All Indian students should make sure that they carry enough foreign exchange before leaving India for the US. Most of the well-known public and private banks in India have foreign exchange department, that you could approach to get the required amount of US dollars. Private agencies like Thomas Cook and Cox & Kings also have forex divisions.

Students who have received assistantships from their universities need not carry more than $2000. This is enough to take care of the initial expenses like apartment rent/deposit, grocery , mobile connection deposit, other miscellaneous expenses etc. Those who have not received any financial aid from the university should carry around $8000-10,000 to take care of the first semester tuition, fees and other expenses listed above. 

The safest way is to carry this amount in the form of Travellers checks that can be encashed at many location in the U.S. The other way is to get a demand draft in the name of your university, to take care of the tuition and fees. It is recommeneded not to carry cash of more than $1000. 

Arrangements with your local Bank

International exchange rates fluctuate frequently, sometimes daily. Before you travel to the United States, contact a major bank in your home city, preferably a bank with a foreign exchange department, to learn the current exchange rate. Ask the banker to estimate the degree of fluctuation; that is, what did it average in the past year? This will help you to determine more effectively your financial requirements while in the United States. If your bank does not have a foreign exchange department, consider opening an account with a bank that does.

Find out how you can have additional money sent to you while you are in the United States. It is usually safest to have money sent electronically from your home city bank to your U.S. bank once you have opened a U.S. account.  Ask what the fees will be for transferring money and how long it might take for the money to reach you. If you need fax, telex, or account numbers from your home country bank to request the transfer of funds, bring that information with you.

Sometimes large banks in India allow you to purchase foreign currency ahead of time for travel purposes. It is advisable to review your travel plans and find you on how much money you may require for expenses while you travel. Long-range needs vary with the individual situation and the location of the college or university.

Travel and Settling-in Costs

Before you leave, you should determine how much money you will require within the first few weeks of your stay in the United States. As you may need several weeks to open a bank account and receive funds from your home country bank, this will be money you will need to carry with you. It is probably safest to carry it in the form of traveller's checks.

You will likely need funds to pay your first semester tuition fees and room and board, if you plan to live in a dormitory. If you plan to live off-campus, you will need money for apartment and, possibly, utility deposits, living expenses while you look for housing, and for transportation. Your international student adviser should be able to help you assess the costs of living off-campus. You also will have expenses for books, school supplies, and fees.

You may need $800 to $1,000 in traveller's checks to cover other miscellaneous initial expenses and to provide for emergencies until you receive your transfer of funds.

For personal use on your journey and after your arrival in the United States — for taxis, meals, and telephone calls — you should have $100 to $200 in small cash denominations: $20, $10, $5, $1. You can change U.S. paper money into smaller denominations and coins at almost any store. However, small stores and vendors may have difficulty changing bills larger than $20. Do not carry large amounts of cash.

In some cases, you can use your automatic teller card from your home country in U.S. automatic teller machines (ATMs). Inquire with your home bank on the validity of your card in the United States. This could save you the worry of carrying large sums of money in cash or traveller's checks. Note, however, that many banks limit the amount of cash you can take from an ATM on a daily basis.

Traveler's Cheques

When you travel to the United States, you should carry most of your funds in traveller’s cheques. Traveller’s cheques provide a safe way to carry money while travelling. They are insured against theft, loss, and damage. With proper identification, you can cash them easily in most places in the United States.

Traveller’s cheques can also be purchased in most banks. A small fee is added for each check. At the time of purchase you will be asked to sign your name on each traveller’s check. Sign each check only once as you are directed. As you cash each check, you will be asked to sign it a second time to verify that you are the person to whom the check was issued. Sign your name "in English" (that is, the way you will be writing your signature in the United States) in the presence of the person to whom you are giving the check.

Be sure you keep a record of your traveller’s cheques. The bank clerk will give you a form on which to write the numbers of all the cheques issued in your name. On this form, alongside each check number, is a space for the date and place you cash the check. Keep this list with you and record data as you use the checks. However, do not keep the list with your traveller’s cheques. This is for your records, and the information is important in case your cheques are lost or stolen and you need to file a claim for reimbursement.