Bank of America does exchange currency, but only for customers with certain account types and only at specific locations

Bank of America will exchange foreign currency into US dollars if you have a checking or savings account with them. However, the service is not available at every branch—you need to visit a location that has a foreign exchange desk, which is typically only at larger branches in major cities and at some airport locations. You cannot exchange currency online or by mail through Bank of America.

The exchange happens at the mid-market rate (the real rate banks use between themselves), but Bank of America adds a markup on top of that rate. The markup varies depending on the currency and the amount you are exchanging, but it is typically between 1% and 2% above the mid-market rate. This means you will receive fewer dollars per unit of foreign currency than you would at a currency specialist or online exchange service.

You do not need to be exchanging a large amount. Bank of America will exchange currency for any customer with an account, even small amounts, though some branches may have a minimum (usually around $100 to $500 depending on the currency).

Key Takeaways

  • Bank of America exchanges currency only at branches with a foreign exchange desk, which exist mainly in large cities and some airports.
  • You must have an active Bank of America checking or savings account to use the service.
  • The bank adds a 1% to 2% markup above the mid-market exchange rate, making it more expensive than some alternatives.
  • You cannot exchange currency online, by phone, or by mail—you must visit a branch in person with your cash or traveler's checks.
  • Some branches may require a minimum exchange amount, typically $100 to $500 depending on the currency.

How to find a Bank of America branch that does currency exchange

Start by calling your local Bank of America branch and asking whether they have a foreign exchange desk. If they do not, ask them which nearby branches do. The bank's website branch locator does not filter by foreign exchange availability, so a phone call is faster than visiting in person.

Branches in downtown areas of major cities (New York, Los Angeles, Chicago, San Francisco, Miami, Boston) almost always have foreign exchange desks. Airport branches often do as well, particularly at international terminals. Suburban branches and smaller cities rarely have the service.

If no nearby branch has a foreign exchange desk, you have two options: travel to a branch that does, or use an alternative service like a currency exchange specialist, online currency service, or your credit union if you belong to one.

What to bring and how the exchange works

Bring your cash in the foreign currency you want to exchange, your Bank of America debit card or account number, and a photo ID. Bank of America will also exchange traveler's checks and some other forms of foreign currency instruments, but cash is the most straightforward.

The teller will count your cash, look up the current exchange rate (which includes the bank's markup), tell you how many US dollars you will receive, and complete the transaction. The money is deposited directly into your Bank of America account or given to you in cash on the spot, depending on what you request. The whole process usually takes 10 to 15 minutes.

Bank of America does not hold currency orders—you exchange what you have that day at that day's rate. If you need a specific amount of foreign currency (rather than exchanging what you have), the bank can order it for you, but that is a different service and takes several business days.

When Bank of America currency exchange makes sense versus alternatives

Bank of America currency exchange is most useful if you already bank there, need the exchange done quickly (same day), and have a branch with a foreign exchange desk nearby. The convenience of walking into a branch you already use can outweigh the markup cost for small amounts.

For larger amounts or if you do not have a nearby branch with foreign exchange, online currency services like Wise, OFX, or OANDA typically offer better rates (lower markups or no markup at all). These services work by transferring money electronically and can take one to three business days. Currency exchange specialists in major cities also often beat Bank of America's rates, particularly for large amounts.

If you are traveling internationally and need foreign currency before you leave, ordering from Bank of America in advance (which takes several business days) is one option, but online services are usually cheaper and just as fast. If you are already abroad and need to exchange currency, local banks or ATMs in the country you are visiting typically offer better rates than any US bank.

Fees and rates: what Bank of America actually charges

Bank of America does not charge a separate fee for currency exchange—the cost is built into the exchange rate itself. The markup ranges from about 1% to 2% above the mid-market rate, meaning you lose that percentage in the conversion. On a $1,000 exchange, a 1.5% markup costs you roughly $15.

The exact markup depends on the currency. Major currencies like euros, British pounds, and Canadian dollars typically have smaller markups (closer to 1%). Less common currencies have larger markups (closer to 2% or higher). Bank of America does not publish a rate sheet, so you will not know the exact markup until you ask a teller or call the branch.

If you are ordering foreign currency in advance (rather than exchanging cash on the spot), Bank of America may charge an additional order fee, typically $10 to $15. Ask the branch about this when you place the order.

What currencies Bank of America will and will not exchange

Bank of America exchanges most major world currencies: euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, Australian dollars, Mexican pesos, and many others. The exact list varies by branch, but larger branches with foreign exchange desks handle at least 50 currencies.

The bank will not exchange damaged, torn, or heavily marked currency, and it will not exchange coins (only bills). If you have currency that is not on the bank's list or is in poor condition, the teller will tell you so when you arrive.

If you need a currency that Bank of America does not stock, the branch can order it for you, but this takes several business days and may incur an additional fee.

Frequently Asked Questions

Can I exchange currency at any Bank of America ATM?

No. ATMs only dispense US dollars. You must visit a branch with a foreign exchange desk in person to exchange currency.

Do I need to call ahead before visiting to exchange currency?

It is a good idea to call ahead, especially if you are exchanging a large amount or an uncommon currency. This gives the branch time to confirm they have the currency in stock and can complete the transaction without delay.

What if I need foreign currency before I travel, not US dollars?

Bank of America can order foreign currency for you, but it takes several business days and may cost more than ordering online. Call your branch at least a week before you travel to place an order.

Is the Bank of America exchange rate better or worse than using an airport currency exchange?

Airport currency exchanges typically charge higher markups (2% to 4% or more) than Bank of America, so Bank of America is usually cheaper. However, online currency services beat both.

Can I exchange currency for someone else if I have their permission?

No. Bank of America requires the person whose account the money is going into to be present with a photo ID. You cannot exchange currency on behalf of another person.