Most banks exchange currency, but the rates and fees vary widely, and many require you to order in advance
Your bank will exchange currency for you, but not always on the spot. Large national banks like Chase, Bank of America, and Wells Fargo exchange foreign currency at their branches, though they may need a few days' notice and charge a percentage markup on top of the market rate. Credit unions often exchange currency too, sometimes at better rates than big banks. The catch: you pay a spread (the difference between what the bank buys and sells currency for) plus sometimes a flat fee, and the rate you get is not the market rate you see online—it is the bank's rate, which is always worse for you.
If you need currency before a trip or after returning home, calling your bank first is the fastest move. Ask whether they stock the currency you need, whether they charge a fee, what their markup is, and how many days they need to order it. Some branches keep common currencies like euros and Canadian dollars on hand; others order everything and take three to five business days. A few banks—mainly smaller regional ones—do not exchange currency at all and will refer you elsewhere.
Key Takeaways
- National banks and most credit unions exchange currency, but rates include a markup that can range from 2 to 8 percent above the market rate.
- You usually need to order currency in advance; same-day exchange is rare and happens mainly at airport branches or for customers with accounts at that bank.
- The total cost of exchanging at a bank includes the spread plus any flat fee, which can add up to more than using an online currency service or ATM abroad.
- Calling your bank before you travel tells you whether they stock what you need, how long ordering takes, and what the actual cost will be.
What the markup actually costs you
When a bank exchanges currency, it quotes you a rate that is worse than the mid-market rate (the rate between banks, which you see on Google or XE.com). The difference is the bank's profit. On a $1,000 exchange, a 3 percent markup costs you $30. A 5 percent markup costs $50. Banks do not always disclose the markup upfront—they show you the rate they will give you, and you have to do the math to see what you are paying.
Some banks also charge a flat fee on top of the markup: $15, $20, or $25 per transaction. This fee hurts more on small exchanges. If you are exchanging $200 and the bank charges $15 plus a 4 percent markup, you are paying roughly $23 total—over 11 percent of your money gone before you leave the country.
The rate also locks in at the time you order, not the time you pick up the currency. If the dollar weakens between when you order and when you collect, you do not benefit. If it strengthens, you lose more.
Which banks exchange currency and how to find yours
Chase, Bank of America, Wells Fargo, Citibank, and most regional banks exchange currency at branches. Credit unions often do too, though policies vary by union. Call the branch where you have your account or the one closest to you and ask directly: "Do you exchange foreign currency?" If they say yes, ask what currencies they stock, how many days they need to order, what the fee is, and what the markup is.
If your bank does not exchange currency, they will usually refer you to a bank that does. Some banks partner with currency exchange services and can order through them, which may take longer but gives you options. Online banks (Ally, Charles Schwab, others) typically do not exchange physical currency at all—they have no branches—so you would need to use a different method.
Airport branches of major banks sometimes exchange currency with shorter notice because they handle more international travelers. If you are flying out tomorrow and forgot to order, an airport branch is worth a call, though the rate may be worse than a regular branch and the fee may be higher.
Alternatives that often cost less
Exchanging at your bank is convenient if you already have an account there, but it is not always the cheapest option. ATMs abroad usually charge a flat fee (often $2 to $5 per withdrawal) plus your bank's foreign transaction fee (typically 1 to 3 percent), which can be cheaper than a bank's markup on a large exchange. You get the mid-market rate or close to it, and you only withdraw what you need.
Online currency services like Wise (formerly TransferWise), OFX, and Remitly let you lock in a rate online and pick up currency at a partner location or have it delivered. These services often have lower markups than banks—sometimes 1 to 2 percent—and no hidden fees. The tradeoff is that delivery takes a few days and you cannot walk into a branch and get cash the same day.
Credit unions sometimes offer better rates than big banks, especially if you are a member of a larger network. If you belong to a credit union, ask them before you assume a bank is your only option.
How to order currency and what to expect
Call your bank's customer service line or visit a branch in person. Tell them the currency you need, the amount, and when you need it. They will tell you the rate, any fees, and the pickup date. You usually pay at the time you order—either in cash, by debit card, or by transferring from your account. Some banks require you to pick up the currency at the branch where you ordered it; others let you pick it up at any branch.
Bring your ID when you pick up the currency. The bank will count it in front of you and give you a receipt. If you are exchanging a large amount, the bank may file a Currency Transaction Report (CTR) with the federal government—this is routine and not a problem, but it is why they ask for ID.
If you are returning from a trip with leftover foreign currency, most banks will exchange it back, though the rate will be worse than when you bought it (the spread goes both ways). Some banks charge a fee to exchange currency back into dollars. Ask about this before you travel so you know whether it is worth exchanging small amounts.
What happens if you need currency the same day
Same-day currency exchange is possible but not may provide. Airport branches sometimes have common currencies in stock and can exchange on the spot, especially early in the day. Some branches in major cities keep euros, pounds, and Canadian dollars on hand. Call ahead and ask; do not assume.
If your bank cannot exchange the same day, you have a few options. Currency exchange shops (Travelex, ICE, others) operate at airports and in some city centers and can exchange on the spot, but their rates are usually worse than banks. Credit unions in your area might have currency in stock. Online services cannot help you if you need cash today.
The lesson: order currency before you travel. Waiting until the day before or the day of your trip limits your options and costs you more.
Frequently Asked Questions
Can I exchange currency at any branch of my bank, or only the one where I have my account?
Most banks let you pick up currency at any of their branches, but you usually have to order through the branch where you have your account or through their customer service line. Call ahead to confirm the pickup location and whether they have the currency in stock at that branch.
What if I need a currency my bank does not stock?
Your bank can order almost any currency, but it takes longer—sometimes a week or more for rare currencies. They can also refer you to a currency exchange service or another bank that stocks it. Online services like Wise may be faster for less common currencies.
Do I have to exchange currency at a bank, or can I just use an ATM abroad?
You do not have to use a bank. ATMs abroad often give you a rate close to the mid-market rate and charge only a flat fee, which can be cheaper than a bank's markup. The downside is you cannot get large amounts at once, and you need a debit card that works internationally.
Will my bank exchange currency if I do not have an account there?
Most banks will not exchange currency for non-customers. Some will refer you to a currency exchange shop or another bank. Credit unions sometimes exchange for non-members, but policies vary. Call ahead and ask.
What is the difference between the mid-market rate and the rate my bank quotes me?
The mid-market rate is what banks charge each other and is the "true" rate you see online. Your bank's rate includes a markup—usually 2 to 8 percent—that is the bank's profit. The difference is what you pay for the convenience of exchanging at a bank instead of using an ATM or online service.