{"id":3791,"date":"2023-03-28T12:56:41","date_gmt":"2023-03-28T17:56:41","guid":{"rendered":"https:\/\/uwm.edu\/cie\/services\/money-and-banking\/"},"modified":"2026-04-16T15:05:42","modified_gmt":"2026-04-16T20:05:42","slug":"money-and-banking","status":"publish","type":"page","link":"https:\/\/uwm.edu\/cie\/services\/students\/money-and-banking\/","title":{"rendered":"Money &amp; Banking"},"content":{"rendered":"\n<div class=\"uwm-l-row\">\n<div class=\"uwm-l-col\">\n<h3 class=\"wp-block-heading\">How to Set Up a U.S. Bank Account<\/h3>\n\n\n\n<p>There are many options for banking in the U.S. and in Milwaukee. Each bank institution has its own requirements for individuals to open a bank account. You should check with the bank you are interested in establishing an account with to determine the information you will need.<\/p>\n\n\n\n<p><strong>UW Credit Union<\/strong><br>Many students choose to open an account with the UW Credit Union. There&#8217;s a location on campus, which makes this a convenient option for students, and it&#8217;s simple to open an account. There is a branch located on campus in the Student Union (2200 E 51ÁÔÆæ, Milwaukee, WI 53211).<\/p>\n\n\n\n<p>The Glendale Branch is also somewhat close to campus, located just north of Bayshore Mall (6016 N. Port Washington Rd, Glendale, WI 53217).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"initialexpenses\">Initial and Ongoing Expenses<\/h3>\n\n\n\n<p><em>The following information is for planning purposes, to give you an idea of what to expect. These items are not controlled by UW-Milwaukee and actual costs may vary.<\/em><\/p>\n\n\n\n<div class=\"uwm-p-accordion uwm-p-accordion--icon-left-circle\" data-accordion-prefix-classes=\"uwm\" data-accordion-cool-selectors=\"1\"><button class=\"uwm-p-accordion--toggle-button size-p-md\">Expand All<\/button>\n<div class=\"uwm-p-accordion--header\"><strong>Temporary housing<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>If you need temporary housing upon arriving in Milwaukee and plan to stay in a hotel or AirBnb, you can expect to spend at least $90\/night.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\">Rent<\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>If you live off campus, you will pay rent each month to your apartment&#8217;s landlord. Estimated cost of rent:<\/p>\n\n\n\n<figure class=\"uwm-c-table\"><table><tbody><tr><td><strong>Type of Apartment<\/strong><\/td><td><strong>Total Monthly Rent<\/strong><\/td><td><strong>Monthly Rent Per Person<\/strong><\/td><\/tr><tr><td>Studio Apartment<\/td><td>$700 &#8211; $1,000<\/td><td>$700 &#8211; $1,000<\/td><\/tr><tr><td>One Bedroom Apartment<\/td><td>$800 &#8211; $1,100<\/td><td>$800 &#8211; $1,100<\/td><\/tr><tr><td>Two Bedroom Apartment<\/td><td>$1,300 &#8211; $1,500<\/td><td>$650 &#8211; $750 <\/td><\/tr><tr><td>Three Bedroom Apartment<\/td><td>$1,800 &#8211; $2,000 <\/td><td>$600 &#8211; 666<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Security deposit<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>When you rent an apartment, you will be required to pay a security deposit. This one-time deposit proves that you intend to move in and care for the apartment and covers the cost of any damage incurred to the apartment while you are living there. When your lease ends, the landlord will return any remaining funds to you.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Renters insurance<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>Some landlords will require you to have renters insurance, which protects your personal property in the case of theft, water damage, or a fire. This can cost $15-30\/month, depending on the value of your personal property.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Electricity\/utilities<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>Your utilities (heat, electricity) will be provided by We Energies<strong>. <\/strong>In 2021, the average U.S. household spent $122\/month on electricity (Source: U.S. Energy Information Administration). More information on We Energies can be found at <a href=\"https:\/\/www.we-energies.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">we-energies.com<\/a>.<\/p>\n\n\n\n<p>These expenses might be included in the cost of your rent. Verify with your landlord before you sign a lease.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Furnishings and kitchenware<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>If you live off campus, most Milwaukee apartments come unfurnished. Major appliances (refrigerator, stove\/oven, etc.) are typically included, but the apartment will otherwise be empty. You will need to purchase other essential furniture items (bed, couch, table, desk, etc.) and kitchenware.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Cell phone<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>Your cell phone bill will cost between $25 and $90 per month, depending on your provider and what your plan includes.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Laundry<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>The average cost per load of laundry is $3-4. Many machines are coin-operated, so be prepared with quarters. You will need to provide your own detergent.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Internet<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>AT&amp;T and Spectrum are two popular internet providers in Milwaukee. Plans typically start at $50\/month but many increase after the first year. The price will vary based on your internet speed and whether you are bundling with other services, like cell phone coverage or cable TV.<\/p>\n\n\n\n<p>Internet might be included in the cost of your rent. Verify with your landlord before you sign a lease.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Transportation<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>The Milwaukee County Transit System offers bus services. However, until you activate your bus pass and familiarize yourself with the bus routes, you may need to spend money on Uber\/Lyft rides.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"uwm-p-accordion--header\"><strong>Owning a car<\/strong><\/div><div class=\"uwm-p-accordion--panel\"><div class=\"uwm-p-accordion--panel-inner uwm-u-clear\">\n<p>Owning a car in the U.S. can be very expensive. If you are considering it, keep in mind the associated expenses, including purchase, gas, insurance, maintenance, and parking.<\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-children-and-spouses-dependents\">Children and spouses (dependents)<\/h3>\n\n\n\n<p>Although 51ÁÔÆæ requires you show $5,000 to bring your dependent (child or spouse), these are living costs only and do not include any child care or educational costs. You should consider these additional childcare expenses if you plan to bring your children.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Children age 4 and under:<\/strong> The cost of child care can range from $1,000 to $3,000 per month. Childcare centers are in high demand so you should contact them several months in advance to arrange care.<\/li>\n\n\n\n<li><strong>Children ages 5-18:<\/strong> If your dependent child plans to attend public school, you must contact the school in the municipality you\u2019re residing in. U.S. primary and secondary schools typically start classes in late August and end in early June.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"uwm-l-col uwm-l-col--4 uwm-l-offset--1\"><div class=\"content_block\" id=\"custom_post_widget-4043\"><nav aria-label=\"Sidebar\" class=\"uwm-p-navigation-list uwm-p-navigation-list--gold-border \"><div class=\"uwm-p-navigation-list--title\">Student Life<\/div><ul>\n<li class=''><a href=\"https:\/\/uwm.edu\/cie\/services\/students\/avoiding-scams-targeting-international-students\/\" class=\"\" rel=\"\" target=\"\"><span>Avoiding Scams Targeting International Students<\/span><\/a><\/li>\n\n<li class=''><a href=\"https:\/\/uwm.edu\/cie\/services\/students\/housing\/\" class=\"\" rel=\"\" target=\"\"><span>Housing<\/span><\/a><\/li>\n\n<li class=''><a href=\"https:\/\/uwm.edu\/cie\/services\/students\/money-and-banking\/\" class=\"current\" rel=\"\" target=\"\"><span aria-current=\"page\">Money &amp; Banking<\/span><\/a><\/li>\n\n<li class=''><a href=\"https:\/\/uwm.edu\/cie\/services\/students\/wisconsin-drivers-license-and-state-id\/\" class=\"\" rel=\"\" target=\"\"><span>Wisconsin Driver&#8217;s License &amp; State ID<\/span><\/a><\/li>\n\n<li class=''><a href=\"https:\/\/uwm.edu\/cie\/services\/students\/grocery-stores-and-shopping-near-campus\/\" class=\"\" rel=\"\" target=\"\"><span>Finding Food &amp; Other Essentials Near Campus<\/span><\/a><\/li>\n\n<li class=''><span>International Dining Guide<\/span><\/li>\n\n<li class=''><a href=\"https:\/\/uwm.edu\/cie\/services\/students\/opportunities\/\" class=\"\" rel=\"\" target=\"\"><span>Get Involved<\/span><\/a><\/li>\n<\/ul><\/nav><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1465,"featured_media":0,"parent":3675,"menu_order":78,"comment_status":"closed","ping_status":"closed","template":"templates\/centered.php","meta":{"footnotes":"","uwm_wg_additional_authors":[34070]},"class_list":["post-3791","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Center for International Education<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uwm.edu\/cie\/services\/students\/money-and-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money &amp; 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