BoA — preferred rewards program rewards H1B holders who consolidate accounts.
Bank of America vs TD Bank for H1B: Quick answer
BoA — preferred rewards program rewards H1B holders who consolidate accounts.
TD Bank — best for H1Bs in the Northeast. Extended hours, no minimum balance on some accounts.
Side-by-side comparison
| Feature | Bank of America | TD Bank |
|---|---|---|
| H1B account opening | ✅ Passport + visa | ✅ Passport + visa |
| Monthly fees | Varies (often waivable) | Varies |
| International wire fee | $25-$45/wire | $25-$45/wire |
| ATM network | Large | Large |
| HYSA rate | Low (check current) | Low (check current) |
| Mobile app rating | 4.5+ stars | 4.5+ stars |
| NRI/international support | Varies | Varies |
Opening an account as an H1B holder
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Both Bank of America and TD Bank allow H1B holders to open accounts with:
- Valid passport
- H1B visa (I-797 approval notice)
- US address (even a temporary hotel address for recent arrivals)
- SSN (or ITIN if SSN not yet issued)
International transfers to India
For sending money to India, neither Bank of America nor TD Bank should be your first choice. Bank wire rates are typically $25-45/wire + 3-5% exchange rate markup. Use Wise instead — typically saves $30-50 per $1,000 transfer.
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The H1B verdict
For H1B holders: use a big bank (Chase or BoA) for your paycheck, debit card access, and building a banking relationship. Keep a separate HYSA (SoFi, Ally, Marcus) for your savings at 4-5% APY — bank savings accounts pay 0.01%.
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