Currency in United States: USD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the United States with the US dollar
What's in this United States currency guide?
What currency is used in the United States?
The official currency of the United States (country code: US) is the US dollar, with symbol $ and currency code USD.
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Frequently Asked Questions
What currency should I use in the United States?
The domestic currency in the United States is the US dollar.
What is the US dollar currency code and symbol?
The three letter currency code for the US dollar is USD — symbol is $.
What doe the US dollar look like?
Here is an example US dollar banknote:
Which countries use the US dollar?
It is the domestic currency in United States, East Timor, Ecuador, El Salvador, British Virgin Islands, US Virgin Islands, Caribbean Netherlands and Turks and Caicos Islands.
Is the US dollar a closed currency?
No, the US dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of EUR and USD?
Here are some popular conversion amounts for EUR to USD (Euro to US dollar)*.
*Converted at the current EURUSD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the US dollar
Here are a few things you may want to know about the U.S. dollar:
1. The U.S. dollar is the official currency of the United States and is used for all transactions within the country.
2. It is abbreviated as "USD": The U.S. dollar is abbreviated as "USD," and the symbol for the dollar is "$."
3. It is accepted worldwide: The U.S. dollar is a widely accepted currency and can be used for transactions in many countries around the world.
4. Its value fluctuates: The value of the U.S. dollar can fluctuate based on a variety of economic factors, such as interest rates, inflation, and the strength of the U.S. economy.
5. It is issued by the Federal Reserve: The U.S. dollar is issued by the Federal Reserve, which is responsible for managing the country's monetary policy. The Federal Reserve is a quasi-independent agency that is responsible for setting interest rates and regulating the money supply in the U.S.
The U.S. dollar is the official currency of several countries outside the United States, including:
1. East Timor: The U.S. dollar is the official currency of East Timor, a country located in Southeast Asia.
2. El Salvador: The U.S. dollar is the official currency of El Salvador, a country located in Central America.
3. Zimbabwe: The U.S. dollar is one of the official currencies of Zimbabwe, a country located in Southern Africa.
4. The British Virgin Islands: The U.S. dollar is the official currency of the British Virgin Islands, a group of islands located in the Caribbean Sea.
5. The Marshall Islands: The U.S. dollar is the official currency of the Marshall Islands, a group of islands located in the Pacific Ocean.
6. The Federated States of Micronesia: The U.S. dollar is the official currency of the Federated States of Micronesia, a country located in the Pacific Ocean.
The U.S. dollar banknotes and coins
The physical currency consists of coins and banknotes. The coins come in denominations of 1 cent (¢), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), and 50 cents (half dollar). The banknotes come in denominations of $1, $2, $5, $10, $20, $50, and $100.
The banknotes feature images of famous American historical figures, such as George Washington, Abraham Lincoln, and Benjamin Franklin. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel money for the United States
Using Wise for US dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in US dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want US dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the USD cash locally or even on travel day at the airport.
United States: Travel Guide
Traveling to the United States requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
1. Currency Overview
The official currency of the United States is the U.S. dollar (USD), symbolized as "$" and commonly abbreviated as "USD." Banknotes are available in denominations of $1, $2, $5, $10, $20, $50, and $100, while coins come in 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (half-dollar), and $1 (dollar coin).
2. Currency Exchange
- Before Departure: It's advisable to exchange a small amount of your home currency for U.S. dollars before leaving, ensuring you have cash on hand for immediate expenses upon arrival.
- Upon Arrival: Currency exchange services are available at airports, banks, and dedicated exchange bureaus. Be aware that airport exchange services often charge higher fees and offer less favorable rates. Banks typically provide better exchange rates but may have limited operating hours.
- ATMs: Withdrawing cash from ATMs using your debit or credit card is a convenient option. However, be mindful of potential foreign transaction fees and ATM usage charges. It's recommended to use ATMs affiliated with major banks to minimize fees.
3. Payment Methods
- Credit and Debit Cards: Widely accepted across the U.S., credit and debit cards are convenient for most transactions. Visa and MasterCard are the most commonly accepted, while American Express and Discover may have limited acceptance in some areas. Inform your card issuer of your travel plans to prevent potential fraud alerts.
- Prepaid Travel Cards: These cards allow you to load funds in USD before your trip, helping you manage your budget and avoid unfavorable exchange rates. They are accepted similarly to credit and debit cards and can be replaced if lost or stolen.
- Mobile Payments: Services like Apple Pay, Google Wallet, and Samsung Pay are increasingly accepted, especially in urban areas. Ensure your device is set up for international use.
4. Tipping Culture
Tipping is customary in the U.S. and constitutes a significant portion of income for service workers. General guidelines include:
- Restaurants: 15-20% of the pre-tax bill.
- Taxis: 10-15% of the fare.
- Hotel Staff: $1-$2 per bag for bellhops; $2-$5 per day for housekeeping.
5. Sales Tax
The U.S. imposes a sales tax on goods and services, varying by state and locality, typically ranging from 2.9% to 7.25%. Prices displayed on items usually do not include this tax, so anticipate a higher total at checkout.
6. Managing Expenses
- Budgeting: Utilize budgeting apps to track your spending and adhere to your financial plan.
- Avoiding Fees: Choose credit cards that do not charge foreign transaction fees to save on additional costs.
- Emergency Funds: Keep a reserve of cash or a backup credit card for unforeseen expenses.
7. Recent Developments
As of December 2024, the U.S. dollar has experienced fluctuations due to various economic factors. For instance, the Indian rupee is projected to weaken past 85 per U.S. dollar within the next six months, influenced by India's economic growth slowing to an annual rate of 5.4% and potential interest rate cuts by the Reserve Bank of India. Additionally, a significant shift in the dollar’s value is expected due to a mix of domestic and international factors, including tariffs and tax cuts promoting higher domestic spending. These developments may impact exchange rates, so it's advisable to monitor financial news and consult with financial advisors when planning your travel budget.
By staying informed and planning ahead, you can effectively manage your finances while enjoying your visit to the United States.
United States: Events in 2025
The United States offers a diverse array of events catering to tourists, business travelers, and expatriates. Here's a curated guide to some notable upcoming events across various interests:
1. Music and Entertainment
- Brett Young's "Back To Basics 2025 World Tour": Country star Brett Young is set to embark on his tour starting in the U.S. in February 2025, with performances in cities like Washington, Philadelphia, and Providence.
- Kraftwerk's 2025 'Multimedia Tour': Celebrating the 50th anniversary of their album "Autobahn," Kraftwerk will tour North America starting in March 2025, featuring shows in New York City on March 13 and 14.
- Coachella Music Festival: Scheduled for April 11-13 and April 18-20, 2025, in Indio, California, Coachella remains one of the most anticipated music festivals, showcasing a blend of renowned headliners and emerging artists.
2. Business Conferences and Trade Shows
- Automation Technology Expo (ATX) East: Taking place from June 10-12, 2025, in New York City, this event gathers professionals to explore the latest in automation technologies, featuring companies like Microsoft and IBM.
- International Travel Goods Show: Set for March 25, 2025, in Las Vegas, this show is a premier event for travel goods retailers and manufacturers, highlighting the latest products and trends in the industry.
- Top Business Conferences: Various conferences across the U.S. in 2025 will focus on innovation, leadership, and technology, providing opportunities for networking and professional development.
3. Cultural and Film Festivals
- Sundance Film Festival: Held annually in January in Park City, Utah, Sundance is a leading platform for independent filmmakers to showcase new works.
- Tribeca Film Festival: Scheduled for April 2025 in New York City, this festival celebrates storytelling through film, featuring screenings, discussions, and panels.
4. Sports Events
- Fanatics Fest 2025: Returning to New York City, this event will feature appearances by prominent sports personalities, offering fans unique interactive experiences.
5. Expatriate and Community Events
- National Cherry Blossom Festival: Celebrated in Washington, D.C., typically from late March to early April, this festival honors the enduring friendship between the U.S. and Japan, featuring parades, cultural performances, and the blooming of cherry blossom trees.
- Austin City Limits Music Festival: Held over two weekends in October in Austin, Texas, this festival showcases a diverse lineup of artists, reflecting the city's vibrant music scene.
Planning Tips
- Advance Booking: Popular events often sell out quickly. Secure tickets and accommodations well in advance to ensure availability.
- Stay Informed: Event schedules can change. Regularly check official event websites or contact organizers for the latest updates.
- Local Regulations: Be aware of any local guidelines or restrictions, especially those related to health and safety, which may affect event attendance.
By staying informed and planning ahead, you can make the most of the diverse events the U.S. has to offer in 2025.
USD/EUR Market Data
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to the United States - Best Rates
To get a good (and fair) exchange rate when sending money to the United States you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to the United States
When sending money to the United States it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or US dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted USD amount will be transfered to the recipient account you specify in the United States.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more US dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in the United States
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand US dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the USD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local US dollar bank account: A local USD bank account can make it easier for you to manage your finances and pay bills while you are in the United States. It may also be more convenient to use a local USD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in the United States. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in the United States. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in the United States, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in the United States.
What to Consider When Sending Money to the USA
Sending money to the U.S. involves more than just choosing a provider. First, make sure you have the correct recipient details, including their account number, bank name, routing or SWIFT code, and sometimes the bank’s address. Mistakes can lead to failed or delayed transfers.
If you’re converting from another currency, pay close attention to the exchange rate. Providers often apply a hidden markup, so comparing rates is essential—especially for larger transfers. Tools like BestExchangeRates.com help you find the best real-time rates. Don’t forget about fees either. These can include service charges, intermediary bank deductions, or fees charged to the recipient, particularly with traditional bank wires.
There are multiple methods available for sending money to the U.S., each with their own pros and cons. Bank transfers are widely used and secure but tend to be slower and more expensive. Online services like Wise, OFX, or WorldRemit offer faster transfers at more competitive rates, while remittance apps like Remitly and Xoom are optimized for speed and convenience. In some cases, cryptocurrency can be used, but this comes with added regulatory and security considerations.
Speed also matters. Digital services like Wise or Remitly can deliver funds within hours or a day, while banks may take several business days. For large amounts, providers may ask for ID due to anti-money laundering regulations. Transfers above $10,000 are generally reported to U.S. authorities, though personal remittances are usually tax-free.
Finally, consider the purpose—whether personal, business, or investment—and choose a method that suits your needs. Online transfer services are often cheaper and faster than banks, and may offer better exchange rates and lower fees.
For the best value, compare your options and plan ahead. A few extra minutes of research can save you a lot in the long run.
Guide to Managing Your Money Effectively in the United States
Living or doing business in the United States offers immense opportunities but requires careful financial planning and management. Here are key strategies to manage your money effectively:
1. Understanding the Banking System
- Types of Accounts: Open a checking account for everyday transactions and a savings account for emergency funds or long-term goals.
- Banking Options: Choose between traditional banks, online banks (which often offer higher interest rates), and credit unions.
- Fees: Watch out for account maintenance fees, overdraft charges, and ATM usage fees. Opt for fee-free or low-fee accounts when possible.
2. Managing Taxes
- Income Tax: Federal income tax ranges from 10% to 37%, depending on your income bracket. Many states also impose state income tax, though some like Florida and Texas do not.
- Business Taxes: If you're running a business, understand federal corporate tax rates and additional state taxes.
- Tax Filing: Keep track of tax deadlines (April 15 for personal tax returns). Hiring a tax professional or using software like TurboTax can simplify the process.
3. Building Credit
- Credit Score: Your credit score affects your ability to secure loans, rent housing, or even get a job. Pay bills on time, keep credit card balances low, and monitor your credit report regularly.
- Credit Cards: Use credit cards responsibly to build credit history. Look for cards with rewards or cashback benefits tailored to your spending habits.
4. Budgeting and Saving
- Create a Budget: Use tools like Mint, YNAB (You Need a Budget), or Excel to track income and expenses. The 50/30/20 rule is a popular guideline (50% needs, 30% wants, 20% savings).
- Emergency Fund: Save at least three to six months' worth of expenses in a liquid account to prepare for unexpected events.
- Retirement Savings: Contribute to retirement accounts like a 401(k) or IRA. Many employers match 401(k) contributions up to a certain percentage.
5. Investing Wisely
- Stock Market: Use platforms like Vanguard, Fidelity, or Robinhood to invest in stocks, ETFs, or mutual funds.
- Real Estate: If you're planning a long-term stay, consider buying property to build equity. Consult with local real estate experts to navigate the market.
- Diversification: Spread your investments across different asset classes to mitigate risk.
6. Reducing Debt
- Prioritize High-Interest Debt: Pay off credit cards and other high-interest loans first to save on interest payments.
- Student Loans: Consider refinancing or consolidating student loans to reduce interest rates.
- Debt Repayment Strategies: Use the snowball method (paying off smallest debts first) or the avalanche method (focusing on highest-interest debts).
7. Managing Business Finances
- Business Accounts: Keep personal and business finances separate by opening dedicated business bank accounts.
- Accounting Tools: Use software like QuickBooks or FreshBooks to track income, expenses, and invoices.
- Business Credit: Establish a business credit profile by opening a business credit card and paying bills promptly.
8. Staying Insured
- Health Insurance: Healthcare is expensive in the U.S., so ensure you have adequate coverage. Check employer-sponsored plans or shop on the Health Insurance Marketplace.
- Business Insurance: Protect your business with liability, property, or workers' compensation insurance.
- Life and Disability Insurance: Consider policies to safeguard your income and family in case of unforeseen circumstances.
9. Avoiding Common Pitfalls
- Currency Exchange Fees: If you're moving money internationally, use services like Wise or Revolut for lower fees compared to banks.
- Hidden Fees: Read the fine print on contracts and agreements to avoid unexpected charges.
- Overspending: Stick to your budget and avoid lifestyle inflation, even as your income grows.
10. Seeking Professional Advice
- Financial Advisors: Consult a certified financial planner (CFP) for personalized advice on savings, investments, and taxes.
- Tax Professionals: Use a CPA or tax preparer familiar with U.S. laws to maximize deductions and ensure compliance.
- Legal Support: If starting a business, consult a lawyer for guidance on regulations and contracts.
Effective money management in the United States requires planning, discipline, and leveraging available resources. By following these strategies, you can ensure financial stability and success, whether you're living, working, or conducting business in the U.S.
You can read about the best providers and compare the latest deals for international money transfers to the United States in our Send Money to the United States guide.
