If you’re new to the US, or just looking for a handy account to manage your money in USD, you might be wondering how to open an account at Bank of America®.
Read this guide for all you need to know about how to set up a Bank of America account — plus we’ll highlight Wise as a handy way to make payments from Bank of America to 80+ countries with the mid-market exchange rate.
How to open a Bank of America account: step by step
As one of the country’s biggest banks, Bank of America has a great range of checking and saving accounts, as well as options for more specialist products and services, so the chances are that there’ll be something that fits your needs.
The exact process to open a Bank of America account may vary based on the specific account you select, and your personal circ*mstances — but the broad steps are usually very similar.
Let’s take a look at how to open a Bank of America account step by step.
1. Choose the right account for you
Bank of America offers checking and saving accounts, CD accounts and IRAs among other products and services¹. Before you get started you’ll need to review the options online to see which might suit you.
Take a look at the features and fees of different account products to work out which has all you need, with the lowest available fees.
2. Find out all the requirements to open a Bank of America account
Once you’ve picked the account you prefer, it’s time to check the eligibility criteria. The requirements to open a bank account at Bank of America vary based on the specific account and your own circ*mstances.
For example, the Bank of America SafeBalance Banking account offers discounted fees for students. To qualify for this, you’ll need to fulfill the eligibility requirements — including being enrolled in school or an educational or vocational program, and under 25 years old.
Similarly, if you’re a US non-permanent resident or Green Card holder, you might find the requirements and the account opening process are a little different for you compared to a US citizen².
3. Check all the documents needed to open a Bank of America account
Next, it's time to gather the information and documents needed to open a bank account with Bank of America.
If you’re a US permanent resident or citizen, you’ll often be able to apply online with just the following information:
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If you don’t have all of these pieces of information — or if you’re a non-permanent resident — you’ll need to visit a Bank of America financial center to open an account.
Non-permanent residents are required to provide:
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4. Fill out the application
Once you’ve checked eligibility and assembled the information and documents needed, you can complete your Bank of America account application online or in person at a financial center.
If you’re applying online you can save and return to your application later if needed.
5. Make sure to know what's the minimum amount needed to open an account with Bank of America
Finally before you can start using your account you’ll need to deposit the minimum amount to open an account at Bank of America, which can vary based on the specific account.
For example, to open the SafeBalance Banking account you need to deposit 25 USD, while the minimum opening deposit is 100 USD for both the Advantage Plus Banking and the Advantage Relationship Banking accounts³. Pay in with a debit card, bank transfer or check.
Once your deposit is approved and your account is verified, you’re ready to go. You’ll receive important documents by email, and everything else you need by mail a week or so later.
Pay for international transfers from your BoA account with Wise
Check out Wise as a simple, low cost way to make overseas transfers to 80+ countries around the world.
You can create a Wise Account online or in the Wise app, to set up simple online payments that can arrive in your recipient’s bank accounts quickly — or even instantly⁴.
If you need to convert currencies, Wise will use the mid-market exchange rate with no markup, and low fees from 0.41%⁵.
Just enter how much you want to send, or how much the recipient needs to get in the end, to get an instant, no obligation quote for the fees and rate available.
And the best of it all? You can pay for your international transfer via wire or ACH using your BoA account.
Send money abroad injust a few clicks
While the exact process you’ll follow to set up an account with Bank of America may vary a little based on the account you pick and your personal circ*mstances, it’s usually pretty straight forward.
You may even be able to get started right from your phone or laptop. Use this guide to help navigate the process — and see if you can save with Wise next time you’re sending money overseas.
Sources:
- Bank of America — account products
- Bank of America — account opening FAQ
- Bank of America personal fee schedule
- The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions
- Please see Terms of Use for your region or visit Wise for the most up to date pricing and fee information
Sources checked on 05.10.2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
