Most banks exchange currency, but the rates and fees vary widely

Nearly every bank in the United States will exchange foreign currency for you, but the rate you get and the cost you pay depend on which bank you use, how much you're exchanging, and whether you order in advance. Large national banks like Bank of America, Chase, and Wells Fargo all offer currency exchange at their branches. Credit unions, regional banks, and online banks do too, though some require you to be a customer first. The catch: banks don't compete on exchange rates the way they do on savings accounts. You'll often pay 2 to 5 percent more than the mid-market rate—the real-time rate you see on financial websites—because banks add their own markup.

The most important thing to know is that you have choices. If you're exchanging a large amount or traveling soon, it's worth calling three or four banks to compare their rates and fees before you hand over your money. Some banks charge a flat fee per transaction ($5 to $15), others charge a percentage of the amount you exchange, and some do both. A few banks waive fees for customers who hold certain account types or exchange above a minimum amount.

Key Takeaways

  • National banks, credit unions, and regional banks all exchange currency, but rates and fees differ significantly between institutions.
  • Banks typically charge 2 to 5 percent above the mid-market rate, plus a flat fee or percentage-based fee that ranges from $5 to $15 or more.
  • Ordering currency in advance usually takes 3 to 7 business days and may lock in a better rate than exchanging cash on the spot.
  • Online currency exchange services and airport exchanges exist as alternatives, but banks are often competitive for larger amounts if you compare first.

How to find the exchange rate your bank will actually give you

The mid-market rate—what you see on Google or XE.com—is not what you'll pay. That's the wholesale rate banks use when they trade with each other. Your bank adds a markup on top of that, and the size of the markup is what you need to find out before you commit.

Call your bank's foreign exchange desk or visit a branch in person and ask for a quote. Tell them the currency you want, the amount, and when you need it. Write down the rate they quote you, the fee they charge, and the total amount of local currency you'll receive. Then call another bank and do the same. The difference between a 3 percent markup and a 5 percent markup on $5,000 is real money—roughly $100.

Some banks will hold a quoted rate for 24 to 48 hours while you decide, though they may require you to commit to the exchange within that window. Ask whether the rate is may provide or whether it can change before you complete the transaction.

Ordering currency in advance versus exchanging on the spot

If you know you need currency before you travel, ordering it in advance is usually cheaper than exchanging cash at the airport or on the day you need it. Most banks will order foreign currency for you and have it ready in 3 to 7 business days. Some banks charge a small fee for this service ($5 to $10), but the rate is often better than what you'd get in a rush.

Exchanging on the spot—walking into a branch and asking for currency the same day—is possible at most banks, but they may charge a higher fee or give you a worse rate because they have less time to source the currency. If you need currency the same day, call ahead to make sure the branch has it in stock. Some smaller branches don't keep large amounts of foreign cash on hand.

Airport currency exchanges and hotel exchanges exist for emergencies, but they typically charge 5 to 10 percent above mid-market rates, making them the most expensive option. Use them only if you have no other choice.

What documents and information banks need from you

To exchange currency, you'll need to show a photo ID—a driver's license or passport. If you're exchanging a large amount (usually $10,000 or more), the bank will ask you to fill out a form for federal reporting purposes. This is standard and not a sign of a problem; it's a requirement under anti-money-laundering law.

If you're ordering currency in advance, the bank will ask for your name, account number (if you're a customer), the amount you want, the currency, and when you need it. Some banks require you to be an existing customer to order currency; others will exchange for non-customers but may charge a higher fee.

Banks that are known for competitive currency exchange rates

No single bank is cheapest for all currencies and all amounts, but a few have reputations for reasonable rates. Chase and Bank of America both exchange currency at most branches and offer online ordering. Credit unions often have lower markups than large national banks, especially if you're a member. Local and regional banks vary widely, so it's worth asking.

If you're exchanging a very large amount or need an unusual currency, a currency exchange specialist like OFX, Wise, or OANDA may be cheaper than a bank. These services are not banks themselves, but they move money internationally and often charge lower markups than traditional banks. They work best if you have time to wait for the transfer (usually 1 to 3 business days) and if you're moving money between accounts rather than getting physical cash.

What to do if your bank doesn't have the currency you need

If your bank doesn't stock the currency you want, they can order it from a correspondent bank or currency supplier. This takes longer—usually 5 to 10 business days instead of 3 to 7—and may cost more because the bank is paying a supplier to source it. Ask whether the bank can order it and what the timeline and cost will be.

If the wait is too long or the cost is too high, a currency exchange specialist may be faster. Some specialize in less common currencies and keep them in stock. Compare the total cost (rate plus fees plus any delivery charges) before you decide.

Frequently Asked Questions

Can I exchange currency at any branch of my bank, or only at certain locations?

Most national banks can exchange currency at any branch, but smaller branches may not keep large amounts of foreign cash on hand. Call ahead to confirm the branch has the currency you need in the amount you want. If they don't, they can usually order it and have it ready in a few days.

What happens if the exchange rate changes between when I order currency and when I pick it up?

If you order in advance, the bank will quote you a rate and hold it for a set period—usually 24 to 48 hours. After that window closes, the rate may change. Ask the bank to confirm the rate is locked in before you commit to the order.

Is it cheaper to exchange money before I travel or after I arrive in the foreign country?

It depends on the country and the bank. U.S. banks typically charge 2 to 5 percent above mid-market rates. Banks in the destination country may charge similar markups. Compare rates at your U.S. bank and at a bank in the destination country before you decide. For most travelers, exchanging at a U.S. bank before departure is simpler and often competitive.

Do I have to be a customer of the bank to exchange currency?

Most banks will exchange currency for non-customers, but they may charge a higher fee. Call ahead and ask. Credit unions typically require membership, though some allow non-members to exchange currency for a fee.

What's the difference between exchanging cash and wiring money internationally?

Exchanging cash means you get physical foreign bills at a branch. Wiring money means the bank moves funds electronically to an account in another country. Wires are useful for large amounts or paying bills abroad; cash exchange is for travel spending. Wires usually have higher fees but better rates for large amounts.