Not every bank exchanges currency, and the ones that do often charge fees or require you to be a customer

Most large banks in the United States offer currency exchange, but smaller banks and credit unions often do not. Even banks that do exchange currency may limit it to customers only, require advance notice, or charge a percentage fee on top of the exchange rate. If your bank does not offer the service, you have other options — but they come with different costs and timelines.

The key difference is between banks that exchange currency at their branches and banks that order it for you from a central location. A branch exchange usually takes a few minutes if they have the currency in stock. An order takes several business days and may cost more. Some banks do neither and will direct you elsewhere.

Key Takeaways

  • Large national banks like Bank of America, Chase, and Wells Fargo exchange currency at most branches, but smaller banks and credit unions often do not.
  • Banks typically charge a percentage fee (often 1 to 3 percent) on top of the exchange rate, and rates vary between banks on the same day.
  • If your bank does not exchange currency, you can use an airport exchange counter, a currency exchange business, or an online currency service, each with different fees and timing.
  • Ordering currency in advance from your bank usually costs less than exchanging it the day you need it, because the bank has time to source it at a better rate.

Which banks exchange currency at the branch

The largest U.S. banks — Chase, Bank of America, Wells Fargo, Citibank, and US Bank — exchange currency at most of their branches. However, availability depends on the specific branch and the currency you need. Common currencies like euros, British pounds, Canadian dollars, and Mexican pesos are usually in stock. Less common currencies may need to be ordered.

To find out whether your bank exchanges currency, call the branch directly or check your bank's website. Do not assume that because one branch does it, all branches do. Some branches in smaller towns or rural areas do not keep foreign currency on hand. If you are a customer, the bank may waive certain fees or give you a better rate than a non-customer would receive.

Credit unions and smaller regional banks rarely exchange currency. If you bank with a credit union, ask whether they have a partnership with a larger bank that does. Some credit unions can order currency through a partner, but it takes longer and may cost more.

What fees and rates you will encounter

Banks do not use the same exchange rate you see online. They add a markup — usually 1 to 3 percent above the mid-market rate (the rate banks use when trading with each other). This markup is how the bank makes money on the transaction. A bank customer may get a slightly better rate than a non-customer, but the difference is usually small.

Some banks charge an additional flat fee ($5 to $15) on top of the markup, especially for orders placed in advance. Others charge only the markup. Ask your bank for both the rate and any fees before you exchange, because rates change daily and fees vary by branch.

If you need a large amount of currency, it is worth calling ahead and asking what rate the bank can may provide. Some banks will lock in a rate for 24 to 48 hours if you order in advance, which protects you if the market moves against you while you wait.

Ordering currency in advance versus exchanging on the spot

If you order currency several days before you need it, your bank can source it at a better rate than if you walk in and demand it when ready. The bank has time to shop around or use its normal wholesale channels. Advance orders usually take 3 to 5 business days and may cost less overall, even with a fee.

Exchanging on the spot is faster but more expensive. The bank is pulling from its limited stock and charging you for the convenience. If you need currency the same day, this is your only option at a bank — but expect to pay for it.

Plan ahead if you can. If you know you are traveling in two weeks, call your bank now and ask what it costs to order that currency. Compare that price to other options before you commit.

Currency exchange businesses and airport counters

If your bank does not exchange currency, currency exchange businesses (sometimes called foreign exchange shops or money changers) operate in most cities and at airports. These businesses exist only to exchange currency, so they are fast — usually a few minutes. However, their markups are often higher than banks, sometimes 3 to 5 percent or more.

Airport currency exchange counters are the most expensive option. They charge high markups because they have a captive customer base with no time to shop around. Use them only if you have no other choice.

Independent currency exchange businesses in your city are usually cheaper than airports but more expensive than banks. They are useful if your bank does not exchange currency and you need it quickly, but compare their rate to your bank's rate first.

Online currency services and prepaid travel cards

Online currency services like OFX, Wise, and XE allow you to order currency online and pick it up at a location near you, or have it delivered. These services often have lower markups than banks or exchange shops because they operate with lower overhead. However, they require advance planning — delivery takes several business days, and pickup locations are not everywhere.

Prepaid travel cards (also called currency cards) let you load money in a foreign currency onto a card before you travel. You use the card like a debit card abroad. The exchange rate is locked in when you load the card, so you know exactly what you are paying. These cards are useful if you want to avoid carrying large amounts of cash, but they charge fees to load and sometimes to withdraw from ATMs.

Both options work best if you plan ahead. If you are leaving tomorrow, your bank or a local exchange shop is your only realistic choice.

What to bring and how to prepare

When you go to exchange currency at a bank or exchange shop, bring a government-issued photo ID (a driver's license or passport). You will need to show it for any transaction, even if you are a customer.

If you are ordering currency in advance, call the branch or visit in person to place the order. Some banks let you order online, but calling is faster because you can ask questions about the rate and fees. Confirm how many business days the order will take and when you can pick it up. Ask whether the bank will hold the currency if you are delayed.

If you are exchanging a large amount (usually $3,000 or more in any single transaction), the bank may ask questions about where the money is going. This is a federal requirement, not the bank being suspicious. Be prepared to explain that you are traveling or sending money to family.

Frequently Asked Questions

Can I exchange currency at any branch of my bank?

Not necessarily. Larger branches in cities usually exchange currency, but smaller branches may not keep foreign currency in stock. Call ahead or check your bank's website to find a branch that exchanges the specific currency you need.

What is the difference between the exchange rate I see online and what the bank gives me?

The rate online is the mid-market rate — what banks charge each other. Your bank adds a markup (usually 1 to 3 percent) because they are providing a service and taking on risk. This markup is normal and unavoidable at any bank or exchange shop.

Is it cheaper to exchange currency before I travel or after I arrive?

It depends on where you are going. In most countries, exchanging before you leave the U.S. costs less than exchanging at an airport in another country. However, if you are going to a major city with competitive exchange shops, you may find a better rate there. For most travelers, ordering from your bank a few days before departure is the cheapest option.

Do I need to be a customer to exchange currency at a bank?

No, but customers usually get a better rate or lower fees. Non-customers can exchange currency at most large banks, but call ahead to confirm. Some smaller banks only exchange for customers.

What happens if I order currency and the exchange rate drops before I pick it up?

You are locked into the rate you agreed to when you placed the order. If the rate drops, you pay more than you would have if you had waited. If the rate rises, you pay less. This is why some people order in advance — they are willing to accept this risk in exchange for a lower rate than they would get on the spot.