If you are unfamiliar with normal conversion rates and exchange costs, exchanging foreign money might be a difficult experience.
As a result, banks or even local credit unions may be your best bet for exchanging foreign cash. If you are traveling abroad, you may need to visit an affiliated partner of your bank.
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|
In general, you should avoid hotels and even airport businesses because their exchange rates are exorbitantly high and their transparency is inadequate.
Does Truist Bank Exchange Foreign Currency?
The Truist Bank can exchange your foreign currency at any branch in the country. You can even opt for online currency exchange, however, you cannot exchange large amounts.
You can convert almost 100 different currencies 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 Truist Bank 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 Truist Bank does exchange foreign currency, what is their foreign exchange policy?
What is Truist Bank Foreign Exchange Policy?
The Truist Bank 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. But, if you are traveling abroad, you can convert your currency online at a small fee.
Truist Bank also states that the minimum currency order should be greater than or equal to $200.
Now, let’s see the Truist Bank charges to exchange the foreign currency.
Does Truist Bank Charge to Exchange Foreign Currency?
Truist Bank does charge for exchanging your foreign currency. However, the exchange fee is quite competitive when compared to other banks.
For a transaction of $200 (which is the minimum value) or above, the exchange fee is flat at $10. Also, the exchange fee is non-negotiable at any Truist Bank branch. You will have to pay the additional fees.
So, now that we know about the Truist bank exchange charges, let’s look at what documents do we need to exchange foreign currencies.
What Documents Do I Need to Exchange Foreign Currency at Truist Bank?
To exchange currencies at Truist 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%.
Can you exchange your currency online with Truist Bank? Let’s find out.
Does Truist Bank Exchange Currency Online?
Unfortunately, Truist Bank doesn’t let you exchange foreign currency online. However, its subsidiary, Sun Trust bank does let small businesses exchange currencies online at a minimal fee.
Other than that, you can visit a local branch for currency exchange and the fee is a flat $10. Also, the minimum exchange order value should be more than $200.
However, 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.
What Other Places Exchange Foreign Currency?
If you have an account in any of the major Truist 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 Truist Bank in 2022?
Can you Still Exchange Foreign Currency at Truist Bank in 2022?
Yes, you can still exchange your foreign currency at the Truist Bank provided you currently have savings, checking, or a money market account. Moreover, there is an additional fee for the currency exchange service which is $10.
However, to exchange a foreign currency at any Truist Bank 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 $200 and above. However, you need to pay an additional $10 fee on each of these currency exchanges.
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.