Bank of America does exchange foreign currency, but only at certain locations and with conditions that make it expensive for most transactions.

Bank of America offers currency exchange at some branches, but the service is limited. Not every branch does it — you have to call ahead or visit a location that handles international services. When they do exchange, the rates are significantly worse than what you would get from a currency broker or even an ATM abroad. The bank adds a markup to the mid-market rate, meaning you lose money on the conversion itself before any other fees apply.

If you need foreign currency before a trip, ordering it online through Bank of America's website is often faster than going to a branch. You can pick it up at a branch or have it mailed to you, though mailing takes several business days. The online ordering system shows you the exact rate before you commit, so you know what you are paying.

Key Takeaways

  • Bank of America exchanges currency at select branches only — call your branch first to confirm they offer the service and have the currency you need in stock.
  • The exchange rate includes a markup that is significantly higher than mid-market rates, making the service expensive compared to ATM withdrawals or currency brokers.
  • Ordering currency online through Bank of America's website lets you see the rate before you pay and pick it up at a branch or receive it by mail.
  • For trips abroad, withdrawing cash from an ATM in the destination country usually costs less than exchanging money before you leave.
  • Bank of America charges a flat fee or percentage fee on top of the unfavorable exchange rate, depending on the currency and amount.

Which Bank of America locations exchange currency

Currency exchange is not available at every Bank of America branch. Larger branches in major cities and near airports are more likely to have it, but you cannot assume yours does. Call your branch directly and ask whether they exchange the specific currency you need. Some branches keep only common currencies like euros, British pounds, and Canadian dollars in stock. If you need a less common currency, the branch may have to order it, which takes several business days.

Bank of America's website has a branch locator that shows which locations offer currency exchange services. You can search by zip code or city, then call the branch to confirm they have your currency in stock before you go. This step saves you a wasted trip.

How the exchange rate works and what it costs you

Bank of America's exchange rate is not the real market rate. The real rate — called the mid-market rate — is what banks pay each other. Bank of America adds a markup on top of that rate, typically 2 to 3 percent or more, depending on the currency. This markup is how the bank makes money on the transaction. You do not see this markup listed separately; it is built into the rate they quote you.

On top of the unfavorable rate, Bank of America may charge a flat fee or a percentage fee. The fee structure varies by currency and by whether you are exchanging a large or small amount. A $500 exchange might cost you $15 to $25 in combined markup and fees. A $2,000 exchange might cost $40 to $80. These are rough ranges — the exact cost depends on the currency and the current market conditions.

To see what you will actually pay, use Bank of America's online currency converter or call the branch and ask for a quote on the specific amount and currency you need. Write down the rate they give you, then compare it to the mid-market rate on a site like XE.com or OANDA to see how much the markup is costing you.

Ordering currency online and picking it up

Bank of America lets you order foreign currency through its website without visiting a branch first. You log into your account, go to the currency exchange section, select the currency and amount, and see the rate before you pay. The system shows you the exact cost, including any fees. Once you confirm, you can pick the currency up at a branch within a few business days, or have it mailed to your address.

Mailing takes longer — usually 5 to 7 business days — so if your trip is coming up soon, branch pickup is faster. The online system also locks in the rate at the time you order, so you know exactly what you are paying even if the market rate changes before you pick it up.

When ATM withdrawals abroad are cheaper

For most people, withdrawing cash from an ATM in the country you are visiting costs less than exchanging money before you leave. Here is why: ATMs use the mid-market rate or close to it, and the fee is usually $2 to $5 per withdrawal. Bank of America's exchange markup and fees often exceed that, especially on smaller amounts.

If you are traveling to a country with reliable ATM access, withdraw a small amount of local currency at the airport ATM when you land. This gives you cash for immediate expenses without paying Bank of America's markup. Use a credit card for larger purchases, since credit cards also use better rates than currency exchange counters.

ATM withdrawals make less sense if you are traveling to a remote area with few ATMs, or if your bank charges very high foreign ATM fees. Check your account terms before you travel to see what Bank of America charges for out-of-network ATM withdrawals abroad.

Exchanging currency after you return home

If you come back from a trip with leftover foreign currency, Bank of America will exchange it back to dollars, but again at an unfavorable rate with a markup. The same rules apply: not all branches do it, the rate includes a markup, and fees apply. Many people find it simpler to keep leftover currency for the next trip or donate it to charity.

If you have a large amount of foreign currency left over, it may be worth shopping around. Some currency brokers or specialty exchange services offer better rates than Bank of America, especially on larger amounts. Call a few places and get quotes before you decide.

Alternatives to Bank of America currency exchange

Several options beat Bank of America's rates for most transactions. ATM withdrawals abroad, as mentioned, usually cost less. Credit cards used for purchases abroad also use better rates than currency exchange. If you need cash before you travel, a currency broker like XE or OFX often offers rates closer to mid-market, with lower fees than a bank.

Some credit unions also exchange currency, and their rates may be better than Bank of America's. If you are a member of a credit union, call and ask what they charge. Specialty currency exchange shops exist in some cities, but their rates vary widely — get a quote before you commit.

For very large amounts or frequent international transfers, a service like Wise (formerly TransferWise) offers mid-market rates with a small, transparent fee. These services are designed for moving money between countries, not for getting cash before a trip, but they are worth knowing about if you travel often.

Frequently Asked Questions

Can I exchange currency at any Bank of America ATM?

No. ATMs dispense only U.S. dollars. You must visit a branch that offers currency exchange services. Call ahead to confirm the branch has the currency you need and that they are open when you plan to visit.

How long does it take to get foreign currency from Bank of America?

If you order online and pick up at a branch, it usually takes 2 to 3 business days. If you have it mailed, add 5 to 7 business days. If you visit a branch in person and they have the currency in stock, you can get it the same day, but this is only possible at larger branches.

What if Bank of America does not have the currency I need?

The branch can order it, but this takes several business days. If your trip is soon, a currency broker or specialty exchange shop may be faster. Call around to see who has it in stock and what they charge.

Is the exchange rate better if I order online versus going to a branch?

The rate is the same either way — Bank of America uses the same markup and fees whether you order online or in person. The advantage of ordering online is that you see the exact rate and cost before you pay, and you can compare it to other options.

Can I use my Bank of America debit card to get cash abroad instead of exchanging currency?

Yes, and for most people this is cheaper. Withdraw cash from an ATM in the country you are visiting. You will pay a foreign ATM fee (usually $2 to $5) and the ATM's exchange rate, which is better than Bank of America's currency exchange markup. Check your account terms to see what Bank of America charges for foreign ATM withdrawals.