How to open a Bank of America account for non-residents

Currently, it is necessary to have a bank account; in fact, it is difficult to imagine our day to day life without the services of a good financial institution. There are also many reasons for wanting to have an account in the United States, for example, to reduce commissions when you make purchases in the US, receive payments from US companies or invest in real estate. Next, we will explain how to open a non-resident Bank of America account.

How to open a Bank of America account for non-residents

It is important that you know that opening a bank account for non-residents in the United States is not a simple procedure. The first problem most foreigners encounter is the lack of an SSN. Many US banks will ask for your social security number as a requirement to open an account. This limits access to banking services in the US because non-residents generally do not have this document.

Still you want open a bank of america account certain? Well, let’s analyze the situation.

Is it possible to open a bank account in the US as a non-resident?

The good news is that yes it is possible to open a bank account in the US as a non-resident and non-citizen. The point you should keep in mind is that not all banks will open it for you and that the requirements may be different depending on the state and the bank. They may even vary between branches of the same bank.

If you are not a resident of the United States, your access to the banking market will be limited; however, you will be able to open the bank account you need.

As we have mentioned before, one of the obstacles for non-residents could be the lack of a social security number. However, what they can request is the ITIN (Individual Taxpayer Identification Number), a tax identification number issued by the IRS that could make it easier for nonresident aliens to open a bank account.

Obviously, as you are not a US resident or citizen, you will not get the same terms and conditions as someone who is, but you will be able to open a personal or corporate bank account in the US.

How to open a Bank of America account for non-residents

Then, What can you do if you don’t have a Social Security Number and still want to open a BOFA bank account? Let’s look at the alternatives

Personal account for non-residents

For open a personal account at BOFA for non-residents, The first thing to keep in mind is that, as we mentioned earlier, the requirements to open a Bank of America account depend largely on the branch and the state. In some agencies, the Social Security Number will not be an essential requirement for non-residents and they will be able to open an account without major complications.

Requirements to open a Bank of America account for non-residents

As usual, They will ask for your passport, your personal information, your email, a phone number and an address in the United States. It is unlikely that they will ask you for any utility bill in your name as many people commonly believe. The address in the USA will be used to send correspondence and keep in touch with you.

In some cases, You may be asked to provide proof of address and/or a debit card from your home country at the time of account opening.

Another important point to consider is that, in practically all cases, you must go in person to the bank branch to open a bank account in the US.

IMPORTANT: If you are a non-resident and plan to travel to the US in order to open a BOFA account, obtain as much information as possible in advance about the branch you plan to visit so that you can achieve your goal without any setbacks. Remember that the requirements may vary from one branch to another.

Corporate bank account for non-residents

Another option is to create a company in the United States and apply for a corporate bank account. This option is possibly the best for those who do business and get payments online with companies in the United States.

Once you create a company in the USA, you get the EIN Number. With this number you will have access to many more options of banking services. In general, companies that offer advisory services for foreigners will be able to guide you in the steps you must follow to open a corporate bank account.

Bank of America non-resident account: other options

If you haven’t been able to open an account at Bank of America for non-residents, the following options can be of great help if you need to carry out banking operations.

Payoneer account

You must analyze your needs to know if you really need a bank account in the United States. Perhaps a Payoneer account may be enough for the transactions you want to make.

Payoneer allows companies and freelancers to pay and collect internationally as easily as if they were doing it locally. With this payment platform you will get a debit card in dollars that will be very useful, you can keep your funds in USD and pay or withdraw money using your Payoneer card directly.

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