Bank of America does exchange foreign currency, but only at certain locations and with limits on the amounts
Bank of America will exchange foreign currency for you, but the process depends on which branch you visit and how much money you need to exchange. Not every branch offers this service — you'll need to call ahead or visit a location that handles international transactions. The bank exchanges currency at its own rate, which is different from the rate you see online, and you may pay a fee for the service.
The most straightforward way to exchange currency is to visit a Bank of America branch in person with your cash or traveler's checks. Bring your ID and the foreign currency you want to exchange. Some branches can complete the exchange the same day, while others may need to order the currency and have you return later. If you need a large amount or an unusual currency, expect a longer wait.
Key Takeaways
- Bank of America exchanges foreign currency at branches that offer international services, but you must call ahead to confirm your location does this.
- The bank's exchange rate is set by Bank of America and differs from online rates — you pay the difference as part of the cost of the exchange.
- You can exchange cash or traveler's checks in person with your ID, and the transaction may take anywhere from same-day to several business days depending on the currency.
- Bank of America also offers a travel card and international wire transfers as alternatives to currency exchange for some situations.
Which Bank of America branches exchange currency
Not all Bank of America locations exchange foreign currency. The bank concentrates this service at larger branches, often in city centers or near airports. To find out whether your nearest branch offers currency exchange, call the branch directly or use the Bank of America website to locate branches marked as offering international services.
If your local branch does not exchange currency, you have two options: travel to a branch that does, or ask whether they can order the currency for you and have it ready for pickup. Some branches will order currency even if they do not normally keep it in stock, though this takes longer — usually three to five business days.
What the exchange rate actually costs you
Bank of America sets its own exchange rate for foreign currency, and that rate is not the same as the mid-market rate you see quoted online. The difference between what the bank pays for currency and what it charges you is called the spread. This spread is how the bank makes money on the exchange, and it means you receive fewer dollars (or less foreign currency) than you would at the mid-market rate.
The exact spread varies depending on the currency and market conditions. You can ask the branch what rate they will offer before you complete the exchange, so you know the cost upfront. Some currencies have wider spreads than others — major currencies like euros or British pounds typically have smaller spreads than less common ones.
Limits on how much you can exchange
Bank of America does not publish a single limit that applies to all currency exchanges. The amount you can exchange depends on the currency, the branch, and whether you are a customer or non-customer. Your branch can tell you what limit applies to your situation when you call.
If you need to exchange a very large amount, the branch may ask you to provide advance notice so they can have enough currency on hand. You may also need to complete additional paperwork for large exchanges, particularly if you are exchanging more than $10,000 in total value — this is a federal reporting requirement, not a Bank of America rule.
How long the exchange takes
If the branch has the currency in stock, the exchange can happen the same day. You walk in with your foreign cash or traveler's checks, show your ID, and leave with U.S. dollars (or the foreign currency if you are exchanging dollars). The whole process usually takes 15 to 30 minutes.
If the branch needs to order the currency, expect three to five business days. The branch will call you when the currency arrives, and you return to complete the exchange. Some branches offer expedited ordering for an additional fee if you need the currency faster.
Alternatives to currency exchange at Bank of America
If exchanging currency at a branch is not convenient, Bank of America offers other ways to handle foreign currency. The Bank of America Travel Card is a prepaid card you load with foreign currency before you travel. You can order the currency online and load it onto the card, then use the card abroad like a debit card. This avoids the need to carry large amounts of cash and lets you lock in an exchange rate in advance.
International wire transfers are another option if you need to send money to someone in another country. Bank of America can wire funds directly to a bank account abroad, and the receiving bank converts the currency on their end. This is useful if you are paying bills or sending money rather than exchanging currency for travel.
Some people also use currency exchange services outside the bank — independent currency exchange shops, airport kiosks, or online currency services. These may offer different rates and fees than Bank of America. Compare the total cost (rate plus any fees) before you decide where to exchange.
What to bring when you exchange currency
Bring your government-issued ID — a passport, driver's license, or state ID card. Bring the foreign currency or traveler's checks you want to exchange. If you are exchanging a large amount, bring any documentation that shows where the money came from, in case the bank needs to verify it for compliance reasons.
If you are a Bank of America customer, bring your debit card or account number so the bank can deposit the exchanged currency directly into your account if you prefer. Non-customers can receive cash or ask for a cashier's check.
Frequently Asked Questions
Can I exchange currency at a Bank of America ATM?
No. Bank of America ATMs dispense only U.S. dollars. You must visit a branch in person to exchange foreign currency.
Does Bank of America exchange cryptocurrency or digital currency?
No. Bank of America exchanges physical foreign currency only — paper bills and coins. They do not exchange cryptocurrency, digital wallets, or other forms of digital currency.
What if I need to exchange currency on a weekend or after hours?
Most Bank of America branches are closed on weekends and evenings. Call your branch to confirm their hours. If you need currency outside normal business hours, independent currency exchange shops at airports or in city centers may be open longer, though their rates and fees may differ from the bank's.
Can I exchange currency online and have it mailed to me?
Bank of America does not offer online currency exchange with home delivery. You must exchange currency in person at a branch. The Travel Card is the closest alternative — you order it online and load it with foreign currency, then use it abroad.
What happens if the currency I need is not in stock?
The branch will order it for you, usually within three to five business days. They will call you when it arrives. If you need it faster, ask about expedited ordering, which may cost extra. Some very unusual currencies may take longer or may not be available at all.