Most banks do exchange foreign currency, but not all branches do it, and the rates and fees vary widely.

If you need to convert dollars to another currency or the reverse, your bank can usually do it — but you need to call ahead. Many banks only handle foreign exchange at their main branch or a handful of larger locations, not at every ATM or small branch office. The bank buys and sells currency at a spread (the difference between what they pay for it and what they charge you), and they may add a flat fee on top. That spread is almost always worse than what you would get from a currency broker or online exchange service, sometimes by 2 to 5 percent.

The practical question is not whether your bank can do it, but whether it makes sense to use them. That depends on how much money you are converting, how urgently you need it, and whether you have other options available.

Key Takeaways

  • Call your bank's main branch or customer service line to ask which locations handle foreign exchange; most do not do it at every branch.
  • Banks charge a spread (markup on the exchange rate) plus sometimes a flat fee, which typically costs you 2 to 5 percent more than online currency brokers charge.
  • For amounts under $500, the fee difference may be small enough that convenience matters more than the rate; for larger amounts, comparing quotes from at least one online broker is worth the time.
  • If you need currency before your bank can order it, some banks can give you cash same-day from their vault; others require 3 to 10 business days.
  • Wire transfers and international payment services (like Wise or OFX) often give better rates than bank currency exchange for moving money between countries.

How banks price foreign currency

When you buy foreign currency from a bank, you are paying the bank's buy rate — what they charge you. When you sell currency back to them, they pay you their sell rate — which is always lower. The difference is the spread, and it is how the bank makes money on the transaction. On top of that, many banks charge a flat fee of $5 to $15 per transaction.

The spread varies by currency and by bank. Major currencies like euros, pounds, and Canadian dollars usually have tighter spreads (smaller markups) than less common ones. A bank might offer a spread of 2 to 3 percent on euros but 4 to 6 percent on Mexican pesos or Thai baht. You will not know the exact rate until you call or visit, because rates move throughout the day.

Online currency brokers and services like Wise, OFX, and Remitly typically charge lower spreads — sometimes under 1 percent — but they may have minimum transaction amounts or take longer to deliver the cash. A bank gives you physical currency or a deposit same-day or within a few days; an online service may take 1 to 5 business days.

Which banks offer foreign exchange and how to find it

All major banks (Chase, Bank of America, Wells Fargo, Citibank, US Bank) offer foreign currency exchange, but availability depends on your branch and the currency. Call your bank's customer service number or visit the main branch in your city and ask: "Do you exchange foreign currency, and if so, which currencies and which branches?" Some banks will tell you when ready; others will transfer you to a specialist.

Smaller regional banks and credit unions may not offer it at all, or only for members with accounts in good standing. If your bank does not do it, ask whether they can order currency through a correspondent bank — some can, but it takes longer and costs more.

Once you know your bank offers the currency you need, ask three things: the current buy rate, whether there is a flat fee, and how long it takes to get the cash. If you need it same-day, ask whether they have it in stock; if not, ask how many business days the order takes. Some banks keep common currencies on hand; others order everything.

When to use your bank versus other options

Use your bank if you need cash in hand quickly and the amount is small (under $500). The convenience of walking into a branch and leaving with currency in your pocket is worth paying a slightly higher rate. Your bank also does not require you to set up an account with a new service or provide extra documentation.

Use an online currency broker or service if you are converting $1,000 or more, or if you are sending money to another country rather than carrying cash. Get a quote from at least one other source — Wise, OFX, and Remitly all publish their rates online or will quote you by email. Compare the total cost (rate plus any fees) to what your bank quoted. The difference often pays for the extra day or two of waiting.

Use a wire transfer through your bank if you are moving money between your own accounts in different countries, or if you are sending money to someone else's account abroad. Wire transfers use the bank's exchange rate (which is usually better than their cash exchange rate) and are faster than ordering physical currency. The fee is typically $15 to $50 depending on the bank and destination country.

Timing and what to expect when you order

If your bank has the currency in stock, you can usually get it within 1 to 3 business days. If they have to order it, expect 5 to 10 business days, sometimes longer for less common currencies. The bank will tell you a specific date when you place the order. You pay when you pick up the currency, not when you order it.

Some banks require you to order in person or by phone; others let you order online through their website or app. Ask whether you need to bring ID when you pick up the currency. Most banks do require ID for any transaction over $10,000, and some require it for smaller amounts too.

If the exchange rate moves significantly between when you order and when you pick up, the bank will not adjust the price — you locked in the rate when you ordered. This is actually in your favor if the rate moves against you, but it also means you cannot benefit if the rate moves in your favor.

Fees and hidden costs

The spread is the main cost, and it is not always listed separately. A bank might advertise "competitive rates" but the rate they quote you already includes their markup. To see the true cost, compare the rate they offer to the mid-market rate — the rate at which banks trade currency with each other. You can find the mid-market rate on XE.com or OANDA for any currency pair. If your bank's rate is 3 percent worse than the mid-market rate, you are paying a 3 percent markup.

Flat fees are usually $5 to $15 per transaction, though some banks waive them for customers with high account balances or premium accounts. Ask about this when you call. A few banks charge a percentage fee instead of a flat fee — usually 1 to 2 percent — so ask how they calculate it.

If you are ordering currency and the bank has to special-order it, some banks charge an additional ordering fee on top of the spread and flat fee. This is less common but worth asking about.

What to do if your bank does not offer the currency you need

If your bank cannot get the currency, or the fee is too high, you have three options. First, ask whether they can order it through a correspondent bank — a larger bank they work with. This usually takes longer (10 to 15 business days) and costs more, but it is possible.

Second, use an online currency broker. Wise, OFX, and Remitly all ship physical currency to your address, though they charge for shipping and the total cost may not be lower than your bank. They are most useful for transferring money electronically to another country, not for getting cash.

Third, if you are traveling and need currency, use an ATM in the destination country. ATM withdrawals usually have a better exchange rate than buying currency before you travel, and the fee is often lower than a bank's flat fee. The downside is that you have to be in the country to do it, and some ATMs have daily withdrawal limits.

Frequently Asked Questions

Can I exchange foreign currency at any bank branch?

No. Most banks only handle foreign exchange at their main branch or a few larger locations. Call ahead to find out which branches near you offer it, and whether they have the specific currency you need in stock.

What is the difference between the rate my bank quotes and the rate I see online?

The rate you see online (like on XE.com) is the mid-market rate — what banks pay each other. Your bank's rate includes their markup, or spread. The difference is usually 2 to 5 percent, depending on the currency and the bank.

How long does it take to get foreign currency from a bank?

If the bank has it in stock, 1 to 3 business days. If they have to order it, 5 to 10 business days. Ask for a specific date when you place the order. You pay when you pick it up, not when you order.

Is it cheaper to exchange money at the airport or at my bank?

Usually your bank is cheaper. Airport currency exchanges charge very high markups — often 5 to 10 percent or more — because they know travelers are in a hurry. Use your bank if you have time, or use an ATM in the destination country if you do not.

Can I exchange currency online and have it shipped to me?

Yes, but it is usually only worth it for larger amounts. Online services like Wise and OFX ship physical currency, but they charge for shipping and the total cost may not be lower than your bank. They are better for electronic transfers between countries.