Yes, Bank of America exchanges currency, but not at every branch and not always at the rate you'd expect
Bank of America does offer currency exchange for customers and non-customers, but the service is limited. You cannot walk into most branches and exchange cash on the spot. Instead, you order foreign currency in advance—usually three to five business days ahead—and pick it up at your branch, or have it mailed to you. The bank stocks about 50 currencies, though availability varies by location and current demand.
The exchange rate you receive is not the mid-market rate (the real-time rate between banks). Bank of America adds a markup, typically 2 to 3 percent above the mid-market rate. This means if you exchange $1,000, you will receive noticeably less foreign currency than you would through a currency specialist or online service. The exact markup depends on the currency and current market conditions, so you should ask for a quote before you commit.
If you need currency the same day or within 24 hours, Bank of America is not your option. If you are leaving in a week or more, ordering through the bank is straightforward and safe, though not the cheapest choice.
Key Takeaways
- Bank of America requires you to order foreign currency in advance—typically three to five business days—rather than exchanging it on the spot at the branch.
- The bank charges a markup of roughly 2 to 3 percent above the mid-market exchange rate, so you receive less currency per dollar than you would through other providers.
- You can order currency online through your Bank of America account, by phone, or in person at a branch, and pick it up locally or request mail delivery.
- Bank of America stocks about 50 currencies, but not all are available at every branch, so confirm availability before you order.
- If you need currency within 24 hours, you will need to use a currency exchange specialist, airport kiosk, or credit card instead.
How to order currency through Bank of America
Start by checking whether your branch carries the currency you need. Call your local branch directly or log into your Bank of America online account and look for the currency exchange option. Not every branch stocks every currency, and some smaller branches may not offer the service at all.
Once you confirm availability, you can order in three ways: online through your account (if you are a customer), by phone at 1-800-935-9935, or in person at your branch. You will need to specify the amount, the currency, and your preferred pickup or delivery method. The bank will give you a quote showing the exchange rate and the total amount of foreign currency you will receive. This quote is usually good for one business day, so if rates move significantly, you may see a different final amount.
Pickup usually takes three to five business days. If you need it faster, ask whether your branch can expedite—some can deliver within one to two business days, though this may carry an additional fee. Mail delivery takes longer and is less common for smaller orders.
When Bank of America's exchange rate makes sense
Bank of America's service is most useful when you value convenience and safety over getting the absolute best rate. If you are a regular customer with an established relationship at your branch, ordering currency there is straightforward and you know the money is legitimate. You also avoid the risk of carrying large amounts of cash to an airport kiosk or using an unfamiliar online service.
The service also works well if you need a small amount of currency—say, $200 to $500 for a short trip. The markup is the same whether you exchange $100 or $5,000, so the dollar cost of the markup is lower on smaller amounts. For larger exchanges, the 2 to 3 percent markup becomes more expensive in absolute terms, and you may want to compare other options.
If you are exchanging a currency that is difficult to find—such as Thai baht, Polish zloty, or South African rand—Bank of America's 50-currency inventory may be your best local option. Specialty currency services may offer better rates, but they require advance ordering online and may not be available in your area.
Alternatives that may offer better rates
If you have time to plan, several other options typically offer lower markups than Bank of America. Online currency services like Wise (formerly TransferWise), OFX, and OANDA allow you to lock in a rate online and receive currency by mail or pick it up at a partner location. These services often charge 1 to 2 percent markup, lower than the bank, though they require three to seven business days for delivery.
Credit cards with no foreign transaction fees are another route if you are traveling. You pay the card's exchange rate, which is usually close to mid-market, and you avoid carrying large amounts of cash. Debit cards typically charge foreign transaction fees, so they are less attractive.
Airport currency kiosks are convenient but expensive—markups often run 4 to 6 percent or higher. Use them only if you have no other option and need currency when ready.
What to expect when you pick up your order
When you arrive at your branch to pick up currency, bring a photo ID and the order confirmation number or receipt. The teller will count out the foreign currency and may ask you to verify the amount. Keep your receipt—it documents the transaction and the rate you received, which is useful if you need to dispute the amount later.
Bank of America does not charge a separate fee for the exchange itself; the cost is built into the exchange rate markup. However, some branches may charge a small fee for expedited delivery or for mailing currency to you. Ask about this when you place your order so there are no surprises.
If you are picking up a large amount of currency—more than $10,000 in total value—the bank will file a Currency Transaction Report (CTR) with the federal government. This is routine and legal; it does not mean you are under investigation. You do not need to do anything; the bank handles the filing.
What happens if the currency you need is not in stock
If your branch does not carry the currency you need, ask whether another branch nearby has it in stock. Bank of America branches can sometimes transfer currency to each other, though this adds time to your order. Alternatively, the bank may be able to special-order the currency from its supplier, which typically takes one to two weeks.
If the wait is too long, a specialty currency service may be faster. Services like Wise and OFX carry a wider range of currencies than most Bank of America branches and can sometimes deliver within a few days. Compare the timeline and the rate before you decide.
Frequently Asked Questions
Can I exchange currency at a Bank of America ATM?
No. Bank of America ATMs dispense U.S. dollars only. You cannot withdraw foreign currency from an ATM. If you need cash in a foreign country, use a local ATM there—your Bank of America debit card will work at most international ATMs, though you will pay a foreign transaction fee (usually $3 to $5 per withdrawal).
What if I receive the wrong amount of currency?
Contact your branch when ready with your receipt and the currency. The bank will recount it and correct any error. If the error is the bank's mistake, they will exchange the currency back or provide the correct amount at no additional charge. Keep your receipt and the original packaging until you have verified the amount.
Can I return unused foreign currency to Bank of America?
Yes, but with conditions. You can exchange unused currency back to dollars at your branch, though the rate will be less favorable than when you bought it (the bank applies a markup on the return as well). You must return the currency within a reasonable time—typically within 30 days—and in original condition. Some branches may refuse to buy back certain currencies or very small amounts.
Is there a limit to how much currency I can exchange?
Bank of America does not publish a hard limit, but very large orders (over $50,000) may require special handling or advance notice. If you need a large amount, call ahead and speak to a manager. Orders over $10,000 trigger a Currency Transaction Report, which is standard and does not prevent the exchange.
Do I need to be a Bank of America customer to exchange currency?
No. Non-customers can exchange currency at Bank of America branches, though some branches may require you to show ID and may have stricter limits on the amount. Call your local branch to confirm they serve non-customers before you visit.