Does Wells Fargo Do Currency Exchange?

Trading or exchange is an act as old as man itself. Before the creation of currency and other forms of legal tender, trade by barter was the form of exchange used. Valuables were exchanged for valuables of the same worth.

Fast-forwarding through time, commodity money slowly replaced the trade by barter. Seashells and whale’s teeth were used as a means of exchange.

Here are a few financial institutions and their foreign currency exchange info:

InstitutionForeign Currency Exchange
ChaseFees & Policies
Bank of AmericaFees & Policies
Wells FargoFees & Policies
US BankFees & Policies
PNCFees & Policies
Truist BankFees & Policies
Capital OneFees & Policies
WalmartFees & Policies

Next was the issuance of standardized money – Roman denarius currency. On and on the story goes till banknotes got into circulation as a bill of exchange.

Does Well Fargo Do Currency Exchange?

Wells Fargo offers currency exchange to its account holder at competitive rates, with over 70 currencies available for exchange except for Iraqi dinar.

One of the Wells Fargo services includes international operations. It offers financial services outside of the United State and deals in currency both local and foreign currencies.

Alternatively, you can use an international wire transfer. The transfer gives access to an upfront exchange rate to know the amount to be sent out to the receiver. You can do that online through their website, on the mobile app, or through any Wells Fargo branch.

What Is Currency Exchange?

Currency exchange is the conversion of one currency to another, like changing dollars into euros. The value of the currency is determined by the market (exchange rate).

As an American preparing to take a trip to other countries, you need to be familiar with currency exchange.

This kind of exchange is usually done in local banks over the counter, at the airport, or in some hotels. It is advisable to make the exchange at y our local bank.

Doing it at the airport comes with a high exchange rate, you’d get less for the worth of your currency.  

Most local banks do currency exchange, like Wells Fargo. Read on to find out more about how currency exchange works there.

About Wells Fargo

Wells Fargo is a financial service firm with headquarters in San Francisco, California, New York. It was founded in 1852 by Henry Wells and Williams Fargo and has been functional since then. It operates in about 35 countries and has customers worldwide.

It is among the top banks in the United States according to Forbes. Its creation during the California gold rush was to provide banking and express services.

A few years after its creation, it separated its banking services from the express services. Since then, it has merged with other banks and changed its name severally.

It merged with Holladay and overland mail. Then it became Wells Fargo bank and union trust after uniting with a unit trust company.

Later it became Wells Fargo American trust following its union with American Trust Company.

It has also acquired banks, insurance services, and stock from notable financial establishments.

Wells Fargo Services

Wells Fargo offers a range of full banking services, available to both individuals and firms. Its major services include;

Banking and Lending services

The banking and lending service is available both online and in physical locations at local branches.

The banking service includes checking accounts and credit cards services. The loan services include mortgage loans, student loans, auto loans, personal loans, mutual funds, etc.

Wells Fargo is among the largest retail mortgage. About 2000 branches are dealing with mortgages. It has about 1.8 trillion USD as the mortgage. One out of every four American homes has a Wells Fargo mortgage. 

Security (Wealth and Investment Management)

Wells Fargo security is an investment service that provides merger and acquisition, Public financial services, and loan syndication. The Wells Fargo subsidiaries; Wells Fargo investments and Wells Fargo advisor are the arms of the bank that are concerned with investment products. They are among the top-notch brokerage establishment in the United States. It is in charge of clients’ assets and investments.

Other security services include equity underwriting, private placement, asset management, insurance, equity trading, wealth management, private equity, risk management, IRAs, and rollovers.


A charter is a grant of power or legal freedom, stating that the granter recognizes the exclusive right of the recipient to use the specified rights.

Well, Fargo functions under the National bank character issued by the US. It became part of Wells Fargo when it acquired the first national bank.

How Does Currency Exchange Work At Wells Fargo?

Currency exchange is usually a buy-and-sell transaction. You can do it online or at physical branches. You are allowed to exchange a country’s currency for another by trading.

For instance, if you have US dollars and want to change them into euros, you go through the exchange store (bureau de change) with the dollar. You’ll have to buy euros that are worth your dollar with it. The amount you get in exchange for your currency depends on the exchange global spot rate.

The spot rate is the price of a commodity (currency) available for immediate settlement at the moment of quote. It shows the immediate demand and supply of an asset.

The exchange rate is slightly modified to ensure that profit is been made on the exchange.

For example, the exchange rate of US dollars to Euros is 1 USD = 0.89 Euro. If you have 500 USD, Wells Fargo has an adjusted exchange rate of  1 USD = 1.183 Euros. This means that with 500 USD, rather than get 443.59 euro, you get 421.48 euro. The 22.11 euro difference is the profit made from the exchange.

In case you have leftover foreign currency from your travels, you can also sell the unused currency at any Wells Fargo branch.

Why Is Currency Exchange Important?

Exchanging your currency creates more room to go shopping. For best rates, you should exchange your currency locally, to avoid high exchange fees. Currency exchange eliminates commercial limitations such as paying for a taxi, paying for a room at the hotel, paying for coffee, or a meal at the restaurant. Although some accept payment in foreign currency – you’d make payment in the equivalent of your local currency – some may not.

In others words, an inconvertible currency possess a barrier to international commerce. You don’t want to go to a country only to be stranded because you don’t have their currency.