Yes, Bank of America exchanges foreign currency, but availability and rates depend on your account type and location
Bank of America does exchange foreign currency at most of its branches, but the process is not the same everywhere. Some branches handle exchanges over the counter same-day, while others require you to order currency in advance. The bank charges a margin on top of the mid-market exchange rate — meaning you pay more to buy foreign currency than you would receive if you sold it back the same day. This margin varies and is not published in advance, so the actual cost depends on the specific currency, the branch, and current market conditions.
If you have a Bank of America checking or savings account, you can exchange currency at any full-service branch. If you do not have an account, some branches will still exchange currency for non-customers, but policies vary by location. The best first step is to call your local branch directly and ask whether they stock the currency you need and whether they can do it same-day or if you need to order ahead.
Key Takeaways
- Bank of America exchanges foreign currency at most branches, but you should call ahead to confirm your branch stocks the currency you need.
- The bank charges a margin above the mid-market rate, so the actual exchange rate you receive is lower than what you see quoted online.
- Some branches can exchange currency same-day over the counter, while others require you to order it in advance, usually taking three to five business days.
- Account holders generally have better access and may pay lower margins than non-customers, though this varies by branch.
How to order foreign currency at Bank of America
To order currency, visit your local Bank of America branch in person or call ahead. Have the currency code ready (for example, EUR for euros, GBP for British pounds) and tell the branch how much you need. The branch will quote you a rate and tell you when the currency will be ready — typically three to five business days for common currencies, longer for less common ones.
You will pay for the currency when you pick it up, not when you order it. Bring a valid ID and your debit card or checkbook. If you are ordering a large amount, the branch may ask you to provide advance notice so they can have enough cash on hand. Some branches also allow you to order currency through their mobile app or online banking, though this varies by location.
What currencies Bank of America stocks
Bank of America keeps common currencies in stock at most branches: Canadian dollars, euros, British pounds, Japanese yen, Mexican pesos, and Australian dollars. Less common currencies — such as Thai baht, South African rand, or Norwegian krone — may need to be ordered and can take longer to arrive.
If your branch does not stock a currency, they can usually order it from a currency supplier, but the wait time and fees may be higher. Call your branch to ask whether they can source the specific currency you need and what the timeline and cost would be. If the wait is too long or the margin too high, you may want to compare rates at other banks or currency exchange services in your area.
Understanding Bank of America's exchange rates and fees
Bank of America does not charge a flat fee for currency exchange, but it does explore a margin to the mid-market rate. The mid-market rate is the rate banks use to trade with each other and is the most accurate real-time rate you will see online. Bank of America's margin — the difference between what you pay and the mid-market rate — is not disclosed upfront and varies based on the currency, the amount, and market conditions.
To see what you are actually paying, ask the branch for the specific rate they are quoting before you complete the exchange. You can then compare that rate to the mid-market rate shown on a financial website like XE.com or OANDA to understand how much margin the bank is charging. For large amounts, it is worth calling multiple branches, as rates can differ slightly between locations.
Exchanging currency without a Bank of America account
Non-customers can exchange currency at some Bank of America branches, but policies vary. Some branches will exchange currency for anyone with a valid ID, while others restrict exchanges to account holders only. The best approach is to call your nearest branch and ask whether they will exchange currency for non-customers and what the process is.
If your local Bank of America branch does not exchange currency for non-customers, you have other options: independent currency exchange shops, other banks, or online currency services. Independent shops often have higher margins than banks but may offer more convenient hours. Online services like OFX or Wise typically offer better rates than banks but require a bank transfer, which takes one to three business days.
Timing and planning for currency exchange
If you need currency for an upcoming trip, order it at least one week in advance. This gives the branch time to source the currency without rush fees and lets you lock in a rate before you travel. If you order currency the day before you leave, you risk the branch not having it in stock, forcing you to either delay your trip or pay a higher rate at an airport exchange counter.
Exchange rates fluctuate constantly, so the rate you see today will not be the rate you get next week. If you are exchanging a large amount and the rate is favorable, you can order early and pick up closer to your travel date. However, once you pick up the currency, you have it in cash, so there is no benefit to waiting longer — the rate is locked in when you pick it up, not when you order.
Alternatives to Bank of America for currency exchange
If Bank of America's rates or timeline do not work for you, other options exist. Other major banks like Chase and Wells Fargo also exchange currency at branches, often with similar margins. Credit unions sometimes offer better rates to members. Independent currency exchange shops, found in most cities and near airports, often have competitive rates for common currencies but may charge higher margins for less common ones.
Online currency services like Wise, OFX, and Remitly offer rates closer to mid-market but require you to transfer money from your bank account and wait for delivery by mail or pickup. These services work well if you are not in a hurry and are exchanging a significant amount. Airport exchange counters are convenient but almost always charge the highest margins, so avoid them if possible.
Frequently Asked Questions
Can I exchange currency at a Bank of America ATM?
No, Bank of America ATMs only dispense U.S. dollars. You must visit a branch in person to exchange foreign currency. Some ATMs in other countries will dispense local currency if you use your Bank of America debit card, but that is a cash withdrawal, not an exchange.
What if I need currency the same day?
Call your branch when ready and ask if they have the currency in stock. If they do, you can pick it up the same day. If they do not, you will need to order it and wait, or find an independent currency exchange shop or airport counter that stocks it, though those typically charge higher margins.
Do I pay taxes on currency exchange?
No, exchanging currency for personal travel is not a taxable event. If you are exchanging currency for business purposes or as part of investment activity, consult a tax professional about whether reporting is required.
Is it cheaper to exchange currency before I travel or after I arrive?
It is almost always cheaper to exchange before you travel. Airport exchange counters and hotel exchanges charge much higher margins than banks. The only exception is if exchange rates move significantly in your favor between now and your trip, but this is unpredictable and usually not worth waiting for.
What happens if Bank of America gives me damaged or counterfeit currency?
Bank of America sources currency from established suppliers and inspects it before handing it to you. If you receive damaged currency, return to the branch with your receipt and they will replace it. Counterfeit currency is extremely rare in this context. If you suspect an issue, contact the branch where you exchanged it.