Bank of America will exchange foreign currency, but only at certain locations and with restrictions on which currencies they handle
Bank of America exchanges foreign currency at most of its branches, but the process is slower and more limited than you might expect. They do not exchange currency over the phone or online — you must visit a branch in person. The bank stocks only the most common currencies (euros, British pounds, Canadian dollars, Japanese yen, Mexican pesos, and a few others), so if you need something less common, they may have to order it, which takes several business days.
The exchange rate Bank of America offers is not the mid-market rate you see online. They add a markup — typically 2 to 3 percent above the rate they pay for the same currency themselves. This means you will receive less foreign currency per dollar than the headline rate, or pay more dollars per unit of foreign currency if you are buying. The exact markup varies by currency and changes daily.
You do not need to be a Bank of America customer to exchange currency at a branch, but you will need a valid government-issued ID. Some branches require advance notice if you want to exchange large amounts (usually over $10,000), so calling ahead is wise.
Key Takeaways
- Bank of America exchanges currency only in person at a branch, not online or by phone, and you must bring a valid government ID.
- The bank stocks common currencies like euros, pounds, and yen, but less common currencies must be ordered and take several business days to arrive.
- Bank of America's exchange rate includes a 2 to 3 percent markup above the mid-market rate, so you receive less currency per dollar than online rates show.
- Large exchanges (typically over $10,000) may require advance notice, so call your branch before visiting.
Which currencies Bank of America keeps in stock
Bank of America regularly stocks these currencies at most branches: euros (EUR), British pounds (GBP), Canadian dollars (CAD), Japanese yen (JPY), Mexican pesos (MXN), Swiss francs (CHF), Australian dollars (AUD), and New Zealand dollars (NZD). A few branches in major cities also carry Hong Kong dollars, Singapore dollars, and Indian rupees, but availability varies.
If you need a currency not on this list — Thai baht, Philippine pesos, South African rand, or dozens of others — the branch can order it. The order typically arrives within 3 to 5 business days, though some currencies take longer. You will pay the same markup on ordered currency as on stock currency, and you must pick it up in person once it arrives. The branch will call you when it is ready.
Before you visit, call your local branch and ask whether they have the currency you need in stock. This saves a wasted trip and lets you know immediately whether you will need to wait for an order.
How the exchange rate and fees work
Bank of America publishes its exchange rates daily on its website, but those rates include the bank's markup. When you exchange $1,000 for euros at a rate of 0.92 euros per dollar, you do not receive $1,000 × 0.92 = 920 euros. The markup means you receive less — typically around 890 to 895 euros, depending on the day and the currency.
The bank does not charge a separate transaction fee for currency exchange. The markup is how they make money on the transaction. If you exchange a small amount (under $100), the dollar impact of the markup is small. If you exchange $5,000 or more, the markup can cost you $100 to $150 or more.
Bank of America's markup is typical for brick-and-mortar banks. Online currency exchange services and airport exchanges often charge higher markups (3 to 5 percent or more), though some online services charge lower markups if you order in advance. For large amounts, comparing rates across a few providers before you exchange can save real money.
What to bring and how long it takes
Bring a valid government-issued photo ID — a passport, driver's license, or state ID card. If you are not a Bank of America customer, you still do not need an account; the ID is for verification only. Bring the cash or debit card you plan to use to pay for the currency.
The exchange itself takes 10 to 15 minutes if the currency is in stock. The teller will count the cash, confirm the rate with you, process the transaction, and count out your foreign currency. If you are ordering a currency that is not in stock, the initial visit takes 5 minutes — you place the order, pay, and leave. You return to pick it up once the branch calls you.
If you are exchanging a very large amount (typically $10,000 or more), the branch may ask you to come back another day or may need to verify the source of the funds for compliance reasons. Call ahead if you plan a large exchange.
Alternatives if Bank of America does not have what you need
If the currency you need is rare or if Bank of America's markup is too high, you have other options. Online currency exchange services like XE, OANDA, or OFX let you order currency online and pick it up at a local branch or have it mailed to you. Many offer lower markups than banks, especially if you order several days in advance. The tradeoff is that delivery takes longer and you cannot exchange currency the same day.
Airport currency exchanges are open 24 hours and stock many currencies, but their markups are typically 3 to 5 percent — higher than Bank of America. Use them only if you need currency immediately and have no other option.
Credit unions sometimes offer currency exchange to members at rates similar to Bank of America. If you belong to a credit union, ask whether they exchange currency before you visit a Bank of America branch.
International wire transfers are an option if you need to send money abroad rather than carry physical currency. Bank of America charges a wire fee (typically $15 to $45 depending on the destination country) and applies an exchange rate markup, but the money arrives in the recipient's account within 1 to 3 business days. This is often cheaper than exchanging large amounts of physical currency.
What happens if you need currency after hours or on weekends
Bank of America branches are closed on weekends and evenings, so if you need currency outside business hours, you have limited options. Some airports have 24-hour currency exchanges, though the rates are worse than Bank of America's. A few Bank of America branches in major cities have extended hours (open until 7 or 8 p.m. on weekdays), so check your local branch's schedule.
If you know you will need currency on a weekend or evening, order it from Bank of America during the week and pick it up before the branch closes. If you are leaving for a trip and realize you need currency after hours, an airport exchange is your only choice, even though the markup is higher.
Frequently Asked Questions
Can I exchange currency at a Bank of America ATM?
No. Bank of America ATMs dispense only US dollars. You must visit a branch in person to exchange foreign currency. Some international ATMs abroad will dispense local currency if you use a Bank of America debit card, but that is a withdrawal, not an exchange.
Do I need to be a Bank of America customer to exchange currency?
No. Anyone with a valid government ID can exchange currency at a Bank of America branch, whether or not they have an account. You will need to pay with cash or a debit card from any bank.
What if the branch does not have the currency I need?
The branch can order it, and it usually arrives within 3 to 5 business days. You will pay the same exchange rate markup as if the currency were in stock. Call the branch first to confirm they can order it and to ask how long it will take.
Is Bank of America's exchange rate better or worse than other banks?
Bank of America's markup (2 to 3 percent) is typical for traditional banks. Online currency services often offer lower markups if you order in advance, but airport exchanges charge more. For small amounts, the difference is minimal; for $5,000 or more, comparing rates across providers can save money.
Can I exchange currency online through Bank of America's website?
No. Bank of America does not offer online currency exchange. You must visit a branch in person. Some online currency services let you order through their website and pick up at a location, but Bank of America itself does not offer this service.