Opening a bank account as a foreigner can present some challenges. How easy it is to open a bank account will depend a lot on whether or not you’re a resident in the US, and what documents you’re able to show to support your application.
Wondering: can a foreigner open a Bank of America® account? This guide is for you. We’ll run through the circ*mstances in which you can get an account from Bank of America as a non-US citizen or a non-resident.
And we’ll also introduce Wise as a flexible alternative which can help you open a powerful low cost multi-currency account as a foreigner in the US.
Can a foreigner open a Bank of America account?
Opening a Bank of America account for foreigners is possible, but might involve providing more paperwork compared to a US citizen or permanent resident.
You’ll also need to attend a Bank of America financial center in person, as online and in-app account opening isn’t usually available.
We’ll run through the requirements and documents needed in just a moment, but it’s helpful to know upfront that even to open a non-resident account with Bank of America, you’ll need a US address¹.
That can prove tricky if you’re not settled in the US just yet, or if you’re only a visitor. In this case, you might find choosing a banking alternative like Wise suits you better. More on that later.
What are the requirements to open a Bank of America account as a foreigner?
Bank of America offers accounts to US residents and Green Card holders, with no specific restrictions based on nationality. If you’re a non-resident alien you can also open an account with Bank of America — but you’ll need to have a US address, which you provide to the bank alongside your permanent foreign address.
Aside from this, Bank of America accounts may have their own requirements and conditions, based on your age or eligible earnings.
These conditions can vary based on the account you select, so you’ll need to review the terms and conditions carefully before you apply.
Which documents will you need to open a Bank of America account as a foreigner?
If you’re a foreigner living in the US full time you’ll be asked to provide your proof of ID (which can include your visa or Green Card) as well as²:
- Your SSN
- Your residential address
- Your contact information
To open a Bank of America address as a non-resident alien, you’ll need to provide a few more documents²:
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Opening a bank account as a foreigner in the US is perfectly possible, but it can be a hassle. One smart alternative is to look for a digital alternative, like Wise.
Open a Wise account online or in the Wise app, using your proof of ID from wherever you call home, for a streamlined digital verification and onboarding process — keep in mind that Wise may request additional documents to verify a customer's identity,
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Accounts also offer local receiving details for USD and 9 other currencies, so you can get paid easily from 30+ countries.
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Opening a BoA account as non-US citizen: step by step
If you’re opening a Bank of America account as a non permanent resident you’ll need to visit a Bank of America financial center to open your account.
There’s a handy tool on the Bank of America website to allow you to find the financial center closest to you³.
Once you’ve found the best location, this is what you’ll need to do to open your BoA account as a non-US citizen:
Step 1. Gather all the documents required to open your Bank of America account
Step 2. Make an appointment to visit your preferred financial center
Step 3. Take along your paperwork and complete an account application
Step 4. Get verified and pay your opening deposit
Step 5. Once your account documents are all ready you’ll be able to get started
Does Bank of America open accounts in foreign currencies?
Bank of America does not offer foreign currency accounts to personal customers. Bank of America corporate services are offered internationally, and can include ways to send, hold and receive payments from around the world — but these products are available only to business customers⁴.
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Does Bank of America open accounts to foreigners living abroad?
Foreigners who aren’t resident in the US can’t usually open an account with Bank of America as a personal customer. You’ll be asked for a US address to access most personal account products.
If you’re not in the US but want a way to manage your money in USD, you’ll usually find that major banks suggest you use their international banking services for expats. We’ll look at these in a moment, but they typically involve high fees and high minimum deposit requirements.
As an alternative, a service like Wise can offer low cost international accounts with no restrictive deposit requirements, and all you need to send, spend, receive and hold USD.
International Banking Services for Expats
Major banks around the world will often offer separate services for expat customers who need ways to hold and invest foreign currencies.
These accounts often come with personal bankers who can advise on tax planning across currencies, and ways to save and invest when you’re earning abroad.
However, they also usually come with high minimum deposit requirements — from 200,000 USD and up is common — and fees for some of the services on offer.
Alternative banking options for foreigners in the US
So — aside from large global banking brands — what are your options for managing your money if you’re a foreigner in the US? Here are a couple of bank alternatives to check out.
Neobanks and fintechs
Neobanks and fintech companies offer account services which are delivered online and through apps for convenience, and to keep costs low.
Some — like Wise (formerly TransferWise), and Revolut — have developed products which suit foreigners, frequent travelers, expats and anyone who lives an international lifestyle.
That means you may get multi-currency features, international debit cards, easy ways to send low cost international transfers, and great deals on currency exchange.
Plus, because these providers operate online you can get set up without needing to visit a branch. Just upload your ID and proof of address, get verified, and you’re done.
Local credit unions
US resident foreigners may also be eligible to join local and national credit unions, which offer community based banking for members.
To join you’ll need to find a credit union you’re eligible to sign up for — usually based on where you live, or the industry in which you work.
In general terms, credit unions can offer relatively low cost banking services in USD, with the perks of a regular bank, like a branch network if you prefer a face to face service.
Can you open a BoA foreigner account online?
If you’re a US permanent resident or Green Card holder you’ll probably be able to open a BoA account online.
However, if you’re a non permanent resident you’ll need to visit a Bank of America financial center to set up your account and get verified.
Final thoughts on opening a Bank of America account as a foreigner
Bank of America is a large, trusted and well liked bank, making it a natural pick if you’re a foreigner in the US looking for a place to hold your money. Getting a BoA account as a foreigner is possible, but it’s a lot easier if you’re a permanent US resident.
If you’re a non-resident alien you can open a Bank of America account — but you’ll need a local US address, and you can only get your account set up in person by visiting a Bank of America financial center.
If you’re looking for something a little more flexible — without having to stand in line at a branch to get started — take a look at Wise as an alternative.
Wise isn’t a bank, but a Wise account comes with all you need to hold, send, spend and exchange USD alongside 50+ other currencies, as well as receive in 9 different currencies.
Plus no maintenance charges, low transaction fees, and the mid-market rate every time you convert currencies.
Sources:
- Bank of America — opening account as non-resident
- Bank of America — account opening FAQ
- Bank of America financial center map
- Business BofA — global markets
Sources checked on 04.21.2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
