Bank of America does exchange currency, but only at certain locations and with restrictions

Bank of America will exchange foreign currency for U.S. dollars and vice versa, but the service is not available at every branch. You must have a Bank of America account to use this service. The bank charges a foreign exchange rate that includes a markup over the mid-market rate, meaning you will receive fewer dollars (or less foreign currency) than you would at other providers. The exchange happens at the teller window during business hours, and the transaction typically completes the same day if you arrive before the branch closes.

Not all currencies are available at all branches. Bank of America stocks the most common ones—euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, Australian dollars, and Mexican pesos—but less common currencies may require a special order that takes three to five business days. If you need an unusual currency, call your branch first to confirm they can order it and ask what the fee will be.

Key Takeaways

  • You must be a Bank of America customer and bring your account card or ID to exchange currency at a branch.
  • The exchange rate includes a markup, so you will pay more than the mid-market rate you see online.
  • Common currencies are usually in stock, but less common ones require a three- to five-day special order.
  • Not every branch offers currency exchange, so call ahead to confirm your location does and to ask about fees.

Which currencies Bank of America keeps in stock

Bank of America regularly stocks currency for major trading partners and tourist destinations. These include the euro, British pound, Canadian dollar, Japanese yen, Swiss franc, Australian dollar, and Mexican peso. If you need one of these, most branches can provide it the same day.

For currencies outside this list—such as the Indian rupee, Thai baht, South African rand, or Brazilian real—the bank orders them from a currency supplier. This process takes three to five business days. You will need to place the order in person at a branch or by phone, and you may be charged an ordering fee on top of the exchange rate markup. Ask your branch what the fee is before you commit to the order.

How the exchange rate works and what it costs you

Bank of America's exchange rate is not the same as the rate you see quoted online. The bank adds a markup to the mid-market rate—the rate at which banks trade with each other. This markup is how the bank makes money on currency exchange. The exact markup varies by currency and changes daily, but it typically ranges from 2 to 3 percent above the mid-market rate.

This means if the mid-market rate for euros is 1.10 dollars per euro, Bank of America might offer you 1.07 dollars per euro. If you are exchanging $1,000, that difference costs you roughly $30. The bank does not publish its markup in advance, so you will not know the exact rate until you ask the teller or call the branch. Ask for the rate before you hand over your money, and compare it to what you would pay at a currency exchange service or online provider if you have time.

What you need to bring to exchange currency

Bring your Bank of America debit card or account card and a government-issued photo ID. If you do not have your card with you, bring your account number and ID. The teller will verify your account and process the exchange at the window.

If you are exchanging a large amount of cash—typically $10,000 or more—the bank will file a Currency Transaction Report (CTR) with the federal government. This is a legal requirement, not a sign of suspicion. It does not affect your account or your ability to exchange the money. If you are exchanging foreign currency you already own (not withdrawing it from your account), bring the bills or coins in their original condition. Damaged or counterfeit currency will be refused.

How long the exchange takes

If the currency is in stock, the exchange completes at the teller window during your visit. You walk in, request the exchange, the teller counts the money, and you leave with the new currency. This usually takes 10 to 15 minutes.

If you are ordering a currency that is not in stock, you place the order in person and the bank contacts you when it arrives, typically in three to five business days. You then return to the branch to pick it up and complete the exchange. Some branches allow you to place the order by phone, but you must still visit in person to collect the currency and finalize the transaction.

Alternatives if your branch does not offer currency exchange

Not every Bank of America branch exchanges currency. Smaller branches and those in rural areas may not have the service. If your branch does not offer it, you have several options. Call a larger branch in your area—usually branches in city centers or near airports offer currency exchange. You can also visit a dedicated currency exchange service, which often has better rates than banks but may charge a separate fee. Online currency services like OFX or Wise allow you to order currency online and pick it up at a location near you, and their rates are often better than Bank of America's, though delivery takes longer.

If you are traveling internationally, consider withdrawing cash from ATMs in the destination country instead. ATM withdrawals typically offer a better exchange rate than over-the-counter currency exchange, and you avoid carrying large amounts of cash across borders.

What happens if you need currency before your trip

Plan ahead. If you need a common currency, order it at least one business day before your trip. If you need an uncommon currency, order it at least one week in advance. Call your branch to confirm the currency is available and ask about any fees. If you wait until the day before your flight, you risk the currency not arriving in time, especially if your branch is small or the currency is unusual.

If you are in a rush and your branch cannot deliver in time, a dedicated currency exchange service or airport exchange counter can provide currency the same day, though the rate will be worse than Bank of America's. Some travelers use a combination: they withdraw a small amount of local currency from an ATM when they land, then exchange larger amounts at a better rate once they have settled in.

Frequently Asked Questions

Can I exchange currency without a Bank of America account?

No. Bank of America requires you to be a customer to exchange currency. If you do not have an account, you will need to use a dedicated currency exchange service, an airport exchange counter, or an online provider like Wise or OFX.

What is the difference between Bank of America's rate and the rate I see online?

The rate you see online is the mid-market rate—what banks pay each other. Bank of America adds a markup of roughly 2 to 3 percent to that rate. This markup is their profit on the transaction. The exact markup changes daily and varies by currency, so call your branch for the current rate before you exchange.

Can I exchange currency over the phone or online?

You can place an order for an uncommon currency by phone, but you must visit the branch in person to pick it up and complete the exchange. Bank of America does not offer online currency exchange for account holders.

Do I pay tax on currency exchange?

No. Currency exchange itself is not taxed. However, if you are exchanging currency as part of a business or investment activity, the IRS may require you to report gains or losses. For personal travel, no tax applies.

What if the currency I need is not available and I need it today?

Visit an airport currency exchange counter or a dedicated exchange service in your area. These typically have a wider selection of currencies and can provide them the same day, though their rates are usually worse than Bank of America's. If you have time, ordering online from a service like Wise or OFX often gives you a better rate than an airport counter.