USA

Banking in USA

Banking in the USA


The USA is located south of Canada, and north of Mexico. It has had a turbulent history, yet is considered a desirable destination for opportunities, including study, careers and business. It is a multicultural country, but also has a strong and proud culture. The USA is progressive with technology and banking services, and provides services for a very diverse population. If you travel throughout the USA you will notice varying cultural and geographic differences.

Although the USA promotes equality and a classless society, there is undeniably a great divide between wealthy and poorer residents. The minimum wage is very low, compared to other Western countries, and social structures such as healthcare and insurance are expensive to obtain. If you are travelling to the USA you may need to purchase a higher premium of insurance to cover the costs of this region.

Banking in USA is very socially important. Many Americans value health and also tertiary studies. The American dream includes a family owning their own home, and all of these life events involve banking, including personal loans and mortgages. Banking institutions in America understand and market to these needs.

The United States uses The United States dollar, which is also named the American dollar. It features in a decimal system, and the dollar is divided into one hundred cents. The United States banking currency includes $1, $2, $5, $10, $20, $50, and $100 denominations. At one stage notes in denominations of $500, $1,000, $5,000, $10,000, and $100,000 were all produced.

International and travel banking in USA

During international transfers and currency exchanges the United States dollar is the most used, and is also considered as an international standard. Many travellers will carry United States dollars with them, even if they are not from America, and they aren’t travelling to America, as it is the currency that is most likely to be exchanged. Many countries  outside of the United States, use the United States dollar as their own official currency. This makes banking in the USA easy.


 

If you are travelling to the USA or are completing business in American dollars you will find a well-established support network to assist you. Across America you can easily find access to ATMs, banks, financial service centers, insurance brokers, and international currency transfers. Technology has progressed in America, and they are on the forefront of banking security, and utilise many services, including telephone banking, Internet banking, and card services. If you are doing bankig in the American dollar, always keep an eye on the exchange rate as this could quickly adjust the transfer amount into your own currency.

Major USA Banks

Bank of America

The Bank of America exists as a multinational bank in more than 150 countries. It is in the top five companies in the USA, and the 3rd biggest company in the world. Its services include wealth management, investment banking and small business banking. It features 5,900 banking centers and 18,000 ATMs.

JPMorgan Chase

JPMorgan Chase is the largest bank in the United States of America and specialises in the investment, securities, and retail markets. It has several sub entities that focus on a different area of banking. JP Morgan Chase also provide personal banking services, including credit cards.

Citigroup Inc.

Citigroup is based in New York and formed after a major merge between Citicorp and Travelers Group. It is one of the top four banks in the United States of America.

Wells Fargo & Company

Wells Fargo & Company is a multinational diversified financial services company that deals with debit cards, bank deposits and home mortgages. It has a great reputation for customer satisfaction and has a wide range of service centers and offices around USA and the world, which makes banking in USA easy.

 

(Image credit: Greg Knapp/flickr)