Bank of America will exchange currency at most branches, but the rate, fees, and availability depend on the amount, the currency, and whether you are a customer

Bank of America exchanges foreign currency at branches that have a currency exchange desk. Not every branch carries every currency — common ones like euros, British pounds, Canadian dollars, Mexican pesos, and Japanese yen are usually available, but less common currencies may need to be ordered. You can exchange currency in person at a branch, and in most cases you can also order currency online or by phone for pickup at your branch.

The exchange rate Bank of America offers is not the same as the mid-market rate you see online. Banks add a markup to cover their costs and profit. The exact markup varies by currency and by the amount you are exchanging. Smaller exchanges typically have a higher percentage markup than larger ones. Bank of America customers may get a slightly better rate than non-customers, but the difference is usually small.

You will also pay a flat fee if you exchange currency at the counter. The fee varies — some branches charge nothing for small exchanges, while others charge $10 to $15 per transaction. If you order currency in advance, the fee may be waived or reduced. Call your branch directly to ask about their current fee structure before you exchange.

Key Takeaways

  • Bank of America exchanges currency at branches with a currency desk, but not all branches offer this service and not all branches stock all currencies.
  • The exchange rate includes a markup above the mid-market rate, and the markup is higher for smaller amounts and less common currencies.
  • You may pay a flat fee of $10 to $15 per transaction, though some branches waive the fee for small exchanges or advance orders.
  • Ordering currency in advance by phone or online often results in a better rate and lower fees than exchanging at the counter on the spot.
  • Non-customers can exchange currency at Bank of America, but customers may receive slightly better rates.

How to order currency in advance

Ordering currency before you travel usually saves money compared to exchanging at the counter. Call the branch where you want to pick up the currency and tell them the amount and the currency you need. They will quote you the rate and any fees, and you can decide whether to proceed. If you agree, they will hold the currency for you, usually for up to 30 days.

Some Bank of America branches allow you to order currency through their website or mobile app. Log in to your account, navigate to the currency exchange section, and enter the amount and currency you need. The system will show you the rate and fee before you confirm. You will then pick up the currency at your chosen branch, usually within one to three business days.

Ordering in advance gives the branch time to source the currency at a better wholesale rate, which is why the rate you receive is often better than the spot rate at the counter. You also avoid the rush of last-minute exchanges and the risk that the branch has run out of the currency you need.

What to bring when you exchange currency

Bring a valid government-issued photo ID — a driver's license, passport, or state ID card. If you are a Bank of America customer, bring your debit card or account number so they can verify your account and apply any customer benefits to your exchange.

Bring the cash you want to exchange in U.S. dollars, or bring the foreign currency you want to convert back to dollars. The bills should be in good condition — heavily damaged, torn, or marked bills may be refused. If you are exchanging a large amount, the branch may ask you to provide advance notice so they have enough cash on hand.

Comparing Bank of America to other currency exchange options

Bank of America's rates and fees are competitive for convenience, but they are not always the cheapest option. Airport currency exchanges typically charge higher markups and fees than banks, so avoid them if you can. ATMs abroad often offer better rates than any U.S. exchange service because they use the mid-market rate plus a small ATM fee — usually 1 to 3 percent total. If you are traveling, withdrawing cash from an ATM in the destination country often costs less than exchanging before you leave.

Online currency exchange services like OFX, Wise, or XE allow you to lock in a rate online and receive currency by mail or pick it up at a partner location. These services often have lower markups than banks for large amounts, but they may charge a flat fee and take longer to deliver. For amounts under $500, Bank of America's rate may be comparable or better.

Credit unions sometimes offer currency exchange to members at rates better than Bank of America, especially if you are a member. Call your credit union to ask whether they exchange currency and what their rates and fees are.

What happens if Bank of America does not have the currency you need

If your branch does not stock the currency you need, they can order it from another branch or from a currency supplier. This usually takes three to five business days. You will pay the same exchange rate and fees as if the currency were in stock, but you may have to wait longer to receive it.

If the currency is extremely rare or the amount is very large, the branch may not be able to order it at all. In that case, they will tell you and you can try an online currency exchange service or contact a currency dealer that specializes in rare or large exchanges.

Exchanging currency back to dollars when you return

Bank of America will exchange foreign currency back to U.S. dollars at the same branches where you exchanged it before you left. The rate will be different — it will reflect the current exchange rate at the time you return, not the rate from when you left. You will also pay the same flat fee as you did for the original exchange.

If you have a small amount of foreign currency left over, it may not be worth exchanging back because the fee will eat up most of the value. Some travelers donate leftover currency to charity, spend it on a future trip, or keep it as a souvenir.

Frequently Asked Questions

Do I need to be a Bank of America customer to exchange currency?

No. Bank of America exchanges currency for both customers and non-customers. However, customers may receive a slightly better exchange rate. Bring a valid photo ID either way.

What is the difference between the exchange rate Bank of America quotes and the rate I see online?

The rate you see online is usually the mid-market rate — the rate at which banks trade with each other. Bank of America adds a markup to that rate to cover their costs and profit. The markup is typically 1 to 3 percent, depending on the currency and the amount.

Can I exchange currency at any Bank of America branch?

Not every branch has a currency exchange desk. Call ahead or check the branch locator on Bank of America's website to confirm that your branch offers currency exchange. Large branches in cities and near airports are more likely to have a desk than small suburban branches.

How long does it take to exchange currency at the counter?

If the branch has the currency in stock, the exchange usually takes 10 to 15 minutes. If you ordered in advance, pickup takes just a few minutes. If the branch has to order the currency, it typically arrives within three to five business days.

Is it cheaper to exchange currency before I travel or after I return?

Exchanging before you travel is usually cheaper because you can order in advance and lock in a rate. Exchanging after you return costs the same in fees but the rate will be different — it reflects the current market rate, which may be better or worse than when you left. For most travelers, using an ATM abroad is the cheapest option overall.