Not every bank will exchange foreign currency, and the ones that do often charge more than you expect

Most large banks offer currency exchange, but many smaller banks and credit unions do not. The banks that do exchange money typically require you to be a customer, charge a markup on the exchange rate (usually 1 to 3 percent above the mid-market rate), and may need advance notice for amounts over a certain threshold. If your bank does not offer exchange, you have other options: currency exchange shops, airport kiosks, and online services like Wise or OFX, each with different fees and rates.

The key difference is between buying foreign currency (getting cash before you travel) and exchanging it back (converting leftover bills after you return). Banks handle both, but the rates and fees differ, and some banks will not buy back certain currencies at all.

Key Takeaways

  • Large national banks like Chase, Bank of America, and Wells Fargo offer currency exchange to customers, but you may need to order in advance for amounts over $1,000.
  • Credit unions and smaller regional banks often do not exchange currency, so you need to call ahead or ask in person before assuming they can help.
  • Banks charge a markup on the exchange rate plus a flat fee per transaction, making their rates worse than online currency services for most amounts.
  • Currency exchange shops and airport kiosks are convenient but charge the highest markups; online services like Wise offer better rates if you have time to wait for delivery.
  • Exchanging currency back into dollars after travel is harder than buying it; many banks will not buy back cash, and those that do offer worse rates than when you bought it.

What large banks offer and what they charge

Chase, Bank of America, Wells Fargo, and Citibank all exchange currency for customers. You can walk into a branch with your debit card or account number and request the exchange. For small amounts (usually under $1,000), you can often get the cash the same day. For larger amounts, most banks ask you to order 24 to 48 hours in advance so they can have the currency on hand.

The fee structure is two-part: a percentage markup on the exchange rate, plus a flat per-transaction fee. Chase, for example, charges a 1 percent markup plus a $5 fee for most currencies. Bank of America charges 1 to 3 percent depending on the currency, plus a $10 fee. These markups are on top of the mid-market rate you see online—the actual rate banks pay each other. That means if the mid-market rate for euros is 1.10 dollars per euro, you might pay 1.11 or 1.12 when you buy from the bank.

Not all banks stock all currencies. Major ones like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos are usually available. Less common currencies—Thai baht, Polish zloty, South African rand—may require special order and longer wait times, sometimes a week or more.

Credit unions and smaller banks usually do not exchange currency

Most credit unions and regional banks do not offer currency exchange at all. They lack the infrastructure to hold foreign currency inventory and the volume to make it worthwhile. If you bank at a smaller institution, call your branch directly and ask; do not assume they can help based on size alone.

Some credit unions belong to shared branching networks or have partnerships with larger banks that do exchange currency. Your credit union may be able to refer you to a partner branch where you can exchange as a member. This is worth asking about before you assume you have no option.

Currency exchange shops and airport kiosks charge more but are faster

Dedicated currency exchange shops (often called "exchange bureaus" or "forex shops") exist in most cities and are ubiquitous in airports. They do not require you to be a customer and will exchange on the spot. The tradeoff is cost: they charge markups of 3 to 8 percent, sometimes higher at airports. An airport kiosk might charge 5 percent or more because they know you are leaving the country and have limited time.

These shops are useful if you need cash when ready and your bank is closed, or if you are at the airport and realize you need local currency. For planned travel, they are expensive compared to ordering from your bank in advance.

Online currency services offer better rates if you can wait

Services like Wise (formerly TransferWise), OFX, and XE offer exchange rates closer to the mid-market rate, with lower markups than banks or shops. Wise, for example, charges a 1 to 2 percent fee with no additional markup—you get close to the real rate. The catch is delivery time: you order online, and the cash arrives by mail in 3 to 7 business days, or you pick it up at a partner location if one is near you.

These services work best when you know your travel dates in advance and can order a week or more ahead. For last-minute trips, they are not an option.

Exchanging currency back after travel is harder and costs more

Buying foreign currency before you travel is straightforward. Converting it back to dollars after you return is not. Many banks will not buy back cash at all—they will only sell it to you. Those that do buy back charge a worse rate than they gave you when you bought it, sometimes 2 to 5 percent worse.

If you have leftover currency, your best options are to keep it for a future trip, exchange it at a currency shop (which will also charge a markup), or donate it. Some charities accept foreign currency donations and handle the exchange themselves.

How to get the best rate for your situation

If you are traveling more than a week away and know your dates, order from your bank or an online service like Wise in advance. You will pay less than you would at an airport or exchange shop. If you need cash today or tomorrow, call your bank first—if they have the currency in stock, the fee is worth the convenience. If your bank does not offer exchange, find a currency shop in your area; the markup is higher, but you avoid a trip to the airport.

For very large amounts (over $5,000), call your bank ahead of time. Some banks have limits on how much they will exchange without advance notice, and some charge different fees for large transactions. Asking first saves you a wasted trip.

Frequently Asked Questions

Can I exchange money at any bank branch, or only my home branch?

Most banks allow you to exchange at any of their branches, but call ahead to confirm the branch has the currency in stock. Smaller branches in rural areas may not keep foreign currency on hand and may need to order it from a larger branch, which adds time.

What happens if I exchange money and the rate drops the next day?

Once you have exchanged the money, the rate change does not affect you—you have already locked in the rate you paid. The bank does not refund the difference if the rate moves in your favor, and you do not owe more if it moves against you.

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

Yes, nearly all banks require you to have an account with them. Non-customers can use currency exchange shops or airport kiosks instead. A few banks may make exceptions for large transactions, but this is rare—ask first.

Is it cheaper to exchange money in the country I am visiting?

Usually yes, but it depends on the country and the currency. ATMs in most developed countries offer rates close to mid-market, often better than U.S. banks. In less developed countries, rates can be worse. The safest approach is to get some local currency before you leave (to avoid airport markups), then use ATMs once you arrive.

Can I exchange cryptocurrency or traveler's checks at a bank?

Traveler's checks can be exchanged at most banks, though fewer people use them now. Cryptocurrency cannot be exchanged at traditional banks—you need a crypto exchange service. Some banks are beginning to offer crypto services, but this is still rare.