GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
If youve immigrated to the United States,managing your financesshould take priority.
Below aresix financial steps to take if this is your case.
I strongly encourage newcomers to look beyond traditional banks.
Credit unions and community banks often provide more personalized services and lower fees, he said.
He explained that many immigrants overlook the advantage of seeking U.S. banks with international affiliations.
He recommended looking for institutions that offer global accounts or reduce remittance charges to foreign countries.
This can save you hundreds of dollars annually, giving you more control over your finances.
However, she noted theres no real national attention on remittances.
Sadly this has led to a lack of transparency in the space, costing families billions in hidden fees.
This may not sound like a big deal, but it is!
Those funds couldve been used for necessary items like groceries, transportation, school supplies, and more.
According to Crocco,traditional credit scoring modelsoften overlook the full picture of an individuals financial reliability.
I recommend exploring alternative credit scoring systems like Experian Boost.
Waters emphasized the same in regards to optimizingtax credits and deductions.
He encouraged immigrants to check the Child Tax Credit for support towards their children.
Those with jobs should take advantage of theEarned Income Tax Credit.
They offer invaluable resources, including workshops on budgeting, credit building, and financial literacy.
Waters agreed that you should take advantage of financial literacy resources for immigrants.
Various nonprofit institutions and community organizations across the United States provide or offeraffordable financial literacy classestailored to immigrants.
More From GOBankingRates
Share This Article:
