Chimers Chime In: The financial reality of immigrating to the U.S.

“I only thought I’d live in the U.S. for a year when I first moved here,” says Cat Corcoran, a member of Chimmigrants, the Chime Resource Group for immigrants and children of immigrants working at Chime*. “I’ve been living here for nearly 8 years now, but it was only after my first few years here that I started considering longer-term living and realized how it would impact my financial choices.”

In honor of Immigrant Heritage Month, we’d like to share the experiences of several Chimers as they navigated their moves to the U.S. from various parts of the world. With a focus on the financial aspects of immigrating to the U.S., we’ll share the expectations they had, lessons they learned, and advice they have for other immigrants.

Happy Immigrant Heritage Month!

Discovering the financial differences between living in the U.S. and abroad

Across the globe, countries have different financial practices, customs, and systems. Here are the differences that stood out to our three Chimmigrants when they moved to the U.S.

Cat

“When I moved here, I realized how differently people manage their money in the U.S. versus Ireland — in Europe, we tend to associate credit cards with debt, so most people who can will simply use their debit cards all of the time. Here in the U.S., I’ve learned how essential credit is to many aspects of our lives, from renting an apartment to buying a car or house.”

Devlin

“When I left Canada, I had a firm understanding of its financial system, especially taxes and savings accounts. Living in the U.S., I’ve had to learn a whole new tax system and understand my obligations across borders — it’s been a learning experience for sure.”

Meijie

“For me, the biggest difference was literally the currency — during the first six months I lived in the U.S., I constantly converted prices into yuan (the currency we use in China). I learned that the cost of living is much higher here. Also, cultural practices of communicating with banks are different here — in China, I would always call my branch or visit them. When I first opened a bank account in the U.S., I had to use online banking and email to communicate with my bank. It took some getting used to!”

Learning the financial ropes

There are many lessons to be learned whenever we move somewhere new. Here’s what (and how) Cat and Meijie learned as they got familiar with managing their finances in the U.S.

Meijie

“I learned a lot by doing — and by making mistakes. I discovered late fees by accident when I forgot the due date of payment and got hit with overdraft fees after trying to pay rent on my debit card without checking if I had sufficient funds. I didn’t know what I didn’t know for a time, so I learned how certain systems worked by experiencing their fine print.”

Cat

“Money isn’t something that folks in the U.S. talk very openly about in detail, so I did a lot of research. Comparison websites, like NerdWallet, helped me compare different banks and credit cards based on my needs. Doing a lot of research paid off in the end and taught me that it’s my money, so if I want to switch banks or cards, I should do what’s best for my finances. The lessons I learned moving here are part of why I was so attracted to working at Chime — I paid so many fees for so long, and it was refreshing to find a company that is a partner to its members, not trying to charge them a mountain of fees.”

Realizing the importance of credit — and building it

When Devlin, Meijie, and Cat moved to the U.S., they learned very quickly that having a credit card — and a credit score — were critical to achieving their financial goals. Here’s what they learned.

Devlin

“As a new immigrant, your credit history is basically zero, so I focused on finding products that would help me establish credit quickly and easily.”

Cat

“My focus when it came to understanding credit when I moved here was grasping what makes up my credit score. I researched the breakdown of how the score is calculated and what’s important. As a newcomer, there were certain things that I couldn’t really adjust, like payment history, so I focused on other contributing factors that I could move the needle on.”

Financial tips for U.S. immigrants

Cat

“Choose your bank* or banking service carefully: consider fees, rules, and, yes, the fine print. Do your research online, and don’t be afraid to ask questions. Finding a bank that will support your needs, whether it’s no fees or a high yield savings account, can make a huge difference while you’re getting financially set up.”

Devlin

“Try to connect with others who have been through a similar situation — there are a ton of groups online and blogs that can be immensely helpful. Your financial needs will change over time (having kids, kids starting school, medical needs, buying a home), so stay committed to always learning and adjusting your approach. Having others to lean on, whether it’s friends, acquaintances, online communities, or professional advisors, can help make sure you’re prepared at every step of the way.”

Despite financial challenges, opportunities abound

Although Cat, Devlin, and Meijie all faced challenges when they immigrated to the U.S., they learned a ton and have improved their financial situations since arriving. One thing that all three echoed was that despite having to learn the financial ropes, they’re grateful for the experiences and opportunities living in the U.S. provides.

Meijie

“I love how welcoming the U.S. is of people expressing their individual opinions and perspectives. As a result, it attracts people from all different backgrounds as a place to achieve success and call home. While I’ve watched China develop very rapidly, the people who are going there to work are Chinese — in the U.S., people from all over the world come to work, and I think it makes for a rich and diverse culture.”

Devlin

“I’m genuinely excited about the opportunities to have an impact and work for interesting companies here, as well as the varied geography of the country and many places to explore.”

Cat

“When all’s said and done, there is a ton of opportunity here — in the U.S., you can be whatever you want to be, and that’s awesome. There are lots of hurdles along the way, but the opportunities abound, which make this a special country in many ways.”

*Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

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