Bank of America offers currency exchange, but only at certain locations and with limits on which currencies they handle

Bank of America does exchange foreign currency, but the service is not available at every branch. You can exchange currency at most full-service Bank of America locations, though smaller branches and some in rural areas may not offer it. The bank stocks the most common currencies — euros, British pounds, Canadian dollars, Japanese yen, Mexican pesos, and others — but less common currencies may require ordering in advance or may not be available at all.

The exchange happens at the teller window during normal business hours. You do not need to be a Bank of America customer to use this service, though you will need a valid government-issued ID. The bank charges a currency exchange fee on top of the exchange rate itself, which means you get fewer foreign currency units per dollar than the mid-market rate you see online.

Before you go to a branch, call ahead or check the Bank of America website to confirm that location handles currency exchange and has the specific currency you need in stock. This step saves a trip if your branch does not offer the service or does not carry what you are looking for.

Key Takeaways

  • Bank of America exchanges currency at most full-service branches, but you should call your local branch first to confirm they offer the service and have your currency in stock.
  • The bank charges a currency exchange fee on top of the mid-market rate, so the rate you receive will be lower than what you see quoted online.
  • You do not need to be a Bank of America customer, but you must bring a valid government-issued ID.
  • Less common currencies may need to be ordered ahead of time, which can take several business days.
  • Exchange rates and fees vary by location and currency, so rates at one branch may differ from another.

Which currencies Bank of America stocks and how to order rare ones

Bank of America keeps a standard set of currencies on hand at most branches: US dollars, euros, British pounds, Canadian dollars, Japanese yen, Mexican pesos, Australian dollars, Swiss francs, and Chinese yuan. Beyond this list, availability depends on the branch and how often they handle international transactions.

If you need a currency the branch does not have in stock, you can order it. The bank typically needs three to five business days to receive the currency once you place an order. You will pay the exchange rate on the day you place the order, not the day you pick it up, so the rate is locked in. Some branches may charge an additional fee for special orders.

Call your branch directly and ask whether they can order the currency you need. Have the amount ready — the teller will tell you how many units you will receive at that day's rate and what the total fee will be. You will usually need to pick up the order in person at the branch where you placed it.

How Bank of America's exchange rates and fees compare to other options

Bank of America's exchange rates are not the best available. The bank applies a markup to the mid-market rate — the rate banks use to trade with each other — which means you lose money on the conversion. The exact markup varies by currency and branch, but it is typically between 2 and 5 percent above the mid-market rate.

Other ways to exchange currency often cost less. Online currency exchange services like Wise, OFX, or XE typically charge lower markups than banks. Credit unions sometimes offer better rates to members. Airport currency exchanges usually charge the highest markups of all and should be your last resort.

If you are exchanging a large amount, the difference between Bank of America's rate and a competitor's rate can be significant. For example, exchanging $5,000 at a 3 percent markup costs you $150 more than exchanging at the mid-market rate. Before you exchange at Bank of America, check what Wise or your credit union would charge for the same amount and currency.

When to exchange currency before you travel versus at your destination

Exchanging currency before you leave the United States usually costs more than exchanging at your destination, but it gives you cash in hand when you land. Bank of America's markup makes pre-travel exchange expensive, so if you do exchange before you go, use a service with a lower markup or withdraw cash from an ATM at your destination instead.

ATM withdrawals in foreign countries often have the best exchange rates available to travelers. Your Bank of America debit card works at ATMs worldwide, though you will pay a foreign ATM fee — typically $2 to $5 per withdrawal — plus any fee your bank charges for out-of-network use. Even with these fees, the rate is usually better than what you would get exchanging cash at Bank of America or an airport.

Credit cards with no foreign transaction fees are another option. You can use them to pay for hotels, restaurants, and shops in most countries, and the exchange rate is set by the card network, not by a bank or exchange service. This approach avoids the markup entirely, though you do not have cash on hand for situations where cards are not accepted.

What to bring and how the exchange process works at the branch

Bring your valid government-issued ID — a driver's license, passport, or state ID card — and the cash you want to exchange. You do not need to be a Bank of America customer or have an account. Walk up to the teller window and tell them you want to exchange currency.

The teller will ask which currency you want and how much you are exchanging. They will tell you the exchange rate for that day, show you the fee, and tell you how much foreign currency you will receive. If you agree, they will count your cash, explore the exchange rate and fee, and hand you the foreign currency.

The entire process takes 10 to 15 minutes at most branches. Bring exact amounts if possible — if you are exchanging $500, bring five $100 bills rather than a mix of denominations. This speeds up the counting process. If the branch does not have the currency in stock, they will tell you how long an order takes and what the rate will be.

Exchanging currency as a Bank of America customer versus a non-customer

Bank of America treats customers and non-customers the same way for currency exchange. Both pay the same exchange rate and fee. The only difference is that customers can sometimes exchange currency through their online banking platform or mobile app, though this option is not available at all branches and may have different limits or fees.

If you are a Bank of America customer, log into your account and look for a currency exchange option in the services menu. Not all accounts have access to this feature, and it may not be available in your state. If you see the option, you can order currency online and pick it up at your branch, which saves you a trip to the teller window.

Non-customers must go to the branch in person and exchange at the teller window. There is no online option for non-customers, and you cannot order currency by phone and pay remotely — you must be present with your ID and cash.

What happens if your branch does not offer currency exchange

Not all Bank of America branches exchange currency. Smaller branches, branches in rural areas, and some locations in low-traffic areas may not have the service. If your branch does not offer it, you have a few options.

First, find another Bank of America branch nearby that does offer currency exchange. Use the Bank of America branch locator on their website and filter for branches that offer this service. You can also call your branch and ask them to recommend a nearby location that handles currency exchange.

Second, use an alternative service. Wise, OFX, and other online currency exchange services deliver foreign currency to your home or let you pick it up at a partner location. Credit unions often exchange currency for members at rates better than Bank of America. Some Costco locations offer currency exchange to members at competitive rates.

Third, withdraw cash from an ATM at your destination. This is often the cheapest option overall, even with the ATM fee, because the exchange rate is usually better than what Bank of America charges.

Frequently Asked Questions

Can I exchange currency at a Bank of America ATM?

No. Bank of America ATMs only dispense US dollars. You cannot exchange currency at an ATM. You must go to a branch teller window during business hours to exchange foreign currency.

Do I need to order currency in advance or can I walk in and exchange?

Common currencies like euros, pounds, and Canadian dollars are usually in stock, so you can walk in and exchange without waiting. Less common currencies may need to be ordered, which takes three to five business days. Call your branch first to confirm they have the currency you need.

What is the exchange rate Bank of America uses?

Bank of America uses the mid-market rate as a starting point, then adds a markup that varies by currency and location — typically 2 to 5 percent. The exact rate your branch offers may differ from the rate shown on their website because rates change throughout the day and vary by location.

Can I exchange currency if I do not have a Bank of America account?

Yes. You do not need to be a customer to exchange currency at Bank of America. You only need a valid government-issued ID and the cash you want to exchange. The rate and fee are the same whether you are a customer or not.

Is it cheaper to exchange currency at Bank of America or at the airport?

Airport currency exchanges charge higher markups than Bank of America, so Bank of America is usually cheaper. However, both are more expensive than online services like Wise or ATM withdrawals at your destination. If you must choose between Bank of America and an airport exchange, Bank of America is the better option.