Currency & Exchange Rates: The College at Brockport

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Currency

Currency in the United States is likely different from what you are used to in your home country. Before leaving home, you should visit a bank in your country to learn any requirements or restrictions for exchanging money as well as what the value of your own currency is in the United States. We recommend knowing how much your own money is worth in U.S. currency before entering the country.

U.S. Currency

The basic unit of currency in the United States is the “dollar”, which is represented by a “$” symbol. Paper money is green and is usually referred to as a “bill” or “bills”. The following are common denominations: $1, $5, $10, $20, $50, and $100.

Coins are worth less than a dollar and their value is described in “cents,” which are equivalent to 1/100th of a dollar. Coins used in the U.S. are the penny (1 cent), nickel (5 cents), dime (10 cents), quarter (25 cents), and half dollar (50 cents). There is also a dollar coin, but it is used much less often than the paper “bills” mentioned above. Together, bills and coins are often referred to as “cash.”

Once you arrive in the United States, you should obtain some U.S. currency in bills to use for tipping, and miscellaneous expenses. There will be a bank or ATM for this purpose at most major airports. While credit cards are widely used, be aware that many businesses will not accept credit cards for very small purchases. Other businesses, such as taxi cabs or small vendors, may not have the facilities to process credit card purchases at all and will likely require cash for all purchases. Therefore, be prepared, especially if you are planning to take a taxi cab or other public transportation from the airport to Brockport upon arrival.

Exchange Rates

Exchange Rates refer to how much one currency is worth in terms of another. We recommend that you become familiar with the exchange rates of your home currency to the U.S. dollar.

You can easily calculate exchange rates using a Universal Currency Converter from XE.com.

Currency Restrictions & Transfer of Funds

Before finalizing your plans to arrive in the U.S., please become familiar with your government’s regulations regarding currency restrictions and the transfer of funds. Some governments restrict the amount of money that can be taken out of the country. Others may restrict funds until a letter confirming enrollment has been received from the admitting institution in the United States.

You should find out what letters, if any, are required from SUNY - Brockport in order to authorize the transfer of funds. The Office of International Student Services can provide you with the necessary documentation upon seeing proof of your full-time status.

Last Updated 5/3/13