Jake Miller
Foreign currency can be exchanged at banks or credit unions, but not all banks offer this service. Some banks offer foreign currency exchange services to account holders only, while others allow non-customers to exchange currency at their branches. Banks that do offer foreign currency exchange services may not stock inventories of foreign currency at their financial centres, but they can usually order it. Some banks offer online ordering for in-store pickup, while others offer same-day exchange services at select branches.
| Characteristics | Values |
|---|---|
| Banks that offer foreign currency exchange | Bank of America, Wells Fargo, TD Bank, Fifth Third Bank, Regions Bank, Service Federal Credit Union, State Employees Credit Union, Chase |
| Exchange methods | In-person at a branch, online, over the phone |
| Requirements | Must be a customer of the bank, valid ID |
| Fees | Variable fees depending on the bank and type of currency |
| Delivery | Delivery within 2-7 business days |
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What You'll Learn
Ordering foreign currency
Some banks allow customers to order foreign currency online, via a mobile banking app, or over the phone. Alternatively, you can visit a branch in person. Most financial institutions require you to be a customer to exchange foreign currency, and some banks do not offer exchange services at all, so it's important to check before you visit.
For example, Bank of America account holders can order foreign currency online or via the Mobile Banking App. Customers with credit cards only can order currency at a financial centre. Bank of America does not stock foreign currency at its financial centres, so delivery charges apply to orders picked up at a financial centre or sent to a customer address.
Wells Fargo account holders can order foreign currency online or at a branch, with delivery within 2-7 business days. Wells Fargo branches no longer have foreign currency available for over-the-counter same-day purchase, and they do not accept foreign currency cash orders over the phone.
TD Bank offers online ordering or in-branch collection of one of 55 types of currencies. Online orders incur a fee of $7.50 and have a maximum order limit of $1,500.
Credit unions may also offer foreign currency exchange services. For example, Service Federal Credit Union offers over 60 types of currencies, which can be ordered over the phone or in person at a local branch. Orders under $500 may incur a $15 transaction fee.
State Employees Credit Union offers currency exchange for members at its branches. Customers are advised to call customer service before visiting a branch to ensure the type of currency they need is available at their nearest location.
There are also specialist foreign exchange providers, such as Currency Exchange International, which offers over 80 currencies for home delivery or pickup at a branch.
Things to Consider When Ordering Foreign Currency
It's a good idea to check the exchange rate offered by your bank or credit union before placing your order. Banks will usually charge a transaction fee for exchanging currency, which may be a flat fee or a variable fee depending on the amount and type of currency.
When exchanging currency, you will usually need to provide a form of ID, such as a driver's license or passport. It's also worth checking whether your bank or credit union will buy back any unused foreign currency when you return from your trip.
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Exchange rates
Some banks, like Wells Fargo, do not stock foreign currency cash on hand for same-day, over-the-counter purchase. However, account holders can order foreign currency cash online or at a branch, with delivery within 2-7 business days. Wells Fargo also allows customers to send and receive international wire transfers, locking in an exchange rate upfront and knowing the exact amount of foreign currency being sent to the beneficiary.
Bank of America customers can exchange foreign currency (no coins) for US dollars at a full-service banking center. They can also order foreign currency through online banking or the mobile banking app. Bank of America Preferred Rewards clients receive a discount of up to 2% off the published exchange rate.
U.S. Bank customers can exchange currency at a local branch or online, with a $10 transaction fee for orders of $250 or less. The foreign exchange rate applied to orders is set at the beginning of each day the order is placed and may fluctuate intraday or from day to day.
TD Bank offers 55+ foreign currencies for exchange at competitive rates. Customers can order online or in person and pick up their currency within 2-3 business days. TD Bank also provides international wire transfer services, converting funds using the disclosed exchange rate.
It is important to note that banks will usually charge a transaction fee for exchanging currency, which can be a flat or variable fee depending on the amount and type of currency. Online exchange rates may not always accurately represent the rates available at financial institutions, so it is recommended to consult a banker for the most up-to-date information.
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Transaction fees
Foreign transaction fees are typically around 1-3% of each transaction in US dollars. These fees can be imposed by a credit card issuer on transactions that take place overseas, with foreign merchants, or online from overseas websites. The fee might consist of a 1% fee charged by the payment processor (e.g. Mastercard or Visa) plus a 2% fee charged by the card issuer (e.g. Bank of America or Wells Fargo). Foreign transaction fees are not always the same as currency conversion fees and may be added on top of foreign transaction charges.
Many credit cards have no foreign transaction fees, such as certain Mastercard credit cards from Citibank and Capital One. Discover, Charles Schwab Checking, and Capital One 360 are global financial institutions that do not charge foreign transaction fees for debit or credit card purchases. If you are travelling abroad, it is worth researching the best credit cards to find those with the most favourable fees or no fees at all.
It is important to note that foreign transaction fees can also apply when withdrawing cash from an international ATM. This is considered a foreign transaction and may incur both an international transaction fee and an out-of-network ATM fee. Additionally, the ATM operator could charge their own fee for using the machine. To minimise fees, it is recommended to use ATMs in your home bank's network or at a partner bank.
When exchanging currency, it is generally more cost-effective to purchase foreign currency through your bank before you leave, as larger banks tend to offer more favourable rates and lower fees than other conversion services like airport exchange desks or kiosks. Some banks, such as Bank of America, allow customers to order foreign currency online, with orders above a certain amount being delivered to your address or available for pickup at a financial centre.
While travelling, it is advisable to pay in the local currency to avoid potential dynamic currency conversion (DCC) fees. Merchants usually need your consent to perform a DCC, but it is better to pay in the local currency to avoid unexpected fees. Additionally, your credit card usually has a more favourable exchange rate and lower fees than local merchants.
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Delivery options
Different banks offer different delivery options for foreign currency. Bank of America offers standard delivery, which is made within 1-3 business days, and next-day delivery for orders placed before 2 pm local time. They also offer in-person pickup at a financial centre for orders over $1,000 or $10,000, depending on the source. Bank of America does not stock foreign currencies at their financial centres, so delivery charges apply to all orders picked up in person.
Wells Fargo offers delivery within 2-7 business days for online orders. They also offer in-person pickup at a branch for orders over $3,000. Same-day delivery within the branch is no longer available, so customers must order ahead of time.
TD Bank allows customers to pick up their foreign currency within 2-3 business days at select locations or a TD Foreign Exchange Centre. TD Foreign Exchange Centres have up to 15 foreign currencies available for immediate exchange.
U.S. Bank offers next-day delivery to the branch of the customer's choice for orders placed by 2 pm. Orders placed after 2 pm will be available in two business days. Most orders can be expedited for an additional fee.
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Buying back foreign currency
When it comes to exchanging foreign currency, most banks and credit unions require individuals to be customers or account holders. Some banks, like Bank of America, offer foreign currency exchange services both online and at financial centres or local branches, allowing customers to order or exchange foreign currency before their trip. However, Bank of America does not stock foreign currencies at financial centres, so delivery charges may apply for orders picked up at these locations. Similarly, Wells Fargo account holders can order foreign currency online or at a branch, with delivery within 2-7 business days.
It's important to note that not all banks provide foreign currency exchange services, and some may have specific requirements or limitations. For instance, Wells Fargo no longer offers foreign currency cash for over-the-counter same-day purchase or takes foreign currency cash orders over the phone. Additionally, they do not buy back all currencies and do not accept coins.
When buying back foreign currency, banks typically have specific processes in place. For example, Wells Fargo can often buy back unused foreign currency cash at their branches. On the other hand, Bank of America customers can exchange foreign currency at financial centres, but credit card holders can only perform this transaction at these locations.
It is recommended to compare rates and be mindful of transaction fees when exchanging currency. Local currency exchange services often provide better rates than those found at airports or tourist locations. Additionally, exchanging currency before embarking on a trip allows for more time to compare rates and utilise online banks.
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Frequently asked questions
It depends on the bank and branch. Some banks, such as Wells Fargo, no longer have foreign currency cash on hand for same-day purchase. However, other banks, like TD Bank, have select branches called TD Foreign Exchange Centers that offer up to 15 foreign currencies for immediate exchange. Fifth Third Bank also has consignment locations that may have the desired currency available for same-day exchange.
Yes, many banks allow customers to order foreign currency online or at a branch for delivery or pickup. For example, Bank of America account holders can order foreign currency online or through the Mobile Banking App.
Typically, yes. Most financial institutions require customers to have an account with them to exchange money.
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. There may also be additional fees for delivery or pickup.
Exchanging currency at a bank branch or online before your trip is generally recommended as it allows you to compare rates and avoid the high fees associated with airport and tourist location currency exchange services.
