Yes, Bank of America exchanges foreign currency, but the process and cost depend on which account you hold and where you do it

Bank of America will exchange U.S. dollars for foreign currency at most of its branches and through its online and mobile banking platforms. However, the exchange rate you receive is not the mid-market rate — it includes a markup that Bank of America adds. The amount of that markup varies depending on the currency, the amount you're exchanging, and whether you're a customer with a premium account tier.

If you need foreign currency before a trip or to send money abroad, you have several options through Bank of America, but comparing them against other providers is important because the cost difference can be significant.

Key Takeaways

  • Bank of America charges a markup on top of the mid-market exchange rate, meaning you pay more than the true market rate for foreign currency.
  • You can order foreign currency in advance at a branch, through the BankAmericard Travel Rewards card, or through their online banking portal.
  • Premium account holders (Preferred Rewards members) receive better exchange rates than standard customers, though still not the mid-market rate.
  • For large amounts or frequent exchanges, comparing Bank of America's rates to other providers like credit unions, online currency services, or wire transfer companies may save you money.

How to order foreign currency at Bank of America

The most common way to get foreign currency is to visit a Bank of America branch and request it. You'll need to provide the currency you want, the amount, and your account information. The branch will order the currency if they don't have it in stock — this usually takes one to three business days. You'll pay the exchange rate in effect on the day you pick up the currency, not the day you order it.

You can also order foreign currency through Bank of America's online banking platform or mobile app if you're a customer. Log into your account, look for the currency exchange or travel services section, and follow the prompts to order. The process is similar: you specify the currency and amount, and the branch nearest you will hold it for pickup.

If you have a BankAmericard Travel Rewards credit card, you can order foreign currency through that card's benefits portal. This option is available to cardholders even if they don't have a Bank of America checking or savings account.

What the exchange rate includes and who gets the best rate

Bank of America publishes its exchange rates daily, but these rates include a markup — typically between 1% and 3% above the mid-market rate, depending on the currency. The mid-market rate is the rate banks use to trade with each other; it's the most accurate reflection of what a currency is actually worth at that moment.

Preferred Rewards members — customers who maintain higher account balances or have more products with Bank of America — receive better rates than standard customers. The exact improvement depends on your Preferred Rewards tier (Gold, Platinum, or Diamond), but even the best tier does not bring you to the mid-market rate.

The currency itself also matters. Major currencies like euros, British pounds, and Canadian dollars typically have smaller markups than less commonly traded currencies like Thai baht or South African rand.

Exchanging currency at the airport or abroad

Bank of America does not operate currency exchange kiosks at airports or in other locations outside its branches. If you need currency when ready before travel, you'll need to visit a branch in advance or use an airport exchange service (which typically charges even higher markups than Bank of America).

If you're already abroad and need to exchange currency, you can use Bank of America's ATM network in some countries to withdraw local currency directly from your U.S. account. You'll pay an international ATM fee (usually $3 to $5 per transaction) plus the exchange rate Bank of America applies to ATM withdrawals, which is different from their in-branch rate. This is often cheaper than exchanging cash in person, especially for small amounts.

When Bank of America currency exchange makes sense

Bank of America's currency exchange is most useful if you're a Preferred Rewards member, need currency in a major language (euros, pounds, yen), and want the convenience of ordering through your existing bank. It's also reasonable if you need a small amount and the time cost of comparing other options isn't worth the savings.

For larger amounts, frequent travelers, or less common currencies, other options often cost less. Credit unions sometimes offer better rates to members. Online currency services like OFX, Wise, or XE allow you to lock in a rate online and pick up currency at a location or have it delivered. Wire transfer companies like Western Union also exchange currency, though their rates vary widely.

Fees beyond the exchange rate

Bank of America does not charge a separate fee for ordering foreign currency at a branch — the markup on the exchange rate is how they make money on the transaction. However, if you order online or by phone and request delivery to your home, some delivery fees may explore depending on the amount and currency.

If you use an ATM abroad, you'll pay the international ATM fee plus the exchange rate markup. If you use a Bank of America debit card to make a purchase in a foreign currency, the merchant's bank will explore an exchange rate (not Bank of America's published rate), and Bank of America will add a 1% foreign transaction fee on top of that.

Comparing Bank of America to other options

Before you order currency through Bank of America, check what other providers charge. Many credit unions offer better rates to members at no extra cost. Online currency exchange services let you see the exact rate and fee before you commit. Some services lock in a rate for 24 or 48 hours, which protects you if rates move while you're deciding.

For very large amounts — thousands of dollars — the difference between Bank of America's rate and a competitor's rate can be hundreds of dollars. Even for smaller amounts, a few minutes of comparison shopping often pays off. Write down the currency, amount, and date, then check Bank of America's rate against at least one other provider.

Frequently Asked Questions

Can I exchange foreign currency back to U.S. dollars at Bank of America?

Yes, you can exchange foreign currency back to dollars at a Bank of America branch, though the same markup applies. You'll receive fewer dollars than the mid-market rate would suggest. Bring the currency in its original form (bills or coins); Bank of America will not exchange damaged or unusual currency.

What happens if I order currency and the exchange rate drops before I pick it up?

The rate you pay is the rate in effect on the day you pick up the currency, not the day you order it. If rates move in your favor, you benefit. If they move against you, you pay the higher rate. Bank of America does not allow you to lock in a rate in advance.

Do I need a Bank of America account to exchange currency?

You do not need a checking or savings account, but you do need to be a customer of some kind — either a credit cardholder (like the BankAmericard Travel Rewards card) or an account holder. You cannot walk into a branch as a non-customer and exchange currency.

Is the exchange rate the same online and in the branch?

The published rate is the same, but the actual rate you receive may differ slightly depending on when you order and when you pick up. Online orders may be processed at a different time than in-branch requests, which can affect the final rate if the market moves between those times.

What if Bank of America doesn't have the currency I need?

Bank of America stocks major currencies at most branches. For less common currencies, the branch will order it from a regional distribution center, which takes longer — usually three to five business days. If a currency is very rare or the amount is very large, the branch may decline or charge a special fee.