Nowadays, more and more mainland companies are developing in the U.S. market. Whether they are registering a company, studying abroad, or immigrating, they all need to open a U.S. bank account in the United States. However, opening an account in a U.S. bank is completely different from that in China. U.S. banks have stricter requirements and there are many types. Many customers don’t know how to choose.

In fact, there is a big difference between the two. Below, Xiaoyi will give you a recommendation on the similarities and differences between Bank of America and East West Bank.

Bank of America

Bank of America is the bank with the most customers choosing to open an account. One of the biggest advantages of opening an account at BOA is: whether it is a company or an individual account, you do not need to go there in person. to the United States. Moreover, in China, there is no need for video calls or face-to-face interviews. You only need to provide relevant information to apply.

If you want to manage money in the United States, BOA has a very good reputation in the United States for investment asset allocation. The Bank of America APP is also very easy to use and can support switching between multiple languages. It is the best APP that Xiaoyi has used among overseas banks. In addition, their ATMs have Chinese pages, which greatly facilitates Chinese friends doing business in the United States.

Advantages: There are many ATMs in the branch, services in six languages, open until 1 pm on Saturdays; no foreign exchange controls.

Disadvantages: Deposits are deposited slowly, the bank usually closes at 3pm, and there are many fines, handling fees, and hidden fees.

East West Bank

East West Bank, headquartered in California, mainly serves Chinese Americans. Its ATMs have the UnionPay logo and you can use Chinese bank debit cards to withdraw cash. The procedures are The fee is about US$3, and you can withdraw US$1,000 per day.

When opening an account at East West Bank, whether it is a company or an individual account, you do not need to go to the United States. However, you need to sign at the Huamei office in mainland China or verify the signature via WeChat video. (Recently, policies can be applied at home without signing.) You only need to provide information and can easily apply. Generally speaking, it is more convenient.

Advantages: You can apply at home, no signature required.

Disadvantages: No physical card (but you can entrust an agent to apply).