Banks or local credit unions may be your best bet when it comes to exchanging foreign currency. If you are traveling outside of the country, you may need to visit an affiliated partner of your bank.
In general, avoid hotels and even airport businesses because their exchange rates are very high and there is very little transparency.
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 PNC Exchange Foreign Currency?
PNC can exchange your foreign currency at any branch in the country. Moreover, if you return with extra currency from traveling, PNC can also buy your currency for US Dollars at extremely competitive rates.
You can also convert almost any currency into US dollars based on the current foreign exchange rates. Moreover, you need to be an account holder to do so.
However, you might face difficulties in exchanging a foreign currency at a local branch. This might be due to the popularity of the currency or even the absence of adequate funds in the branch. You can locate the nearest PNC branch here.
Nowadays, many travelers and tourists opt for low-fee credit/debit cards. It saves them the hassle to exchange currencies at a bank.
Ok, so now that we know that the PNC does exchange foreign currency, what is their foreign exchange policy?
PNC Foreign Exchange Policy
The PNC Foreign Exchange policy states that you must have a checking, savings, or money market account to exchange any foreign currency.
Moreover, you would also be required to show valid identification proof at the time of exchange. Also, your foreign currency is subject to review. However, you can opt for online currency exchange at a low fee.
PNC also states that the minimum currency value should be $100 for standard foreign currencies and $250 for non-standard ones.
Now, let’s see PNC’s charges to exchange the foreign currency.
PNC Foreign Currency Exchange Fees
PNC does not charge any additional exchange fee for exchanging your foreign currency. However, they receive compensation from the exchange of foreign currency.
The minimum order value for standard foreign transactions is $100 and that for non-standard ones is $250. Also, the compensation fee is non-negotiable at any PNC branch.
So, now that we know about the PNC exchange charges, let’s look at what documents do we need to exchange foreign currencies.
Documents Required to Exchange Currency
To exchange currencies at PNC branches, you are required to have either savings, checking, or a money market account with them. Also, you should carry a valid id proof with you.
If you don’t have the required documents, you can even opt for other credit union exchanges, hotels, or airport shops.
However, if you are traveling, you can even use their credit/debit cards and exchange foreign currency at any ATM at a minimal transaction fee of 2-3%. You may even order for local currency at any PNC branch but it may take 12-24 hours.
Can you exchange your currency online with PNC? Let’s find out.
PNC Does Not Exchange Currency Online
Unfortunately, PNC doesn’t let you exchange foreign currency online. However, if you are a corporation or an institution, you can make a Pinnacle FX account, through which they allow foreign exchange services online.
Moreover, you can always opt for currency exchanges by visiting the branch. Also, PNC doesn’t take any additional fees.
Also, you can use their debit/credit cards in any part of the world with a minimal transaction fee of 2-3%.
Now, let’s see what other places exchange foreign currency.
PNC Alternative to Exchange Foreign Currency
If you have an account in any of the major banks, you can easily convert your foreign currency. However, not having one can seriously put you into trouble as other alternatives may charge exorbitantly high rates.
Speaking of alternatives, you have the option of exchanging your currency at hotels, airports private currency exchange businesses like TravelEx. Also, there are other private companies like First Horizon that have their stores all across the US.
However, still in 2022, to get your currency exchanged, we recommend you open a bank account at any major bank. This is because banks convert currencies at an extremely competitive exchange rate.
So, can you still exchange foreign currency at PNC in 2022?
PNC Foreign Currency Exchange Summary
You can exchange foreign currency at PNC if you currently have savings, checking, or a money market account. Moreover, there is no additional fee for the currency exchange service.
However, to exchange a foreign currency at any PNC branch, you need id proof along with your bank account proof (maybe a debit/credit card). These documents will let you exchange your currency at any branch.
Regarding the limits, you can exchange any amount ranging from $100 and above for standard foreign transactions and $250 and above for non-standard foreign transactions.
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.