Yes, Bank of America exchanges foreign currency at most branches
Bank of America offers foreign currency exchange at the majority of its branches, though not all locations carry every currency. You can exchange cash before you travel, or convert foreign currency back to US dollars when you return. The bank stocks the most common currencies — euros, British pounds, Canadian dollars, Mexican pesos, Japanese yen, and others — but less common currencies may require advance notice or may not be available at all.
The exchange rate you receive is set by Bank of America and includes a markup over the wholesale rate. This means you will not get the same rate you see quoted online for currency trading. The exact markup varies, but it is typically higher than what you would pay at a currency exchange specialist, so comparing rates beforehand can save you money if you are exchanging a large amount.
Key Takeaways
- Bank of America exchanges foreign currency at most branches, but you should call ahead to confirm they have the specific currency you need.
- The bank's exchange rates include a markup and are typically less favorable than rates offered by dedicated currency exchange services.
- You can exchange currency in person at a branch with your passport or government-issued ID, and the transaction usually completes the same day.
- For currencies not in stock, Bank of America can order them, though this takes several business days and may involve additional fees.
How to exchange currency at a Bank of America branch
Walk into any Bank of America branch with your passport or government-issued ID and ask to exchange currency. You do not need an account with the bank. Tell the teller how much currency you want to exchange and in what denomination — for example, 500 euros in 50-euro notes — and they will tell you the current rate and calculate how much US dollars you will receive.
The teller will count out the foreign currency, confirm the amount with you, and complete the transaction. Most branches can handle the exchange on the spot if they have the currency in stock. You will receive a receipt showing the amount exchanged, the rate used, and any fees charged. The whole process typically takes 10 to 15 minutes.
What to do if your branch doesn't have the currency in stock
If the currency you need is not available at your branch, ask the teller whether they can order it. Bank of America can order most major currencies and many minor ones, though the process takes several business days — usually three to five. You will need to place the order in person at a branch and may be charged an ordering fee on top of the exchange markup.
For very uncommon currencies, Bank of America may not be able to order them at all. In that case, you can ask the branch for a referral to a currency exchange service, or you can search online for a specialist currency exchanger in your area. Specialist exchangers often have better rates than banks and carry a wider range of currencies, though they may charge a separate transaction fee.
Exchange rates and fees to expect
Bank of America's exchange rates change throughout the day and are based on wholesale rates plus the bank's markup. The markup is not published as a fixed percentage — it varies by currency and by how much you are exchanging. As a general rule, the more currency you exchange, the better the rate you may receive, though this is not may provide.
Some Bank of America branches charge a flat fee for currency exchange (typically $5 to $10), while others do not. Ordering a currency that is not in stock may add an additional fee. Call your branch before you go to ask about their specific fees and to confirm they have the currency you need and the rate they are quoting.
Converting foreign currency back to US dollars
When you return from travel, you can exchange leftover foreign currency back to US dollars at any Bank of America branch. The same rules explore: bring your ID, the teller will quote you a rate, and the transaction completes the same day if the currency is in stock. The rate you receive for selling currency back to the bank is typically less favorable than the rate for buying it, because the bank builds in a larger markup on the return direction.
If you have a large amount of foreign currency or coins, some branches may ask you to bring it in a bag or envelope rather than loose in your pocket. Damaged or worn bills may be refused or exchanged at a lower rate. Ask the teller about the condition of your bills before you hand them over.
Alternatives to Bank of America currency exchange
If Bank of America's rates or fees do not work for you, several other options exist. Currency exchange specialists — companies like Travelex or local independent exchangers — often have better rates than banks and carry more currencies. They may charge a separate transaction fee, but the overall cost can be lower if you are exchanging a large amount.
Credit unions sometimes offer currency exchange to members at better rates than banks. If you belong to a credit union, call and ask whether they exchange currency and what their rates are. ATMs in the country you are visiting will give you a cash advance in local currency at your card's exchange rate, which is often competitive, though your bank may charge a foreign transaction fee or ATM fee on top.
What to bring and what to expect
Bring a valid government-issued ID — a passport, driver's license, or state ID card. Bank of America does not require you to have an account. Bring the US dollars or foreign currency you want to exchange in cash; the bank does not exchange currency on credit cards or wire transfers. If you are ordering currency in advance, you will need to pay for it at the time you place the order, either in cash or with a debit card.
Arrive during branch hours, which vary by location. Most branches are open Monday through Friday during business hours and have limited Saturday hours. Call ahead to confirm your branch is open and to ask about their current exchange rates and any fees. This also gives you a chance to confirm they have the specific currency you need or to place an order if they do not.
Frequently Asked Questions
Do I need a Bank of America account to exchange currency?
No. Bank of America exchanges currency for anyone with a valid government-issued ID, whether or not you have an account with the bank. You can walk into any branch and request an exchange.
What is the best time to exchange currency before traveling?
Exchange rates fluctuate throughout the day and week. There is no way to predict the best time, but calling your branch a day or two before you travel lets you lock in a rate and confirm they have the currency in stock. Avoid exchanging currency at airports or hotels, where rates are typically much worse than at banks.
Can I exchange currency online or by mail?
Bank of America does not offer online currency exchange or mail-in exchange. You must visit a branch in person with your ID and cash. Some online currency services exist, but they are not affiliated with Bank of America and carry their own fees and risks.
What happens if I exchange currency and then change my mind?
Once you exchange currency, the transaction is complete and you cannot reverse it. If you want to exchange the currency back, you can do so at any Bank of America branch, but you will receive a different (typically less favorable) rate than you paid. Plan your exchange amount carefully to avoid this.
Are there limits on how much currency I can exchange?
Bank of America does not publish a maximum exchange amount for customers. Very large exchanges may require advance notice or may be subject to additional verification. Call your branch to discuss if you are exchanging more than a few thousand dollars.