Finance tips for recent immigrants

| Jan 5, 2021 | Citizenship, US Immigration Law

Immigrating to Texas may make it easier to create a financially stable life for you and your family. However, as an immigrant, there are several decisions that you’ll need to make as it relates to your money that American citizens might not even think about. Let’s take a look at how you can best manage your money after coming to the United States.

Will you be sending money back home?

It isn’t uncommon for immigrants to send money back home to help support their families. If you are going to remit money to relatives living abroad, it is important to consider the costs of doing so. In some cases, conversion, wire and other fees can equal up to 10% of the amount that you are remitting. Therefore, if you are trying to send $100 to a foreign country, your mother, sister or cousin might only receive $90 after fees.

Don’t be afraid to open a bank account

As a general rule, it’s easier to manage your money when you have a bank account. This is because you will be able to pay bills, keep track of your account balances and transfer money to other people electronically. Immigrants are typically allowed to have a checking or savings account even if they haven’t gone through the citizenship & naturalization process yet.

If you have any questions about your ability to work, open a bank account or other matters, it may be a good idea to speak with an attorney. He or she might be able to answer those questions or find more information that could provide you with a greater level of clarity about a given situation.