Bank of America will exchange currency at most of its branches, but the rate you get and the fees you pay depend on how much you're exchanging and whether you order in advance

Bank of America offers currency exchange for customers at physical branches. You can exchange U.S. dollars for foreign currency, or foreign currency back into dollars. The bank stocks common currencies — euros, British pounds, Canadian dollars, Mexican pesos, Japanese yen, and others — but less common ones may need to be ordered ahead.

The exchange rate Bank of America offers is not the mid-market rate you see online. The bank adds a markup, which is how it makes money on the transaction. You will pay more to buy foreign currency than you would at a currency specialist, and you will receive less when selling foreign currency back. The exact markup varies by currency and changes daily.

There is no single fee listed as a "currency exchange fee," but the markup itself is the cost. Some branches may charge an additional service fee for ordering currency that is not in stock, though this is not universal across all locations.

Key Takeaways

  • Bank of America exchanges currency at branches, but the rate includes a markup that is higher than mid-market rates available elsewhere.
  • Common currencies like euros and pounds are usually in stock; less common ones require advance notice and may take several business days.
  • You will get a worse rate buying foreign currency than you would at a currency exchange specialist or through a wire transfer service.
  • Calling your branch ahead of time tells you whether they have the currency in stock and what the current rate is before you go in.

What currencies Bank of America stocks and how to order

Bank of America keeps a limited inventory of foreign currency at each branch. The most commonly exchanged currencies — euros, British pounds, Canadian dollars, Mexican pesos, and Japanese yen — are usually available without advance notice, though availability varies by location and time of year.

If you need a currency the branch does not have on hand, you can order it. Call the branch directly or visit in person and ask them to order the currency for you. The order typically takes three to five business days to arrive, though this varies. Some branches may charge a fee for ordering currency that is not in stock; others do not. Ask when you place the order.

Ordering ahead is also useful if you need a large amount. If you are exchanging more than a few thousand dollars, the branch may need to order extra inventory to cover the transaction without depleting their stock.

How the exchange rate works and why it is not the rate you see online

The rate Bank of America quotes you is not the mid-market rate — the rate at which banks trade currency with each other. The mid-market rate is what you see on financial websites and currency converters. Bank of America's rate includes a markup, typically 1 to 3 percent depending on the currency, though it can be higher for less common ones.

This markup is how the bank covers the cost of holding inventory, managing the transaction, and making a profit. The markup is built into the rate itself; there is no separate line item on your receipt labeled "markup." You straightforward receive fewer euros (or pounds, or yen) per dollar than the mid-market rate would give you.

The rate changes daily and sometimes intraday. If you are planning to exchange a large amount, call the branch and ask what the current rate is before you come in. Rates are not may provide over the phone; the branch will quote you the rate at the moment you call, but it may shift slightly by the time you arrive.

Exchanging currency in person at a branch

To exchange currency at a Bank of America branch, bring your passport or government-issued ID and the cash you want to exchange. If you are a Bank of America customer, bring your debit card or account information. Non-customers can exchange currency, but some branches may have additional requirements or limits.

The teller will count your cash, confirm the current exchange rate with you, and process the transaction. The whole process usually takes 10 to 15 minutes if the currency is in stock. You will receive the foreign currency in cash, and the transaction is complete.

If you are exchanging a large amount — more than $10,000 — the branch will file a Currency Transaction Report (CTR) with the federal government. This is a standard reporting requirement, not a sign of suspicion. You do not need to do anything; the bank handles the filing.

When Bank of America is not the best option for currency exchange

Bank of America's rates are wider (less favorable to you) than what you can get from a currency specialist. If you are exchanging more than a few hundred dollars, comparing rates at a dedicated currency exchange service or an online transfer service may save you money.

Services like Wise (formerly TransferWise), OFX, or local currency exchange shops often offer rates closer to mid-market, with lower markups than Bank of America. For large amounts or frequent exchanges, the difference adds up. For small amounts — under $500 — the difference may not be worth the extra trip.

If you are sending money to another country rather than carrying cash, a wire transfer through Bank of America or a specialist service like Wise may be cheaper and safer than exchanging cash and carrying it with you.

Exchanging currency before travel

If you are traveling and need foreign currency, ordering from Bank of America a few days before your trip gives you time to pick it up without rushing. Call your local branch, tell them how much currency you need and which country you are visiting, and ask them to order it.

Ordering ahead also lets you lock in the rate (or at least see what it is) before you travel, rather than scrambling at the airport or in a foreign country where rates are even worse. Some travelers order a small amount before leaving and use ATMs abroad for the rest, which often gives a better rate than exchanging cash.

Keep your receipt and any unused foreign currency. If you return with leftover currency, Bank of America will exchange it back to dollars, though again at a rate that includes a markup in the bank's favor.

Limits on how much you can exchange

Bank of America does not publish a single maximum amount for currency exchange. The limit depends on how much inventory the branch has and whether you ordered in advance. For amounts over $10,000, the branch will file a CTR, but this does not stop the transaction.

If you need a very large amount — tens of thousands of dollars — call ahead and ask the branch whether they can source that much currency and how long it will take. They may need to order from a regional distribution center or coordinate with other branches.

There is no minimum amount, though exchanging very small amounts (under $50) may not be worth the trip given the markup.

Frequently Asked Questions

Does Bank of America charge a fee for currency exchange?

There is no separate fee listed, but the exchange rate includes a markup of 1 to 3 percent or more depending on the currency. Some branches may charge an additional fee for ordering currency that is not in stock, though this varies by location. Call your branch to ask about their specific fees.

Can I exchange currency online or by mail?

Bank of America does not offer online currency exchange or mail-in exchange. You must visit a branch in person with your ID and cash. Some online services like Wise do offer mail-in options, though they work differently and are designed for transfers rather than cash exchange.

What if my branch does not have the currency I need?

You can order it. Call the branch and ask them to order the currency for you; it typically arrives in three to five business days. If you need it urgently, ask whether a nearby branch has it in stock, or consider using an online currency service or a local currency exchange shop.

Is the rate Bank of America quotes me may provide?

No. The rate is quoted at the moment you call or visit, but it can change before the transaction completes. For large amounts, ask the branch to quote you the rate and tell you how long that quote is good for. Most quotes are good for the day you receive them.

What happens if I exchange more than $10,000?

The bank files a Currency Transaction Report with the federal government. This is routine and required by law for all cash transactions over $10,000. It does not affect your ability to exchange the currency; the bank straightforward reports the transaction.