Yes, Bank of America exchanges foreign currency, but only at certain locations and with restrictions

Bank of America does exchange foreign currency for customers, but the process is not available at every branch. You can exchange currency at most Bank of America locations, though some smaller branches do not offer the service. The bank charges a conversion fee on top of the exchange rate, and the exact rate and fee depend on the currency, the amount, and current market conditions.

If you have a Bank of America account, you can exchange currency in person at a branch that offers the service. If you do not have an account, some branches will still exchange currency for you, though policies vary by location. The best approach is to call your local branch directly or visit in person to confirm they handle foreign currency exchanges and to ask about their current rates and fees.

Key Takeaways

  • Bank of America exchanges foreign currency at most branches, but not all locations offer this service—call ahead to confirm.
  • The bank charges a conversion fee on top of the exchange rate, and both the rate and fee vary depending on the currency and amount.
  • You can exchange currency in person at a branch, and account holders may have access to better rates than non-customers.
  • For large amounts or less common currencies, Bank of America may need to order the currency, which can take several business days.
  • Other options like currency exchange services, credit unions, and online currency brokers may offer better rates for some transactions.

What currencies Bank of America will exchange

Bank of America exchanges the major world currencies, including euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, Australian dollars, and Mexican pesos. The bank also exchanges many other currencies, though availability depends on the branch and the specific currency.

If you need a currency that is not commonly traded, your branch may need to order it from a central location, which typically takes three to five business days. Some very small or unstable currencies may not be available at all. Call your branch with the name of the currency you need and ask whether they can order it and how long the process takes.

How the exchange rate and fees work

Bank of America does not set the exchange rate you receive—that rate comes from the wholesale market and changes throughout the day. However, the bank applies a markup to the wholesale rate, meaning you receive fewer units of foreign currency than the true market rate would give you. This markup is how the bank makes money on the exchange.

The exact markup varies by currency and by the amount you are exchanging. Larger amounts sometimes receive a smaller markup than small exchanges. Bank of America does not publish its markups in advance, so you will need to ask your branch for a quote before you commit to the exchange. The branch can tell you the rate they will give you and the total amount of foreign currency you will receive.

Some Bank of America accounts, particularly premium checking and investment accounts, may offer better exchange rates than standard accounts or non-customers. Ask your branch whether your account type qualifies for a better rate.

How to exchange currency at a Bank of America branch

Visit a Bank of America branch during business hours with your passport or government-issued ID and the US dollars you want to exchange. Tell the teller which currency you need and how much. The teller will quote you the rate and the total amount of foreign currency you will receive. If you agree, the teller will process the exchange on the spot.

If the branch does not have the currency in stock, they can order it for you. You will typically need to return to the branch in three to five business days to pick up the currency and complete the exchange. Some branches may ask you to pay a small order fee for currencies they have to bring in from another location.

Bring more cash than you think you need, because you may want to exchange additional funds once you see the rate. If you are exchanging a large amount—typically more than $10,000—the branch may ask you to provide advance notice so they can have enough currency on hand.

When to exchange currency before you travel

Exchange currency a few days before you travel, not the day before or the day of your trip. This gives the branch time to order the currency if they do not have it in stock, and it prevents you from being stuck without the money you need if the branch runs out.

However, do not exchange all your money at once before you leave. Exchange enough to cover your first few days—hotels, meals, transportation—and then exchange more once you arrive at your destination. Exchange rates at your destination may be better or worse than the rate at Bank of America, and you will have a clearer sense of how much you actually need once you are there.

Alternatives to Bank of America for currency exchange

Bank of America's exchange rates and fees are not always the best available. Before you exchange at a Bank of America branch, compare rates at other sources. Credit unions often offer better rates than banks, and some credit unions exchange currency for non-members. Online currency brokers like OFX, Wise, and XE allow you to lock in a rate online and pick up currency at a local location or have it delivered.

Currency exchange shops in your city may also offer competitive rates, particularly if you are exchanging a currency that is common in your area. However, some exchange shops charge high fees, so ask for the total cost before you commit. Airport currency exchanges are almost always the most expensive option and should be your last resort.

If you are traveling internationally and will be using a debit or credit card, you may not need to exchange much cash at all. Many merchants abroad accept cards, and your bank's ATM network may allow you to withdraw cash in the local currency at a reasonable rate. Check with your bank about international ATM fees and foreign transaction fees before you travel.

What to do if you need currency after hours or on a weekend

Bank of America branches are closed on evenings and weekends, so if you need currency outside business hours, you have limited options. Some Bank of America ATMs dispense foreign currency in select cities, though this service is not widely available. Call your local branch to ask whether any nearby ATMs offer this service.

If no ATM near you dispenses foreign currency, your options are to wait until the branch reopens or to use an alternative like an online currency broker that offers same-day or next-day delivery. Some currency exchange shops stay open later than banks, though their rates are typically higher.

Frequently Asked Questions

Does Bank of America charge a fee to exchange currency?

Bank of America does not charge a separate fee, but it applies a markup to the exchange rate, which is how it makes money on the transaction. The markup varies by currency and amount. Ask your branch for a quote that shows the exact rate and total amount of foreign currency you will receive.

Can I exchange currency if I don't have a Bank of America account?

Yes, most Bank of America branches will exchange currency for non-customers, though some smaller branches may not. Call ahead to confirm. Non-customers may receive a less favorable rate than account holders, and some branches may have restrictions on the amount non-customers can exchange.

How long does it take to exchange currency at Bank of America?

If the branch has the currency in stock, the exchange takes about 10 to 15 minutes. If the branch needs to order the currency, it typically takes three to five business days. Call your branch with the currency you need to find out whether they have it available.

What if I exchange currency and then don't use it?

Bank of America will exchange foreign currency back to US dollars, but you will receive a less favorable rate than you paid when you bought it. The markup works against you on the return exchange. Keep the receipt from your original exchange so the branch can process the return accurately.

Is it better to exchange money before I travel or after I arrive?

Exchange enough before you travel to cover your first few days, then exchange more after you arrive if you need it. Rates vary by location and time, and you will have a better sense of your actual spending needs once you are at your destination. Avoid exchanging large amounts at the airport, where rates are typically the worst.