Banking and Transfer of Funds

Currency Restrictions

Each prospective student should become thoroughly familiar with government regulations for exchanging and forwarding money to the United States, since each country has specific guidelines. You should make arrangements to have the necessary funds available at the beginning of each semester. Some governments put a limit on the amount of funds allowed to be taken out of the country, and others may hold or restrict funds until Hofstra's letter of admittance and immigration documents are presented.

Exchange Rate

You generally get a better exchange rate if you change your money to United States dollars before leaving your country.

How much money should you bring?

It is not necessary to carry more than $300 in cash into the United States. The rest of the money that you need for immediate expenses can be in the form of travelers checks, a debit card or credit card. Your home bank should be able to give you a credit/debit card that can be used at ATMs (Automatic Teller Machines) within the United States in order to withdraw cash. However, there are daily limits on cash withdrawals which normally range from $300 to $400 per day. Remember that tuition, housing, meals, books and supplies must be paid in full at the beginning of each semester.

Transfer of Funds

If you wish to wire funds to a bank in the United States, you need to instruct your bank to wire the money to the following account:

J.P. Morgan/Chase Bank N.Y., ABA 021000021, for Hofstra University, Account: 323-237576 for: last name, first name, and your Hofstra student ID*.

*Your Hofstra ID is normally on your acceptance letter. It is a nine-digit identification number that is used to track your academic record at Hofstra University.