Have you ever dreamt of strolling through the charming streets of Paris, savoring authentic Italian pasta in Rome, or exploring the ancient ruins of Athens? If you're planning a European adventure, one crucial step is acquiring Euros. And if Bank of America is your primary bank, you're likely wondering: how much does it actually cost to order Euros at Bank of America?
It's a fantastic question, and the answer isn't always as straightforward as a single fee. The cost involves a few key elements, primarily the exchange rate and any associated delivery or service charges. Let's break it down step-by-step so you can confidently budget for your European travels.
Navigating the Costs: Your Step-by-Step Guide to Ordering Euros at Bank of America
Understanding the true cost of ordering Euros involves more than just looking at a single number. It's about recognizing the various components that contribute to the final amount you pay.
 |
| How Much Does It Cost To Order Euros At Bank Of America |
Step 1: Unraveling the Exchange Rate – The Hidden Cost
This is arguably the most significant factor in how much you'll end up paying. Banks, including Bank of America, typically don't offer you the "mid-market rate" – the real exchange rate you see on Google or financial news sites. Instead, they apply a markup to this rate.
What is an Exchange Rate Markup?
Think of it this way: when banks exchange currencies among themselves, they use the mid-market rate. But when they sell foreign currency to you, they add a small percentage on top of that rate. This difference is their profit. While it might seem small per Euro, it adds up quickly, especially for larger sums.
For example: If the mid-market rate is 1 USD = 0.92 EUR, Bank of America might offer you 1 USD = 0.90 EUR. That 0.02 EUR difference per dollar is the markup. This isn't an explicit "fee" you'll see listed, but it directly impacts how many Euros you receive for your US Dollars.
QuickTip: Don’t just consume — reflect.
How to Find Bank of America's Exchange Rate:
Bank of America does provide a currency calculator on their website where you can get an estimated exchange rate for your order. This is a crucial first step in understanding the implicit cost. You'll need to select "Euros" and input the amount you wish to exchange. Keep in mind that exchange rates fluctuate throughout the day, so the rate you see at the time of your inquiry might differ slightly from the rate when you finalize your order.
Step 2: Understanding Potential Fees – The Explicit Costs
While the exchange rate markup is the most significant "cost," Bank of America may also charge explicit fees, particularly for delivery.
Standard Delivery Fees:
- For foreign currency orders under $1,000 USD, Bank of America typically charges a $7.50 delivery fee. This fee applies whether you choose home delivery or pick up at a financial center.
- Orders of $1,000 USD or more generally do not incur a delivery fee if picked up at a financial center. However, if you opt for home delivery for orders above this threshold, there might still be a charge.
Expedited Delivery Fees:
If you're in a rush and need your Euros quickly, you can often opt for expedited delivery, which comes with a higher fee. This could be around $20 for next-business-day delivery if ordered by a certain cutoff time (usually 2:00 PM local time).
Preferred Rewards Client Benefits:
If you're a Bank of America Preferred Rewards client, you're in luck! You may receive discounts on the published exchange rate (up to 2% off, depending on your tier) and potentially no fee on standard shipping ($7.50 value) for orders placed through online banking or the mobile app. This is a significant perk if you qualify.
Step 3: Placing Your Order – Online, Mobile, or In-Person?
Bank of America offers several convenient ways to order Euros. The process is relatively straightforward once you understand the costs involved.
QuickTip: Slow down when you hit numbers or data.
Sub-heading: Ordering Online or via Mobile App
This is often the most convenient method.
- Log In: Access your Bank of America online banking account or mobile app.
- Navigate to Foreign Currency: Look for a "Foreign Currency" or "Order Foreign Currency" option, often found under "Account Services" or "Mobile Orders."
- Use the Currency Calculator: Before confirming, use the built-in calculator to see the estimated cost and the exchange rate you'll receive.
- Enter Details: Specify the amount of Euros you need and your preferred delivery method (home delivery or financial center pickup).
- Confirm Order: Review all details, including the total USD cost and any applicable fees, before confirming your order.
Important Note: You'll need to pay for your digital Euro order using a Bank of America checking or savings account.
Sub-heading: Ordering at a Financial Center
If you prefer a more personal touch or have questions, visiting a Bank of America financial center is an option.
- Locate a Branch: Find your nearest Bank of America branch.
- Consult a Teller: Inform the teller that you wish to order Euros.
- Provide Details: They will guide you through the process, confirm the exchange rate, and inform you of any fees.
- Payment: You'll typically pay from your Bank of America checking or savings account. If you're a Bank of America relationship client, you might be able to pay in cash for orders placed at a financial center.
Note: Because branches do not typically stock large inventories of foreign currency, you will likely still need to wait for your Euros to be delivered, even if you order in person. This isn't an "instant" pickup scenario.
 |
Step 4: Receiving Your Euros – Delivery and Pickup Information
Once your order is placed, it's a waiting game.
Tip: Highlight what feels important.
Home Delivery:
- Standard Delivery: Expect your Euros to arrive within 1 to 3 business days. To qualify for the quickest delivery, make sure your order is placed before the 2:00 PM local time cutoff.
- Expedited Delivery: If you paid for expedited shipping, your Euros should arrive on the next business day if ordered before the cutoff.
- Security: Your foreign currency will be delivered via secure mail.
Financial Center Pickup:
- Notification: You'll typically be notified when your Euros are ready for pickup at your chosen financial center.
- Identification: Remember to bring a valid ID for verification when collecting your order.
- Pickup Requirements: You must pick up your order at a financial center if your order is $1,000 USD or more. Also, new customers (less than 30 days) or those with a recent address change (last 30 days) may need to pick up at a branch.
Exploring Alternatives: When Bank of America Might Not Be Your Best Bet
While convenient, ordering Euros directly from Bank of America isn't always the most cost-effective solution. Here's why you might consider alternatives:
- Exchange Rate Markup: As discussed, banks often have less competitive exchange rates compared to specialist currency exchange services.
- Delivery Fees: Even small delivery fees can add up, especially for smaller orders.
Consider these alternatives for potentially better rates and lower overall costs:
- Online Money Transfer Services (e.g., Wise, Xe): These platforms are designed for international money transfers and often offer significantly better exchange rates (closer to the mid-market rate) and transparent, lower fees. You can typically send money directly to a European bank account, or in some cases, order foreign currency for pickup or delivery.
- Local Credit Unions or Smaller Banks: Sometimes, smaller financial institutions or local credit unions might offer more favorable exchange rates or lower fees than large national banks. It's worth checking with them.
- Using a Credit Card with No Foreign Transaction Fees: For purchases while traveling, a credit card with no foreign transaction fees can be a very cost-effective option. You'll get the network's exchange rate (Visa/Mastercard, which is usually very good) without any added bank fees. Many Bank of America credit cards, such as the Bank of America® Premium Rewards® credit card and Bank of America® Travel Rewards credit card, offer no foreign transaction fees.
- Using a Debit Card at Global ATM Alliance ATMs: Bank of America is part of the Global ATM Alliance. If you use your Bank of America debit card at an ATM belonging to a partner bank (like Barclays in the UK, BNP Paribas in France, or Deutsche Bank in Germany), you can avoid certain ATM usage fees. However, the 3% international transaction fee (currency conversion fee) will still apply.
- Exchanging Currency at Your Destination: While generally not recommended due to potentially high fees at airport exchange kiosks, exchanging a small amount upon arrival at a reputable bank or ATM in Europe can sometimes be an option if you're comfortable with it.
10 Related FAQ Questions
How to calculate the exact cost of ordering Euros from Bank of America?
To calculate the exact cost, you need to use Bank of America's online currency calculator (available when you initiate an order) to see the real-time exchange rate they offer. Then, add any applicable delivery fees ($7.50 for standard orders under $1,000 USD, or potentially higher for expedited).
How to get the best exchange rate when ordering Euros?
To get the best exchange rate, compare Bank of America's rate with online money transfer services (like Wise or Xe) or other banks/credit unions. Specialist services often offer rates much closer to the mid-market rate.
How to avoid delivery fees when ordering Euros from Bank of America?
You can avoid the $7.50 standard delivery fee if you are a Bank of America Preferred Rewards client and order through online banking or the mobile app. For non-Preferred Rewards clients, orders of $1,000 USD or more picked up at a financial center typically don't incur a delivery fee.
QuickTip: Stop scrolling if you find value.
How to order Euros for same-day pickup at Bank of America?
You generally cannot get Euros for same-day pickup at Bank of America as they do not stock large amounts of foreign currency at branches. Orders are typically delivered within 1-3 business days, with next-business-day delivery available for expedited orders placed before the cutoff.
How to pay for Euros when ordering from Bank of America?
You must pay for your digital Euro order using a linked Bank of America checking or savings account. Cash payment may be an option for relationship clients when ordering in person at a financial center.
How to track my foreign currency order from Bank of America?
Once you place your order online or through the app, Bank of America will typically provide you with an order number. While direct real-time tracking like a package isn't usually available, you can often check the status through your online banking portal or by contacting customer service with your order number.
How to cancel a foreign currency order with Bank of America?
It's best to contact Bank of America customer service as soon as possible if you need to cancel an order. Policies may vary depending on how far along the order process is.
How to exchange leftover Euros back to USD at Bank of America?
Bank of America allows you to exchange foreign currency back to U.S. Dollars at their financial centers. Be aware that the exchange rate for selling Euros back to the bank will likely be less favorable than the rate you received when you purchased them, as banks also apply a markup on buy-back rates.
How to use my Bank of America debit card in Europe without high fees?
While Bank of America charges a 3% international transaction fee on debit card purchases and ATM withdrawals abroad, you can avoid some ATM usage fees by using ATMs within the Global ATM Alliance network. However, the 3% currency conversion fee will still apply.
How to decide if ordering Euros from Bank of America is the best option for my trip?
Consider the amount of Euros you need, your travel timeline, and your Bank of America account status (e.g., Preferred Rewards). For small, urgent amounts, Bank of America might be convenient despite the markup. For larger sums or if you have time, comparing rates with online money transfer services and considering no-foreign-transaction-fee credit cards will likely save you money.
 |
