It can be incredibly overwhelming to start fresh in a new country — getting accustomed to a new culture, geography, and potentially a new language would be enough to have your head spinning. But then add a new system of money? It’s a lot!
Banking in the U.S. is not always simple, and it’s not always welcoming. Just remember that being confused is normal, and you’re far from alone.
We’ve created this guide to give you a solid place to start. We don’t get too fancy or use unfamiliar financial jargon — just a few easy steps to get your foot in the door.
Confusion Is Normal – Here’s Your Map
First things first — being confused by financial systems in America is normal, even for Americans! So any stress you may be feeling is very understandable and expected. So know that you’re not doing anything wrong.
Our financial systems were not built with usability and clarity in mind — people from the U.S. struggle with fees, missed payments, and confusion over how to do things. All this to say, you shouldn’t feel like you’re falling behind the curve because you really aren’t.
We think that instead of trying to learn everything at once, it makes more sense to focus on nailing down a few simple routines. Start with gaining some confidence in those, and then you can add on when you’re ready.
Open Safe, Low-Fee Accounts
Your first step should be to open a checking account — one that isn’t quietly draining your money in the background. Some bank accounts charge monthly fees just to keep the account open and some charge overdraft charges if your balance drops below a certain amount.
The good news is that not all accounts are like this. Here are a few tips:
- Local credit unions or community banks are usually more flexible than large national banks.
- Fee transparency is important, so make sure to ask for a written list of account fees before you open anything!
- An overdraft-free account is a great tool that will block transactions instead of letting your balance go negative and charging you.
- Remittance-friendly services: If you send money back home, you can look for accounts that partner with low-cost transfer options like Wise or Remitly.
And here’s a pro tip: Bring a trusted local friend or local community organization rep if you’re not confident in doing this by yourself. Banks should provide translation help, but they don’t always offer it easily and clearly.
ID Docs & Translation Helpers
Banks require the right documentation, but you don’t always need a Social Security number to open an account.
Bring everything you have, even if it feels like you’re going overboard. Every bank is a little different, so it’s good to cover your bases.
Here are some items you should bring with you:
- One primary ID, whether a passport, consular ID, or national ID card.
- Your ITIN or SSN, if you have one. (If not, some banks accept other forms of ID.)
- Proof of address, like a lease, utility bill, or official mail.
- Translation assistance, which can come from the bank itself, or through immigrant resource centers and nonprofit legal services.
Just because English may not be your first language, this doesn’t mean you can’t have access to something as basic as a safe place to keep your money.
Credit Building Without Traps
You might have heard people say that credit scores are important here in America. And ultimately, it’s true — credit is an important tool for someone to rent an apartment, get a phone plan, or buy a car or home. But building a strong credit history can be a little tricky because it’s easy to fall into a trap.
Here are a few credit-building ideas that will allow you to avoid hidden fees or unpredictable costs:
- Secured credit cards from a trusted bank or credit union. You can put down a deposit and use it like a regular card.
- Small predictable bills you can pay on time, like utilities or streaming services.
- Avoiding high-fee offers, especially ones mailed to you or promoted aggressively online. If it sounds too good to be true, it probably is.
No one should be rushing you into “fast credit.” Building slow and steady is what actually works.
Community Finance
One of the most overlooked resources is the people around you. There are many immigrant communities, and these can be great networks where money support happens in informal ways. Think lending circles, religious groups, or family-based saving networks. These are real communities of trust that can help new arrivals thrive.
There are groups of people that take turns receiving an amount of money pooled together by all members. These are called lending circles, or sometimes tandas or susus.
If you’re a non-citizen though, a community credit union could be a better match for your situation. Not super comfortable with English? Cultural or local associations can direct you to trustworthy resources in your native language.
These communities are available to you alongside formal banking to build stability with people you trust.
A Simple Money Calendar
One of the most difficult parts of getting your money situation organized is timing. Making sure you have your paycheck in hand before rent and bills are due can be challenging. What happens if your paycheck arrives on Friday but your rent is due Thursday? That kind of mismatch can present a problem.
You don’t need anything overly complex. A wall calendar, whiteboard, or even post-its will do the trick. Whatever your calendar looks like, it should hold all of your important dates – things like when your rent and utilities are due, your paydays, and any days you plan to transfer money to your family.
As long as you put it somewhere you’ll walk by every day, you’re in a good place!
We’re not trying to create a perfect system right off the bat. It’s all about starting to implement regular behaviors that you can count on yourself to reliably engage in.