Banking and Money
You will have expenses such as rent, telephone, food, and supplies that must be met within the first week of your arrival in Syracuse. To prevent delays, you should make arrangements for banking in the U.S. before you leave your home country. Instruct your home bank to issue a foreign draft to transfer money to a U.S. bank in Syracuse. This is faster and safer than presenting a draft on a U.S. bank because clearance on a draft between banks can delay the use of your money for almost two to three weeks. All large U.S. banks have correspondent foreign banks in which they have established financial connections. In most countries you can find a local bank that has correspondent relations with a U.S. bank in the Syracuse area.
If you are unable to make banking arrangements before you arrive in the U.S., obtain a draft from your corresponding home bank and present it, with personal identification, to a U.S. bank. The U.S. bank will then give credit in U.S. dollars. You may also request that your bank at home "wire" money to you once you have opened an account in a local bank. Consult with individual banks about the arrangements for transferring funds, different banking features, services, and fees charged.
You should bring your passport and other immigration documents with you when you go to open your bank account. Bank representatives will require proof of your identity. When you first establish a bank account, you will have to sign a statement called a W-8. The W-8 certifies that you are a non-U.S. citizen and are not subject to withholding of income taxes on interest on your deposit. You will also be asked for a local address. If you do not have one established, you may use the Slutzker Center for International Services, 310 Walnut Ave., Syracuse, NY 13244.
Banks offer many different services. Standard services include savings and checking accounts, in addition to Automated Teller Machine (ATM) access. In addition, most banks offer currency exchange at fair rates, wiring and electronic transfer of funds, and various other services. Checking accounts have many benefits such as:
- Safety against loss or theft
- Ability to make transfers to deposits for any purchases, to satisfy debts, or to make withdrawals by writing checks
- Canceled checks serve as your receipt of payment
- Monthly statements of balance
- Withdrawals by mail or ATM
We also suggest that you "shop around" for a bank that offers the best interest rates and lowest fees for the services that you will be using. The fees and hours are of any bank you choose may change. Some other recommendations regarding your money:
- Keep most of your money in the bank;
- Do not carry large amounts of money with you;
- Keep your financial records in a safe place;
- Carry your identification card(s) with you at all times. Banks require it before cashing checks;
- Be cautious when using ATM's. Use well lit ATM locations. Keep alert when other people are around. Protect your personal ATM code number
BANKS IN THE UNIVERSITY AREA
Key Bank of New York
Nottingham Office
215 Tecumseh Road
Syracuse New York 13224
(315) 446-8091
(800) 539-2968
http://www.keybank.com
The Keybank office is located two miles east of North Campus adjacent to Nottingham Plaza. Key Bank operates an ATM in the University Ave. side entrance to Marshall Square Mall.
M&T Bank
University Hill Office
725 Irving Avenue
Syracuse New York 13210-1704
(315) 422-2110
(800) 724-2440
http://www.mandtbank.com
M&T Bank also operates two ATMs in the University area: one on South Crouse Ave, and one on the South Crouse Ave side entrance to Marshall Square Mall.
HSBC
University Branch
1004 East Adams Street
Syracuse New York 13210-1710
(315) 476-2530
(800) 962-7463
http://us.hsbc.com
Bank of America (formerly Fleet Bank)
Nottingham Office
401 Nottingham Road
Syracuse New York 13210-3453
(315) 446-2312
(800) 841-4000
http://www.fleet.com
Bank of American has an office two miles east of North Campus and in downtown Syracuse, approximately one mile south of campus.
JP Morgan Chase & Co.
University Hill Branch
649 South Crouse Avenue
Syracuse New York 13210-1751
(315) 424-2730
(800) 935-9935
http://www.chase.com
CURRENCY EXCHANGE
Currency exchange rates may be calculated through The Universal Currency Converter ™.
