Bank of America does exchange foreign currency, but only at certain locations and with restrictions that vary by branch and currency type.

Most Bank of America branches can exchange major currencies like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos. However, not every branch offers this service — smaller branches and some locations in rural areas may not stock foreign currency or may require advance notice. You will need to call your specific branch first to confirm they have the currency you need in stock, because they do not keep every currency on hand at every location.

Bank of America charges a margin on top of the mid-market exchange rate, meaning you will pay more than the rate you see quoted online. The exact margin varies and is not published in advance, so the rate you receive depends on the day, the currency, and the amount you are exchanging. You can ask the teller for the rate before you complete the transaction.

Key Takeaways

  • Call your local Bank of America branch before visiting to confirm they have the currency you need and can complete the exchange that day.
  • Bank of America charges a margin above the mid-market rate, so the cost of exchanging money is higher than the rate you see online.
  • You can exchange currency at the teller window during regular branch hours, and the transaction is usually completed the same day.
  • If your branch does not stock a particular currency, you may be able to order it in advance, though this can take several business days.

How to exchange currency at Bank of America

Visit your local branch during business hours with your passport or government-issued ID and the cash you want to exchange. The teller will confirm the current exchange rate, show you the amount you will receive, and complete the transaction. You will receive the foreign currency in cash on the spot, unless you ordered it in advance and the branch needed time to obtain it.

If your branch does not have the currency in stock, ask whether they can order it. Some branches will order currency for you, but it typically takes three to five business days to arrive. You will need to return to the branch to pick it up once it arrives, and the rate may differ from the rate quoted when you placed the order.

What currencies Bank of America typically stocks

Bank of America regularly stocks major currencies including euros (EUR), British pounds (GBP), Canadian dollars (CAD), Japanese yen (JPY), Swiss francs (CHF), Australian dollars (AUD), and Mexican pesos (MXN). Availability of these currencies varies by branch and location — branches in areas with higher international travel or business activity are more likely to have multiple currencies in stock.

Less common currencies like Thai baht, South African rand, or Indian rupees are usually not stocked and must be ordered in advance. Even then, not all branches will order every currency. Call ahead to ask whether your branch can order the specific currency you need and how long the process takes.

Comparing Bank of America to other exchange options

Bank of America's exchange rates include a margin that makes the cost higher than exchanging money at an airport currency exchange, an independent currency exchange shop, or using an ATM in the foreign country. If you are traveling internationally, withdrawing cash from an ATM in your destination country often gives you a better rate than exchanging before you leave, because ATM rates are typically closer to the mid-market rate.

If you need currency before your trip and your Bank of America branch does not stock it, independent currency exchange shops (sometimes called "travelex" locations) may have more currencies in stock and faster ordering. However, their margins can also be high. Compare rates by calling multiple locations before you exchange a large amount.

Exchange rates and fees

Bank of America does not charge a separate transaction fee for currency exchange, but the margin built into the rate is how the bank makes money on the transaction. The margin varies depending on the currency, the amount, and market conditions. You can ask the teller for the exact rate and the total amount you will receive before you hand over your cash.

The rate you receive at the teller window is the rate for that transaction only. If you return the next day, the rate may be different. Bank of America does not lock in a rate in advance for walk-in customers, though some banks do offer rate locks for larger transactions if you call ahead.

What to bring when you exchange currency

Bring a government-issued photo ID (passport, driver's license, or state ID) and the cash you want to exchange. Bank of America may ask you questions about the purpose of the exchange if you are exchanging a large amount, as part of standard anti-money-laundering procedures. Have your cash ready in the denominations you have — the teller will count it and tell you how much foreign currency you will receive.

If you are exchanging traveler's checks instead of cash, bring those along with your ID. Bank of America still exchanges traveler's checks at most branches, though this service is less common than it once was.

Frequently Asked Questions

Can I exchange currency at any Bank of America branch?

Most branches offer currency exchange, but not all. Call your specific branch first to confirm they have the currency you need. Smaller branches or locations in areas with less international activity may not stock foreign currency or may require advance notice.

How long does currency exchange take?

If the branch has the currency in stock, the exchange takes a few minutes at the teller window. If you need to order a currency in advance, it typically takes three to five business days to arrive, and you will need to return to pick it up.

Is the exchange rate better if I order currency in advance?

Ordering in advance does not may provide a better rate. The rate you receive depends on the day you complete the transaction, not the day you place the order. Ask what rate the branch will offer when the currency arrives before you decide to order.

What if I need a currency Bank of America does not stock?

Ask your branch whether they can order it. If not, try an independent currency exchange shop in your area, or consider withdrawing cash from an ATM once you arrive in the foreign country, which often gives a better rate than exchanging before you leave.

Do I need an account with Bank of America to exchange currency?

No. You can exchange currency at any Bank of America branch with a valid government-issued ID, whether or not you have an account with the bank.