Yes, Bank of America can exchange dollars for euros, but you need to plan ahead and understand the costs

Bank of America offers foreign currency exchange at most branches, including euros. You can order euros in advance, exchange cash at a branch, or withdraw euros from ATMs abroad. The catch: Bank of America's exchange rates are not competitive, and you will pay a markup on top of the mid-market rate. For most people, a dedicated currency exchange service or a no-fee checking account with ATM rebates costs less.

The process itself is straightforward. Walk into a branch with your ID and the dollars you want to exchange, or call ahead to order euros for pickup. If you are traveling, you can also withdraw euros directly from Bank of America ATMs in Europe, though that also carries a fee. The real decision is whether Bank of America's convenience is worth paying more than you would elsewhere.

Key Takeaways

  • Bank of America exchanges euros at most branches, but charges a markup above the mid-market rate that typically ranges from 2% to 3%.
  • You can order euros ahead of time by phone or in person, or exchange cash on the spot if the branch has euros in stock.
  • Withdrawing euros from Bank of America ATMs in Europe costs less than exchanging at a branch but still includes a foreign transaction fee.
  • Dedicated currency services like OFX, Wise, or XE offer better rates than Bank of America for amounts over a few hundred dollars.
  • If you have a Bank of America checking account with ATM fee rebates, withdrawing euros abroad and converting back to dollars may cost less than a direct exchange.

Ordering euros at a Bank of America branch

Call your local branch or visit in person to order euros. Bank of America typically stocks common currencies including euros, but availability depends on the branch and how much you need. If the branch does not have euros on hand, they can order them for you, which usually takes one to three business days.

Bring your ID and the dollars you plan to exchange. Bank of America will quote you the exchange rate at the time of the transaction, not the rate you saw online. Ask the teller what the mid-market rate is that day and what markup Bank of America is charging—this is the only way to know if you are getting a fair deal. Write down both numbers so you can compare to other services.

You will pay for the euros with cash or a debit card. Bank of America does not charge a separate fee for the exchange itself, but the markup on the rate is how they profit. For example, if the mid-market rate is 1 dollar to 0.92 euros, Bank of America might offer you 0.89 euros per dollar—that 0.03-euro difference is their cut.

Withdrawing euros from ATMs in Europe

If you are already traveling, you can withdraw euros directly from Bank of America ATMs in Europe. This avoids the need to exchange before you leave. Bank of America charges a foreign transaction fee (usually 1% to 3% of the withdrawal amount) and uses their own exchange rate, which includes a markup.

The advantage is speed and convenience—you get cash immediately without ordering ahead. The disadvantage is that you pay the foreign transaction fee on top of the exchange markup, making it more expensive than exchanging dollars before you travel. If you need cash urgently and have no other option, it works, but it is not the cheapest route.

Bank of America also charges an out-of-network ATM fee if you use a non-Bank of America ATM abroad. Some checking accounts waive these fees, so check your account terms before you travel.

What Bank of America's exchange rate actually costs you

Bank of America's markup on currency exchange is typically 2% to 3% above the mid-market rate. That means if you exchange $1,000, you could lose $20 to $30 compared to the true market rate. On larger amounts—say $5,000—that markup becomes $100 to $150.

The mid-market rate is what you see on financial websites like XE.com or OANDA. It is the rate banks use to trade with each other, not the rate they offer customers. Every bank and currency service marks up the rate; the question is how much. Bank of America's markup is on the higher end because they are a retail bank offering convenience, not a specialized currency service.

To compare, check the mid-market rate before you go to the branch, then ask the teller what rate Bank of America is offering. The difference is your cost. If you are exchanging $500 or less, the difference might be $10 to $15—worth paying for convenience. If you are exchanging $3,000 or more, it is worth shopping around.

Cheaper alternatives to Bank of America

Wise (formerly TransferWise) offers better exchange rates than Bank of America for most amounts. You transfer dollars to Wise, they convert to euros at the mid-market rate, and you receive euros in a European bank account or withdraw from a Wise card. The fee is a flat percentage (usually 0.5% to 1.5%) plus a small fixed amount, depending on the transfer method. For $1,000, you might pay $7 to $15 total.

OFX and XE also offer competitive rates for cash transfers or card loads. Both are designed for people sending money internationally, but you can use them to exchange for your own travel. These services take one to three business days, so you need to plan ahead—they are not useful if you need euros tomorrow.

If you are withdrawing cash abroad, a no-fee checking account like Charles Schwab or Fidelity rebates all ATM fees worldwide, including foreign ATM fees. You still pay the exchange markup when you withdraw, but you avoid the ATM fee on top of it. This is often cheaper than Bank of America for frequent travelers.

When Bank of America makes sense for euros

Bank of America is the right choice if you need euros today and do not have time to order from another service. If you are leaving for Europe tomorrow and just realized you need cash, your branch can exchange dollars immediately. The convenience premium is real, and sometimes it is worth the cost.

Bank of America also makes sense if you are exchanging a small amount—under $300—where the markup difference is only a few dollars. The time and effort to set up an account with Wise or another service is not worth saving $5.

If you already have a Bank of America account and travel frequently, ask whether your account includes ATM fee rebates or other travel perks. Some premium checking accounts waive foreign transaction fees, which can offset the exchange markup over time.

How to get the best rate at Bank of America

Call ahead instead of walking in. This gives the branch time to stock euros if they do not have them on hand, and it lets you ask about the rate before you commit. Some branches can quote rates over the phone.

Exchange on a weekday morning if possible. Exchange rates fluctuate throughout the day, and rates are often better earlier in the week. This is a small edge, but it adds up on larger amounts.

Ask the teller to show you the mid-market rate and the rate Bank of America is offering. Do not accept a vague answer like "the rate is good today." Write down both numbers and calculate the markup yourself. If it seems high, ask if the teller can do better—some branches have discretion on rates for loyal customers or large exchanges.

Consider exchanging only what you need for the first few days of your trip, then withdrawing euros from ATMs abroad. This spreads your exchange across multiple transactions and rates, which can sometimes work in your favor if rates move.

Frequently Asked Questions

How long does it take to order euros from Bank of America?

If the branch has euros in stock, you can exchange same-day. If they do not, ordering usually takes one to three business days. Call ahead to check availability before you make a trip to the branch.

Can I order euros online from Bank of America?

Bank of America does not offer online currency ordering. You must call your branch or visit in person to place an order. Some branches may allow you to order by phone and pick up the next day.

What if I need euros but do not have a Bank of America account?

You can still exchange at a Bank of America branch with a valid ID and cash or a debit card. You do not need to be a customer. However, non-customers may face longer wait times or limited availability.

Is it cheaper to exchange dollars for euros before I travel or after I arrive?

Exchanging before you travel is usually cheaper because you avoid the foreign transaction fee that comes with ATM withdrawals abroad. However, if you use a no-fee ATM account like Charles Schwab, withdrawing abroad can be competitive with pre-travel exchange.

Does Bank of America charge a fee for currency exchange?

Bank of America does not charge a separate fee, but they profit through the exchange rate markup. The markup is typically 2% to 3% above the mid-market rate, which is how they make money on the transaction.