The U.S. Financial System for New Immigrants
Moving to America means learning how to navigate a whole new financial system. This guide breaks down the basics and can help you work toward your goals.
Money management in the U.S. for new immigrants
Navigating the sometimes-complex United States financial system can be daunting when you’re just starting out. We’ve gathered NerdWallet’s top resources for new immigrants who want to find housing, open a bank account, build credit and ground themselves in their new lives.
Once your basic needs are met, take a look at these topics to get a clear understanding of how they work and how you can find the best options for your financial situation.
NerdWallet's top picks
In the U.S., navigating the financial system often depends on your credit history, which is your track record of borrowing money and paying it back on time. Credit history can help you rent an apartment, buy a car and buy a home someday.
How to choose and open a bank account
If you're new to the U.S. financial system, getting a bank account is a good first step. It allows you to manage your money with fewer fees, more convenience and more protection against fraud and loss.
Hispanic American-owned financial institutions
Some institutions, like Hispanic American-owned credit unions, aim to make the process smoother for immigrants. Select the button below to see a list of Hispanic American-owned financial institutions by state.
How to build credit
Building credit is essential in the U.S. The easiest way to start is by getting a credit card. We'll help you understand how to build credit from scratch and how to do it responsibly.
How to rent an apartment
Don’t be afraid to ask a landlord if they have a specific credit score requirement before you spend time or money applying for an apartment.
How to buy a home
You don't need to be a citizen to get a mortgage, but it could be tougher to provide enough documentation to get one.
How to buy a car
When shopping for a car, first figure out what you could afford to pay each month for a vehicle — and make sure to factor in costs like insurance and maintenance.
How to start a business
Starting a business in the U.S. is no easy feat, especially if you’re an immigrant. Make sure you get all the permits and licenses you need, keep your business finances separate from your personal accounts and pay your business taxes.
How to borrow money — and avoid risky loans
It’s tough to access cash fast without a long credit history and high income, but you have options before considering high-cost payday loans. These options can help cover an urgent expense.
How to pay for college
Your immigrant status may affect how you pay for college. Start with the Free Application for Federal Student Aid, or FAFSA, which will help you understand whether you qualify for financial aid such as federal student loans before applying for private loans.
Additional resources
National Immigration Law Center: Find out if you're eligible for federal assistance.
Social Security: Find out if you're eligible for Social Security Income.
U.S. Department of Education: Are you a college or graduate student? Here's how to get student financial aid from the U.S. government.
Catholic Charities USA: Find local help meeting basic needs like accessing health care, getting affordable housing or finding a job.
Search online: Type in "Help with [money, credit, starting a business, buying a home] near me."
