Credit
Cards
Credit Cards are pretty useful, almost compulsory to have for shopping
convenience, burglary, mugging situations etc. in the US.
Standard Chartered and Citibank have started offering an International
Credit Card in India since June 1999. However, you cannot use these cards
in the US as a student, since you are allowed to pay the bills for these
in rupees, and you need your passport every time you pay a bill. So
it is better to apply for a credit card in the US itself, while on campus.
C Cards are important, since they help you establish a good credit history
- something very crucial in the US if you want to buy a house, rent a car,
take a loan etc. later. So definately take a card while on campus, buy 2-3
things with it, and pay the money for them immediately.
Besides this, Thomas Cook is offering Debit Cards - to be used instead
of Travellers' Cheques. The concept is similar to a Trav Cheque: you pay
first in India in rupees and buy dollars on the card. Then you can use the
card in many countries worldwide (many currencies offered). The biggest
advantage I saw was the low transaction cost (as compared to a travellers'
check). A TC costs 1% per check, while this is a fixed $1 per usage. So
one can open a local bank a/c there, and in a single huge transaction,
transfer money form the card to the a/c. Cheaper than wiring the money,
faster than an Intl cheque, as secure as a travellers check (you are
refunded if you lose it). A neat option.
Now I don't have the Mumbai numbers, but in Delhi, these are the
details:
Thomas Cook: 334 2171 / 336 7835 / 334 0564: Ask for Reema / Shalini /
Mr Wajahat
After reaching the US I have discovered that Credit Cards are not so
difficult to get your hands on as one might imagine. Banks are falling
over themselves to give students credit cards, even when they have no
known source of income. This is because students usually are huge
spenders. So you will typically have 2-3 banks come to campus trying to
give you credit cards for free and even giving you some gifts for signing
up ! For the first few weeks though, you might still want to consider a US
Dollar credit card from India.
How to take your money to the US
When you travel to the US, you need to carry money for on-the-way
expenses, for the initial expenses of renting an apartment, buying stuff
for it, for paying your college fees etc. According to the USEFI
presentation on Money Management given by Thomas Cook (and my own opinion)
this is how you should take it:
1. $ 500 in cash, for small change and minor problems while travelling.
You can get the cash from Money Changers (if you're in Delhi, you'll find
plenty in Connaught place). You need your passport with the visa stamp on
it.
2. $ 1500 in travelers cheques (upto $3000 is allowed in the basic travelers
quota - BTQ - according to RBI regulations). You can also use
debit cards like the Thomas Cook Prepaid Debit Card to reduce transaction
costs. Here you will need your admission letter, I-20, passport &
confirmed ticket.
3. The rest of the money for the college fees or additional expenses
can be taken in an International Demand Draft. You are allowed upto
$30,000 per annum. If your college fees are higher (say for MBA or
specialized courses), then a special request needs to be made. The DD can
be made out in university's name for the entire first installment, or in
your name. If it's in your name, you can open a bank account with it and
write the university a cheque. For getting this DD, it is best to look
around. Ask 2-3 banks and see who has the cheapest rate. Most banks only
made international DDs for account holders, though. If your bank does not
offer DD services, then go to Thomas Cook. But use this as a last resort:
their exchange rates are usually higher than a bank's.
Another thing I learnt after reaching the US: banks do not allow you to
withdraw a large amount of money (usually > $10,000) at once. So even
if you deposit say $15,000 in your bank one day, you cannot withdraw it
until 2 weeks later (or whatever time period your bank specifies). So be
careful about the bank's policies on withdrawal before opening an account
there.
Housing
If your university does not offer housing for graduate students, you
need to arrange your own place. Even if it does, it is usually cheaper to
take your own place and share with 2-3 guys (or gals). If you don't want
to waste any time searching when you get there, try visiting www.apartments.com
for a listing of available
apartments in your area. It is a very comprehensive site, complete with
photographs, descriptions and rents.
General Stuff
- If you have access to email and the Internet, form an egroup with
other students going to your univ. You can do this by going to a site
like www.egroups.com and subscribing to their free service. The egroup
can be used for discussing common travel problems, packing issues,
subjects to take when you get there and other common concerns.
- Immunization: Almost all universities in the US require you to be
immune to Measels & TB. For Measels, you can take an MMR
injection, or prove that you have taken it earlier. For TB, you can
take a chest X-ray or other test to prove that you do not have it.
Both these tests are very crucial and some universities may even send
you back to India if you get Measels while on campus.
- Spectacles: If you wear spectacles, buy 1-2 pairs extra for sure.
They cost as much as $100 per pair (minimum) in the US.
Good Bye
Well, that's all I can think of
for now. Congratulations again on getting through a US university. Best of
luck for the future.