TD Bank does exchange foreign currency, but not at every branch and not always at a good rate
TD Bank will exchange U.S. dollars for foreign currency and foreign currency for U.S. dollars at most of its locations, but you need to call ahead. Not every branch keeps all currencies in stock, and some smaller branches may not offer the service at all. The bank charges a currency exchange rate — the price at which one currency converts to another — that includes a markup above the wholesale rate, meaning you will pay more than you would at some other places.
If you need currency before a trip or after returning home, TD Bank is one option, but it is worth understanding what you will actually pay and what the alternatives are. The difference between exchanging at a bank, at an airport, or online can be significant.
Key Takeaways
- TD Bank exchanges currency at most branches, but you should call your local branch first to confirm they have the currency you need in stock.
- TD Bank's exchange rate includes a markup, so the rate you receive will be worse than the wholesale rate you see online.
- Airport currency exchanges and some online services often charge higher markups than banks, making TD Bank a reasonable choice for common currencies.
- If you need a large amount of currency or an uncommon one, ordering ahead or using a currency specialist may save you money.
How TD Bank's currency exchange works
When you go to a TD Bank branch to exchange currency, you bring cash in the foreign currency or U.S. dollars, and the teller converts it at the bank's rate. You receive the converted amount in cash on the spot — no waiting, no account transfer. The rate the bank uses is based on the wholesale rate (the rate banks trade with each other), but TD Bank adds a percentage on top. That percentage is how the bank makes money on the transaction.
The markup varies depending on the currency. Common currencies like Canadian dollars, euros, and British pounds typically have smaller markups because the bank trades them frequently. Less common currencies may have larger markups because the bank has to source them through a currency dealer.
You do not need to be a TD Bank customer to exchange currency there. Anyone can walk in with cash and request an exchange, though some branches may ask for identification.
Which currencies TD Bank can exchange
TD Bank stocks the major currencies used by its customers: Canadian dollars, euros, British pounds, Japanese yen, Swiss francs, Australian dollars, and Mexican pesos. If you need one of these, most branches will have it available or can order it within a few business days.
If you need a currency outside this list — Thai baht, South African rand, or others — call your branch first. Some branches can order less common currencies, but it takes longer and may cost more. If your branch cannot get it, a currency specialist or online currency service may be your only option.
What to expect in terms of cost
The exact markup TD Bank charges is not published, and it changes based on market conditions and the currency. A reasonable estimate is that you will lose 2 to 4 percent of your money to the exchange rate markup, depending on the currency. On $1,000 USD, that could mean losing $20 to $40.
For comparison, airport currency exchanges typically charge 5 to 10 percent markups, making them significantly more expensive. Online currency services and some credit unions may offer rates closer to wholesale, with markups of 1 to 2 percent, but they require advance ordering and a bank transfer rather than a same-day cash exchange.
If you are exchanging a small amount (under $500), the difference in dollars may not be worth shopping around. If you are exchanging $2,000 or more, comparing rates at a few places before you go is worth the time.
How to exchange currency at TD Bank
Call your local TD Bank branch and ask if they have the currency you need. Tell them how much you want to exchange and in which direction (USD to foreign currency, or foreign currency to USD). If they have it in stock, you can go in the same day. If they do not, ask how long it takes to order and whether there is an additional fee for ordering.
Bring your cash and a form of identification. Go during regular business hours — most branches do not exchange currency at the drive-through or after hours. Ask the teller for the exchange rate before you hand over your money so you know exactly what you will receive.
If you are exchanging a large amount, calling ahead gives the branch time to have enough cash on hand. Some branches may ask you to come back the next day if you want to exchange more than they have in the drawer.
When TD Bank is a good choice versus other options
TD Bank makes sense if you need currency the same day, you are exchanging a common currency, and you are not exchanging a very large amount. The rate is better than an airport, and you do not have to wait for a bank transfer to clear.
A currency specialist or online service makes more sense if you are exchanging $3,000 or more, you need an uncommon currency, or you can wait a few days for delivery. Online services like OFX, Wise, or Remitly often have rates much closer to wholesale, though they require a bank account and a few business days for the transfer.
An airport currency exchange makes sense only if you are already at the airport and forgot to exchange money beforehand. The markup is steep enough that it should be your last resort.
What happens if you need currency while traveling
If you are already abroad and need local currency, using an ATM in that country is usually cheaper than exchanging before you leave. ATMs abroad charge a fee (usually $2 to $5 per withdrawal), but the exchange rate is typically better than what you would get at a bank or airport at home. Your TD Bank debit card will work at most ATMs worldwide, though you should tell TD Bank you are traveling so they do not block your card for fraud protection.
If you do not want to use an ATM, paying with a credit card in the local currency is often better than exchanging cash, because credit card companies typically offer rates close to wholesale. The key is to decline the merchant's offer to convert to U.S. dollars at checkout — always choose to be charged in the local currency, and let your card company do the conversion.
Frequently Asked Questions
Does TD Bank charge a fee on top of the exchange rate?
TD Bank does not charge a separate fee, but the exchange rate itself includes a markup. That markup is how the bank makes money. You will not see a line item labeled "fee," but you will receive fewer dollars (or less foreign currency) than the wholesale rate would give you.
Can I exchange currency at a TD Bank ATM?
No. TD Bank ATMs dispense only U.S. dollars. You must go inside a branch during business hours to exchange currency with a teller.
What if I exchange currency and then my plans change?
Most banks, including TD Bank, do not take back foreign currency you have already exchanged. Once you have the cash, it is yours. If you need to convert it back, you will pay another markup. Plan your currency needs carefully before you exchange.
Is the exchange rate the same at every TD Bank branch?
The rate should be the same across all TD Bank branches on the same day, because they all use the bank's central rate. However, availability of specific currencies may vary by location, so a smaller branch may not have what you need even if a larger one does.
Can I order currency online and pick it up at a branch?
TD Bank does not offer online currency ordering for branch pickup. You must call the branch directly to order, and you pick up the cash in person during business hours.