Banking and money management matters are your responsibility. MU does not have the means to help you if you find yourself without funds. Because the transfer of funds from abroad to the U.S. through the banking system is cumbersome and costly, it is recommended that you make arrangements to fund your stay in the U.S. prior to your arrival in Columbia.
American dollarsThe currency in the U.S. is the dollar. Familiarize yourself with the exchange rate with your home currency before you come to MU. Use this or a similar currency converter to calculate the conversion. Bring some American dollars in cash with you to the U.S.
Open a bank account upon arrival in the U.S. The University of Missouri System has adopted a payment policy that restricts the use of credit cards and transfers fees charged by the credit card companies to the student. To avoid fees, write checks to pay your bills for on‐campus housing, international-student insurance and other costs not covered by your exchange program.
Many students use automated teller machine (ATM) cards to withdraw money in the U.S. from their bank accounts at home. The ATM will give you U.S. dollars, so you have to know what the exchange rate is on that day to keep track of how much you are withdrawing. Make sure your bank works with an international ATM company and that you have a four‐digit personal identification number (PIN) that functions internationally. Also have some other form of accessing money in case the machine takes your card.
Credit cards make foreign currency transactions easy, and they are very useful in a financial emergency. Bring a credit card along, but use it wisely. Service fees and interest charges can be costly. At a cardholder’s request, most major lenders can issue an additional card in the name of a daughter/son authorized to use the account. If you plan to use your parents’ credit card account, the additional card should be processed before your departure and should bear your name exactly as it appears on your passport. Your line of credit will be the same amount as your parents'.
Please be aware that MU does not accept Visa. Most students use Mastercard or Mastercard affiliates. For additional information, please see consult the Office of Cashiers.
Traveler’s checks can be used to open U.S. bank accounts. They are safe because they are refundable if lost. After purchasing traveler’s checks, separate the receipts and keep them in a safe place. Record the check numbers as you cash them so that if they are lost or stolen, you can identify the missing checks. They can be changed at U.S. banks, and if bought in U.S. dollars, can be used like cash.
Each student has an MU student account where all charges from the university will be billed. You will receive a bill from the university each month for all expenses you incur, such as academic fees, health insurance charges, residence hall expenses and Mizzou Telecom charges.
You may sign up for an EZ Charge account through Campus Dining Services at the Plaza 900 dining hall. This will allow you to make purchases at area establishments on campus using your MU student ID card. These expenses will also appear on your monthly MU student account.
