Megan Brooks
Many banks offer foreign currency exchange services, allowing customers to order and exchange foreign currency for their domestic currency. Some banks also allow customers to exchange foreign currency for other foreign currencies. While most banks require individuals to have an account with them to exchange currency, some banks and credit unions do not have such requirements. Typically, banks offer currency exchange services for banknotes, with some banks explicitly stating that they do not accept foreign coins. However, there are online platforms and specialised foreign currency exchange services that accept foreign coins in addition to banknotes, stamps, and gift cards.
| Characteristics | Values |
|---|---|
| Exchange of foreign currency | Many banks offer foreign currency exchange for their clients. |
| Exchange of foreign coins | Foreign coins are not accepted by some banks. |
| Exchange rate | Exchange rates can be checked online but may not be accurate. A banker should be consulted for accurate exchange rates. |
| Transaction fee | A transaction fee is usually involved and depends on the amount and type of currency. |
| Customer requirement | Most financial institutions require customers to have accounts with them to exchange foreign currency. |
| Ordering foreign currency | Foreign currency can be ordered online or via a mobile banking app. |
| Buyback programs | Some currency exchange services offer buyback programs to sell back unused foreign currency. |
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What You'll Learn
Foreign currency exchange rates
Banks and credit unions are the most common institutions for exchanging foreign currency. Most banks require individuals to be account holders in order to exchange currency. Some banks, like Bank of America, also require customers to exchange currency at a physical banking center, rather than online or through a mobile app.
When exchanging currency, individuals will need to bring a valid ID and the foreign currency in cash, as most banks do not accept foreign coins. Some banks, like U.S. Bank, also require a minimum total value of currency to be exchanged, such as $20.
It is important to note that currency conversion rates differ between companies. Each company manipulates the interbank rate, which is the rate used by banks when trading large volumes of foreign currency with each other, to make a profit. Therefore, it is recommended to ask a banker about exchange rates and compare rates at different institutions before exchanging currency.
Online rates can be used to get a rough idea of how much foreign currency is needed, but they do not accurately represent the rates available at financial institutions. Additionally, while exchanging currency at instant currency exchange locations like airports may be convenient, these locations often offer less favourable rates as they know that travellers do not have many other choices.
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Exchanging leftover foreign coins
Firstly, it is worth checking with your bank, as some banks do offer foreign coin exchange services for their clients. Additionally, currency exchange services often offer buyback programs, which allow you to exchange your unused foreign money for cash. These services can be found both online and at physical locations, such as local banks and currency exchange offices. However, it is important to note that these services may charge transaction fees, which can vary depending on the amount and type of currency being exchanged.
Another option is to use an online service such as Leftover Currency, which specializes in exchanging leftover foreign coins and notes for cash. They accept a wide range of currencies and offer competitive exchange rates. The process typically involves listing the currency you want to exchange, sending it to them, and then receiving your money via bank transfer, PayPal, or cheque.
If you're not interested in exchanging your coins for cash, there are several other options available. You could save the coins for a future trip, especially if you know you'll be visiting the same country again. Alternatively, you could donate the coins to a charity, such as UNICEF's Change for Good program, which accepts donations of foreign currency on international airlines and at airports. Foreign coins can also make unique and thoughtful gifts for friends or family members who are travelling to the same destination. Finally, if you're feeling creative, you could consider selling your coins online to collectors and currency enthusiasts or even loading them onto a Starbucks card in select countries.
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Banks that exchange foreign currency
Most banks require you to be a customer to exchange foreign currency. Major brick-and-mortar banks or credit unions can help you get different currencies at a fair exchange rate. However, some banks do not offer exchanges, so it is best to check before visiting your nearest branch.
Bank of America
Bank of America customers can exchange up to $10,000 online. For orders over $10,000, customers can visit a branch. There is no fee for exchanging currency, but there is a $7.50 fee for home delivery. Bank of America does not stock foreign currencies at financial centers, so delivery charges apply to orders picked up at a financial center as well as to orders under $1,000 sent to the customer's address.
Regions Bank
Regions Bank customers can exchange currency at local branches. Information about potential fees can be obtained by visiting a branch.
Service Federal Credit Union
Service Federal Credit Union offers over 60 types of currencies. Orders under $500 may include a $15 transaction fee.
State Employees Credit Union
State Employees Credit Union offers currency exchange services exclusively to credit union members at its branches. Customers are advised to call customer service before visiting to ensure the availability of the desired currency type. This credit union does not charge fees for exchanging currency.
TD Bank
TD Bank offers 55 types of currencies. Orders can be placed online or at a TD branch. Online orders have a $7.50 fee and a maximum order limit of $1,500.
U.S. Bank
U.S. Bank customers can exchange currency at local branches or online. There is a $10 transaction fee for orders of $250 or less. Orders exceeding this amount are exempt from the transaction fee.
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Ordering foreign currency
If you are a customer of Bank of America, you can order foreign currency through Online Banking or the Mobile Banking App. If you only have a credit card, you can order currency at a financial centre. You can also check cash exchange rates and print out an exchange rate wallet card to take with you on your trip. Bank of America does not stock foreign currency at its financial centres, so delivery charges will apply to orders picked up at a financial centre or sent to your home address.
U.S. Bank also allows customers to exchange currency at a local branch or online. You'll need to have a checking, savings, or money market account with the bank, and the foreign currency must total at least $20. Foreign coins are not accepted.
TD Bank offers 55 types of currencies, which can be ordered online or at a branch. Online orders have a $7.50 fee and a maximum order limit of $1,500.
Service Federal Credit Union offers over 60 types of currencies, which can be ordered by phone or at a local branch. Orders under $500 may include a $15 transaction fee.
State Employees Credit Union allows only credit union members to exchange foreign currency at branches. You'll need to call customer service before visiting to ensure the type of currency you need is available at your nearest location. There are no fees for exchanging currency.
America First Credit Union members may exchange currency at select branches, with a $10 transaction fee for exchanges over $300 and a $20 fee for exchanges under $300.
Currency Exchange International offers over 80 currencies, with the option of home delivery or pick-up at a branch.
It's worth checking whether your bank offers similar services to those listed above.
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Foreign currency exchange platforms
When it comes to exchanging foreign currency, there are a variety of platforms available, each with its own unique features and benefits. Here is an overview of some popular foreign currency exchange platforms:
Online Money Transfer Services
Online money transfer services, such as XE and OFX, offer convenient and secure ways to exchange foreign currency. These platforms often provide competitive exchange rates, low fees, and flexible transfer options. Users can typically send money to multiple countries and in various currencies. For example, XE allows users to send money to 190 countries across 130 currencies. These platforms may also offer additional features such as rate alerts, market analysis, and international payment solutions.
Traditional Banks
Traditional brick-and-mortar banks, such as Bank of America, U.S. Bank, and TD Bank, also provide foreign currency exchange services. These banks often require customers to have an existing account with them and may offer discounts or preferential rates to their clients. For example, Bank of America Preferred Rewards clients receive a discount of up to 2% off the published exchange rate. Customers can typically order foreign currency through online banking platforms or mobile banking apps, with some banks offering in-branch exchanges as well.
Credit Unions
Credit unions, such as America First Credit Union and Service Federal Credit Union, offer foreign currency exchange services to their members. These institutions may have a wide range of currencies available and typically require individuals to visit their local branches for exchanges. Credit unions may have transaction fees or minimum exchange requirements, so it is important to review their terms before proceeding.
Online Banks
Online banks and digital banking platforms are another option for foreign currency exchanges. These platforms often provide convenient and secure ways to exchange currency, and they may offer competitive rates. Online banks typically require users to have an account with them and may provide additional features such as rate alerts and international payment options. It is worth noting that online rates may not always accurately represent the rates available at financial institutions, so it is advisable to confirm rates with the platform directly.
In summary, individuals have a variety of foreign currency exchange platforms to choose from, each with its own unique features, requirements, and benefits. It is important to compare exchange rates, fees, and transfer options before selecting a platform to ensure it aligns with your specific needs and requirements.
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Frequently asked questions
Yes, many banks offer foreign exchange services for their clients, including foreign coins. However, some banks only offer this service for a limited number of currencies. It is best to contact your bank to confirm.
Most banks require you to be a customer to exchange foreign currency. Some banks also require you to have a checking, savings, or money market account with them. It is best to check with your bank before visiting a branch.
Yes, banks usually charge a transaction fee for exchanging currency. This could be a flat fee or a variable fee, depending on the amount and type of currency.
Yes, you can exchange foreign currency at the airport (abroad or at home), but you are unlikely to get a good exchange rate. You can also use online banks or currency exchange services, which may offer a "buyback" program.
