Bank of America operates in multiple countries, but it is not a true international bank in the way that HSBC or Citibank are

Bank of America has a physical presence in about 35 countries and territories, but most of its business and infrastructure sits in the United States. The bank offers some international services—wire transfers, foreign exchange, accounts for non-US residents—but these are add-ons to a fundamentally domestic US bank. If you are a non-US resident or citizen looking for a bank that treats international operations as its core business, Bank of America is not that institution.

The distinction matters because it affects what services you can actually use, how much those services cost, and whether the bank will keep your account open if you move abroad. A true international bank builds its entire system around cross-border movement of money and customers in multiple countries. Bank of America built its system around US customers and US money, then added international features later.

Key Takeaways

  • Bank of America has offices in about 35 countries but operates primarily as a US bank, so international services are secondary to its main business.
  • Non-US residents can open accounts with Bank of America, but the process is slower and the account restrictions are tighter than for US citizens.
  • Wire transfers out of Bank of America to international accounts are possible but carry fees that vary by destination country and transfer amount.
  • If you move outside the US permanently, Bank of America may freeze or close your account, so you should plan for a backup bank in your new country.

What Bank of America actually offers to non-US residents

Bank of America does accept customers who are not US citizens or residents, but the bank requires more documentation and verification than it does for US-based customers. You will typically need a US address, a US phone number, and a US tax identification number or Individual Taxpayer Identification Number (ITIN). If you do not have these, opening an account becomes much harder or impossible.

Once you have an account, you can send and receive international wire transfers, exchange currency, and use the bank's online platform from abroad. However, Bank of America does not offer the same account features to international customers that it does to US residents. Some account types are restricted, and the bank may place holds on deposits or transactions if it flags them as higher-risk.

International wire transfers: how they work and what they cost

Bank of America charges a flat fee for outgoing international wire transfers, typically between $15 and $45 depending on whether the transfer goes to a Bank of America account in another country or to a third-party bank. The bank also charges a separate fee if you want to exchange currency as part of the transfer—this is usually a percentage of the amount converted, not a flat fee. The exact percentage varies by currency pair and changes daily.

Incoming international wire transfers to your Bank of America account are usually free, but the sending bank in the other country may charge a fee on their end. The transfer itself typically takes three to five business days, though this varies by destination country and the receiving bank's processing speed. If the receiving bank is in a country with less developed banking infrastructure, the transfer can take longer.

Bank of America also offers international money transfer services through its partnership with MoneyGram and other third-party providers, which may be cheaper than a wire transfer for smaller amounts. These services typically take one to three business days and charge lower fees, but they are not available to all countries and may have lower per-transaction limits.

Account restrictions and compliance requirements for non-US customers

Bank of America, like all US banks, must comply with anti-money-laundering regulations and sanctions laws. This means the bank regularly reviews accounts for suspicious activity and may freeze or close accounts without warning if it believes the account violates these rules. Non-US residents face higher scrutiny because the bank has less ability to verify their identity and source of funds.

The bank may ask you to provide documentation of your income, employment, or the source of deposits. If you cannot provide this documentation quickly, or if the bank is unsure about your answers, it may freeze your account pending investigation. This can take weeks or months to resolve, and the bank is not required to tell you the specific reason for the freeze.

If you move to a country that the US government has sanctions against, or if you become a citizen of such a country, Bank of America will likely close your account. The bank will give you notice and time to withdraw your funds, but it will not keep the account open.

Comparing Bank of America to actual international banks

True international banks like HSBC, Standard Chartered, and Citibank have major operations in dozens of countries and are designed to move money and customers across borders as their primary function. These banks offer accounts in multiple currencies, branches in multiple countries where you can conduct business in person, and services specifically built for expatriates and multinational companies.

Bank of America's international services exist to serve US customers who travel or do business abroad, not to serve non-US residents as their primary banking relationship. If you are a non-US resident planning to stay outside the US long-term, you will likely be better served by a bank in your home country or a true international bank with a presence there.

What happens to your Bank of America account if you move abroad permanently

Bank of America does not automatically close accounts when customers move abroad, but the bank may close your account if it determines that you no longer have a US address or if your account activity suggests you are no longer a US resident. Some customers have reported that the bank closed their accounts after they updated their address to a foreign country.

To keep your account open while living abroad, you should maintain a US address on file—this could be a family member's address, a mail forwarding service, or a virtual address service. You should also keep your account active by using it regularly for deposits or transfers. If you plan to move abroad permanently, contact Bank of America before you go and ask what steps you need to take to keep your account open.

Even if your account stays open, you may find that using it becomes inconvenient. Wire transfer fees add up, currency exchange rates are not competitive, and the bank's customer service may not be equipped to help with problems that arise from abroad. Many people who move abroad keep a Bank of America account for receiving US income or paying US bills, but open a local bank account in their new country for day-to-day banking.

Alternatives if Bank of America does not meet your needs

If you need a bank that is truly built for international customers, consider HSBC, which has branches in over 60 countries and offers accounts specifically for expatriates. Citibank also has a global presence and offers accounts for non-US residents in many countries. Both banks charge higher fees than Bank of America for basic services, but they are designed to handle the complexity of international banking.

If you are looking for lower-cost international transfers, fintech companies like Wise (formerly TransferWise), OFX, and Remitly offer competitive exchange rates and lower fees than traditional banks. These services do not offer checking or savings accounts, but they are excellent for sending money across borders regularly. Some of these services also offer debit cards that work internationally.

If you are moving to a specific country, opening a local bank account there is usually the cheapest and most practical option. Most countries allow non-residents to open accounts, though the process and requirements vary widely. A local bank will have no fees for domestic transfers, better exchange rates for currency conversion, and customer service in your local language.

Frequently Asked Questions

Can I open a Bank of America account if I do not live in the US?

Bank of America can open accounts for non-US residents, but you will need a US address, a US phone number, and a US tax ID or ITIN. The process is slower than for US residents and the bank may ask for additional documentation. If you cannot provide these items, the bank will likely decline your process.

How much does it cost to send money internationally from Bank of America?

Outgoing international wire transfers cost between $15 and $45 depending on the destination and whether the receiving bank is a Bank of America branch. Currency exchange fees are charged as a percentage of the amount converted, not a flat fee. Incoming transfers are usually free, though the sending bank may charge a fee on their end.

Will Bank of America close my account if I move abroad?

Bank of America may close your account if you update your address to a foreign country or if the bank determines you are no longer a US resident. To reduce this risk, keep a US address on file and use your account regularly. Contact the bank before you move to ask what steps you should take.

Is Bank of America better than local banks for international customers?

No. Local banks in your home country will have lower fees, better exchange rates, and customer service in your language. Bank of America is useful if you need to receive US income or pay US bills, but for day-to-day banking abroad, a local bank is almost always the better choice.

What is the difference between Bank of America and HSBC for international customers?

HSBC is a true international bank with major operations in over 60 countries and services designed for expatriates. Bank of America is a US bank with some international services added on. HSBC charges higher fees but offers more convenience if you move between countries frequently. Bank of America is cheaper if you only need occasional international transfers.