Managing Your Finances as an Expat in the United States
Your life in the US runs on dollars, and your tax status can change sooner than you might expect. You count as a US resident for tax purposes if you meet the substantial presence test: at least 31 days in the current year and 183 days over three years, counting all of this year's days, a third of last year's and a sixth of the year before1. If you aren't eligible for a Social Security number, the IRS issues an Individual Taxpayer Identification Number (ITIN) to people with a federal tax purpose2.
Banking in the United States
Borderless Budget connects to major US banks including Chase, Bank of America, Wells Fargo, Citibank, and Capital One through secure bank connections, and your accounts in the US, Canada, the EU, the UK, Norway, Iceland and Liechtenstein connect too.
Major banks for expats
- Chase
- Bank of America
- Wells Fargo
- Citibank
- Capital One
Cash vs. card culture
Cards dominate. In 2026, US consumers made an average of 47 payments a month: 16 by credit card, 15 by debit card and six in cash3.
Cost of Living in the United States
| Category | Typical Cost |
|---|---|
| Rent | Price your budget from current listings in the city and neighbourhood you're moving to, not from a national average. |
| Groceries | Track your first two months of receipts and budget from those, not from what food cost at home. |
| Transport | $3 per subway or local bus ride in New York, with spending capped at $35 a week on subway and local bus fares4 |
| Healthcare | Workers with employer coverage paid an average of $1,672 a year toward a single plan in 20265. Employment-based insurance is the most common kind in the US6. |
Build your first budget from your own city's rent listings and a couple of months of receipts, then adjust once your health plan and payroll deductions show up on a real payslip.
Currency Considerations
If you earn in dollars and still hold savings, a pension or a mortgage at home, the exchange rate decides what those are worth to you each month. Seeing both sides in one home currency shows whether a stronger or weaker dollar is helping or hurting your overall position.
Transferring money to the United States
- Before your first US paycheck, decide which currency your savings stay in. Moving everything into dollars on arrival locks in that day's exchange rate.
- Compare the exchange rate and the fee together when you send money home. A transfer with no fee can still cost more if the rate is worse.
- Keep a home-currency account open for bills that stay behind, like a phone plan, insurance or a mortgage, so they never depend on a transfer arriving on time.
- Send money home on a fixed schedule rather than whenever you remember. It's easier to budget a regular amount than to chase the rate.
Borderless Budget tracks all of your accounts, your home-country bank, your US bank, and services like Wise or Revolut, in a single dashboard. Exchange rates update daily, so your budget always reflects where things actually stand.
Tax Considerations for Expats in the United States
- US residents for tax purposes are generally taxed like US citizens: their worldwide income is subject to US tax, at the graduated rates that apply to citizens7.
- The return is generally due April 15 of the following year, and Form 4868 gives an automatic extension to file until October 157.
- For tax year 2026, federal rates run from 10% on single incomes of $12,400 or less to 37% on single incomes over $640,600, and the standard deduction for a single filer is $16,1008.
- Social Security tax is 6.2% and Medicare tax is 1.45% for the employee, on top of income tax9. Budget from your net pay, not your offer letter.
Budgeting Tips for Expats in the United States
- Budget your US life in dollars. Rent, groceries and transit are all in USD, and converting each one back to your home currency adds noise, not clarity.
- Keep a health line for more than your premium. The average deductible for single coverage in a plan with a general annual deductible was $1,955 in 20265.
- If you ride the subway in New York, the $35 weekly cap on subway and local bus fares4 makes transport one of the few predictable lines. Budget it as a fixed cost.
- Keep your home-country bills, like subscriptions, loans and phone plans, in their own currency so you can see what the US actually costs you.
- Watch the exchange rate between the dollar and your home currency if you still have savings or debts there. Their value in dollars changes even when the balance doesn't.
How Borderless Budget Works in the United States
Connect your US and home-country banks
Link your Chase, Bank of America, Wells Fargo, or other US bank alongside your home-country bank. Transactions from all accounts sync automatically into one dashboard.
Budget in USD and your home currency
Your budget is set in your home currency, and Borderless Budget automatically converts every transaction, whether it's in US dollar or your home currency. You can toggle any transaction to see the original currency amount. Exchange rates update daily, so your budget always reflects reality.
Automatic categorization
Transactions from US merchants are automatically categorized. Categorization improves as you use the app, learning your patterns across both currencies, so you spend less time sorting transactions and more time living your life in the United States.
See the impact of exchange rates
When exchange rates shift, your combined budget view updates automatically. You'll see exactly how currency movements affect your overall spending, no surprises, no guesswork.