Bank of America does exchange foreign currency, but the terms depend on which service you use and where you do it

Bank of America offers foreign currency exchange through its branches, online banking, and some ATMs. The exchange rate you receive is not the mid-market rate — it includes a markup that varies by service type and transaction size. For small amounts or routine travel, the markup is typically 1 to 3 percent above the mid-market rate. For larger amounts or business transactions, you may negotiate better rates.

The most important thing to know upfront: Bank of America's exchange rates are not the same across all channels. A currency exchange done at a branch desk will cost you differently than one done through their international money transfer service. Knowing which channel to use for your situation saves money.

Key Takeaways

  • Bank of America exchanges foreign currency at branches, through online international transfers, and at some ATMs, but each channel charges a different markup over the mid-market rate.
  • Branch exchanges and ATM withdrawals abroad typically include a 1 to 3 percent markup, while international wire transfers may charge a separate wire fee plus a markup on the exchange rate.
  • The mid-market rate is the real-time wholesale rate; Bank of America's rate will always be higher, meaning you receive fewer foreign currency units per dollar spent.
  • For amounts over $10,000 or regular business transactions, contact a Bank of America international services specialist to discuss rates, as they may offer better terms than standard retail pricing.

Exchange rates at Bank of America branches

When you walk into a Bank of America branch to exchange currency, you are paying the retail exchange rate. This rate is set daily by Bank of America and includes their markup. The markup typically ranges from 1 to 3 percent above the mid-market rate, depending on the currency pair and the amount you are exchanging.

You need to order most foreign currencies in advance. Bank of America does not keep large supplies of every currency on hand at every branch. Call your local branch or use the Bank of America website to check which currencies are available and how long the order takes — usually 3 to 5 business days. Some high-traffic branches in major cities may have common currencies like euros, British pounds, and Canadian dollars available same-day.

Bring your Bank of America debit card or account information, a valid ID, and cash or a check to pay for the currency. The branch will give you the foreign currency in cash. There is no separate fee for the exchange itself; the cost is built into the rate.

International wire transfers and online currency exchange

Bank of America's international wire transfer service lets you send money abroad and have it converted to the recipient's local currency. This is different from a branch exchange because the money moves electronically to a foreign bank account, not into your hands as cash.

The cost includes two parts: a wire fee (typically $15 to $45 depending on the destination country and whether the receiving bank is a Bank of America partner) and an exchange rate markup. The exchange rate markup on international wires is often 2 to 3 percent above mid-market, though it varies by currency and amount.

You can initiate an international wire through Bank of America's online banking portal, mobile app, or by visiting a branch. The process requires the recipient's bank account details, including their SWIFT code or IBAN. Transfers typically settle within 1 to 5 business days, depending on the destination country and whether the receiving bank is in Bank of America's partner network.

ATM withdrawals and foreign currency abroad

When you use a Bank of America ATM abroad, the exchange rate applied to your withdrawal includes a markup. The markup is typically 1 to 3 percent above mid-market, and Bank of America may also charge a foreign ATM fee (usually $2 to $5 per transaction). Some Bank of America accounts waive foreign ATM fees for customers with higher account balances or premium account tiers.

The exchange rate is applied at the time of withdrawal, not at the time you initiated the transaction. This means the rate you see on your receipt is the rate that was used, and you cannot lock in a rate in advance for ATM withdrawals.

Bank of America has partnerships with certain ATM networks abroad, particularly in Europe and Asia. Using a partner ATM may reduce or eliminate the foreign ATM fee, though the exchange rate markup still applies. Check the Bank of America website before you travel to see which ATM networks are available in your destination.

How Bank of America's markup compares to other options

Bank of America's exchange rates are competitive for small amounts and convenience, but they are not the cheapest option available. Specialized currency exchange services like OFX, Wise, and XE typically offer markups of 0.5 to 1.5 percent for international transfers, which is lower than Bank of America's standard 2 to 3 percent. However, those services may have minimum transfer amounts or longer processing times.

For branch cash exchanges, Bank of America's 1 to 3 percent markup is typical for retail banking. Independent currency exchange shops in major cities sometimes offer lower markups, but they are not available everywhere and require you to carry cash.

The trade-off is convenience and account integration. If you already bank with Bank of America and need currency quickly or in small amounts, the markup is the cost of that convenience. If you are sending a large amount internationally or exchanging currency regularly, comparing Bank of America's rate to a specialized service is worth the time.

What happens when you receive foreign currency from Bank of America

When you receive foreign currency from a Bank of America branch, you get physical cash in the currency you requested. The amount you receive is calculated using the exchange rate Bank of America quoted you, minus any applicable fees. You can use this cash at merchants, ATMs, or exchange it back to dollars later.

If you exchange the currency back to dollars at a later date — either at a Bank of America branch or elsewhere — you will pay another markup on the return exchange. This means exchanging currency twice (dollars to euros, then euros back to dollars) costs you twice: once on each direction. Plan your currency needs to avoid unnecessary back-and-forth exchanges.

Bank of America does not hold foreign currency in your account. The exchange happens at the moment of the transaction, and you receive the cash or the funds are transferred to the foreign bank account. There is no way to "lock in" an exchange rate for future use.

Large transactions and business currency exchange

If you are exchanging more than $10,000 or doing regular international business transactions, Bank of America has a commercial international services team that may offer better rates than the standard retail markup. These specialists can discuss your specific needs and may be able to negotiate rates based on transaction volume or frequency.

Contact your local Bank of America branch and ask to speak with someone in international services or commercial banking. They will ask about the amount, frequency, and currencies involved, then provide a quote. This process takes longer than a retail exchange, but the rate savings can be significant for larger amounts.

Bank of America also offers forward contracts for businesses that need to lock in an exchange rate for a future transaction. This is a specialized service and requires speaking with a commercial banking representative.

Frequently Asked Questions

What is the mid-market rate and why does Bank of America charge more?

The mid-market rate is the real-time wholesale exchange rate between banks — the rate you see on financial websites. Bank of America charges more than this rate because they are providing a service: holding inventory, managing risk, and processing your transaction. The difference between the mid-market rate and the rate you receive is their profit margin.

Can I lock in an exchange rate before I travel?

For branch cash exchanges, no — the rate is set when you complete the transaction. For international wire transfers, the rate is locked when the transfer is initiated. You cannot reserve a rate in advance and use it later.

Do I need to be a Bank of America customer to exchange currency?

Most Bank of America branches will exchange currency for non-customers, but you may face higher fees or less favorable rates. Call your local branch to confirm their policy. International wire transfers require a Bank of America account.

What currencies does Bank of America exchange?

Bank of America exchanges most major currencies including euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, and Australian dollars. Less common currencies may require special order or may not be available. Contact your branch to confirm availability for the specific currency you need.

How long does an international wire transfer take?

Most international wire transfers settle within 1 to 5 business days. Transfers to Bank of America partner banks typically settle faster than transfers to non-partner banks. The exact timeline depends on the destination country and the receiving bank's processing speed.