Most banks exchange foreign currency, but the details matter more than the name on the door
Nearly every bank in the United States will exchange foreign currency for you, but not all of them do it the same way, and not all of them do it well. Some banks exchange currency only for their own customers. Some charge fees that eat into your money. Some keep only a few currencies in stock and order others, which takes time. The bank that is convenient for your everyday checking account may not be the best choice for currency exchange.
The real question is not whether a bank will do it, but whether that bank will give you a fair rate, charge you a reasonable fee, and have the currency you need when you need it. That answer depends on the bank's size, where it is located, and whether you are a customer there.
Key Takeaways
- Large national banks like Bank of America, Wells Fargo, and Chase exchange currency for customers, but their rates and fees vary and are usually not the best available.
- Community banks and credit unions often exchange currency only for account holders and may charge higher fees than larger banks.
- Banks that specialize in international banking or have branches in multiple countries often offer better rates and stock more currencies.
- You will usually get a better rate and lower fees at a currency exchange business or through your bank's wire transfer service than at the teller window.
- If you need currency before travel, order it several days in advance because banks do not always keep large amounts on hand.
What the big national banks offer
Bank of America, Wells Fargo, Chase, and Citibank all exchange foreign currency for their customers at the teller window. You bring in U.S. dollars or a debit card, and they give you the currency you need. The process is straightforward: you walk in, tell the teller which currency you want, and they either hand it to you from their vault or order it if they do not have it in stock.
The catch is the rate. These banks buy and sell currency at rates that are not as good as the rates you would get elsewhere. They also charge a fee on top of the exchange rate — usually between $5 and $15 per transaction, though some waive the fee for larger amounts or premium customers. If you are exchanging $500, a $10 fee plus a poor rate can cost you $30 or $40 in total.
Large banks keep the most common currencies in stock: euros, British pounds, Canadian dollars, Mexican pesos, and Japanese yen. If you need something less common — Thai baht, Polish zloty, South African rand — they will order it, which usually takes three to five business days. You have to go back to pick it up, or they may mail it to you.
Credit unions and community banks
Credit unions and smaller regional banks often exchange currency, but the rules are stricter. Most require you to be a member or account holder before they will exchange currency for you. Some do not exchange currency at all, especially if they are very small or located far from an airport or international border.
When they do exchange currency, their rates and fees are similar to those of large banks — not particularly good, but not predatory either. The advantage is that a credit union or community bank may know you personally and be willing to order currency for you without charging an extra fee, or to hold currency for you if you are a regular customer.
Call ahead before you go. Ask whether they exchange currency, whether you need to be a customer, how long an order takes, and what they charge. Do not assume they do it just because they are a bank.
Banks that specialize in international currency
Some banks focus on international customers and business. Citibank has branches in many countries and offers better rates than its U.S. retail branches. HSBC, which operates worldwide, does the same. If you have an account at one of these banks, you can often exchange currency at a better rate than you would at a local branch of a domestic bank.
There are also banks and financial institutions that exist mainly to serve immigrants and people who send money abroad. These banks often have relationships with currency markets and can offer rates closer to the real market rate. They may charge lower fees or no fee at all if you are exchanging a large amount. Examples include Banco Latinoamericano de Exportaciones (Bladex) and various ethnic banks in major cities, though availability depends on where you live.
Currency exchange businesses and online services
Standalone currency exchange shops — the kind you see in airports and tourist areas — usually charge higher fees and offer worse rates than banks. Avoid them unless you are in an emergency and have no other choice.
Online currency exchange services and money transfer companies often offer better rates than banks. Services like OFX, Wise (formerly TransferWise), and XE allow you to lock in a rate online and either pick up currency at a location or have it delivered. These services are designed for people sending money internationally, but many also sell physical currency. The rates are usually closer to the real market rate, and the fees are transparent and often lower than a bank's.
The trade-off is time. You cannot walk in and get currency the same day. You have to order online, wait for processing, and then pick it up or have it mailed to you. If you are leaving tomorrow, this does not work. If you are leaving next week, it often saves you money.
How to get the best rate at a bank
If you decide to exchange currency at a bank, a few steps will help you get a better deal. First, ask about the rate before you commit. Banks are required to tell you the rate they will use, and it may be different from the rate you see online. Second, ask whether they charge a fee and what it is. Some banks waive fees for large amounts or for customers with premium accounts.
Third, consider ordering currency in advance. If you order a week before you travel, the bank may give you a slightly better rate because they have time to source the currency at a good price. If you walk in and demand currency today, they charge you more because they have to buy it on short notice.
Fourth, ask whether you can do the exchange as a wire transfer instead of at the teller window. Some banks offer better rates on wire transfers than on cash exchanges. This works if you are sending money to someone abroad, but not if you need physical currency in your hand.
What to bring and how long it takes
If you are exchanging currency at a bank teller window, bring a valid photo ID (a driver's license or passport) and the U.S. dollars or debit card you want to exchange. If the bank has the currency in stock, the transaction takes about 10 minutes. You walk out with the currency.
If the bank has to order the currency, it usually arrives in three to five business days. Some banks will call you when it arrives. Some will hold it for you for a set period — usually 30 days — and then return it if you do not pick it up. Ask what their policy is when you place the order.
If you are ordering currency online through a service like Wise or OFX, the process takes one to three business days, depending on the service and the currency. You then pick it up at a location or have it mailed to you.
Frequently Asked Questions
Can I exchange currency at any branch of my bank, or only at my home branch?
Most large banks allow you to exchange currency at any of their branches. Call ahead to confirm that the branch you plan to visit has the currency in stock or can order it. Some very small branches may not do currency exchange at all.
What if I need currency in an emergency and do not have time to order?
Call your bank and ask whether they have the currency in stock right now. If they do, go get it. If they do not, ask whether a nearby branch has it. If no branch has it, a currency exchange shop at an airport or in a tourist area is your last resort, even though the rate will be poor.
Is the rate I see online the same rate the bank will give me?
No. The rate you see online is usually the "mid-market rate" — the rate banks use to trade with each other. Banks add a markup to that rate when they exchange currency with you. The markup is how they make money. Always ask the bank what rate they will actually give you before you exchange.
Do I need to be a customer of the bank to exchange currency there?
Most large national banks will exchange currency for non-customers, though some may charge a higher fee. Credit unions and community banks usually require you to be a member or account holder. Call ahead and ask.
Should I exchange currency before I travel or after I arrive?
Exchange before you travel if you can. Rates at airports and in tourist areas are usually worse than rates at banks in your home country. If you arrive and need currency when ready, use an ATM to withdraw local currency with your debit card — the rate is usually better than a currency exchange, though you will pay an ATM fee.