|
USA
COST OF LIVING- CURRENCY,
EXCHANGE, CREDIT, BANKING
Currency
and Exchange : The main unit of currency in the USA is the
American or US dollar ($); the dollar is divided into 100 cents.
Bills come in denominations of $ 1, $5, $10, $20, $50 and $100.
The US has 1 (penny) 5 (nickel), 10 (dime) and 25 (quarter) coins.
US $1 = Indian Rs. approx. 45/- (it varies).
Travelers
Cheques : are one of the safest
means of carrying funds. Several agencies and banks sell them,
usually for face value plus a 1% commission. Each agency provides
refunds if your cheques are lost or stolen and many provide additional
services (you may need a police report verifying the loss or theft).
Inquire about toll free (without charges) refund hot-lines, emergency
message relay services, and stolen credit cards assistance when
you purchase your cheques. Always keep your cheques receipts separate
from your cheques, ask for a list of refund centres when you buy
your cheques, never countersign your cheques until you re prepared
to cash them. Always be sure to bring your passport/SS Number
card when you plan to use your cheques. Some major companies with
international outlets and multifaceted facilities regarding money
matters are - American Express, Citicorp, Master Card and Thomas
Cook Master card.
Credit
cards : are not always accepted at many small locations. Travelers
cheques are generally welcomed. Credit cards are invaluable in
the US, and are some times required or expected e.g. at any car
rental agencies, during emergency car repairs, some carry services
for users (e.g. personal/rental insurance to emergency assistance).
Major credit cards can be used to instantly extract cash advances
from associated banks and ATM Machines.
ATM
Cards : There are thousands of ATM s (Automated Teller Machines)
every where in the US offering 24 hour service in banks, airports,
grocery stores, gas stations etc. ATM s allow you to withdraw
cash from the bank account wherever you are. A Caution - Be very
careful while punching in your account number and while collecting
the money from the ATM s every where in the US. Keep your money
in a neck-pouch or money belt, but never in pockets.
BANKING
It is easy to open a bank account in the US. To take a Guarantor
who preferably is an accountee in the same bank, helps a lot.
In this organized work-culture, the proceedings are fast and smooth.
Pay Cheques : are received either directly as cheques at
given address or deposited in the bank, depending on the company
s policy.
Taxes : Your pay stub is given with all the tax deductions,
and a filing of pay stubs is advised. As in India Income Tax Returns
have to filed. The Tax Authorities promptly send back your letter
with/without refund cheques.
Great importance is attached in the US for clean tax records.
The help of a CPA (Certified Public Accountant) can be useful
in filling up the form for a normal fee of approx. $ 200 - $ 300.
Sales Tax in US is the equivalent of the European Value-Added
tax. You must expect to pay 4-10% depending on the item and the
place. In a majority of the states groceries are not taxed.
•
Top
|
