Not every bank will exchange foreign currency, and the ones that do often charge more than you expect

Most large banks offer currency exchange, but many smaller banks and credit unions do not. Even if your bank does exchange money, they may require you to order it in advance, charge a markup on the exchange rate, and limit how much you can exchange at once. If you need cash in another currency before a trip or after returning home, you have several routes: your own bank, a currency exchange shop, an airport kiosk, or an ATM in the destination country. Each has different costs and timing.

The answer depends on your bank's size and location. National banks like Chase, Bank of America, and Wells Fargo exchange currency at most branches. Regional banks and credit unions often do not, or they order it from a partner bank and charge you for the service. Before you assume your bank can help, call their customer service line or visit a branch to ask.

Key Takeaways

  • Large national banks like Chase, Bank of America, and Wells Fargo exchange currency, but smaller regional banks and most credit unions do not.
  • Banks typically charge a markup of 1 to 3 percent above the mid-market rate, plus a flat fee of $5 to $15 per transaction.
  • Ordering currency in advance (usually 7 to 10 business days) costs less than buying it same-day at a branch.
  • Airport kiosks and hotel exchanges charge the highest markups; ATMs in the destination country usually offer the best rates.
  • You will need a valid ID and sometimes proof of travel plans to exchange large amounts.

Which banks exchange currency and what it costs

Call your bank's customer service line or visit a branch to ask whether they offer foreign exchange. If they do, ask whether they keep currency in stock or require an order. Banks that keep inventory can exchange money same-day, but those that order it in will need 7 to 10 business days. Ordering ahead almost always costs less because the bank locks in a rate and avoids rush fees.

The cost of exchange varies by bank and currency. Most banks charge a markup — a percentage added to the mid-market rate (the rate you see on financial news sites) — plus a flat fee. A typical exchange might cost you 2 to 3 percent above mid-market, plus $5 to $15. If you are exchanging $1,000, that could mean $20 to $45 in fees. Some banks waive the flat fee if you order in advance or if you are a premium account holder.

Credit unions sometimes offer better rates than banks, but only to members. If you belong to a credit union, ask whether they exchange currency and what their markup is. Many credit unions use shared branching networks, which means you may be able to order currency through a partner branch even if your own branch does not stock it.

How to order currency from your bank

Call your bank's main customer service number or visit a branch in person. Have your account number ready and tell them the currency you need, the amount, and when you need it. The bank will quote you a rate and a total cost, including fees. If you agree, they will place the order.

Most banks require 7 to 10 business days for delivery. If you need it faster, ask whether they can expedite — some banks will do same-day or next-day for an extra fee. When the currency arrives, you will pick it up at your branch with a valid ID. Some banks mail it to you, but that adds time and risk.

For large amounts — typically $10,000 or more — banks may ask for proof of the reason (a plane ticket, hotel booking, or letter stating the purpose). This is a federal reporting requirement, not the bank being cautious. You do not need to provide this for smaller exchanges.

Currency exchange shops and airport kiosks

Independent currency exchange shops exist in most cities and charge higher markups than banks — usually 3 to 5 percent above mid-market, plus a flat fee. They do exchange money same-day and do not require advance notice, which is their only advantage. Use them only if you need currency urgently and your bank cannot deliver in time.

Airport kiosks are the most expensive option. They charge 5 to 10 percent markups because they know travelers are desperate and have few alternatives. If you must use an airport kiosk, exchange only what you need for the first day or two — enough to get a taxi and buy a meal. Wait to exchange the rest at a local bank or ATM in your destination country.

Using ATMs and local banks abroad

The cheapest way to get foreign currency is usually to withdraw cash from an ATM in the destination country using your debit card. ATMs charge a flat fee (typically $2 to $5 per withdrawal) but offer exchange rates very close to mid-market. If you withdraw $500, you might pay $3 to $5 in fees instead of $15 to $25 at a bank or $50 to $100 at an airport kiosk.

Before you travel, tell your bank you will be using your card abroad. Many banks flag foreign transactions as fraud if they are not expecting them, which can freeze your account. Ask your bank whether they have a partner network in your destination country — some banks waive ATM fees if you use partner machines.

If you arrive without cash and cannot find an ATM, ask your hotel or a local bank to exchange money. Local banks charge less than tourist-facing shops because they are not targeting travelers. Bring your passport and be prepared to show it.

What to bring when you exchange money

You will always need a valid photo ID — a driver's license, passport, or state ID card. For amounts under $3,000, that is usually all banks ask for. For larger amounts, have a plane ticket, hotel booking, or travel itinerary ready. If you are exchanging money for someone else, bring a letter from that person authorizing the exchange, along with their ID.

Bring your account number if you are exchanging at your own bank. If you are using a currency exchange shop or airport kiosk, bring cash or a credit card — they accept both. Do not carry large amounts of cash to the exchange location; use a bank transfer or debit card to pay if possible.

Exchanging money when you return home

If you come home with leftover foreign currency, you can exchange it back at your bank, a currency exchange shop, or an airport kiosk. Banks charge the same markup and fees as they do for outbound exchange. You will get less than you paid because the rate has likely moved, and you will pay fees again.

For small amounts — under $100 — the fees often exceed what you will get back. In that case, keep the currency for a future trip or donate it to charity. Some charities accept foreign currency donations and use them for international programs.

Frequently Asked Questions

Can I exchange money at any branch of my bank?

Not always. Large banks have currency exchange at major branches but not at every location. Call ahead or check your bank's website to find a branch that stocks the currency you need. If your branch does not have it, they can order it and you can pick it up there.

What is the difference between the mid-market rate and what my bank quotes?

The mid-market rate is what banks pay each other for currency and is the "true" rate. Your bank adds a markup (1 to 3 percent) and a flat fee to make money on the exchange. You will never get the mid-market rate as a customer; the markup is how the bank covers its costs and profit.

Do I need to exchange money before I travel?

No. Withdrawing cash from an ATM in your destination country is usually cheaper and easier. Exchange money before you travel only if you want to arrive with cash in hand or if you are going somewhere with few ATMs.

Will my bank freeze my account if I use my card abroad?

It might, if you do not tell them first. Call your bank before you travel and let them know the dates and countries you will visit. This prevents fraud alerts from blocking your card.

Can I exchange cryptocurrency or traveler's checks at a bank?

Most banks no longer exchange traveler's checks; they are outdated. Some banks will exchange them, but you will need to ask. Banks do not exchange cryptocurrency; you need a crypto exchange platform for that.