Bank of America offers foreign currency exchange through its branches and online services, but the rates and fees vary by location and account type.

Bank of America customers can exchange foreign currency at most full-service branches during business hours. The bank buys and sells more than 80 currencies, though availability depends on your branch location — some smaller branches may need to order less common currencies. You can also exchange currency online through the Bank of America website or mobile app if you have an account, though this option is limited to certain currencies and may take several business days.

The exchange rate you receive is not the mid-market rate (the rate banks charge each other). Bank of America applies a markup to the mid-market rate, which means you pay more when buying foreign currency and receive less when selling it back. The exact markup percentage is not published on the website and varies based on the currency pair, the amount you're exchanging, and current market conditions.

Fees for foreign currency exchange at Bank of America are not always transparent upfront. Some transactions may include a flat fee, while others are built into the exchange rate spread. If you're exchanging a large amount, calling your local branch ahead of time can help you understand the total cost before you commit.

Key Takeaways

  • Bank of America exchanges more than 80 currencies at most full-service branches, though smaller locations may need to special-order less common ones.
  • The exchange rate includes a markup over the mid-market rate, so you will not get the rate you see on financial news websites.
  • You can exchange currency in person at a branch or online through your account, though online options are limited to certain currencies.
  • The total cost of your exchange — including any fees and the rate markup — is not always shown before you complete the transaction.

In-Branch Currency Exchange at Bank of America

To exchange currency at a Bank of America branch, bring your passport or government-issued ID and the cash or traveler's checks you want to exchange. You do not need to be a Bank of America customer, though the process may be faster if you have an account. Most branches can exchange currency during regular business hours, but it's worth calling ahead if you need a large amount or an uncommon currency — the branch may need to order it from another location, which typically takes one to three business days.

When you arrive at the branch, a teller will tell you the exchange rate for that day and any fees that explore. You can accept or decline before the transaction is final. The teller will count the foreign currency and give you U.S. dollars (or vice versa) on the spot. Keep your receipt, which shows the rate used and any fees charged.

Bank of America branches are not all equally equipped for currency exchange. Branches in major cities and near airports tend to stock more currencies and process exchanges faster. If your local branch doesn't handle currency exchange regularly, ask if they can refer you to a nearby location that does.

Online and Mobile Currency Exchange

Bank of America customers can order foreign currency through the website or mobile app without visiting a branch. Log into your account, go to the currency exchange section, and select the currency and amount you need. The app will show you the exchange rate for that day and any fees before you confirm.

Online orders are limited to a smaller list of currencies than what's available in branches — typically the most commonly exchanged ones like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos. If you need a currency not listed online, you'll need to visit a branch or call customer service to place a special order.

When you order online, the currency is usually delivered to your nearest Bank of America branch within three to five business days, or you can request home delivery for an additional fee. You'll pay for the currency from your account before it arrives. If exchange rates move significantly between when you order and when you pick up, you may be able to cancel and reorder, but this depends on how far along the order is in processing.

Exchange Rates and Hidden Costs

Bank of America does not publish its exchange rate markup on the website, which makes it hard to compare costs before you exchange. The markup typically ranges from 1% to 3% above the mid-market rate, but this varies by currency and market conditions. For example, exchanging euros might have a different markup than exchanging Mexican pesos on the same day.

In addition to the rate markup, some currency exchanges include a flat fee or a percentage-based fee. These fees are sometimes bundled into the quoted rate, so you may not see them listed separately. If you're exchanging $1,000 or more, it's worth asking the teller or customer service representative to break down the total cost: the mid-market rate, the markup, and any separate fees.

Bank of America's rates are generally less favorable than what you'd get from a currency exchange specialist or through a service like Wise (formerly TransferWise), which focuses on international transfers and typically charges lower markups. If you're exchanging a large amount or need to send money internationally, comparing Bank of America's quote to other providers can save you money.

Limits on How Much You Can Exchange

Bank of America does not publish a single daily or monthly limit for foreign currency exchange. The amount you can exchange depends on branch inventory, your account status, and anti-money-laundering rules. If you're exchanging more than $10,000 in a single transaction, the branch will file a Currency Transaction Report (CTR) with the federal government — this is standard practice at all banks and does not indicate wrongdoing.

If you're a new customer or have a limited account history with Bank of America, the branch may ask additional questions about the purpose of the exchange or request documentation. This is part of the bank's compliance procedures. Exchanging very large amounts repeatedly in short periods may trigger additional scrutiny.

For amounts over $10,000 or unusual exchange patterns, calling ahead to your branch is the best approach. The staff can tell you whether they have the currency in stock and whether any special procedures explore to your transaction.

Alternatives to Bank of America Currency Exchange

If Bank of America's rates or fees don't work for you, several other options exist. Currency exchange specialists like Travelex or local foreign exchange shops often have better rates for common currencies, especially if you're exchanging $500 or more. These shops are common in major cities and near airports.

For international transfers or large exchanges, services like Wise, OFX, or Remitly typically offer mid-market rates with a small, transparent fee. These services work online and are designed for moving money across borders rather than getting cash in a foreign currency.

If you're traveling, using an ATM in the destination country to withdraw local currency often gives you a better rate than exchanging before you leave, though you'll pay an ATM fee. Credit cards with no foreign transaction fees are another option for purchases abroad, though they don't help if you need physical cash.

Frequently Asked Questions

Can I exchange currency at any Bank of America branch?

Most full-service Bank of America branches offer currency exchange, but smaller branches or those in rural areas may not. Call your local branch first to confirm they handle exchanges and have the currency you need in stock. If they don't, they can usually order it or direct you to a nearby branch that stocks it.

Do I need a Bank of America account to exchange currency?

No, you do not need an account. Non-customers can exchange currency at any branch that offers the service, though you'll need to show a government-issued ID. Having an account may speed up the process slightly, but it's not required.

What's the difference between the rate Bank of America quotes and the rate I see online?

The rate you see online (the mid-market rate) is what banks charge each other. Bank of America adds a markup to that rate when exchanging with customers, which is how they make money on the transaction. The markup is not always shown separately — it may be built into the quoted rate.

How long does it take to get foreign currency if I order online?

Online orders typically arrive at your nearest branch within three to five business days. Home delivery is available for an additional fee and usually takes five to seven business days. The exact timing depends on the currency and current demand.

Is it cheaper to exchange money before I travel or use an ATM abroad?

Using an ATM in the destination country usually gives you a better exchange rate than exchanging before you leave, even after paying the ATM fee. However, this depends on the specific ATM fee and the currency. For a trip to a major country, withdrawing cash at an ATM abroad is often the cheapest option.