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If you prove your residence in the United States you have an advantage to get your account
Having a bank account in the United States is essential for any North American, but even if you are a foreigner and plan to spend a long period in the country, if you plan to move, you have a business and they pay you in dollars. Bank of America is one of the most recognized banking entities in the American Union, so we explain how you can open an account there and what requirements you must meet to do so.
The documentation required to open a Bank of America account is basically to verify your identity and prove that you reside in the country. These are necessary documents :
- Social Security number
- Proof of residency
- Email address
But if you do not have one and you are a foreigner, then you should consider showing:
- Your residence permit
- Copy of your passport
- Other identity document such as a driving license
- Copy of your visa
Can I open a Bank of America bank account even if I am not a resident?
According to TransferWise, the currency exchange and transfer portal, it is essential to meet the requirement that you prove your residence in the United States, although you may have the option of opening an account online. These types of accounts may be suitable for tourists who provide copies of their visa, proof of residence from their country of origin, and an address for notification purposes within the US.
Here are the steps to open a Bank of America account online:
- Enter the Bank of America portal to the savings accounts or checking accounts section, depending on your interest.
- Add a valid zip code within the United States (if you are not a resident, consider the address where you would be notified within the country).
- Click on the “Open your account now” button .
- Within the screen about whether you are already a Bank of America customer or if you have a promotional code, check the corresponding boxes and press “Go to application “.
- Fill in the forms with your personal data.
- Within one or two business days you will be notified if your request is approved.
If you are a non-resident alien, you may be able to sign in and open an alternative account online within the TransferWise page as one of your options.
What are the fees handling an account at Bank of America?
Account opening
There’s no fee to open an account, but you do need to make a minimum deposit of $25 for Advantage Safe Balance checking accounts and $100 and up on their other products.
Account maintenance
Manage monthly fees depending on the product.
- Advantage Safe Balance checking account: $4.95 dollars (free if you are a student under 24 years old)
- Advantage Plus checking account: $12 dollars. You can avoid it if you receive a payment of $250 or more, if you are a student under the age of 24, or if your balance does not drop below $1,500 on any day of the month.
- Advantage Savings savings account: $8 dollars. It can be free if the balance does not fall below $500 dollars in the month or if you are a student under 24 years of age.
ATMs
You have no charge with any account if you occupy the Bank of America network. If you use ATMs from other banks within the United States, then you have to cover $2.50 dollars regardless of the fees of the owning entity.
Withdraw money from an ATM outside the United States
In this situation, three charges are handled:
- Commission of Bank of America for $5 dollars.
- Surcharge in the exchange rate of 3% of your amount to be withdrawn when converting the money to foreign currency.
- The collection of the owner entity
Having an account at Bank of America will allow you to take care of your money if you are a resident foreigner and can even allow you to access other types of financial services that you need in the United States.