Yes, Bank of America exchanges currency, but availability and rates vary by branch and location

Bank of America does offer currency exchange at most branches, but the service is not uniform across all locations. Some branches stock a wider range of currencies than others, and smaller or rural branches may not carry foreign cash at all. You will need to call your specific branch ahead of time to confirm they have the currency you need in stock, because ordering it can take several business days.

The exchange rate you receive is not the mid-market rate you see online. Bank of America applies a markup to the rate—typically 1% to 2% above the wholesale rate—which is how they profit on the transaction. This markup is standard across the banking industry, but it means you will always pay more than the theoretical "real" rate. The exact markup varies and is not published in advance, so you cannot comparison-shop before you arrive.

You do not need to be a Bank of America customer to exchange currency at a branch, though having an account may streamline the process. Bring your passport or government-issued ID, the cash you want to exchange (in U.S. dollars), and be prepared to wait 10 to 20 minutes for the transaction to complete.

Key Takeaways

  • Call your local Bank of America branch before you go to confirm they stock the currency you need and have it available that day.
  • Bank of America's exchange rate includes a markup of roughly 1% to 2% above the mid-market rate, so you will pay more than online rates show.
  • You can exchange currency without a Bank of America account, but you must bring a passport or government ID.
  • If your branch does not have the currency in stock, you can order it, but delivery typically takes three to five business days.
  • Exchanging currency at a bank is slower and more expensive than using an ATM abroad or a currency specialist, but it is safer than exchanging cash on the street.

What currencies Bank of America stocks and how to check availability

Bank of America keeps major currencies on hand at most branches: euros, British pounds, Canadian dollars, Japanese yen, Mexican pesos, and Australian dollars. Branches in major cities or near airports typically stock more options. If you need a less common currency—Thai baht, South African rand, or Philippine pesos, for example—your branch may not have it in stock and will need to order it.

To find out what your branch has available, call the branch directly and ask to speak with someone in the foreign exchange department. Do not rely on the main phone line; ask to be transferred. Have the currency name and the amount you want to exchange ready when you call. If they do not have it, ask whether they can order it and how long delivery will take. Most orders arrive within three to five business days, though this varies.

You can also visit a Bank of America branch in person and ask at the teller line, but calling first saves a trip. Some branches allow you to place an order over the phone and pick up the currency the next business day if they have a relationship with a currency supplier nearby.

How the exchange rate works and what you will actually pay

The mid-market rate is the rate banks use to trade currency with each other—it is the "real" rate you see on Google or XE.com. Bank of America does not offer you this rate. Instead, they quote you a retail rate that includes their markup, which typically ranges from 1% to 2% above the mid-market rate.

Here is a concrete example: if the mid-market rate for euros is 1.10 USD per euro, Bank of America might quote you 1.0878 USD per euro (roughly a 1% markup). If you exchange $1,000, you receive 918 euros instead of the 909 euros you would get at the mid-market rate. That difference—9 euros—is Bank of America's profit.

Bank of America does not publish their markup in advance, and it can shift based on market conditions and the specific currency. You will not know the exact rate until you ask at the branch or call ahead. Some branches will quote you over the phone; others will only quote you in person. If the rate seems high, you have the right to decline and try another method.

Ordering currency in advance if your branch does not have it

If your branch does not stock the currency you need, you can order it. The process is straightforward: call the branch, provide the currency name and amount, and they will place the order with their currency supplier. You will typically pay the same markup as you would for an in-stock currency, though the exact rate is locked in when you place the order, not when you pick it up.

Delivery usually takes three to five business days. Some branches can expedite orders for an additional fee—typically $15 to $25—which can reduce the wait to one or two business days. Ask about expedited options when you place the order. You will need to pick up the currency in person at the branch; they will not mail it to you.

If you are leaving soon and your branch cannot order in time, consider these alternatives: withdraw cash from an ATM in the country you are visiting (usually offers a better rate than exchanging before you go), use a currency specialist like Travelex or OFX if one is near you, or ask whether another Bank of America branch closer to an airport has the currency in stock.

What to bring and how long the transaction takes

Bring your passport or a government-issued ID (driver's license, state ID card, or military ID). Bank of America is required to verify your identity for currency exchange transactions over $3,000. For smaller amounts, they may still ask for ID, so bring it regardless.

Bring the U.S. dollars you want to exchange in cash or as a cashier's check. If you are exchanging a large amount, bring it in a secure form—a cashier's check or traveler's checks are safer than loose cash. Bank of America will count the cash or process the check, confirm the amount, calculate the exchange, and hand you the foreign currency. The whole process takes 10 to 20 minutes on average, longer if the branch is busy.

If you are a Bank of America customer, you can sometimes speed this up by calling ahead and having the teller prepare the transaction. Non-customers should expect to wait a bit longer because the teller will need to verify your ID more thoroughly.

When Bank of America currency exchange makes sense versus alternatives

Bank of America currency exchange is convenient if you live near a branch, need the currency before you travel, and want the security of a bank transaction. It is slower and more expensive than using an ATM abroad, which typically offers rates closer to mid-market with lower fees. However, if you are uncomfortable withdrawing large amounts of cash from an unfamiliar ATM or you need currency before you leave the country, a bank is a reasonable choice.

Currency specialists like Travelex, OFX, or local independent currency exchanges often offer better rates than banks because they have lower overhead and can negotiate better wholesale rates. If you have time to plan ahead and a specialist is near you, compare their rates to Bank of America's. For very large exchanges—$5,000 or more—the difference in rate can save you hundreds of dollars.

Using ATMs abroad is almost always cheaper than exchanging currency before you leave, even after accounting for ATM fees. Your bank's ATM fee is typically $2 to $5, and the exchange rate is usually within 1% of mid-market. If you are traveling for more than a few days, withdraw cash from an ATM in the destination country rather than exchanging at Bank of America.

What happens if you need to exchange currency back to dollars

Bank of America will exchange foreign currency back to U.S. dollars, but the same markup applies. If you have leftover euros or pounds when you return, you can bring them to any Bank of America branch and exchange them for dollars. The rate will again include Bank of America's markup, so you will lose money on the round-trip exchange.

For this reason, it is better to withdraw only what you need abroad and use a credit card for larger purchases. If you do have leftover foreign cash, you can also hold it for a future trip, exchange it at a currency specialist (which may offer a better rate than Bank of America), or donate it to a charity that works internationally.

Frequently Asked Questions

Do I need a Bank of America account to exchange currency?

No. You can exchange currency at any Bank of America branch without an account. You will need to bring a government-issued ID and the cash or check you want to exchange. Having an account may speed up the process slightly, but it is not required.

What is the maximum amount of currency I can exchange?

There is no hard limit set by Bank of America, but exchanges over $3,000 trigger additional identity verification. Very large exchanges may require the branch to order currency in advance. Call your branch to discuss large amounts before you arrive.

Can I exchange currency online or by mail?

Bank of America does not offer online currency exchange or mail-in orders. You must visit a branch in person to exchange currency. Some branches may allow you to place a phone order and pick up the currency the next business day, but this varies by location.

How do I know if Bank of America's rate is fair?

Call ahead and ask for the rate they are quoting for the currency you need. Compare it to the mid-market rate on Google or XE.com. If Bank of America's rate is more than 2% above mid-market, ask whether they can do better or consider using a currency specialist instead.

What if I exchange currency and then my travel plans change?

You can exchange the foreign currency back to dollars at any Bank of America branch, but you will lose money on the round-trip markup. If you have not yet exchanged the currency, cancel the order if you placed one in advance. If you have already exchanged it, holding the currency for a future trip or using a currency specialist to exchange it back may save you money.