Most banks exchange currency, but not all branches do it, and the rates they offer are usually worse than what you'll find elsewhere
If you walk into a major bank like Chase, Bank of America, Wells Fargo, or Citibank and ask to exchange dollars for euros or yen, the answer is usually yes — but with conditions. The bank must have that currency in stock, which smaller branches often don't. You may need to order it ahead and wait several days. The exchange rate the bank gives you will be lower than the mid-market rate (the real rate between banks), sometimes by 2 to 5 percent or more. You'll also pay a flat fee, typically $5 to $15, just for doing the transaction.
Credit unions sometimes exchange currency too, but again, not all of them, and the same delays and markups apply. Regional banks are less likely to offer the service at all. If your bank doesn't do it in-house, they may order it from a correspondent bank, which adds time and cost.
The practical reality: banks are not the cheapest or fastest way to get foreign cash unless you're a customer with a good relationship there and you're willing to order ahead. For most people, a currency exchange specialist or your airport will be faster, and online services will be cheaper.
Key Takeaways
- Major banks like Chase and Bank of America do exchange currency, but smaller branches may not have the currency in stock and will need to order it.
- Bank exchange rates are typically 2 to 5 percent worse than the mid-market rate, plus you'll pay a flat fee of $5 to $15 per transaction.
- Ordering currency through a bank usually takes 3 to 7 business days, so plan ahead if you need cash before a trip.
- Standalone currency exchange shops, airport exchanges, and online services like Wise or OFX often offer better rates, though airport exchanges are usually the most expensive option.
- If you're traveling, using your bank's debit card at an ATM in the destination country often gives you a better rate than exchanging cash beforehand.
How bank currency exchange actually works
When you ask a bank to exchange currency, you're asking them to sell you foreign cash from their inventory. They don't create it — they buy it from a wholesale market and mark it up. The markup covers their cost to hold that inventory, the risk that the rate will move against them, and their profit.
The bank quotes you a rate that is always worse than the mid-market rate — the rate at which banks trade with each other. If the mid-market rate for euros is 1.10 dollars per euro, your bank might quote you 1.05 or 1.04, pocketing the difference. On top of that, they charge a service fee. A $1,000 exchange might cost you $10 to $15 in fees alone, plus another $50 to $100 in the rate markup.
Some banks waive the fee for customers with high account balances or premium accounts, but the rate markup stays. There is no such thing as a "fair" bank exchange rate — the markup is how they make money on the transaction.
Which banks do currency exchange and what to expect
The major national banks — Chase, Bank of America, Wells Fargo, Citibank, and US Bank — all offer currency exchange at most of their branches. However, "most" does not mean all. A small branch in a rural area may not stock foreign currency and may not be set up to order it quickly.
Before you go to your bank, call ahead. Ask whether they have the specific currency you need in stock. If they don't, ask how long it takes to order and what the fee will be. Some banks quote you the rate over the phone; others won't until you're in the branch. Get the fee in writing if you can.
Credit unions vary widely. Some large credit unions like Navy Federal or Connexus do currency exchange; many smaller ones don't. Call your credit union first. Regional banks like PNC, Regions, or SunTrust may offer it, but again, not every branch will.
Ordering currency ahead of time
If your bank doesn't have the currency in stock, they will order it from a correspondent bank or a currency wholesaler. This usually takes 3 to 7 business days. If you need the cash for a trip, you have to plan ahead.
When you order, the bank will lock in a rate for a set number of days — usually 7 to 10. If the rate moves in your favor before you pick up the cash, you don't benefit. If it moves against you, you're protected. This is one of the few advantages of ordering through a bank: rate certainty.
You'll need to pick up the cash in person at the branch. The bank won't mail it to you, and they won't wire it. Bring your ID and be prepared to sign paperwork confirming the amount and rate.
How bank rates compare to other options
| Method | Rate vs. Mid-Market | Typical Fee | Speed |
|---|---|---|---|
| Bank (in stock) | 2–5% worse | $5–$15 | Same day |
| Bank (ordered) | 2–5% worse | $5–$15 | 3–7 days |
| Currency exchange shop | 1–3% worse | $0–$10 | Same day |
| Airport exchange | 3–8% worse | $0–$15 | Same day |
| Online service (Wise, OFX) | 0.5–1% worse | $0–$5 | 1–3 days |
| ATM in destination country | 1–2% worse | $2–$5 per withdrawal | Immediate |
Standalone currency exchange shops — the kind you see in tourist areas or near airports — usually beat banks on rate. They operate on thinner margins and don't have the overhead of a full bank branch. However, they're not everywhere, and you need to find a reputable one. Avoid shops in airports; they charge the most.
Online currency services like Wise (formerly TransferWise) or OFX offer the best rates for larger amounts, especially if you're sending money electronically rather than picking up cash. They charge a small fee and give you a rate very close to mid-market. The catch is that you need a few days for the transfer, and you may need to pick up cash at a partner location or have it mailed to you.
If you're traveling internationally, using your bank's debit card at an ATM in the destination country often beats exchanging cash beforehand. You get a rate close to mid-market, and you only withdraw what you need. The ATM fee is usually $2 to $5 per withdrawal, which is less than the combined fee and markup of exchanging cash at a bank.
What to ask your bank before you exchange
Call your bank's customer service line or visit the branch in person and ask these questions:
- Do you have [currency name] in stock right now?
- If not, how long does it take to order, and what is the fee?
- What is today's exchange rate for [currency]?
- Is there a minimum or maximum amount I can exchange?
- Do I need to be a customer to exchange currency, or can anyone do it?
- Can I pick it up at a different branch, or only at the one where I order?
Write down the rate they quote you and the fee. Don't assume it will be the same if you come back the next day — rates change constantly, and so do fees depending on the currency and the amount.
When a bank won't exchange currency
If your bank doesn't offer currency exchange, or if they don't have the currency you need and can't order it in time, you have other options. Find a currency exchange shop in your area using Google Maps or Yelp. Call ahead to confirm they have the currency and ask for their rate. Compare it to what your bank quoted.
If you're leaving for the airport soon, you can exchange money there, but expect to pay more. Airport exchanges are convenient but expensive — rates are typically 3 to 8 percent worse than mid-market, and fees are higher. Use the airport only if you have no other choice and you need cash immediately.
If you have time before your trip, order online through Wise or a similar service. You'll get a better rate and a lower fee, and you can pick up the cash at a partner location or have it delivered. This works best if you're exchanging a larger amount — $500 or more — where the rate difference adds up to real money.
Frequently Asked Questions
Can I exchange currency at any bank branch, or only my home branch?
You can usually exchange at any branch of your bank, but call ahead to confirm they have the currency in stock. Smaller branches may not, and they may need to order it from another location. If you're a customer, most banks will let you pick up ordered currency at any branch, but confirm this when you place the order.
What happens if the exchange rate changes between when I order and when I pick up?
The bank locks in the rate when you order, so you're protected if the rate moves against you. You don't benefit if it moves in your favor. This rate lock usually lasts 7 to 10 days, so if you don't pick up the cash within that window, the rate may change.
Do I need to be a bank customer to exchange currency there?
Most banks require you to have an account with them to exchange currency. Some will exchange for non-customers, but they may charge a higher fee or require a larger minimum amount. Call ahead and ask.
Is it cheaper to exchange money before I travel or after I arrive?
It depends on the destination and the currency. In most cases, using an ATM in the destination country gives you the best rate. If you must carry cash, exchange it through an online service like Wise rather than a bank. Avoid exchanging at the airport unless you have no other choice.
What's the difference between the exchange rate a bank quotes and the mid-market rate?
The mid-market rate is what banks charge each other. The rate your bank quotes you is always worse — it includes their markup and profit. The difference is typically 2 to 5 percent, which means on a $1,000 exchange, you're losing $20 to $50 just on the rate alone, before fees.