North America · Money guide
Moving to the United States is typically driven by work (employer-sponsored visas) or family, and applicants come from every corner of the world. The money side is dominated by the cost and complexity of US visas, the strict FATCA reporting regime, and managing the exchange rate on large transfers for housing deposits and tuition.
Written by Matt Woodley · Reviewed against official sources · Last reviewed 15 June 2026. Figures are indicative — confirm visa and tax thresholds with the official source linked below.
Currency
USD $
Rent (1-bed, city)
$1,400–$2,800/mo
Living costs (ex-rent)
$900–$1,300/mo
Transfer time
1-3 days
Costs vary enormously by state and city — New York and San Francisco are among the world's most expensive, while the South and Midwest are far cheaper. Healthcare is the big variable; employer health insurance is a major part of total compensation.
Indicative monthly rent (1-bed, city centre)
$1,400–$2,800
Indicative monthly living costs (excl. rent)
$900–$1,300
Visa-dependent (mostly employer or family sponsored)
There is no simple savings-based route to live in the US. Most movers arrive on employer-sponsored work visas (H-1B, L-1, O-1), investor visas (E-2/EB-5, which require substantial capital), or family-based green cards. Each has its own financial evidence and fees; investor routes require six- to seven-figure sums.
Official source: U.S. Department of State — Bureau of Consular AffairsYou generally open a US account after arrival once you have an SSN or ITIN and a US address. Major banks include JPMorgan Chase, Bank of America and Wells Fargo. US accounts use a 9-digit routing number and an account number; inbound international transfers use a SWIFT/BIC.
The US dollar is the world's reserve currency and the most-traded of all. Your exposure is your home currency against USD (e.g. GBP/USD, EUR/USD, AUD/USD), and these pairs react sharply to US Federal Reserve and central-bank decisions — moves of several percent over a few months are common, which is significant on tuition or a housing deposit.
The US is not in SEPA, so transfers arrive via SWIFT or are delivered by specialists. For housing deposits or US tuition (often USD 35,000–60,000/year), a regulated specialist beats a bank on both the rate and fees. Transfers over USD 10,000 trigger a Currency Transaction Report, and large gifts may require IRS Form 3520 — reporting, not tax. For predictable large payments like tuition, a forward contract locks the rate ahead of the due date.
| Route | Typical cost |
|---|---|
| High-street bank | $1,250–$2,000 (2.5–4% margin + fees) |
| Regulated currency specialist | $50–$300 (0.1–0.6% margin) |
| Typical saving | $1,000–$1,700 |
Indicative: banks typically apply a 2.5–4% exchange-rate margin plus a transfer fee; regulated specialists typically apply 0.1–0.6% with no fee. Your actual cost depends on the provider, amount and timing.
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The US taxes its citizens and residents on worldwide income, and FATCA requires foreign banks to report US persons' accounts. Once you are a US tax resident (green card or substantial-presence test), you file US returns regardless of where income arises. US double-taxation treaties mitigate being taxed twice, but US tax filing is unusually far-reaching — specialist advice is strongly recommended.
Confirm your visa route
Most people need employer or family sponsorship; investor visas require substantial capital.
Get an SSN or ITIN
Required to open a bank account, build credit and file taxes after arrival.
Open a US account
Set up with a major bank using your SSN/ITIN and US address; note routing vs SWIFT numbers.
Transfer large sums via a specialist
Use a regulated provider for deposits or tuition to beat bank margins on the dollar.
Plan for FATCA
Understand US worldwide-income filing and reporting before you become tax resident.
Not in the way Spain or Portugal offer. Most people move to the US through employer-sponsored work visas or family green cards. Investor routes (E-2, EB-5) exist but require substantial capital — typically six- to seven-figure investments. There is no simple passive-income residency visa.
No US tax applies simply for transferring your own money. However, transfers over USD 10,000 trigger a Currency Transaction Report for anti-money-laundering purposes, and a gift over USD 100,000 from a foreign person requires the recipient to file IRS Form 3520. Both are reporting requirements, not taxes.
Use a regulated currency specialist rather than a bank. Banks charge 2.5–4% margin plus wire fees; specialists charge 0.1–0.6% with no fee, saving hundreds to thousands on a large transfer. For tuition or housing deposits, consider a forward contract to lock the rate ahead of the payment date.