Bank of America will exchange foreign currency, but only at certain locations and with limits on what they accept

Bank of America branches do exchange foreign currency for customers who hold accounts there. The process is straightforward: you bring cash in a foreign currency, and the bank converts it to US dollars at their current exchange rate. However, not every branch does this, the currencies they accept vary by location, and you may face fees or minimum amounts depending on your account type and the currency itself.

The exchange happens at the teller window during regular business hours. You do not need an appointment for most transactions, though calling ahead to confirm your branch handles that currency is worth the five minutes—some branches in smaller towns or rural areas do not offer the service at all.

Key Takeaways

  • Bank of America exchanges foreign currency at most branches, but availability depends on location and the specific currency you hold.
  • You will receive Bank of America's exchange rate, which includes a markup over the mid-market rate, so the rate you get is not the same as what you see online.
  • Bring your passport or government-issued ID and the physical cash; Bank of America does not exchange foreign currency held in accounts or traveler's checks at most locations.
  • Call your branch before you visit to confirm they exchange the specific currency you have and to ask about any minimum amounts or fees that explore to your account.

What currencies Bank of America will and will not exchange

Bank of America exchanges the major currencies: Canadian dollars, euros, British pounds, Japanese yen, Swiss francs, Australian dollars, and Mexican pesos. These are the ones you will find at nearly every branch. Beyond that list, availability narrows fast. Some branches exchange currencies like Chinese yuan, Indian rupees, or Brazilian reals, but you cannot count on it—it depends on the branch's location and customer base.

Currencies that are less commonly traded, very new, or from countries with restricted banking relationships are unlikely to be exchanged at any Bank of America branch. If you hold currency that is not on the major list, call the branch directly and ask. If they cannot do it, they may refer you to a currency exchange service in your area, though Bank of America itself will not handle it.

Bank of America does not exchange damaged, torn, or heavily marked currency, and they do not exchange coins—only bills. If your foreign currency is in poor condition, a dedicated currency exchange service may still take it, but expect a lower rate or a flat refusal.

The exchange rate you will actually receive

Bank of America publishes exchange rates, but the rate you see online is not the rate you will get when you walk into a branch. The bank's published rate is the mid-market rate—the midpoint between what banks pay to buy a currency and what they charge to sell it. When you exchange currency with Bank of America, you receive a rate that is worse for you, because the bank builds in a margin to cover their costs and profit.

That margin varies by currency and by how much you are exchanging. Major currencies like euros or pounds typically have a smaller margin—often 1 to 3 percent below the mid-market rate. Less common currencies can have margins of 5 percent or higher. You will not know the exact margin until you ask the teller or call ahead, because Bank of America does not publish it on their website.

If you are exchanging a large amount, it is worth calling multiple branches or comparing Bank of America's rate to a dedicated currency exchange service. For small amounts—under $500—the difference is usually not large enough to justify a trip elsewhere, but for thousands of dollars, the gap can be significant.

What you need to bring and how the transaction works

Bring your passport or a government-issued photo ID, the foreign currency in cash, and your Bank of America debit card or account number. The teller will count the bills, verify they are in acceptable condition, and look up the current exchange rate for that currency. They will then tell you how many US dollars you will receive after the margin is applied.

The dollars are deposited directly into your Bank of America account on the same day, or you can request cash instead. If you request cash, the teller will count it out to you at the window. The entire process usually takes 5 to 10 minutes if the branch is not busy.

If you do not have a Bank of America account, most branches will not exchange currency for you. Some branches make exceptions for non-customers, but it is rare and depends on the manager's discretion. Call ahead if you do not have an account and want to know whether your specific branch will make an exception.

Fees and minimum amounts

Bank of America does not charge a flat fee for currency exchange at the teller window—the cost is built into the exchange rate itself through the margin described above. However, some account types may have restrictions. If you hold a basic checking account, you should have no issues. If you hold a specialty account or a business account, ask your branch whether any fees explore.

There is no published minimum amount for currency exchange, but some branches may decline to exchange very small amounts—under $20 or $50—because the transaction is not worth their time. Call ahead if you are exchanging less than $100 to confirm the branch will do it.

If you are exchanging a very large amount—several thousand dollars or more—the branch may need to order the currency in advance or may ask you to come back the next day. Call ahead for amounts over $5,000 to avoid a wasted trip.

Alternatives if your branch cannot help

If your Bank of America branch does not exchange your currency, or if the rate is too high, you have other options. Independent currency exchange services, often found in airports, downtown areas, or ethnic neighborhoods, sometimes offer better rates for less common currencies. However, they also charge margins, and some charge flat fees on top, so compare before you go.

Online currency exchange services like OFX, Wise, or XE allow you to lock in a rate and have the money sent to a US bank account, though these services are designed for larger transfers and may not be practical for cash you are holding. Credit unions sometimes offer better rates than banks, so if you belong to one, call and ask.

If you are traveling and need cash in a foreign currency, using an ATM in that country usually gives you a better rate than exchanging cash before you leave. The ATM rate is closer to the mid-market rate, and while your bank charges a foreign ATM fee, it is often smaller than the margin on a currency exchange.

What happens if you need to exchange currency regularly

If you exchange foreign currency often—because you travel frequently, receive payments from abroad, or do business internationally—Bank of America's retail exchange service may not be your best option. The margins add up over time, and you will spend time at the branch each time you need to exchange.

Consider opening a Bank of America account that includes international services, or look into a business banking relationship if you exchange large amounts. Bank of America's business customers sometimes negotiate better rates for regular currency exchanges. You can also explore whether a dedicated currency exchange account or service makes sense for your situation, though that is a larger decision that depends on how much you exchange and how often.

Frequently Asked Questions

Can I exchange foreign currency that is in my Bank of America account?

No. Bank of America will only exchange physical cash at the teller window. If you have foreign currency in a savings or checking account, you will need to withdraw it as cash first, then bring it to the teller to exchange. Some Bank of America accounts do allow you to hold foreign currency balances, but exchanging those balances happens through a different process—ask your branch about international account services.

What if I have traveler's checks in a foreign currency?

Bank of America stopped exchanging traveler's checks at most branches several years ago. If you hold foreign currency traveler's checks, call your branch to ask, but expect to be told no. Your best option is to contact the issuer of the traveler's checks directly—American Express and Visa still exchange them, though the process is slower than a bank exchange.

Do I pay taxes on currency I exchange?

Exchanging foreign currency for personal use is not a taxable event. If you are exchanging currency as part of a business or if you are making a profit by trading currencies, that is different and may have tax consequences. For personal travel or moving money between accounts, no tax is due on the exchange itself.

How long does it take to exchange a large amount of foreign currency?

For amounts under $5,000, most branches can exchange the currency the same day. For larger amounts, the branch may need to order the currency in advance, which can take one to three business days. Call ahead with the amount and currency so the branch can tell you whether they need to order it or whether they have it in stock.

Can I exchange currency at a Bank of America ATM?

No. Currency exchange only happens at the teller window during branch hours. ATMs do not exchange foreign currency. You must visit a physical branch during business hours and speak to a teller.