Are you planning an exciting international trip and realizing you'll need some local currency upon arrival? Excellent foresight! Knowing how to get foreign currency from your bank beforehand can save you a lot of hassle, time, and potentially unfavorable exchange rates at airports. Let's dive into the specifics of ordering foreign currency from Bank of America, how long it takes, and everything else you need to know for a smooth financial start to your travels.
Understanding the Importance of Pre-Ordering Foreign Currency
Before we get into the nitty-gritty, let's talk about why pre-ordering foreign currency is such a smart move. Imagine stepping off a long flight, jet-lagged, and immediately having to navigate an unfamiliar airport to find an ATM or currency exchange booth. Not only is this an added stressor, but airport exchange rates are notoriously bad. By having some local currency in hand, you can easily cover initial expenses like a taxi, public transport, or a quick meal, giving you peace of mind and a much smoother transition into your destination.
Step 1: Are You Eligible to Order Foreign Currency from Bank of America? (Let's Check!)
First things first, let's see if you qualify. Bank of America makes it quite straightforward, but there are a few key requirements:
- You must be a Bank of America customer: This might seem obvious, but it's crucial. You need to have an active Bank of America checking or savings account to place a foreign currency order.
- Payment Method: For online orders, you can only use your Bank of America checking or savings account. If you're a relationship client, you might be able to pay with cash at a financial center, but online orders require an account.
Ready to proceed? If you've got a Bank of America checking or savings account, you're good to go!
Step 2: How to Place Your Foreign Currency Order with Bank of America
Bank of America offers a couple of convenient ways to order your foreign currency:
Sub-heading: Online Banking or Mobile App (The Easiest Way)
This is generally the most convenient method, allowing you to order from the comfort of your home or on the go.
- Log In: Access your Bank of America online banking account or the Mobile Banking app.
- Navigate to Foreign Currency:
- On Mobile: Once logged in, select the account you'd like to use, scroll down to the "Mobile Orders" section, and then select "Foreign Currency."
- On Desktop: Go to
bankofamerica.com/foreigncurrency
- Select Currency and Amount: Choose the foreign currency you need (e.g., Euros, British Pounds, Japanese Yen). Keep in mind that Bank of America offers a wide range of currencies, but not all of them (for example, they typically do not offer Iraqi Dinar or Vietnamese Dong). You'll also specify the amount you want in USD.
- Important Note: Bank of America typically rounds up foreign currency transactions to the nearest smallest paper denomination available (e.g., to the nearest 5 Euro banknote). They do not provide foreign coins.
- Minimum Order: Your total order must be a minimum of $100 USD. If you're ordering multiple currencies, each individual currency must be at least $25 USD.
- Maximum Order: You can order up to $10,000 USD in foreign currency online over a 30-day period, whether in one transaction or several. For orders exceeding $10,000, you'll need to visit a financial center.
- Choose Delivery Method: This is where the timing comes into play! You have two main options:
- Delivery to Your Address of Record: For orders up to $1,000 USD, you can have the currency delivered directly to your home address on file. P.O. Boxes or personal mailboxes are not allowed.
- Pickup at a Financial Center: This is generally required for orders of $1,000 USD or more, or if you're a new customer (less than 30 days) or have changed your address within the last 30 days. You'll select a full-service Bank of America financial center for pickup.
- Review and Confirm: Double-check all the details of your order, including the exchange rate, any applicable fees, and the delivery method. Then, confirm your purchase.
Sub-heading: In-Person at a Financial Center
While online ordering is usually preferred, you can also place an order at a Bank of America financial center. This is particularly useful if:
- Your order exceeds the $10,000 online limit.
- You're a relationship client and prefer to pay with cash.
- You have specific questions you'd like to discuss with a representative.
Keep in mind that financial centers do not typically stock foreign currency on-hand, so even an in-person order will likely still involve a delivery time.
Step 3: How Long Does It Actually Take to Get Your Foreign Currency? (The Core Question!)
This is the moment of truth! The delivery time depends on when you place your order and your chosen shipping method.
Sub-heading: Standard Delivery
- Order Cut-off Time: Orders placed before 2 p.m. (local time of your delivery address) on a business day (Monday-Friday) are typically shipped the same day.
- Orders Placed After Cut-off: Orders placed after 2 p.m. or on Saturdays, Sundays, or holidays will be shipped the next business day.
- Delivery Timeline: Once shipped, orders generally arrive within 1-3 business days.
- Note: Allow 2-3 additional business days for orders shipped to Alaska or Hawaii.
Sub-heading: Overnight Delivery
- Order Cut-off Time: For next-business-day delivery, orders must be placed before 2 p.m. (local time of your delivery address) on a business day.
- Delivery Timeline: Orders shipped via overnight delivery should arrive the next business day.
- Important: Overnight shipping to Hawaii and Alaska cannot be guaranteed.
Sub-heading: Financial Center Pickup Timeline
If you chose to pick up your order at a financial center, the shipping timelines above still apply, as the currency is shipped to the branch.
- You will receive a notification (usually via email) when your order is ready for pickup.
- Crucial: Foreign currency orders will be held at the financial center for 5 business days before being returned to Global Foreign Exchange. If your order is returned, the exchange rate applied to your refund may be different from your original transaction. So, make sure to pick it up promptly!
Step 4: Tracking Your Order and What to Expect
Once your foreign currency order has shipped, Bank of America will send tracking information to the email address associated with your account.
- Check Your Email: Be sure to add
foreigncurrency@bankofamerica.comto your list of accepted addresses to prevent the email from going into your spam folder. - Identification for Pickup: If you're picking up at a financial center, remember to bring valid identification. The foreign currency package will only be released to the account owner or an authorized signer on the account used to pay for the order. For small business accounts, it will only be released to an authorized signer listed for the business account.
- Delivery at Home: For home deliveries, the package may require a signature. Ensure someone is available to receive it.
Step 5: Understanding Fees and Exchange Rates
While the primary focus is on how long it takes, it's also important to be aware of the costs involved:
Sub-heading: Shipping Fees
- Standard Shipping: There is a $7.50 delivery fee for orders less than $1,000 USD.
- Free Standard Shipping: This fee is waived for orders of $1,000 USD or more.
- Overnight Shipping: There is a $20 delivery fee for all overnight shipping orders, regardless of the amount ordered.
- Note: Shipping fees apply to all orders, whether delivered to your address or a financial center, unless waived.
Sub-heading: Exchange Rates
Bank of America, like all currency exchange services, makes money on the "spread" – the difference between the price they pay to obtain the foreign currency and the price at which they sell it to you.
- No Explicit "Fee" for Ordering Online: Bank of America states there is no explicit "fee" for ordering foreign currency online. However, the cost is built into the exchange rate you receive.
- Preferred Rewards Discount: If you're a Bank of America Preferred Rewards client, you may receive a discount of up to 2% off the published exchange rate, based on your tier, as well as no fee on standard shipping. This can be a significant saving for frequent travelers.
Step 6: Post-Trip - What to Do with Leftover Currency
Came back with some extra foreign bills? Bank of America account holders can exchange foreign currency (bills only, no coins) for U.S. dollars at any full-service financial center. Keep in mind that the exchange rate for selling back currency may differ from the rate you received when purchasing.
FAQs: Your Quick Guide to Foreign Currency with Bank of America
Here are 10 related FAQ questions to help you further!
How to Calculate the Exchange Rate Before Ordering?
You can use Bank of America's online foreign currency calculator on their foreign exchange page to get an estimated conversion for the currency you need before placing your order.
How to Pay for a Foreign Currency Order Online?
Payment for online foreign currency orders can only be made using a Bank of America checking or savings account. Credit or debit cards cannot be used for online foreign currency purchases.
How to Order Foreign Currency if I'm a New Bank of America Customer?
If you've been a Bank of America customer for fewer than 30 days or if your address has changed in the past 30 days, your foreign currency order must be picked up at a financial center, regardless of the order amount.
How to Track My Foreign Currency Order Shipment?
Once your foreign currency order has shipped, Bank of America will send tracking information to the email address of record associated with the account you used to pay for your order. Check your email for updates.
How to Avoid Shipping Fees for Foreign Currency Orders?
You can avoid the $7.50 standard shipping fee by placing an order of $1,000 USD or more. Bank of America Preferred Rewards members also receive free standard shipping for online and mobile orders.
How to Order Foreign Currency for a Small Business Account?
Foreign currency orders placed using a small business account must be picked up at a financial center of your choice. The package will only be released to an authorized signer listed for the small business account, and identification will be required.
How to Know if a Specific Foreign Currency is Available?
When you go through the online ordering process, the available currencies will be listed for selection. If a currency is not listed, Bank of America does not currently offer it.
How to Exchange Leftover Foreign Currency for USD?
Bank of America account holders can exchange foreign currency bills (no coins) for U.S. dollars at any full-service financial center.
How to Pick Up My Foreign Currency Order at a Financial Center?
When picking up your order at a financial center, you'll need to present valid identification. The currency package will only be released to the account owner or an authorized signer on the account used for payment.
How to Deal with an Undeliverable Foreign Currency Order?
If the courier is unable to deliver your foreign currency package to your address of record, or if you fail to pick it up from a financial center within 5 business days, it will be returned to Bank of America. Note that the exchange rate applied to the returned foreign currency (for your refund) may be different from the original transaction.
