The Bank of America is the second-largest bank in the US and one of the top ten largest globally, Bank of America is a financial services titan that provides a wide assortment of retail, business, and investment banking services to over 66 million customers across the globe.
- Low monthly maintenance fees and minimum opening deposits.
- Very familiar with opening accounts for foreigners.
- Lots of international partner ATMs.
- Monthly fee $4.95 - 3% Int'l card payment cost.
- Relatively high foreign transaction fees.
Wells Fargo offers a large network of branches, many ATMs, and a variety of financial products. Monthly fees on basic bank accounts can be easily waived, but savings rates tend to be low. If you have a high enough balance across eligible accounts, you could receive upgrades on interest rates (but they’re still lower than the national average). Wells Fargo may be a good fit if you’re looking for a large network of branches and ATM access is important to you.
- Account: Everyday Checking.
- US residence required: Yes (though not necessarily primary residence).
- SSN/ITIN required: Only for US citizens.
- No minimum daily balance required - Outgoing int'l wire cost: $30 plus an additional 4%-10% (depending on the currency)
Yields on certificates of deposit and savings accounts are low, like many big banks.
There is an out-of-network ATM fee of $2.50 for checking account customers.
The money market account has a steeper monthly fee if a specified balance isn’t maintained.
Wells Fargo still charges a $35 fee for over-drafting your account on most of its checking accounts.