Best Banks in Massachusetts for Non-Residents in 2025

Best Banks in Massachusetts for Non-Residents in 2025

Massachusetts is home to a diverse banking landscape, offering various account options that cater to the needs of non-residents. Whether you're moving to the state for work, school, or other reasons, understanding the available banking options is essential. This article provides a comparative review of the best banks in Massachusetts for non-residents in 2025, focusing on eligibility, account types, fees, and alternatives.

Quick Summary

For non-residents looking to open a bank account in Massachusetts, several banks offer attractive options. Key players include Bank of America, TD Bank, and Eastern Bank. Each institution provides a range of accounts, including checking, savings, and specialized accounts. Fees, eligibility criteria, and account features vary, making it crucial to assess your needs before choosing a bank.

Eligibility & Requirements

Most banks in Massachusetts require non-residents to provide specific documentation when opening an account. Common requirements include:

- Identification: A government-issued photo ID (e.g., passport, driver's license).
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): Some banks may allow accounts without an SSN but will require an ITIN instead.
- Proof of Address: This could be a utility bill, lease agreement, or bank statement.
- Initial Deposit: Most banks require an initial deposit to open an account, which can range from $25 to $100 depending on the bank and account type.

It is advisable to check with the individual bank for any additional requirements.

Step-by-Step Opening Process

Opening a bank account in Massachusetts as a non-resident typically involves the following steps:

1. Research Banks: Compare different banks and account types based on your needs.
2. Gather Documentation: Collect the necessary identification and proof of address.
3. Visit a Branch or Apply Online: Depending on the bank, you may be able to open an account online. If you prefer in-person service, visit a local branch.
4. Complete the Application: Fill out the account application form, providing all required information.
5. Make Initial Deposit: Fund your account with the initial deposit required by the bank.
6. Receive Account Details: Once your account is approved, you will receive your account number, debit card, and any other relevant information.

Typical Fees & Timelines

Fees associated with bank accounts can vary significantly among banks and account types. Here are some typical fee ranges for common account types:

- Monthly Maintenance Fees: $0 to $15 (waivable under certain conditions such as maintaining a minimum balance).
- ATM Fees: $0 to $3 for using out-of-network ATMs; in-network ATM withdrawals are usually free.
- Overdraft Fees: $25 to $35 per occurrence, though some banks offer overdraft protection options.
- Wire Transfer Fees: $15 to $30 for domestic transfers; international wire fees can be higher, typically $30 to $50.
- Account Closing Fees: Some banks may charge a fee (typically $25) if you close your account within 90 days of opening.

Timelines for account opening can vary. Generally, if you apply online, you may receive approval within a few minutes, while in-branch applications may take longer, especially if additional verification is needed.

Always verify current fee structures with official bank sources, as they are subject to change.

Alternatives & Digital Banks

In addition to traditional banks, non-residents may consider alternative banking options, particularly digital banks. Digital banks such as Chime, Ally, and Revolut offer online-only banking services with competitive fees and user-friendly interfaces. Some advantages of digital banks include:

- No or Low Monthly Fees: Many digital banks have no monthly maintenance fees.
- Accessibility: Access your account from anywhere via mobile apps.
- Convenience: Features like early direct deposit and budgeting tools.

However, digital banks may not have physical branches, which can be a disadvantage for those who prefer in-person banking services.

FAQs

1. Can a non-resident open a bank account in Massachusetts?
Yes, non-residents can open bank accounts in Massachusetts, provided they meet the bank's requirements.

2. What documents do I need to open a bank account as a non-resident?
Typically, you'll need a government-issued ID, proof of address, and either an SSN or ITIN.

3. Are there any banks that do not require an SSN?
Some banks may allow you to open an account with an ITIN instead of an SSN, but this varies by institution.

4. How long does it take to open a bank account?
The process can take anywhere from a few minutes (online) to several hours (in-person), depending on verification requirements.

5. Are there fees associated with bank accounts?
Yes, most accounts have associated fees, which can vary widely. Always check with the bank for the most current fee schedule.

6. What should I do if I encounter issues with my account?
Contact the bank's customer service for assistance or visit a local branch for in-person support.

7. Can I access my account from outside the U.S.?
Most banks offer online banking services that allow you to access your account from anywhere with internet connectivity.

8. What are the advantages of using a digital bank?
Digital banks often have lower fees, convenient mobile access, and additional budgeting tools, but they lack physical branches.

Conclusion

Choosing the right bank in Massachusetts as a non-resident requires careful consideration of your banking needs, fee structures, and eligibility criteria. By comparing traditional and digital banking options, you can find an account that suits your lifestyle and financial goals.

Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles