Yes, most banks exchange foreign currency, but the process and rates vary widely
Most banks in the United States do exchange foreign currency, but not all branches do it, and the ones that do often charge fees that are higher than other options. Large national banks like Bank of America, Chase, and Wells Fargo offer currency exchange at many locations, though you may need to visit a branch in a major city or call ahead to confirm availability. Credit unions sometimes offer the service to members, but smaller regional banks often do not.
The exchange rate you receive at a bank is typically worse than the mid-market rate—the rate you see quoted on financial news sites. Banks add a markup, usually between 1 and 3 percent, to cover their costs and profit. On top of that, many charge a flat fee of $5 to $15 per transaction, or a percentage fee of 1 to 2 percent. If you are exchanging a small amount, these fees can eat up a meaningful portion of your money.
Key Takeaways
- Not every bank branch exchanges currency; you need to call ahead or check online to find a location that does.
- Bank exchange rates include a markup of 1 to 3 percent above the mid-market rate, plus fees that range from $5 to $15 flat or 1 to 2 percent of the amount.
- You typically need to order currency in advance if you want a specific amount, and delivery can take 3 to 7 business days.
- Other options like online currency exchange services and airport exchanges exist, but each has different costs and timing.
What to expect when you walk into a bank to exchange currency
If your bank offers currency exchange, bring your ID and the cash or traveler's checks you want to exchange. The teller will tell you the rate they are offering that day and calculate the total you will receive after fees. You will walk out with physical currency in hand, usually within the same business day if the currency is in stock.
For larger amounts or less common currencies, the bank may not have the cash on hand. In that case, you will need to order it in advance—typically 3 to 7 business days before you need it. Some banks charge an additional fee for special orders. You will also need to specify exactly which currency and denominations you want, because once the bank orders it, you are committed to the purchase.
How to learn about your bank exchanges currency
Call your bank's main customer service line and ask whether your local branch offers currency exchange. If it does not, ask whether another branch nearby does. You can also visit your bank's website and search for "currency exchange" or "foreign exchange"—most large banks have a page listing which branches offer the service and what currencies they stock.
If your bank does not offer currency exchange at all, you have other options. Online currency exchange services like XE, OFX, and Wise allow you to order currency online and pick it up at a location near you, or have it delivered. Airport exchanges exist but typically charge the highest fees of all. Credit unions sometimes offer better rates to members than banks do, so if you belong to one, it is worth asking.
Fees and rates: what actually comes out of your pocket
A bank's total cost to you is the combination of the exchange rate markup and any fees charged. If the mid-market rate for euros is 1.10 USD per euro, a bank might offer you 1.07 USD per euro (a 3 percent markup) and then charge you a $10 flat fee. On $1,000 USD, that markup alone costs you about $30, plus the $10 fee.
Online currency services often have lower markups—sometimes under 1 percent—but may charge a flat fee or a percentage fee instead. The best option depends on how much you are exchanging. For small amounts under $500, a flat fee service might be cheaper. For larger amounts, a service with a low percentage markup and no flat fee usually wins. Compare the total cost, not just the rate.
Timing: when to order and when you will have the currency
If your bank has the currency in stock, you can exchange it the same day. If not, you need to order at least 3 to 7 business days ahead. Plan for the longer timeline if you are exchanging an uncommon currency or a very large amount. Weekends and holidays do not count as business days, so ordering on a Friday for a Monday trip will not work.
Online services have similar timelines. Some offer next-business-day delivery for an additional fee, but standard delivery is usually 5 to 10 business days. If you are leaving in a week, order now. If you are leaving in two days, you may be stuck with an airport exchange or a service that charges extra for rush delivery.
Alternatives to bank currency exchange
Online currency exchange services like Wise, OFX, and XE typically offer better rates than banks because they operate with lower overhead. You order online, and the currency is either mailed to you or held for pickup at a location near you. The tradeoff is that you cannot walk in and exchange cash the same day—you must plan ahead.
ATMs in the country you are visiting usually offer the best exchange rates of all, because they use the mid-market rate with only a small ATM fee—often $2 to $5. If you are traveling internationally, withdrawing cash from an ATM when you arrive is usually cheaper than exchanging currency before you leave. The downside is that you need a debit card that works internationally and you are comfortable carrying cash in an unfamiliar place.
What currencies your bank is likely to have in stock
Large banks stock the most common currencies: euros, British pounds, Canadian dollars, Japanese yen, Mexican pesos, and Australian dollars. If you need a less common currency—Thai baht, South African rand, or Philippine pesos, for example—your bank may not have it in stock and will need to order it. Ordering an uncommon currency can take 7 to 14 days and may cost more in fees.
Before you decide to exchange at your bank, ask specifically whether they have the currency you need. If they do not, ask how long an order takes and what the fee is. That information will help you decide whether to use your bank, an online service, or to wait and use an ATM when you arrive.
Frequently Asked Questions
Can I exchange currency at any branch of my bank?
No. Currency exchange is offered at some branches but not all, especially at smaller branches in rural areas. Call your bank or check their website to find a branch near you that offers the service. If none do, you can order currency for pickup or delivery.
What if I need currency the same day?
If your bank has the currency in stock, you can exchange it same-day. If not, you are limited to whatever your bank has available. Online services and airport exchanges also offer same-day options, but airport exchanges charge the highest fees. Plan ahead when possible.
Is it cheaper to exchange money before I travel or when I arrive?
Using an ATM in the country you are visiting is almost always cheapest because ATMs use the mid-market rate. Exchanging before you travel at a bank or online service is more expensive but gives you currency in hand before you leave. Choose based on your comfort level with carrying cash and your access to ATMs at your destination.
Do I need to make an appointment to exchange currency at my bank?
For small amounts of common currencies in stock, no appointment is needed—just walk in during business hours. For large amounts or special orders, call ahead. Some banks require an appointment for orders over a certain amount or for uncommon currencies.
What happens if I order currency and then my trip gets cancelled?
Most banks will buy the currency back from you at the rate they gave you when you ordered it, minus a fee. The fee is usually $5 to $15 or a percentage of the amount. Read the terms when you place the order, because policies vary by bank.