Bank of America does exchange currency, but only at certain locations and with fees that vary by branch and transaction type

Bank of America offers currency exchange at most of its U.S. branches, but the service is not available everywhere and comes with costs you should understand before you go. The bank exchanges major currencies like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos. However, the exchange rate you receive is not the same as the mid-market rate you see online — Bank of America adds a markup, and you may also pay a separate fee depending on how you order the currency.

The specifics depend on whether you walk into a branch with cash, order currency ahead of time, or use a debit card abroad. Each method has different costs and timing. Before you exchange money at Bank of America, it helps to know what you will actually pay and whether another option might cost less.

Key Takeaways

  • Bank of America exchanges currency at most U.S. branches, but you should call ahead to confirm your specific branch offers the service and has the currency you need in stock.
  • The exchange rate includes a markup above the mid-market rate, and you may pay an additional fee if you order currency in advance or exchange large amounts.
  • Ordering currency ahead of time usually takes three to five business days and may cost less than exchanging cash on the spot at a branch.
  • Using a Bank of America debit card at an ATM or point of sale in another country often costs less than exchanging physical currency before you travel.
  • Other options like credit unions, online currency services, and airport exchanges have different markups and fees, so comparing costs makes sense for larger amounts.

How Bank of America currency exchange works at a branch

When you walk into a Bank of America branch with U.S. dollars and ask to exchange them for another currency, the teller will give you a rate that includes the bank's markup. This markup is not published as a fixed percentage — it varies by currency, by branch, and sometimes by the amount you are exchanging. The bank does not charge a separate fee for over-the-counter exchange at most branches, but the markup is how they make money on the transaction.

The catch is that not every branch keeps every currency on hand. Major branches in cities and near airports are more likely to have euros, pounds, and yen in stock. Smaller branches may not have anything beyond Canadian dollars and Mexican pesos, or may need to order currency for you. This is why calling ahead matters — if your branch does not have what you need, you will either wait for an order or travel to a different branch.

Exchange rates change throughout the day, so the rate you see online in the morning will not be the rate you get at 3 p.m. Bank of America updates its rates multiple times daily, and the rate you receive is locked in when the teller processes your transaction.

Ordering currency in advance and what it costs

If your branch does not have the currency you need, or if you want to lock in a rate before you travel, you can order currency through Bank of America. You can do this online, by phone, or in person at a branch. The bank typically needs three to five business days to have the currency ready for pickup.

When you order ahead, Bank of America may charge an ordering fee in addition to the markup on the exchange rate. This fee is not standard across all branches or all currencies — some orders have no fee, while others may charge $10 to $25 depending on the amount and the currency. The bank will tell you the total cost, including the fee and the markup, before you confirm the order. This gives you a chance to see the exact price and decide whether to proceed.

Ordering ahead can sometimes save you money compared to walking in and exchanging on the spot, because you can compare the quoted rate to current market rates and decide whether the markup is acceptable. You can also shop around — if Bank of America's rate is too high, you can cancel the order and try another bank or currency service.

Using your Bank of America debit card abroad

For many travelers, using a Bank of America debit card at an ATM or store in another country is cheaper than exchanging physical currency before you leave. When you use your debit card abroad, the bank converts your U.S. dollars at its foreign exchange rate, which includes a markup but often a smaller one than you pay for physical currency exchange.

Bank of America charges a 1% foreign transaction fee on debit card purchases and ATM withdrawals outside the U.S. This means if you withdraw 100 euros, the bank converts that to dollars at its rate, then adds 1% on top. Some other banks charge 2% or 3%, so Bank of America's rate is competitive, but it is not zero. ATMs in your destination country may also charge their own fee — this is separate from Bank of America's fee and depends on the ATM operator.

If you have a Bank of America credit card instead of a debit card, the foreign transaction fee may be different — some Bank of America credit cards charge no foreign transaction fee, while others charge 1% or 3%. Check your specific card's terms before you travel.

Comparing Bank of America to other currency exchange options

Bank of America is convenient if you have an account there and a branch nearby, but it is not always the cheapest option. Credit unions often offer better exchange rates than banks, especially if you are a member. Online currency services like OFX, Wise, and XE allow you to lock in a rate online and pick up cash or have it delivered, and their markups are often lower than Bank of America's for larger amounts.

Airport currency exchanges are almost always more expensive than any other option — the markup is typically 5% to 10% above the mid-market rate. If you must exchange money at an airport, do it only for a small amount to cover when ready expenses, then use an ATM or debit card for the rest of your trip.

For amounts under $500, the difference between Bank of America and other options may be only $10 to $30, so convenience might outweigh the savings. For amounts over $1,000, comparing rates across a few options is worth the time — the difference can be $50 to $150 or more.

What currencies Bank of America exchanges

Bank of America exchanges the major currencies you are most likely to need: euros (EUR), British pounds (GBP), Canadian dollars (CAD), Japanese yen (JPY), Mexican pesos (MXN), Australian dollars (AUD), Swiss francs (CHF), and a few others. If you need a less common currency — Thai baht, Indian rupees, or South African rand, for example — your branch may not have it in stock and may not be able to order it. In that case, you would need to use an online currency service or a specialty currency exchange shop.

The best way to find out what your specific branch can exchange is to call and ask. Have the currency code ready (the three-letter abbreviation), and ask whether they have it in stock or can order it, and what the fee and rate would be.

Frequently Asked Questions

Does Bank of America charge a fee for currency exchange?

Bank of America does not charge a separate fee for over-the-counter currency exchange at most branches, but the exchange rate includes a markup above the mid-market rate. If you order currency in advance, you may pay an additional ordering fee of $10 to $25 depending on the amount and currency. Using a debit card abroad costs 1% of the transaction amount.

What is the best way to exchange currency before traveling?

For most travelers, using a debit card at an ATM in your destination country costs less than exchanging physical currency beforehand. If you prefer to have cash before you leave, ordering through Bank of America three to five days in advance lets you see the total cost upfront and compare it to other options. For large amounts, checking rates at a credit union or online currency service may save you money.

Can I exchange currency at any Bank of America branch?

Most Bank of America branches exchange currency, but not all branches keep all currencies in stock. Call your branch ahead of time to confirm they have the currency you need or can order it. Branches near airports and in major cities are more likely to have multiple currencies available when ready.

What happens if I need currency but my branch does not have it?

You can order it through Bank of America, which usually takes three to five business days. If you need it faster, you can visit a larger branch in a nearby city, use an online currency service for delivery, or use your debit card at an ATM once you arrive at your destination.

Is using a Bank of America ATM abroad cheaper than exchanging currency?

Usually yes. Using a debit card at an ATM costs 1% plus any fee the ATM operator charges, which is often less than the markup on physical currency exchange. However, if you withdraw a very small amount, the ATM operator's fee may make it more expensive than exchanging cash beforehand.