Bank of America will exchange foreign currency, but the process and costs depend on which type of account you hold and whether you're doing it in person or online

Bank of America offers currency exchange through its branches and online banking, but it is not a straightforward transaction. The bank buys and sells foreign currency at rates that include a markup — meaning you will not get the mid-market rate you see quoted on financial news sites. The actual rate you receive depends on the currency, the amount, and how you conduct the exchange. For large amounts or frequent exchanges, the cost of that markup can be substantial.

If you have a Bank of America account, you can exchange currency at any U.S. branch, order currency online for pickup or delivery, or use their international services if you hold a premium account. The bank stocks common currencies like euros, British pounds, Canadian dollars, Japanese yen, and Mexican pesos. Less common currencies may require a special order with a longer wait time.

Key Takeaways

  • Bank of America exchanges currency at branches and online, but charges a markup above the mid-market rate that varies by currency and amount.
  • You can order foreign currency online for branch pickup, home delivery, or mail delivery, though delivery takes several business days.
  • The exchange rate you receive is worse than the rate shown on financial websites because it includes Bank of America's profit margin.
  • Customers with premium accounts like Preferred Rewards may receive slightly better rates than standard account holders.
  • For very large amounts or frequent exchanges, comparing Bank of America's rate to a currency exchange specialist may save you money.

How to order currency at a Bank of America branch

Walk into any Bank of America branch with your account information and ID. Tell the teller you want to exchange currency or order foreign cash. If the currency is in stock, the teller can exchange it on the spot. If it is not in stock, you can place an order and pick it up at that branch or have it delivered to your home.

The teller will show you the current rate Bank of America is offering for that currency. This rate is set by the bank's treasury department and changes throughout the day. You will see the rate in two directions: the rate at which the bank buys currency from you (lower) and the rate at which it sells currency to you (higher). The difference is how the bank makes money on the transaction.

Bring cash or a debit card to pay for the currency. Some branches may allow you to charge it to your account, but this varies. Ask the teller about their payment options before you commit to the exchange.

Ordering currency online through Bank of America

Log into your Bank of America online banking account and look for the "Currency Exchange" or "International Services" option. This is usually under the Transfers or Services menu. You will see a list of available currencies with the current buy and sell rates displayed.

Select the currency and the amount you want. The system will calculate the total cost in U.S. dollars and show you the exchange rate being applied. You can then choose how you want to receive the currency: branch pickup (usually ready in one to two business days), home delivery (three to five business days), or mail delivery (five to seven business days). Home and mail delivery carry an additional fee, typically $15 to $25 depending on the amount.

Complete the transaction and the order is placed. You will receive a confirmation email with a reference number. If you chose branch pickup, you can go to your branch on the date specified to collect the currency. Bring your ID and the reference number.

Understanding Bank of America's exchange rates and fees

Bank of America does not publish a fixed markup or fee schedule for currency exchange. Instead, the rate changes based on market conditions and the currency involved. The markup is built into the rate itself — there is no separate "exchange fee" line item on your receipt.

The difference between what Bank of America charges you and the true mid-market rate (the rate banks charge each other) is typically 2 to 3 percent for common currencies like euros and pounds. For less common currencies, the markup can be 4 to 5 percent or higher. On a $1,000 exchange, a 3 percent markup means you lose $30 compared to the mid-market rate.

If you have a Bank of America Preferred Rewards account (which requires maintaining a minimum balance or monthly direct deposit), you may receive a slightly better rate than a standard account holder. The exact improvement is not published, but it is usually a fraction of a percent. Premium accounts like Private Bank or Wealth Management accounts may receive better rates still, but you must meet their account minimums to may have access to.

When Bank of America is a practical choice for currency exchange

Bank of America makes sense for currency exchange if you need cash quickly and you already bank there. If you are leaving for a trip in two days and need euros, ordering online for branch pickup is faster and more convenient than finding a currency exchange specialist. You avoid the risk of carrying large amounts of cash to an unfamiliar location.

Bank of America is also practical if you are exchanging a small amount — under $500 — where the absolute cost difference between the bank and a specialist is small in dollar terms. If you are exchanging $200 and the markup costs you $6, the convenience of using your bank may be worth it.

The bank is less practical for large amounts or frequent exchanges. If you regularly send money to another country or exchange currency for business, a wire transfer service like Wise or OFX will give you a better rate. If you are exchanging $5,000 or more, comparing Bank of America's rate to a currency exchange specialist can save you $100 or more.

Alternatives to Bank of America for currency exchange

Specialist currency exchange services like Wise, OFX, and Remitly offer better rates than Bank of America for most transactions. These services are designed specifically for currency exchange and international transfers, so they operate with lower markups. Wise, for example, uses the true mid-market rate plus a small transparent fee, usually 0.5 to 1.5 percent depending on the currency and amount.

The trade-off is convenience. Specialist services require you to set up an account online and may take longer to deliver physical currency. Wise and OFX are best for transfers between bank accounts rather than for obtaining physical cash. If you need cash in hand before a trip, Bank of America's branch network is faster.

Credit unions often offer currency exchange to their members at rates better than Bank of America, though availability depends on your credit union's size and partnerships. Call your credit union to ask whether they exchange currency and what their rates are.

What to bring and what to expect at the branch

Bring a valid government-issued ID (passport, driver's license, or state ID card). Bring the cash or debit card you will use to pay. If you placed an online order, bring the confirmation email or reference number on your phone or printed out.

The exchange itself takes about 10 to 15 minutes if the currency is in stock. If you are ordering currency that is not in stock, the teller will take your information and tell you when it will be ready. You will receive a receipt showing the amount of U.S. dollars you paid, the amount of foreign currency you received, and the exchange rate applied.

Count the foreign currency before you leave the branch. If there is a discrepancy, report it when ready. Once you leave the branch, the bank will not reverse the transaction or adjust the rate.

Frequently Asked Questions

Can I exchange currency without a Bank of America account?

No. Bank of America requires you to have an account with them to exchange currency at a branch or online. If you do not have an account, you will need to use a currency exchange specialist, a credit union, or another bank.

What happens if the currency I need is not in stock?

You can place a special order. Bank of America will order the currency from its suppliers, which takes three to seven business days depending on the currency. You will pay the rate that is in effect on the day you place the order, not the day you pick it up. This protects you if rates move in your favor, but also locks you in if rates move against you.

Is the rate the same if I exchange at a branch versus online?

The rates are set by Bank of America's treasury department and are the same across all channels at any given moment. However, rates change throughout the day, so if you check online in the morning and go to the branch in the afternoon, the rate may have shifted. Lock in your rate by completing the transaction (online or at the branch) rather than just checking the price.

Can I return foreign currency if I don't use it?

Bank of America will buy back foreign currency you have not spent, but you will receive the buy rate (lower than the sell rate you paid). If you exchanged $1,000 at a 3 percent markup and then return the currency unused, you will lose money on both the initial exchange and the buyback. Keep only the currency you plan to spend.

Do I pay taxes on currency exchange?

Currency exchange for personal travel is not a taxable event. If you are exchanging currency for business or investment purposes, consult a tax professional about reporting requirements. Bank of America does not issue tax documents for currency exchange.