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Money, Banking, & Taxes

Managing your finances is one of the most important and challenging aspects of an enjoyable academic experience. This section introduces you to a few of the basic banking options available. When selecting a bank, you should compare services and service charges, then choose a bank whose offices are conveniently located before making your final decision.


Before beginning your travel to the University of Cincinnati, please remember that your initial expenses here will be considerably higher than those you will incur later. Therefore, it is necessary for you to bring at least $2,000 in United States currency or traveller’s checks to cover these expenses. Even if you are going to receive financial support from the University, your first check will not be available upon your arrival. The University issues paychecks on the first of the month for the previous month. Therefore, it will be at least October 1st  (possibly November 1st)  before you receive your first stipend check! Before you can expect any money from the University, you will need to pay tuition, fees, health insurance, buy books for your classes, make a security deposit on your apartment, pay the first month’s rent, and buy food and other necessities! You must figure your finances carefully and plan on these expenses without help from the University. 

To prepare to meet your financial needs for the entire year, you should make the necessary arrangements with your government, your sponsor, and any banks involved to ensure that these funds will be available to you. Remember that checks drawn on foreign banks will require several weeks to clear and therefore you will not have access to those funds right away! In order to have money available to you upon arrival, the necessary funds should be transferred to a local bank in Cincinnati at least one month prior to your arrival!

Opening a Bank Account in the U.S.

As you begin to settle in to life in Cincinnati and begin your academic life at the University of Cincinnati, you will need to open a bank account. Before you go to the bank, you need to be familiar with the basic customer identification programs that financial institutions must follow in opening any new accounts. Click the Bank Accounts link on the left to learn more about how to open a bank account in the U.S.

Paying your Taxes in the U.S.

The subject of taxation can be complicated for Americans, let alone visitors to the United States. UC International Services is here to assist you in any way we can. Our responsibility in this area is to assist individuals and departments in understanding and complying with US Treasury regulations on taxation. Our day-to-day functions primarily involve assisting visitors and departments with completing documents at the beginning of any employment/scholarship contract (W-4’s 8233’s, W-9’s, W-8BENS). We also coordinate a variety of programs to provide tax return filing assistance for non-resident and resident aliens, even if they are no longer in the United States. Click the Paying your Taxes link on the left to learn more about U.S. Taxes.

Emergency Loans

All UC students - including international students - are eligible for short-term loans from the University of Cincinnati when in need. Students can request to borrow up to $500 interest-free with all loans due payable within 90 days.

The Student Accounts Office, through One Stop Student Services, offers this loan to students in good academic and financial standing with the University. Emergency loan funds will only be available to students who have their tuition bill paid. Application for an emergency loan may be made at One Stop (220 University Pavilion), and there is a $15.00 application fee for using this fund.

Any student who does not repay the loan within 90 days will be assessed interest penalties, have late payments reported to credit agencies, and be blocked from receiving transcripts.