Most major banks exchange currency, but they charge fees and often give worse rates than other options
If you need to exchange dollars for another currency or convert foreign cash back to dollars, your bank can do it — but you will pay more than you would at a currency exchange specialist or through an online service. Banks typically charge a percentage fee on top of the exchange rate, and that fee varies widely depending on the bank and the currency.
The process is straightforward: you walk in with cash or a check, tell them what currency you need, and they order it (if they do not have it in stock) or hand it over. Most banks can exchange major currencies like euros, pounds, yen, and Canadian dollars within a few business days. Less common currencies take longer and cost more.
The real question is not whether your bank will do it, but whether you should let them. A credit union, a dedicated currency exchange shop, or an online transfer service often gives you a better rate and lower fees — especially if you are exchanging a large amount.
Key Takeaways
- Major banks like Chase, Bank of America, Wells Fargo, and Citibank all exchange currency, but charge fees ranging from 1 to 3 percent on top of the exchange rate.
- You can exchange currency in person at a branch, by mail, or sometimes online, depending on the bank — but most require you to order uncommon currencies in advance.
- Currency exchange shops and online transfer services often offer better rates and lower fees than banks, especially for amounts over $500.
- The actual exchange rate your bank uses is not the mid-market rate you see online; it is marked up to cover their costs and profit.
- If you are traveling soon, ordering currency from your bank takes 3 to 7 business days, so plan ahead rather than waiting until the day before your trip.
How banks charge for currency exchange
Banks do not charge a flat fee for currency exchange the way they might charge you to wire money. Instead, they mark up the exchange rate itself. If the mid-market rate (the rate banks use with each other) is 1 dollar = 0.92 euros, your bank might give you 1 dollar = 0.89 euros. That 0.03-euro difference is their profit.
On top of that markup, some banks add an explicit fee — usually $5 to $15 per transaction, or a percentage of the amount you are exchanging. Chase, for example, charges a percentage markup plus a flat fee depending on the currency. Bank of America charges a percentage markup but no flat fee for most currencies. Wells Fargo charges both a percentage markup and a flat fee.
The total cost depends on how much you are exchanging. If you need $100 in euros, a 2 percent markup plus a $10 fee means you are paying roughly 12 percent of the amount in costs. If you need $5,000, the same 2 percent markup plus $10 fee is only about 2.1 percent of the total — still expensive, but less painful.
Which banks exchange currency and what they charge
| Bank | In-person exchange | Typical markup | Flat fee | Order time for uncommon currencies |
|---|---|---|---|---|
| Chase | Yes, at most branches | 1–2% | $5–$15 depending on currency | 3–7 business days |
| Bank of America | Yes, at most branches | 1–2% | None for most currencies | 3–7 business days |
| Wells Fargo | Yes, at most branches | 1–2% | $5–$15 depending on currency | 3–7 business days |
| Citibank | Yes, at most branches | 1–2% | $5–$15 depending on currency | 3–7 business days |
| Local credit unions | Varies; many do not offer it | 1–3% | Varies | Varies |
These markups and fees are not fixed — they change based on the currency, the amount, and the bank's current policies. Call your specific branch before you go in, because some branches in smaller towns may not stock certain currencies or may charge higher fees than branches in major cities.
The rates shown here are typical ranges, but your actual cost will depend on what currency you need and how much you are exchanging. Always ask your bank for a quote before you commit to the exchange, and compare it against what a local currency exchange shop offers.
How to order currency from your bank
If your bank stocks the currency you need (usually true for major currencies like euros, pounds, yen, Canadian dollars, and Mexican pesos), you can often get it the same day or next business day. Walk into a branch with your ID and cash or a check, tell the teller what you need, and they will exchange it on the spot.
For less common currencies — Thai baht, Polish zloty, South African rand, and many others — your bank has to order it from a currency supplier. This takes 3 to 7 business days. You place the order at a branch, pay a deposit or the full amount, and come back to pick it up when it arrives. Some banks let you order online or by phone, but you still have to pick it up in person.
A few banks offer mail delivery of currency, but this is rare and usually only for large orders. Ask your bank whether they offer it before you assume you have to visit a branch. If mail delivery is available, expect it to take an additional 2 to 5 business days on top of the order time.
When a currency exchange shop or online service makes more sense
If you are exchanging more than $500 or need a currency your bank does not stock easily, a dedicated currency exchange shop often beats your bank's rate. Shops like Travelex, OANDA, or local independent exchanges typically charge lower markups — sometimes 0.5 to 1 percent instead of 1 to 2 percent — and no flat fee.
Online transfer services like Wise (formerly TransferWise) are even cheaper if you are sending money abroad rather than getting physical cash. Wise charges a small flat fee plus a 0.5 to 1.5 percent markup and gives you the mid-market rate. You transfer money from your US bank account, and the recipient gets the foreign currency in their account — no cash involved.
For physical cash, compare the rate your bank quotes you against what a local currency exchange shop offers. Call or visit both before you decide. The difference can be $50 to $200 on a $2,000 exchange, so it is worth spending 15 minutes to shop around.
What to do if you need currency before you travel
If you are leaving in the next few days and need currency, order it from your bank now. Most major banks can get common currencies within 1 to 2 business days if you order early in the day. Uncommon currencies may not arrive in time, so call your bank and ask whether they have it in stock before you order.
If your bank cannot get the currency in time, find a currency exchange shop near you. Many are open on weekends and can give you cash the same day. Search online for "currency exchange near me" or check whether your airport has a currency exchange desk — though airport rates are usually the worst of all.
Never wait until the day before your trip to order currency. Banks close on weekends, and you will end up either paying a premium at an airport exchange or using an ATM abroad (which usually gives a better rate than any exchange service, but charges a fee from your bank).
Frequently Asked Questions
Do I need an account at the bank to exchange currency there?
Most banks require you to be a customer, but policies vary. Call your bank and ask. Some banks will exchange currency for non-customers, but charge higher fees. If you do not have an account, a currency exchange shop is usually faster anyway.
What if I have foreign currency I want to convert back to dollars?
Your bank will do it, but again, they charge a markup and sometimes a flat fee. Currency exchange shops often give better rates for converting foreign cash back to dollars, especially if the amount is large. Bring the cash to a few places and compare rates before you decide.
Can I exchange currency online without visiting a branch?
Some banks let you order currency online, but you still have to pick it up at a branch or arrange mail delivery. A few banks offer mail delivery for large orders, but this is uncommon. Online transfer services like Wise work entirely online if you are sending money abroad, but they do not give you physical cash.
Is the exchange rate I see online the rate my bank will give me?
No. The rate you see online is the mid-market rate — the rate banks use with each other. Your bank marks it up by 1 to 3 percent to cover their costs and profit. Always ask your bank for their specific rate before you commit to the exchange.
What happens if the exchange rate changes between when I order and when I pick up?
Your bank locks in the rate when you place the order and pay for it. If the rate moves after that, you are protected — you get the rate you were quoted. This is one advantage of ordering in advance rather than waiting.