Office of International
Students & Scholars
International Center
421 Temple Street
New Haven, CT 06511
USA

Phone: 203.432.2305
Fax: 203.432.7166
email: oiss@yale.edu

Banking

Opening a bank account can be done for as little as $100 at some banks. Most students and scholars at Yale open both a savings and a checking account and for convenience, link them electronically through their automatic teller machine (ATM) card.

Compare services and fees before you open an account locally. Remember to ask about the arrangements for transferring funds overseas since some banks can accommodate this better than others.

Inquire about discounted or free services. Some banks will eliminate fees if you arrange direct deposit of your paycheck or stipend, or based on a Yale affiliation. You may be able to negotiate lower fees by mentioning a deal at a competing bank.

Take your Yale ID (or acceptance letter), passport, and immigration document (I-20 or DS-2019) and verification of local address (such as bursar’s receipt or letter from OISS) with you when you go to open an account.

Never deposit cash in an ATM (automatic teller machine). Go into the bank to make any cash deposits, and ask for a receipt when you do. Do not keep large sums of money on your person or in your apartment.

Banks Convenient to Yale

Bank of America, 157 Church St, and 88 Broadway,
www.bankofamerica.com

Citizens Bank, 209 Church St, 821-3080
www.citizensbank.com

Chase Bank, 234 Church St, 784-3702
www.chase.com

Citibank, 868 Chapel St, 773-4411
www.citibank.com

TD Banknorth, 191 Orange St, 752-3900. No ATM fees.
www.tdbanknorth.com

New Alliance Bank, 195 Church St, 789-2781,
www.newalliance.com

Northeast Alliance Federal Credit Union, 55 Whitney Ave, 562-0735,
neafcu.com

People’s Bank, 265 Church St, 785-9119,
www.peoples.com

Wachovia Bank, 47 Church St, (203) 773-8002,
www.wachovia.com

Webster Bank, 80 Elm St, (203) 782-4588,
www.websterbank.com

Overseas Money Transfers

Compare options for transferring money overseas:

ATM withdrawals, which provide you with immediate cash, have the advantage of giving you the current exchange rate, but both banks may charge withdrawal fees.

Wire transfers normally take several days and there will be transaction fees, which vary between different banks. You will need to know the SWIFT code of the U.S. bank along with your account number.

Western Union offers transfer services online, by telephone or via a business agent. For details and agent locations: www.westernunion.com. Warning: Only transfer funds to known parties. Western Union is a preferred means of transfer for advance fee scams since it is not traceable beyond the transaction itself.

Money Orders

A money order can be used instead of checks to pay bills by mail. Some people use money orders for large purchases or cash deposits to avoid carrying cash. A money order looks similar to a check, but has an instant cash value. You can purchase a money order at your local bank or post office for a small fee.

 

Practical Matters

Currency Exchange

Chase Manhattan Bank
234 Church Street
203-784-3702
Over 70 currencies exchanged; No fee for Chase customers
[map this address]

More Resources

Online Converters