The basic unit of U.S. currency is the dollar, which is subdivided into 100 cents. Coins are the copper penny (1 cent) and four silver coins: the nickel (5 cents), the dime (10 cents), the quarter (25 cents), and the half-dollar (50 cents). Silver $1 coins are rarely seen in circulation; a "golden" dollar coin was introduced in 2000. Paper money comes in denominations of $1, $5, $10, $20, $50, and $100. All these bills are the same size and green in color; they are distinguishable only by the dollar amount indicated on them and by pictures of various famous American people and monuments.
For the most favorable rates, change money through banks. Although fees charged for ATM transactions may be higher abroad than at home, Cirrus and Plus exchange rates are excellent, because they are based on wholesale rates offered only by major banks. You won't do as well at exchange booths in airports or rail and bus stations, in hotels, in restaurants, or in stores, although you may find their hours more convenient. To avoid lines at airport exchange booths, get a bit of local currency before you leave home.
In general, U.S. banks will not cash a personal check for you unless you have an account at that bank (it doesn't have to be at that branch). Only in major cities are large bank branches equipped to exchange foreign currencies. Therefore, it's best to rely on credit cards, cash machines, and traveler's checks to handle expenses while you're traveling.
In the United States, it is not as easy to find places to exchange currency as it is in European cities. In major international cities, such as New York and Los Angeles, currency may be exchanged at some bank branches, as well as at currency-exchange booths in airports and at foreign-currency offices such as American Express Travel Service and Thomas Cook (check local directories for addresses and phone numbers). The best strategy is to buy traveler's checks in U.S. dollars before you come to the United States; although the rates may not be as good abroad, the time saved by not having to search constantly for exchange facilities far outweighs any financial loss.
Money Orders, Funds Transfers
Any U.S. bank is equipped to accept transfers of funds from foreign banks. It helps if you can plan dates to pick up money at specific bank branches. Your home bank can supply you with a list of its correspondent banks in the United States.
If you have more time, and have a U.S. address where you can receive mail, have someone send you a certified check, which you can cash at any bank, or a postal money order (for as much as $700, obtained for a fee of up to 85¢ at any U.S. post office and redeemable at any other post office). From overseas, you can have someone go to a bank to send you an international money order (also called a bank draft), which will cost a $15–$20 commission plus airmail postage. Always bring two valid pieces of identification, preferably with photos, to claim your money.
The sales tax in Memphis is 8¼%.
At restaurants, a 15% tip is standard for waiters; up to 20% may be expected at more expensive establishments. The same goes for taxi drivers, bartenders, and hairdressers. Coat-check operators usually expect $1; bellhops and porters should get 50 cents to $1 per bag; hotel maids in upscale hotels should get about $1 per day of your stay. On package tours, conductors and drivers usually get $10 per day from the group as a whole; check whether this has already been figured into your cost. For local sightseeing tours, you may individually tip the driver-guide $1 if he or she has been helpful or informative. Ushers in theaters do not expect tips.
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