Bank of America does exchange foreign currency, but only at certain locations and with advance notice
Bank of America will exchange foreign currency for you, but the process is not available at every branch. You need to call ahead, and the bank may charge a fee or offer an exchange rate that differs from the market rate. The service is typically available at larger branches in major cities, though availability varies by location.
If you need currency exchanged, your first step is to contact your local Bank of America branch directly by phone and ask whether they offer foreign currency exchange. If they do, they will tell you which currencies they stock, how many days notice you need to give, and what the current exchange rate and fees are. Some branches keep common currencies like euros, Canadian dollars, and British pounds on hand; others order currency specifically for your transaction.
Key Takeaways
- Bank of America exchanges foreign currency at select branches, but you must call ahead to confirm availability and place an order.
- The bank charges a fee for the exchange and may offer a rate that is less favorable than the mid-market rate you see online.
- Larger branches in major cities are more likely to have currency in stock or be able to order it quickly.
- You will need to bring a valid ID and the cash or traveler's checks you want to exchange when you pick up your currency.
- If your branch cannot exchange currency, they can direct you to a nearby location that can, or you can explore other options like currency exchange services or ATMs abroad.
What currencies Bank of America can exchange
Bank of America stocks a limited set of currencies at most branches. Common ones include euros, Canadian dollars, British pounds, Japanese yen, Mexican pesos, and Swiss francs. Less common currencies may take longer to order or may not be available at all.
The specific currencies available depend on the branch. A large branch in New York or Los Angeles is more likely to have multiple currencies in stock than a small branch in a rural area. When you call, ask which currencies the branch has on hand and which ones they can order. If they cannot order the currency you need, they may refer you to a different branch or suggest an alternative.
How long it takes and what you need to bring
If the branch has the currency in stock, you may be able to pick it up the same day or within one business day. If they need to order it, the wait is typically three to five business days, though this varies. Call the branch to confirm the timeline for your specific currency.
When you go to exchange currency, bring a valid photo ID (passport, driver's license, or state ID card) and the U.S. dollars or traveler's checks you want to exchange. The teller will count the money, apply the exchange rate and fees, and give you the foreign currency. Some branches may ask you to fill out a form, especially for larger amounts.
Fees and exchange rates
Bank of America charges a fee for foreign currency exchange. The fee structure varies and may be a flat amount per transaction or a percentage of the amount exchanged. The bank also applies its own exchange rate, which is typically less favorable than the mid-market rate (the rate you see quoted on financial websites). This means you will receive fewer units of foreign currency per dollar than you would at the mid-market rate.
Before you commit to exchanging currency at Bank of America, ask the branch for the exact fee and the exchange rate they are offering. Then compare that rate to the mid-market rate online to understand the total cost. For large amounts, the difference can be significant, and you may want to explore other options.
When Bank of America is not the best option
If your branch does not exchange currency, or if the fees and rates are too high, you have other choices. Independent currency exchange services, often found in airports and tourist areas, sometimes offer better rates but may charge higher fees. ATMs in the country you are visiting often give you the mid-market rate or close to it, though your own bank may charge a foreign transaction fee.
If you are traveling soon and need currency quickly, an ATM abroad is often faster and cheaper than ordering currency in advance. If you are exchanging a small amount, the fee at Bank of America may be acceptable. If you are exchanging a large sum, it is worth calling a few currency exchange services to compare rates before you decide.
How to contact Bank of America about currency exchange
Call your local Bank of America branch directly. You can find the phone number on the Bank of America website by entering your zip code or address. When you call, ask to speak with someone in the foreign exchange department or a teller who handles currency exchange. Tell them which currency you need, how much, and when you need it.
You can also visit a branch in person and ask at the counter, though calling ahead is faster and ensures the branch has time to order the currency if needed. If your branch cannot help, ask them to refer you to the nearest branch that can, or ask for the phone number of the foreign exchange department at a larger branch in your area.
Frequently Asked Questions
Can I exchange foreign currency at any Bank of America branch?
No. Only select branches offer currency exchange, usually larger ones in major cities. Call your branch first to confirm they provide this service. If they do not, they can direct you to a nearby branch that does.
What if I need currency exchanged the same day?
If the branch has the currency in stock, you may be able to pick it up the same day. Call as early as possible to place your order. If they do not have it in stock, they will tell you how many days it takes to order. For urgent needs, an ATM in the destination country is often faster.
Is the exchange rate at Bank of America the same as the rate online?
No. Bank of America applies its own rate, which is typically less favorable than the mid-market rate you see on financial websites. The difference covers the bank's cost and profit. Ask the branch for their specific rate before you exchange so you know the total cost.
Can I exchange currency without a Bank of America account?
Yes. You do not need to be a Bank of America customer to exchange currency at the bank. You will need a valid photo ID and the cash or traveler's checks you want to exchange.
What should I do if I have leftover foreign currency when I return?
Bank of America will exchange foreign currency back to U.S. dollars, though again with a fee and a less favorable rate. You can also keep the currency for a future trip, or exchange it at an independent currency exchange service. Some travelers donate unused currency to charity.