Bank of America does exchange currency, but the cost and method depend on what you're doing with the money

Bank of America will convert U.S. dollars to foreign currency and foreign currency back to dollars. You can do this in person at a branch, through their website or mobile app, or by phone. The exchange happens at Bank of America's internal rate, which is not the same as the mid-market rate you see quoted online — the bank builds in a margin, typically 1 to 3 percent depending on the currency and the amount.

The practical question is whether Bank of America is the cheapest way to get the currency you need. For small amounts or last-minute travel, a branch visit is straightforward. For larger amounts or regular transfers, other methods often cost less. The choice depends on how much money you're moving, which currency, and whether you need the cash in hand or can wait for a transfer.

Key Takeaways

  • Bank of America exchanges currency at its own rate, which includes a margin above the mid-market rate — you pay more than the rate you see quoted online.
  • You can exchange currency in person at a branch, by phone, or through online and mobile banking, depending on the amount and currency.
  • For travel cash in small amounts, a branch exchange is straightforward; for larger sums or regular transfers, wire services and currency specialists often charge less.
  • Bank of America may need to order certain currencies in advance, especially outside major travel destinations, so plan ahead if you need an uncommon currency.

Exchanging currency in person at a Bank of America branch

Walk into any Bank of America branch with your account or ID, tell the teller which currency you need, and they can exchange it on the spot for common currencies like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos. You get physical cash. The teller will show you the rate they're using before the transaction completes.

For less common currencies — Thai baht, Polish zloty, Czech koruna — the branch may not have it in stock and will need to order it, which takes several business days. Call ahead to ask whether they have the currency in hand. Bring your passport or state ID; the teller will ask for it.

There is no separate fee for the exchange itself, but the rate you receive already includes Bank of America's margin. If you're exchanging $1,000 USD to euros and the mid-market rate is 0.92 euros per dollar, you might receive 0.90 euros per dollar instead — the 0.02 difference is Bank of America's cut.

Exchanging currency online or through the mobile app

Bank of America customers can order foreign currency through their online banking portal or mobile app. You select the currency, the amount, and a delivery method: pick it up at a branch, have it mailed to you, or in some cases have it delivered to your home. The rate shown online is locked in when you place the order.

Ordering online is useful if you want to lock in a rate before traveling or if you prefer not to visit a branch. Delivery by mail takes 5 to 10 business days; branch pickup is usually ready within 2 to 3 business days. You still pay the same margin as you would in person — the rate includes Bank of America's markup.

Exchanging currency by phone

Call Bank of America's customer service line and ask to exchange currency. A representative will quote you the current rate, confirm the amount you want, and arrange delivery or pickup. This method works if you prefer to talk through the details or if you're not near a branch.

Phone orders follow the same timeline and rates as online orders. The representative will confirm the rate before the transaction is final.

When Bank of America currency exchange costs more than alternatives

For amounts over $5,000 or for regular international transfers, wire services and currency specialists often charge less than Bank of America's margin. Services like Wise (formerly TransferWise), OFX, and Remitly specialize in moving money across borders and quote their margins upfront — you can compare them directly.

If you're sending money to someone abroad rather than getting cash for travel, a wire transfer through Bank of America or a currency transfer service may be your only option anyway. But if you're exchanging for travel cash, a currency specialist may quote you a better rate, especially for larger amounts.

For very small amounts — under $500 — the difference in cost is usually small enough that convenience matters more. A branch visit takes 10 minutes; comparing three wire services takes longer.

What to know about Bank of America's exchange rates

Bank of America publishes its exchange rates online, updated daily. The rate you see is the mid-market rate — the true wholesale rate between banks. Bank of America's actual rate to customers is lower (you get fewer foreign currency units per dollar) because of the margin built in.

The margin varies by currency. Major currencies like euros and pounds typically have a smaller margin — closer to 1 percent. Emerging market currencies or less common ones may have a margin of 2 to 3 percent or higher. The bank does not publish the exact margin; you only see it when you request a quote.

The rate also depends on the amount. Larger exchanges sometimes get slightly better rates than small ones, though Bank of America does not may provide this.

Timing and planning for currency exchange

If you need a common currency for travel, you can usually get it within a few business days. Order online or call ahead to a branch, and pick it up or have it mailed. For uncommon currencies, order at least a week in advance.

If you're traveling soon and need cash when ready, a branch visit is your fastest option — you walk out with the currency the same day. If you have time and want to compare rates, get quotes from Bank of America and at least one wire service or currency specialist before deciding.

Frequently Asked Questions

Can I exchange currency at any Bank of America branch?

Most branches can exchange common currencies like euros, pounds, and yen on the spot. Smaller branches or those in rural areas may have limited inventory and need to order currency. Call your local branch first to confirm they have what you need.

What's the difference between the rate Bank of America quotes and the rate I see online?

The rate you see online is the mid-market rate — the wholesale rate between banks. Bank of America's rate to you is lower because the bank adds a margin. You get fewer units of foreign currency per dollar than the mid-market rate shows.

Is there a limit to how much currency I can exchange?

Bank of America does not publish a public limit, but very large exchanges (over $10,000) may trigger additional reporting requirements under U.S. law. For amounts over $5,000, call ahead to confirm the branch can handle it or consider a wire service instead.

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

You do not need an account, but you will need a valid ID. Non-customers may face longer wait times or limited currency availability at some branches.

What happens if I exchange currency and then don't use it?

Bank of America will exchange it back, but you will pay the margin again — once on the way out and once on the way back. If you exchanged $1,000 USD to euros and then exchange the euros back, you will receive less than $1,000 USD because of the two margins.