Not every bank exchanges currency, and the ones that do charge fees that vary widely
Most large national banks—Chase, Bank of America, Wells Fargo, Citibank—will exchange foreign currency, but only at certain branches, usually in major cities or near airports. Smaller regional banks and credit unions often do not offer this service at all, or only for customers with accounts there. Before you go to a branch, call ahead to confirm they have the currency you need in stock and ask what their exchange rate and fees are. Many banks require you to order currency in advance, especially for less common denominations or countries.
The exchange rate a bank gives you is almost always worse than the mid-market rate you see online. Banks buy currency wholesale at one price and sell it to you at a higher price—that markup is how they make money on the transaction. On top of that, many banks charge a flat fee per transaction (typically $5 to $15) or a percentage fee (usually 1 to 3 percent of the amount you exchange). A few banks waive fees for customers with premium accounts, but the exchange rate markup remains.
If you need currency before a trip, ordering it in advance usually costs less than buying it on the day you leave. Some banks let you order online and pick up at a branch within a few business days. Others require you to call or visit in person. If you need currency urgently and your bank does not have it, you may have to pay a rush fee or use a currency exchange service instead, which often charges even more.
Key Takeaways
- Large national banks exchange currency at select branches, but you should call first to confirm they have the currency you need and ask about their fees.
- Banks charge both an exchange rate markup and often a flat or percentage fee, making their rates significantly worse than the mid-market rate.
- Ordering currency in advance is usually cheaper than buying it the day you need it, and many banks let you order online for branch pickup.
- Credit unions and smaller regional banks may not exchange currency at all, so check with your bank before assuming they offer this service.
- If your bank does not have the currency or charges too much, currency exchange services and some travel companies offer alternatives, though they may also charge fees.
How to learn about your bank exchanges currency
Start by calling the customer service number on the back of your debit or credit card. Tell them you need to exchange currency and ask which branches near you offer that service. If you bank with a large national chain, the answer is usually yes at major branches, but you still need to confirm they have the specific currency you need. Some branches stock only the most common currencies—euros, British pounds, Canadian dollars, Japanese yen, Mexican pesos—and may not have others without advance notice.
If you have a credit union account, ask whether they exchange currency themselves or partner with another institution to do it. Many credit unions do not, but some belong to a shared branching network that may offer the service. If your bank does not exchange currency, ask if they can order it from a partner bank or currency exchange service and have it delivered to your branch.
What information and documents you need to bring
To exchange currency at a bank, you will need a valid government-issued photo ID—a driver's license, passport, or state ID card. Bring the ID even if you have an account at that bank; banks are required to verify your identity for currency transactions. You will also need the cash or a debit card to pay for the currency you are buying. Most banks do not accept credit cards for currency exchange because the transaction is considered a cash advance, which carries higher fees and interest rates.
If you are ordering currency in advance, the bank may ask for your account number and the amount and type of currency you need. Some banks require you to pay when you order; others let you pay when you pick it up. Ask whether they need advance notice and how long it takes to get the currency in stock—this is usually two to five business days, but can be longer for less common currencies or during peak travel seasons.
Exchange rates and fees: what to expect
The mid-market exchange rate is the rate banks use to trade currency with each other wholesale. You can find it free on sites like XE.com or OANDA. The rate your bank quotes you will be lower—meaning you get fewer foreign currency units for your dollar. The difference between the mid-market rate and the bank's rate is called the spread, and it is how the bank profits. Spreads typically range from 1 to 3 percent, though some banks charge more.
On top of the spread, banks often charge a transaction fee. This might be a flat fee ($5 to $15) or a percentage of the amount you exchange (1 to 2 percent). A few banks waive fees for customers with premium checking or savings accounts, but the spread remains. To compare costs, ask the bank for the total amount of foreign currency you will receive for a specific dollar amount—do not just compare the exchange rate alone.
Currency exchange services and travel companies sometimes offer better rates than banks, especially if you are exchanging a large amount. However, they also charge fees, and their rates vary. If you are exchanging more than a few hundred dollars, it is worth calling two or three places to compare the total cost, not just the exchange rate.
Ordering currency in advance versus buying on the spot
Ordering currency before your trip usually costs less than buying it the day you leave. When you order in advance, the bank has time to source the currency at wholesale rates and pass some of that savings to you. When you need it urgently, the bank may charge a rush fee or quote you a worse rate because they have less time to find it. Some branches keep only small amounts of foreign currency on hand and may not have what you need without advance notice.
To order, call the branch or log into your online banking account and look for a currency order option. You will need to specify the currency, the amount, and when you want to pick it up. Most banks require at least two to three business days' notice, though some can turn around an order in 24 hours if you pay a rush fee. Ask whether you can order online and pick up in person, or whether you have to call or visit the branch.
If you are traveling internationally and need currency after you arrive, using an ATM in the foreign country often gives you a better exchange rate than buying currency before you leave—though your bank may charge a foreign ATM fee. Compare the cost of ordering currency now against the cost of using an ATM abroad to decide which is cheaper for your situation.
Alternatives if your bank does not exchange currency
If your bank does not offer currency exchange, you have several options. Some banks will order currency from a partner institution and have it delivered to your branch—ask whether they offer this and what it costs. Currency exchange services like Travelex or local money changers often have more currencies in stock than banks and may have faster turnaround times, but their fees and rates vary widely. Call ahead to compare.
Travel companies like AAA sometimes exchange currency for members at competitive rates. Online currency delivery services like OFX or Wise let you order currency online and have it mailed to you or pick it up at a partner location, though shipping adds time and cost. If you are leaving soon and your options are limited, using an ATM in the destination country when you arrive may be your cheapest choice, even with the foreign ATM fee.
Credit card companies sometimes offer better exchange rates than banks when you use the card abroad, though you will pay interest if you carry a balance. Before your trip, check your card's foreign transaction fee (many charge 1 to 3 percent) and compare that against the cost of exchanging currency at your bank or elsewhere.
What happens if you need currency after hours or on a weekend
Bank branches are closed outside business hours and on weekends, so you cannot exchange currency then. If you need currency urgently and it is after hours, your options are limited. Some airports have currency exchange kiosks that are open 24 hours, but their rates are typically worse than banks and their fees are higher. If you are leaving early in the morning, order currency the day before and pick it up before you leave, or plan to use an ATM at the airport or in your destination country.
If you are traveling and realize you need more currency than you have, using an ATM in the destination country is usually faster and cheaper than trying to find a currency exchange service. Most ATMs abroad accept US debit cards and give you the mid-market rate plus a foreign ATM fee, which is often less than what a currency exchange service would charge.
Frequently Asked Questions
Do I need to be a customer of the bank to exchange currency there?
Most banks will exchange currency for non-customers, but some require you to have an account with them. Call ahead to ask. If you are a customer, you may get a slightly better rate or waived fees, depending on your account type. Bring your ID either way.
What if the bank does not have the currency I need?
Ask if they can order it from another bank or a currency exchange service. Most banks can do this within two to five business days. If you need it faster, a local currency exchange service or travel company may have it in stock, though you will likely pay more. Using an ATM in the destination country is another option if you are already traveling.
Is it cheaper to exchange currency at the airport?
Airport currency exchange kiosks typically charge higher fees and offer worse rates than banks, so exchanging at your bank before you leave is usually cheaper. However, if you did not plan ahead and need currency urgently, the airport kiosk may be your only option. Compare the total cost before deciding.
Can I exchange currency at an ATM?
ATMs do not exchange currency—they dispense cash in the local currency of the country where the ATM is located. When you use a US debit card at an ATM abroad, your bank converts the withdrawal to dollars at the mid-market rate and charges a foreign ATM fee, usually $2 to $5. This is often cheaper than exchanging currency before you leave.
What should I do with leftover foreign currency when I return?
You can exchange it back at your bank, though you will pay the spread and fees again, which means you lose money on the round trip. If the amount is small, it may not be worth exchanging. Some travelers keep leftover currency for the next trip or donate it to charity. A few banks let you keep a foreign currency account and hold the money until your next trip, though this is uncommon.