Bank of America does exchange foreign currency, but the process and costs depend on which service you use and whether you're a customer

Bank of America exchanges foreign currency at its branches and through its online banking platform. The bank buys and sells more than 80 currencies. However, the exchange rate you receive includes a markup — the difference between what the bank pays for the currency and what it charges you — and this markup varies by currency and by how you exchange it.

If you're not a Bank of America customer, you can still exchange currency at a branch, but you'll pay a higher markup than customers do. If you are a customer, you have three main routes: in-branch exchange, online ordering for pickup, and travel cards that hold foreign currency.

Key Takeaways

  • Bank of America exchanges currency at branches and online, but the exchange rate includes a markup that is higher for non-customers than for account holders.
  • You can order foreign currency online for branch pickup, which lets you lock in a rate before you travel, though the rate still includes Bank of America's markup.
  • Bank of America's Travel Card holds multiple currencies and may offer a different exchange rate than a one-time currency exchange.
  • The markup on currency exchange is not published as a single percentage — it varies by currency and changes daily based on market conditions.
  • Other options like airport exchanges, independent currency dealers, and credit cards with no foreign transaction fees may offer better rates depending on your situation.

In-branch currency exchange at Bank of America

You can walk into any Bank of America branch and exchange U.S. dollars for foreign currency on the spot. You do not need to be a customer. The teller will ask how much currency you need and will give you a quote that includes the bank's markup. If you accept, the exchange happens when ready.

Bank of America customers receive a better exchange rate than non-customers at the branch. The difference is typically 1 to 3 percent, depending on the currency. For example, if you're exchanging $1,000 into euros, a customer might receive a rate that is 1 percent better than what a non-customer receives for the same $1,000.

The branch may not have all 80 currencies in stock. If the currency you need is not available, the teller can order it and have it ready for pickup in a few business days, usually at no additional charge beyond the exchange markup.

Ordering foreign currency online before you travel

Bank of America lets customers order foreign currency online through their account and pick it up at a branch. You can place the order up to 30 days before your trip. The bank shows you the exchange rate when you order, so you know the cost before you commit.

This method is useful if you want to lock in a rate before you leave, or if you want to avoid the conversation at the branch counter. The rate you see online includes the same markup as an in-branch exchange, so you're not paying extra for the convenience of ordering ahead.

Non-customers cannot order online. If you don't have a Bank of America account, you must exchange currency in person at a branch.

Bank of America Travel Card for foreign currency

Bank of America offers a Travel Card that holds up to 10 different currencies at once. You load the card with U.S. dollars, and the bank converts them to the foreign currencies you choose. The card then works like a debit card when you're abroad.

The exchange rate for loading the Travel Card includes a markup, just like a one-time exchange does. However, the Travel Card may be useful if you're visiting multiple countries, because you can load several currencies before you leave and avoid exchanging money multiple times. Each additional exchange would normally carry its own markup.

The Travel Card also charges an annual fee and a monthly fee if you don't use it. Check the current fee schedule on Bank of America's website, as fees change.

What the exchange rate includes and how it's set

Bank of America does not publish a single markup percentage. Instead, the markup is built into the exchange rate the teller or website shows you. The markup varies by currency — some currencies have a wider markup than others — and it changes daily based on market conditions and the bank's inventory.

The mid-market rate is the rate at which banks trade currency with each other, and it changes constantly throughout the day. Bank of America's rate to you is always worse than the mid-market rate, meaning you receive fewer foreign currency units per dollar than the mid-market rate would give you. The difference is the bank's profit.

You cannot negotiate the rate at a Bank of America branch. The rate shown is the rate you get if you decide to exchange.

Comparing Bank of America to other currency exchange options

Bank of America's markup is typically higher than independent currency dealers and some online platforms, but lower than airport exchanges. If you're exchanging a large amount — $2,000 or more — it's worth comparing rates at a few places before you commit.

Credit cards with no foreign transaction fee may be a better choice than currency exchange if you're paying for things abroad. You use the card to pay in the local currency, and the card company converts it at a rate that is usually closer to the mid-market rate than Bank of America's exchange rate. However, not all credit cards offer this, and some charge 2 to 3 percent for foreign transactions.

ATM withdrawals abroad can also be cheaper than exchanging currency, because the ATM rate is often closer to the mid-market rate than a bank's exchange rate. However, your bank may charge an out-of-network fee, and the foreign bank may charge a fee too, so compare the total cost.

Frequently Asked Questions

Can I exchange currency at any Bank of America branch?

Yes, any Bank of America branch can exchange currency for you. If the branch doesn't have the currency in stock, they can order it and have it ready in a few business days. Some very small branches may have limited currency inventory, so calling ahead is a good idea if you need an uncommon currency.

What happens if the exchange rate changes between when I order online and when I pick up?

The rate is locked when you place the order online. Bank of America holds that rate for you, so if the market rate moves in your favor or against you, your rate doesn't change. You pay the amount shown when you ordered.

Does Bank of America charge a fee on top of the exchange rate markup?

No separate fee is charged for a one-time currency exchange at the branch or online. The cost is built into the exchange rate itself. The Travel Card does charge an annual fee and a monthly fee if unused, but that's separate from the currency exchange markup.

Is the exchange rate better if I'm a Bank of America customer?

Yes, customers receive a better rate than non-customers, typically 1 to 3 percent better depending on the currency. The exact difference varies and is not published in advance.

What if I need currency after the branch closes?

Bank of America branches have standard business hours, usually Monday through Friday during the day and limited Saturday hours. If you need currency outside those hours, an airport exchange or an independent currency dealer open 24 hours may be your only option, though the rate will likely be higher.