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.
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.
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.
- 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.