Moving to the U.S.: First Financial Decisions That Matter
The American financial system rewards people who start early. But when you're new to the country, it's hard to know where to begin — especially when the rules aren't obvious and nobody hands you a guide.
The good news: the steps are knowable. And once you understand the sequence, each decision becomes clearer. Here's what actually matters in those first months.
Step 1 — Get Your Financial Identity Documents in Order
Before you can open a bank account, apply for a credit card, or file taxes, you need a form of financial identification recognized by the U.S. system. That means either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Social Security Number (SSN) Issued by the Social Security Administration, the SSN is the primary identification number for the U.S. financial system. It's available to people authorized to work in the United States — including work visa holders (H-1B, L-1, O-1 etc), green card holders, refugees, and asylum seekers. If you're eligible for an SSN, applying for one should be your first financial step.
Individual Taxpayer Identification Number (ITIN) If you're not eligible for an SSN, the IRS issues ITINs to people who have a U.S. tax obligation but don't qualify for a Social Security number — regardless of immigration status. You apply using Form W-7, which must be submitted alongside a federal tax return or qualifying documentation. Processing typically takes 7 to 11 weeks; during peak tax season (January through April) it can take longer.
An ITIN doesn't authorize you to work or create eligibility for Social Security benefits — but it does allow you to open a bank account at many institutions, file taxes, and begin building a financial record in the U.S.
Step 2 — Open a U.S. Bank Account
Having a U.S. bank account is foundational. It's how you receive income, pay bills, establish a banking history, and eventually access credit and other financial products.
According to the FDIC's 2023 National Survey of Unbanked and Underbanked Households, 4.2% of U.S. households — about 5.6 million — lacked a bank or credit union account. For newcomers, getting banked early is one of the most impactful financial steps you can take.
What you typically need to open an account: Most institutions require a government-issued photo ID (passport, visa, or consular ID), proof of a U.S. address, and either an SSN or ITIN. Some banks also accept passport-only for certain account types. The CFPB's Newcomer's Guide recommends calling ahead to confirm requirements, since policies vary by institution.
Checking vs. savings accounts: A checking account is for daily transactions — paying bills, receiving deposits, using a debit card. A savings account is for building a financial cushion. Opening both from the start is a good habit.
FDIC protection: Funds held in FDIC-member banks are insured up to $250,000 per depositor. This is a meaningful protection that many newcomers aren't aware of — your money is safe even if the bank faces financial trouble.
Step 3 — Understand the U.S. Credit System
This is where many newcomers feel most lost — and for good reason. The U.S. relies on credit scores in ways that differ significantly from most other countries, and your credit history from home doesn't transfer.
What is a credit score? A number between 300 and 850 that represents your creditworthiness — essentially, how reliable you are as a borrower based on your financial history. It's maintained by three major credit bureaus: Equifax, Experian, and TransUnion. The most widely used scoring model is FICO; VantageScore is the other major model.
Score Ranges:
- 300–579: Poor
- 580–669: Fair
- 670–739: Good
- 740–799: Very Good
- 800–850: Excellent
Note: Most immigrants start from scratch, which is completely normal. The focus should be on building this score consistently over time.
Why it matters from day one: Without a credit history, you may face higher interest rates, larger security deposits, or outright denials for essential services — including apartment rentals, phone plans, and car loans. Landlords check credit. Employers sometimes check credit. Starting to build it early is one of the most valuable things you can do in your first months.
What builds your score: Payment history is the single most important factor — paying on time, every time. The second most important is credit utilization: how much of your available credit you're actually using. The CFPB recommends keeping utilization below 30%.
A recent change that helps newcomers: In July 2025, the Federal Housing Finance Agency (FHFA) approved VantageScore 4.0 for mortgage loans. This scoring model can generate a score with as little as one month of credit history, and factors in rent and utility payments — which means responsible behavior that previously went unnoticed now works in your favor.
Step 4 — Start Building Credit
Once you have a bank account and an SSN or ITIN, you can begin building your U.S. credit history. The most common first steps:
Secured credit card You deposit money as collateral, which becomes your credit limit. Use it for regular purchases and pay the full balance every month. It's the most accessible entry point for people with no credit history.
Credit-builder loan Offered by some credit unions and community banks. A small loan amount is held in a savings account while you make monthly payments — all reported to the credit bureaus. It builds history without taking on real risk.
Authorized user Being added to a trusted person's existing credit card account allows their positive history to reflect on your report. It requires mutual trust but can accelerate your starting score.
Rent reporting If you pay rent on time, certain services can report those payments to the credit bureaus. Under VantageScore 4.0, this now directly affects your mortgage eligibility.
What to avoid: Applying for multiple credit products at once — each application triggers a hard inquiry that temporarily lowers your score. And missing payments, even once, can cause significant damage that takes months to recover from.
Free credit monitoring: You're entitled to one free credit report per year from each of the three bureaus at AnnualCreditReport.com — the only federally authorized free report site. Many banks and credit card issuers also offer free ongoing monitoring.
If you want to start your credit journey, the Inter Credit Card is designed for those building their financial lives in the U.S. and looking for a credit product that works from the start and does not need a security deposit. It's a practical way to begin establishing your credit history while keeping your spending in one place.
Step 5 — Set Up a Budget for Your New Reality
Financial decisions in a new country happen fast — rent deposits, utility setup, transportation, groceries, health insurance. Having a simple spending framework from day one prevents the kind of early financial stress that's hard to recover from.
The BLS Consumer Expenditure Survey 2024 provides a useful national benchmark: the average U.S. household spent $78,535 annually, with housing accounting for 33.4% of total spending, transportation 17%, food 12.9%, and healthcare 7.9%.
Build your emergency fund first: Before anything else, prioritize building a cash reserve covering 3 to 6 months of essential expenses. In a new country, unexpected costs are more frequent — and having a buffer means a surprise doesn't become a crisis.
Know your fixed vs. variable expenses: Rent, phone, and utilities are fixed and predictable. Food, transportation, and entertainment are variable and easier to control early on. Tracking both from your first month builds a habit that compounds over time.
Taxes apply to everyone: Regardless of immigration status, everyone with U.S.-sourced income is required to file federal taxes. If you have an SSN, you file with that. If you have an ITIN, you file with that. The IRS website offers guides and resources in multiple languages.
So, Where Do You Start?
The U.S. system may seem complex, but it follows a clear logic:
- Get your identification number (SSN or ITIN).
- Open your bank account.
- Understand how credit works.
- Start building your credit history.
- Organize your budget and learn how to send money efficiently.
The sooner you start, the faster the system will work in your favor.
Managing Your Money in the U.S. — and Beyond
Starting your financial life in a new country means finding tools that actually work for your reality: banking, spending, sending money home, and growing your savings — ideally all in one place.
Inter is a financial app and digital banking solutions platform built for people living in the U.S.
Here's what you can access:
- Digital banking: Open an account and manage your money entirely from your phone. No unnecessary friction, no trips to a branch.
- Inter Credit Card: A credit card designed for people building their financial lives in the U.S, with no security deposit required. Use it to start establishing your credit history while keeping your day-to-day spending in one place.
- Inter Gift Card — cashback on your everyday purchases: Buy Inter Gift Cards for major U.S. brands and earn cashback on those purchases. A simple way to get more out of the money you're already spending.
- Loop Points: Every purchase earns you Loop Points, which you can redeem for benefits and discounts. The more you use Inter, the more your points add up.
- Investment account: Inter also gives you access to an investment account, so you can start putting your money to work in the U.S. market — directly from the app.
- Inter International Transfer — send money home with no hidden fees: Inter International Transfer was built to make sending money abroad simpler and more affordable. Everything happens through the app in just a few clicks:
- No fees when you send using your Inter account balance — transparent pricing with no surprises.
- Fair exchange rate — conversion is based on the real market exchange rate, with a competitive spread typically between 0.99% and 1.25%.
- Regulatory security — all transfers comply with U.S. regulations (FDIC/FinCEN) and international standards.
Download the Inter app and start managing your financial life in the U.S. — and wherever home is.
