Bank of America does offer foreign currency exchange, but the rates and fees depend on whether you exchange before you travel, at a branch, or through an ATM abroad

Bank of America will exchange foreign currency for you in several ways: you can order cash before you leave the US through their travel services, exchange at a branch in person, or withdraw foreign currency from ATMs overseas using your debit card. The catch is that each method carries different exchange rates and fees, and none of them will give you the mid-market rate you see quoted online.

If you need currency before departure, ordering through Bank of America's travel services takes 5 to 7 business days and locks in their exchange rate at the time of order. If you wait until you arrive, you can exchange at a local bank or currency exchange shop in your destination country, which often gives better rates than what Bank of America charges. Using an ATM abroad with your Bank of America debit card is usually the cheapest option for small amounts, though you will pay a foreign transaction fee.

Key Takeaways

  • Bank of America charges a markup on top of the mid-market rate for all currency exchanges, whether you order before travel or exchange at a branch.
  • Ordering foreign cash through Bank of America's travel services takes 5 to 7 business days and requires advance planning.
  • Using a Bank of America ATM abroad typically costs less per transaction than exchanging cash at a branch, but you pay a foreign transaction fee on each withdrawal.
  • Local banks and currency exchange shops in your destination country often offer better rates than Bank of America, especially for larger amounts.
  • Bank of America does not exchange all currencies; availability depends on the country and the specific currency you need.

Ordering foreign currency before you travel

Bank of America's travel services let you order foreign cash online or by phone before you leave. You place the order, pay the exchange rate Bank of America quotes you at that moment, and pick up the cash at a branch or have it mailed to you. The process takes 5 to 7 business days, so you need to plan ahead.

The exchange rate Bank of America offers includes a markup — it is not the mid-market rate. The exact markup varies by currency and changes daily. You can call Bank of America at 1-800-432-1000 or visit a branch to ask what rate they are quoting for the specific currency you need before you commit to the order.

This method works well if you want to carry a known amount of cash and avoid surprises, but it is more expensive than other options. If you order a large amount, the markup can add up quickly.

Exchanging currency at a Bank of America branch

You can walk into any Bank of America branch and exchange US dollars for foreign currency on the spot, as long as the branch stocks that currency. Not all branches carry all currencies, so call ahead to confirm. The exchange rate at the branch is the same markup rate you would get if you ordered in advance.

Branch exchange is convenient if you are already there and do not want to wait 5 to 7 days, but you will pay the same premium over mid-market rates. Bring your ID and be prepared to wait — currency exchanges at branches are not always instant.

Using ATMs abroad with your Bank of America debit card

Withdrawing cash from an ATM in your destination country using your Bank of America debit card is usually the cheapest way to get foreign currency. You get the ATM operator's exchange rate, which is typically closer to mid-market than Bank of America's branch rate. However, you will pay a foreign transaction fee — Bank of America charges 3% on all foreign ATM withdrawals and purchases made outside the US.

The math works in your favor for most trips. If you withdraw $500 and pay 3% ($15), you are still likely ahead of what you would pay for the markup on a branch exchange. For smaller amounts, the fee might outweigh the savings, so consider withdrawing larger sums less often.

Before you travel, confirm with Bank of America that your debit card will work abroad. Some cards are blocked for foreign use by default for security reasons, and you may need to notify the bank of your travel dates.

Exchanging currency in your destination country

Local banks and currency exchange shops in your destination country often offer better rates than Bank of America, especially if you are exchanging a larger amount. The mid-market rate is the same everywhere, but the markup varies. A local bank in London or Madrid may charge less markup than Bank of America does.

The tradeoff is that you have to find a reputable exchange shop and navigate the process in a foreign country. Major cities have many options, but smaller towns may have fewer choices. Ask your hotel or a local for a recommendation rather than using the first exchange booth you see at the airport — airport exchanges almost always charge the highest markups.

Currencies Bank of America stocks and availability

Bank of America stocks major currencies like euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, and Australian dollars. Availability varies by branch and by how much notice you give. If you need a less common currency, you may have to order it in advance, and some currencies may not be available at all.

Call your local branch or Bank of America's travel services line at 1-800-432-1000 to ask whether they stock the currency you need. If they do not, they may be able to order it, but this takes longer and may cost more.

Fees and exchange rate markups explained

Bank of America's exchange rate includes a markup that covers their cost and profit. The markup is not a separate fee — it is built into the rate they quote you. For example, if the mid-market rate for euros is 1.10 USD per euro, Bank of America might quote you 1.07 or 1.08, depending on the day and the amount you are exchanging.

The 3% foreign transaction fee applies only to ATM withdrawals and purchases made outside the US with your debit or credit card. It does not apply to currency you exchange at a branch before you travel. If you order currency in advance or exchange at a branch, you pay only the markup built into the exchange rate — no separate fee.

Frequently Asked Questions

What is the difference between the mid-market rate and what Bank of America charges?

The mid-market rate is the true exchange rate between two currencies at any given moment. Bank of America charges a markup on top of that rate — typically 1% to 3% depending on the currency and the amount. The markup is how they make money on the exchange.

Can I exchange currency at any Bank of America branch?

Most branches offer currency exchange, but not all branches stock all currencies. Call your branch first to confirm they have the currency you need. If they do not, they can usually order it, but this takes 5 to 7 business days.

Is it cheaper to exchange money at Bank of America or at an ATM abroad?

For most amounts, using an ATM abroad is cheaper. You pay a 3% foreign transaction fee, but the ATM rate is usually closer to mid-market than Bank of America's branch markup. For very small withdrawals, the fee might outweigh the savings.

Do I need to notify Bank of America before I travel internationally?

You should notify Bank of America of your travel dates so they do not block your card for security reasons. You can do this through their mobile app, online banking, or by calling 1-800-432-1000. This is especially important if you plan to use your debit card abroad.

What happens if Bank of America does not have the currency I need?

If your branch does not stock the currency, they can usually order it for you, but it takes 5 to 7 business days. If the currency is not available through Bank of America at all, you will need to exchange money in your destination country or use a currency exchange service.