Free Software by CLICC Library

http://www.library.ucla.edu/clicc/software

Access free software using your UCLA logon

Student Discounts Guide by Financial Support Commission by USAC

http://fsc.usac.ucla.edu/?page_id=15

List of vendors that have special student discounts

iClicker and Laptop Loan Services

https://oid.ucla.edu/iclicker-rentals

http://www.library.ucla.edu/clicc/lending

Rent/borrow iClickers, laptops, etc. with a valid Bruin ID