Bank of America vs Wise for non residents

By Rohan Smith, 15 December, 2022

Bank of America review for non-residents without SSN

Bank
Bank of America
SSN Required?
For Residents
ITIN Required?
No
Can Apply Online?
With SSN
Summary

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.

Features
  • Low monthly maintenance fees and minimum opening deposits.
  • Very familiar with opening accounts for foreigners.
  • Lots of international partner ATMs.
Cons
  • Monthly fee $4.95 - 3% Int'l card payment cost.
  • Relatively high foreign transaction fees.
Link
https://www.bankofamerica.com/

Wise review for non-residents without SSN

Bank
Wise
SSN Required?
No
ITIN Required?
No
Can Apply Online?
Yes
Summary

Wise isn't a bank in the US but a money transfer operator that's well-known for offering some of the cheapest international transfers globally. However, in addition to money transfers, Wise also offers a Multi-Currency Account, a low-cost foreign currency spending account, and a Visa debit card.

Features

Even without a US residence, the Wise Account gives you US checking details.

  • A debit card to spend in 50+ currencies, including US dollars.
  • You can use this account to get paid by employers in US dollars. - Send money domestically within the US.
  • The Wise debit card is accepted worldwide.
  • Local bank details are not just in the US, but also in the UK, EU, Australia, New Zealand, Singapore, Romania, Canada, and Hungary.
Cons
  • The fee to receive wire transfers (domestic and international) is $7.50 per transaction.
  • Incoming payments can only be in US dollars, no other currency will be accepted.
  • Incoming domestic transfers take 2 to 3 working days to arrive in the account, while international transfers take 4 to 5 days.
  • You can't yet set up a direct debit.
Link
Apply Now!
Neobank?
Yes