When exchanging foreign currency in the U.S., customers will usually find the best rates by going to their local credit union or bank where they have an account. If they are abroad, they can also go to an affiliated partner of their bank.
Currency exchange kiosks, hotels, or storefronts in the airport will have the most expensive exchange rates or the highest “all-in” prices that hide how much profit the company is making off of the exchange. No matter where you go to exchange currency, it’s unlikely that any company will accept coins or outdated currency.
Here are a few financial institutions and their foreign currency exchange info:
|Institution||Foreign Currency Exchange|
|Chase||Fees & Policies|
|Bank of America||Fees & Policies|
|Wells Fargo||Fees & Policies|
|US Bank||Fees & Policies|
|PNC||Fees & Policies|
|Truist Bank||Fees & Policies|
|Capital One||Fees & Policies|
|Walmart||Fees & Policies|
Does Bank of America Exchange Foreign Currency?
Yes, Bank of America do exchange foreign currency into U.S. dollars for account holders based on today’s exchange rate at full-service banking centers. Bank of America cannot exchange coins or outdated forms of currency, and not every currency can be exchanged.
Since exchanging foreign currency is not a common service and there are many different currencies, your local Bank of America branch might not be able to exchange foreign currencies.
Because foreign currency exchange can be expensive, most travelers and immigrants prefer to use a debit card or credit card with a low foreign transaction fee from their bank instead of relying on exchanging large amounts of foreign currency.
Do All Bank of America Branches Exchange Foreign Currency?
Not all Bank of America branches will exchange foreign currency. Only full-service Bank of America branches will be able to make foreign currency exchanges, so it is best to look up full-services branches near you on Bank of America’s branch locator, and then call ahead to make sure that the branch you visit will purchase your foreign currency.
Even if you find a location that will exchange your foreign currency, you will only be able to use Bank of America’s foreign currency exchange services if you have a checking or savings account with Bank of America.
What is Bank of America’s Foreign Currency Exchange Policy?
The current foreign currency exchange policy at Bank of America states that only account holders may order and exchange foreign currency. You will need to have either a checking or savings account in good standing prior to exchanging your currency into U.S. Dollars at a Bank of America branch.
The cost to exchange foreign currency at Bank of America is calculated as an inclusive rate, not as a separate fee.
Does Bank of America Charge to Exchange Foreign Currency?
Bank of America does not charge an additional fee to exchange foreign currency. Instead, they roll the fee into the amount you receive back as an “all-in” rate, which can be calculated on Bank of America’s Foreign Exchange Rates for U.S. Dollars site.
It’s not possible to avoid rolled-in fees when exchanging foreign currency at a Bank of America branch. A representative at your branch will let you know the non-negotiable amount they can offer you for your foreign currency.
What Documents Do I Need to Exchange Foreign Currency at Bank of America?
To exchange foreign currency at Bank of America, you will need to bring proof of your Bank of America checking or savings account (such as a debit card) and a form of identification. Only Bank of America customers who have a checking or savings account will be able to exchange foreign currency.
If you don’t have the documentation required by Bank of America’s foreign currency exchange policy, you can exchange your currency at exchange centers and, sometimes, if you are a traveler, at your hotel.
What Other Places Exchange Foreign Currency?
If you have an account, your bank or credit union will provide you with the most competitive foreign currency exchange rates since you are a customer. Like Bank of America, banks in the U.S. require you to have an account with them prior to exchanging foreign currency, but some hotels can exchange currency at private rates set based on availability and demand.
Private currency exchange businesses like TravelEx have closed their stores in North America due to the Coronavirus pandemic. Opening an account at a major U.S. bank (or at an affiliated bank) and then exchanging foreign currency as a customer is currently the only way to reliably exchange foreign currency in the United States as of 2023.
Can You Exchange Foreign Currency at Bank of America in 2023?
You can exchange foreign currency at Bank of America in 2023 as long as you are a current customer with a checking or savings account. There is no fee because Bank of America provides “all-in” pricing at today’s foreign currency exchange rate.
To exchange foreign currency at Bank of America, visit a full-service branch and bring proof of your Bank of America account (i.e., a debit card) as well as a form of identification.
There are some currencies that Bank of America cannot exchange, such as Iraqi dinar or Vietnamese dong. You can find out if Bank of America will exchange your specific foreign currency on their exchange rate calculator.
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Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.