Most banks will exchange foreign currency, but not all do it the same way, and many charge fees that make it expensive
Yes, you can exchange foreign currency at a bank. Most large banks offer this service, though smaller regional banks and credit unions may not. The exchange happens at the bank's internal rate, which is usually worse than the mid-market rate you see online—the difference is how the bank makes money on the transaction. You will also pay a flat fee, a percentage fee, or both, depending on the bank and the currency.
The catch is timing and availability. Banks do not keep large amounts of every currency on hand. If you need a currency that is not commonly exchanged in your area—Icelandic króna, Thai baht, Philippine peso—the bank may have to order it, which takes three to seven business days. Common currencies like euros, British pounds, Canadian dollars, and Mexican pesos are usually in stock or available within one business day.
Key Takeaways
- Large national banks almost always exchange foreign currency, but you will pay a markup on the exchange rate plus a transaction fee.
- Uncommon currencies may take three to seven business days to arrive, so order early if you need cash before a trip.
- Credit unions and smaller regional banks often do not offer this service or charge higher fees than national banks.
- Online currency exchange services and airport exchanges exist as alternatives, each with different costs and timing.
- You will need a valid ID and usually must exchange the currency in person at a branch, not over the phone or online.
What happens when you walk into a bank to exchange currency
Go to any branch of your bank during business hours with your valid ID. Tell the teller you want to exchange US dollars for the currency you need. The teller will quote you the exchange rate the bank is offering that day, tell you the fee, and show you the total amount you will receive. If you agree, you hand over your cash or write a check, and the teller counts out the foreign currency or orders it if it is not in stock.
The whole transaction takes about ten minutes if the currency is available. If it is not, the bank will call you when it arrives, usually within one to three business days. You then return to the branch to pick it up and complete the exchange. Some banks allow you to order currency online through their website or app, but you still have to pick it up in person at a branch.
How much the bank charges and why
Banks make money on currency exchange in two ways: the spread and the fee. The spread is the difference between what the bank pays for the currency and what it charges you. If the mid-market rate (the rate you see on Google or XE.com) is 1 euro = $1.10, the bank might offer you 1 euro = $1.05, keeping the $0.05 difference. On a $1,000 exchange, that spread costs you $50.
On top of the spread, many banks charge a flat fee of $5 to $15 per transaction, or a percentage fee of 1 to 3 percent of the amount exchanged. A few banks charge both. Call your bank's customer service line or visit a branch to ask what they charge for the specific currency you need. The fee structure varies by bank and sometimes by currency, so do not assume all exchanges cost the same.
Which banks offer this service and which do not
The major national banks—Chase, Bank of America, Wells Fargo, Citibank, and US Bank—all exchange foreign currency at most or all of their branches. Regional banks like PNC, Fifth Third, and Regions Bank offer it at many locations. Credit unions rarely offer currency exchange, and if they do, the fees are often higher than national banks charge.
If you are not sure whether your bank offers the service, call the branch you plan to visit or check the bank's website. Some banks list which currencies they exchange and what the fees are online. If your bank does not offer currency exchange, you have other options: another bank that does, an online currency exchange service, or an airport exchange booth (though airport rates are typically the worst of all three).
Ordering currency in advance versus exchanging on the spot
If you need a large amount or an uncommon currency, order it at least a week before you leave. Call your bank's main customer service line or visit a branch and ask them to order the currency for you. They will quote you the rate and fee, take your payment, and tell you when it will arrive. You then pick it up at the branch on or after that date.
If you need a common currency and a small amount, you can often walk in and exchange on the same day. But do not count on it—call ahead to confirm the bank has the currency in stock. If you wait until the day before your trip and the currency is not available, you will either have to pay for expedited ordering (if the bank offers it) or find another way to get cash abroad.
Alternatives to bank currency exchange
Online currency exchange services like XE, OFX, and Wise (formerly TransferWise) often offer better rates than banks because they have lower overhead and do not mark up the rate as much. However, they require you to order online and wait for delivery by mail or to a pickup location, which takes two to five business days. These services work better if you are planning ahead, not if you need cash in two days.
Airport currency exchange booths are convenient but charge the worst rates and highest fees of all three options. Use them only if you have no other choice and need a small amount of local currency to get from the airport to your hotel. ATMs abroad often offer better rates than any of these options if your bank does not charge high foreign transaction fees, so that is worth considering too.
What to bring and what to expect
Bring a valid photo ID (passport, driver's license, or state ID card). Bring the US dollars or a checkbook if you are paying by check. Some banks accept debit card payment for currency orders, but not all, so call ahead if that is how you want to pay.
Expect the teller to ask why you need the currency and where you are going. This is standard anti-money-laundering procedure, not an interrogation. Answer honestly and briefly. If you are exchanging a very large amount—more than $10,000—the bank is required by federal law to file a Currency Transaction Report, but this does not stop the exchange; it just means the bank documents it. You do not need to do anything special; the bank handles the paperwork.
Frequently Asked Questions
Can I exchange currency without going to a bank branch?
Most banks require you to pick up foreign currency in person at a branch. Some banks allow you to order online and pick up at a branch, but you cannot complete the exchange over the phone or have it mailed to you. Online currency services mail cash to you, but they take longer and charge fees.
What if my bank does not have the currency I need?
Ask the teller to order it. Most banks can order any major currency within three to seven business days. If you need it faster, ask if the bank offers expedited ordering (some do, for an extra fee). If your bank cannot order it or the timeline does not work, try another bank or an online currency exchange service.
Is the exchange rate locked in when I order, or does it change before I pick up?
The rate is usually locked in when you pay and place the order. Confirm this with the teller when you order. Some banks may adjust the rate if there is a significant market move before the currency arrives, but this is rare and the bank will tell you before finalizing the order.
Do I have to exchange a minimum amount?
Most banks have no minimum, but some require you to exchange at least $100 or $500. Call your bank to ask. Online currency services sometimes have minimums too, usually $100 to $500.
What happens if I exchange currency and then do not use it?
You can exchange it back at the bank, but you will pay the spread and fees again, so you will lose money on both transactions. Keep the receipt and do not open the currency package if you think you might return it—some banks will not take back opened or damaged bills.