Bank of America does exchange foreign currency, but only at certain locations and with limits on the amounts you can exchange

Bank of America will exchange foreign currency into US dollars at most of its branches, but the process is slower and more expensive than using an ATM abroad or a currency specialist. You can exchange cash at the counter during business hours, and the bank will also exchange traveler's checks. However, the exchange rate Bank of America offers is typically 2 to 5 percent worse than the mid-market rate you would see online, because the bank builds in a margin for itself.

If you need foreign currency before a trip, Bank of America can order it for you, though this takes several business days and requires advance notice. The bank stocks common currencies like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos at most branches. Less common currencies may need to be special-ordered and could take a week or longer to arrive.

Key Takeaways

  • Bank of America exchanges foreign currency at most branches during business hours, but the exchange rate is typically 2 to 5 percent worse than mid-market rates.
  • You can exchange cash or traveler's checks at the counter, and the bank can order less common currencies in advance if you give several business days' notice.
  • For better rates, using an ATM in the country you are visiting or a currency exchange specialist like XE or OFX usually costs less than exchanging at a bank branch.
  • Bank of America has daily and per-transaction limits on how much foreign currency you can exchange, which vary by branch and account type.

What currencies Bank of America stocks and how to order them

Bank of America keeps a supply of the most commonly traveled-to currencies on hand 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). You can walk in and exchange these without advance notice, though availability can vary by branch and time of year.

If you need a currency that is not stocked locally—such as Thai baht, South African rand, or Indian rupees—you can call your branch or visit in person to place an order. The bank typically needs 5 to 10 business days to receive the currency from its supplier. You will need to pay for the currency when you place the order, and the rate is locked in at that time. Once the currency arrives, the branch will call you to pick it up.

Some branches in major cities or near airports may stock a wider range of currencies than smaller branches. If your local branch cannot order a currency, ask whether a nearby larger branch can, or whether the bank can arrange a wire transfer of funds to a bank in your destination country instead.

Exchange rates and fees Bank of America charges

Bank of America's exchange rates are set daily and are based on mid-market rates, but the bank adds a margin on top. For cash exchanges, you typically see a spread of 2 to 5 percent above the mid-market rate, meaning you receive fewer dollars per unit of foreign currency than you would at a currency specialist or online service. The exact margin varies by currency and by the direction of the exchange (buying versus selling foreign currency).

The bank does not charge a separate transaction fee for exchanging currency at the counter, but the unfavorable rate is how the bank makes money on the transaction. If you are exchanging a large amount, that margin can add up quickly. For example, exchanging $5,000 at a 3 percent spread means you lose $150 compared to the mid-market rate.

You can check Bank of America's current exchange rates on its website or by calling your branch before you go in. This lets you compare the bank's rate to what you would get elsewhere and decide whether it is worth using the bank's service for convenience.

Daily and per-transaction limits on currency exchange

Bank of America sets limits on how much foreign currency you can exchange in a single transaction and per day. These limits vary by branch, by account type, and by the currency itself. For most customers with standard checking or savings accounts, the limit is typically $10,000 per day in foreign currency, though some branches may allow more if you have a higher account balance or a premium account.

If you need to exchange more than the daily limit, you can make multiple transactions on different days, or you can speak with a branch manager about raising the limit for your account. Business accounts and accounts held by customers with significant assets at the bank may have higher limits. The bank also has anti-money-laundering rules that require it to report large cash transactions, so exchanges of $10,000 or more in a single day will trigger a Currency Transaction Report (CTR) filed with the federal government—this is routine and not a sign of wrongdoing.

Alternatives to Bank of America for foreign currency exchange

If Bank of America's rates or limits do not work for you, several other options exist. Using an ATM in your destination country is often the cheapest way to get local currency, because ATM fees are typically $2 to $5 per withdrawal, and the exchange rate is usually closer to mid-market than what a bank branch offers. Your Bank of America debit card works at ATMs worldwide, though you will pay a foreign ATM fee (usually $2 to $3) plus any fee the foreign bank charges.

Currency exchange specialists like XE, OFX, Wise (formerly TransferWise), and OANDA offer better rates than banks for large exchanges and can deliver currency to your home or to a pickup location. These services are useful if you are exchanging $1,000 or more, because the rate advantage usually outweighs any delivery fee. Some of these services also offer multi-currency accounts, which let you hold foreign currency and convert it when rates are favorable.

Other banks may offer better rates than Bank of America, especially if you have an account with them. Credit unions sometimes offer better exchange rates to members than commercial banks do. If you are traveling to a country where you have a local bank account, exchanging money there after you arrive often gives you a better rate than exchanging before you leave the US.

How to exchange currency at a Bank of America branch

To exchange currency at a Bank of America branch, bring your passport or government-issued ID, the foreign currency or traveler's checks you want to exchange, and your Bank of America debit card or account number. Go to any Bank of America branch during business hours—most branches are open Monday through Friday from 9 AM to 5 PM, with limited Saturday hours. You do not need an appointment for small exchanges, but calling ahead is a good idea if you are exchanging a large amount or if you want to confirm that the currency you need is in stock.

Tell the teller you want to exchange foreign currency. They will count the cash or verify the traveler's checks, look up the current exchange rate, and calculate how much you will receive in US dollars. The transaction usually takes 10 to 15 minutes. The bank will deposit the dollars into your account or give you cash, depending on what you ask for.

If you are ordering a currency in advance, call your branch or visit in person to place the order. You will need to pay for the currency upfront, usually by debit card or from your account. The branch will give you a confirmation number and tell you when to expect the currency to arrive. Once it arrives, they will call you to pick it up—most branches hold ordered currency for 30 days before returning it to the supplier.

Exchanging currency when traveling abroad

If you are already overseas and need to exchange currency, Bank of America has partnerships with some banks and ATM networks in other countries, but your options are limited. The easiest approach is to use your Bank of America debit card at any ATM that displays the Visa or Mastercard logo—you will pay a foreign ATM fee, but you will get cash in the local currency at a rate close to mid-market.

If you need to exchange currency at a physical location while abroad, avoid airport exchange booths and hotel concierges, because their rates are typically the worst you will find. Instead, use a local bank or a currency exchange shop in the city center. In most countries, you can find exchange rates online before you go, so you know what a fair rate looks like.

If you run out of cash while traveling, you can also have someone wire money to you through Western Union, MoneyGram, or your bank. These services charge fees, but they are faster than waiting for a bank transfer and do not require you to have a local bank account.

Frequently Asked Questions

Can I exchange foreign currency at any Bank of America branch?

Most Bank of America branches exchange currency during business hours, but not all branches stock all currencies. Call your local branch first to confirm they have the currency you need or can order it. Branches in smaller towns may have more limited options than branches in major cities.

What do I need to bring to exchange currency at Bank of America?

Bring your government-issued ID (passport, driver's license, or state ID), the foreign currency or traveler's checks you want to exchange, and your Bank of America debit card or account number. The bank may ask additional questions if you are exchanging a large amount.

How long does it take to get a currency I order in advance?

Most common currencies arrive within 5 to 10 business days. Less common currencies may take longer. The branch will call you when the currency arrives, and you typically have 30 days to pick it up before the bank returns it to its supplier.

Is it cheaper to exchange money at Bank of America or at an ATM abroad?

An ATM abroad is usually cheaper for amounts under $1,000. You pay a $2 to $5 ATM fee plus the bank's ATM surcharge, but the exchange rate is closer to mid-market. Bank of America's 2 to 5 percent margin makes it more expensive for most transactions, especially large ones.

What happens if I exchange more than $10,000 in foreign currency?

Bank of America will file a Currency Transaction Report (CTR) with the federal government, which is a routine anti-money-laundering requirement. This does not affect you or your account—it is simply a report the bank is required to file. You can exchange more than $10,000 if you need to; the limit is per day, not per lifetime.