Currency
The currency in the United States is the U.S. dollar (USD). You should check the current exchange rate for your home country’s currency and budget accordingly. It is also important to check the exchange rate before withdrawing money from your home bank account while in the U.S. — this will help you avoid taking out too much or too little.
Campus payment methods
Cash (USD) and debit/credit cards are widely accepted across campus. You can also make purchases using your MU student ID card with Tiger Cash or student charge. If you have a meal plan, Campus Dining Services purchases will be deducted from your balance; if you don’t, you can use Tiger Cash.
Expenses
Fees that all international students must pay:
- International student health insurance
- International student services fee
- Living expenses (rent, utilities, food)
- Academic books for courses
- All charges you make to your student account
- Meal plan (if living in a residence hall)
Fees that may appear on your bill temporarily as an exchange student, but you will not pay:
- Tuition fees
- Student activities fee
- Student health fee
- Non-Missouri resident fees
- Recreation facility fee
See detailed estimated expenses for exchange students. Exchange students at MU do not pay educational, student activities, student health, non-Missouri resident tuition and recreation center fees. These fees may show up on your account initially, but will be removed once the add/drop period has passed.
Other fees that may or may not show up on your student account, that you may be required to pay:
- Finance charges: Finance charges accrue if you do not pay your entire balance at one time when you arrive.
- For example, if you decide to make five monthly payments over the course of the fall semester for your room in a residence hall, you will accrue a “one percent finance charge assessed on the unpaid billed balance each month until the balance is paid in full.” This finance charge can be avoided if you pay the balance in full.
- E.Z. Charge balance: E.Z. Charge is an increasing balance on your account.
- Once your Mizzou ID card is activated for this service at your request, each purchase made with the card at any Campus Dining Services location increases this balance. This balance is billed monthly to your MU student account. A safeguard is built into the account to keep you from exceeding $400.
- Bookstore purchases, parking tickets, late fees from the library, parking fees.
Living expenses
Living expenses vary widely based on your habits, customs and circumstances. You may spend more or less than your peers, depending on your personal habits and needs. Expenses to keep in mind include food, transportation, travel, shopping, entertainment and cell phone.
Remember — you will have to buy your textbooks for your courses here. This is different from many other countries, and it is important to budget for this expense.
Paying your MU bill
For detailed information about how to pay your MU bill, refer to the Cashiers Office website. Note that initially you may be charged for some fees that exchange students do not have to pay. It can take some time for these charges to be removed from your account, but if you incur a late fee because of these charges, it will be removed.
Banking
Accessing your home bank
Before you leave, make sure you have online banking set up so you can review and access your accounts while you are in the United States. It is also a good idea to provide banking access to a family member or close friend in case of an emergency.
Opening a bank account
Things to keep in mind when opening a bank account:
- Some checking accounts will pay interest on your balance — these accounts, however, will typically require you to maintain a minimum balance and may also charge a monthly fee.
- Make sure your bank offers free checking, which means no monthly fee and no “per check” fee. If there is a limited number of free checks you can write each month, the fees might add up!
- Many banks offer a check card or debit card with a Visa or MasterCard logo. Check cards and debit cards are the same thing. These cards are accepted in most stores, and the purchased amount is deducted directly from your checking account balance.
- You will likely be charged a fee every time you use an ATM that is not owned by your bank — a fee from your bank plus another fee from the bank that owns the ATM! This could add up to about $4 USD or more per transaction.
- If your home bank is Barclays (United Kingdom), BNP Paribas (France), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico), Scotiabank (Canada) or Westpac (Australia and New Zealand) you can benefit from an ATM Alliance with Bank of America. Use your home bank card at any Bank of America ATM to receive U.S. dollars for no additional ATM fee or processing fee. Note: you do not need to open an account with Bank of America to use this ATM Alliance service. Make sure to check with a local Bank of America for details and restrictions to this service.
- Banks charge a large fee for returned our bounced checks — as much as $25 per check — so watch your balance! A check “bounces” when you write a check for an amount that exceeds your checking account balance. You need to make sure your checks do not exceed your account balance. If you do bounce a check, the penalty fee will be automatically deducted from your account which can have serious consequences if you have already written several checks.
Banks in Columbia
Below are a few banking options with locations that are convenient to campus. There are many more options in Columbia, so do your research and pick the bank that will work best for you.
- Bank of America — Located at 800 E. Cherry Street (downtown). It has three ATMs on campus and seven more locations in Columbia. Bank of America ATMs can also be found in 48 states nationwide.
- Phone: 573-876-6260Offers free online banking services, free Visa check card services and no monthly fees.
- To open an account, you will need: passport, student ID, and $25 minimum opening deposit. Consult bank for details.
- U.S. Bank — Located in the MU Student Center on campus and at 1000 East Broadway. It has two more locations in Columbia, and can be found in all 50 U.S. states.
- Phone: 573-443-1621Offers no monthly fees, free online banking, and free Visa check card and services.
- To open an account, you will need: passport, student ID, and $25 minimum opening deposit. Consult bank for details.
- Tigers Community Credit Union — Located at 308 S. 9th Street (downtown). It has several ATMS on campus and two more locations in Columbia.
- Phone: 573-443-8462Offers no monthly fees, free online banking, and free MasterCard check card and services.
- To open an account, you will need: passport and $25 minimum savings account deposit which is refundable upon account closure. Consult bank for details.