Planning a trip to Europe or simply need euros for an upcoming expense? Getting foreign currency, especially euros, through your bank can be a convenient option. If you're a Bank of America customer, you have several ways to obtain euros. This comprehensive guide will walk you through each step, helping you prepare for your European adventures or any euro-denominated needs.
Feeling overwhelmed by currency exchange already? Don't worry, we're here to make it simple!
Let's dive into how you can get your hands on those euros with Bank of America.
Step 1: Determine Your Euro Needs and Explore Options
Before you even think about placing an order, take a moment to assess how much euro cash you'll actually need. Are you planning to pay for everything with a credit card and just need some cash for small purchases, tips, or emergencies? Or will you be relying more heavily on cash? This will influence the amount you order.
- Consider Your Travel Style: If you're backpacking through rural areas, cash might be more essential. For city breaks with widespread card acceptance, a smaller amount of cash might suffice.
- Initial Expenses: Think about immediate needs upon arrival, like a taxi from the airport, a quick meal, or tipping.
- Cash is King (Sometimes): While cards are widely accepted in Europe, having some euros on hand provides peace of mind and can be crucial for smaller vendors, local markets, or in case of card issues.
Once you have an idea of the amount, it's time to explore Bank of America's offerings:
- Online Ordering: This is often the most convenient method for many customers. You can place your order from the comfort of your home.
- Mobile Banking App: For those who prefer managing finances on the go, the Bank of America mobile app also allows for foreign currency orders.
- In-Person at a Financial Center: If you prefer face-to-face interaction or have specific questions, visiting a Bank of America financial center is an option. This is also required for certain order sizes or customer types.
Step 2: Understanding Exchange Rates and Fees
This is a crucial step. Exchange rates fluctuate daily, and banks often include a markup in their rates. It's important to understand the total cost of your euro exchange.
Sub-heading: The Exchange Rate Itself
- Bank of America, like most financial institutions, will apply an exchange rate that includes a spread or markup. This means the rate you get will be slightly less favorable than the interbank or "mid-market" rate you might see on financial news sites. This spread is how they profit from the exchange.
- It's a good idea to check the current exchange rate offered by Bank of America before you commit. You can usually do this on their foreign currency exchange page.
Sub-heading: Potential Fees to Watch Out For
- Delivery Fees: Bank of America typically charges a delivery fee for foreign currency orders.
- For orders less than $1,000 USD, there's usually a $7.50 delivery fee for standard shipping.
- For expedited (next business day) delivery, the fee can be higher (e.g., $20).
- Preferred Rewards Program: If you are a Bank of America Preferred Rewards member (Gold, Platinum, Platinum Honors, or Diamond Honors tiers), you may receive a discount on the exchange rate (up to 2%) and potentially have the standard shipping fee waived. This is a significant perk if you qualify!
- No Fee for Euro Orders? While some sources indicate no explicit fee for the euro order itself, remember the exchange rate markup is a form of cost.
Step 3: Placing Your Euro Order (Online/Mobile App)
This is generally the easiest and quickest way to get your euros.
Sub-heading: Ordering via Bank of America Online Banking
- Log In: Go to the Bank of America website and log into your online banking account.
- Navigate to Foreign Currency: Look for a section related to "Foreign Currency Exchange," "Order Foreign Currency," or similar. You might find it under "Account Services" or "Help & Support."
- Select Euro and Amount: Choose "Euros" (EUR) from the list of available currencies. Then, enter the amount of USD you wish to exchange or the specific euro amount you need.
- Review Calculator/Rate: The system will likely show you the estimated euro amount you will receive based on the current exchange rate. Take note of this.
- Start Your Order: Click "Start my order" or a similar button.
- Payment Method: You'll typically need to pay for your euro order using a Bank of America checking or savings account. Credit cards are usually not accepted for online foreign currency purchases.
- Choose Delivery Method:
- Home Delivery: You can have the euros delivered to your registered address. There are typically limits on how much can be delivered to your home (e.g., up to $1,000 USD over a 30-day period).
- Financial Center Pickup: For larger orders (typically $1,000 USD or more), or if you're a new customer, or your address has changed recently, you'll be required to pick up your order at a Bank of America financial center. You'll select the branch during this step.
- Confirm and Place Order: Review all the details, including the exchange rate, fees, and delivery information, before confirming and placing your order.
- Confirmation: You should receive a confirmation email with your order details and tracking information (if applicable).
Sub-heading: Ordering via the Bank of America Mobile App
- Log In: Open the Bank of America Mobile Banking app and log in.
- Select Account: Choose the checking or savings account you wish to use for the purchase.
- Find Foreign Currency: Look for "Mobile Orders" or "Foreign Currency" within the app's menu or services section. You can also use Erica®, your virtual financial assistant, and ask "order foreign currency."
- Follow On-Screen Instructions: The app will guide you through selecting the currency (Euros), entering the amount, reviewing the exchange rate, and choosing your delivery option (home or branch pickup).
- Complete Order: Confirm the details and complete your order. You'll receive updates and tracking information within the app.
Step 4: Picking Up Your Euros (If Applicable)
If your order requires branch pickup, or if you opted for it for convenience, this step is important.
- Wait for Notification: Bank of America will notify you when your order is ready for pickup at the selected financial center.
- Bring ID: When you go to the branch, be sure to bring a valid form of identification, such as a driver's license or passport. They will need to verify your identity.
- Authorized Signer: If you ordered using a small business account, only an authorized signer on that account will be able to pick up the currency.
- Timely Pickup: Foreign currency orders are typically held at the financial center for a limited number of business days (e.g., 5 business days) before being returned. Pick them up promptly to avoid any complications or a different exchange rate being applied upon re-order.
Step 5: Alternative Ways to Get Euros (Consider These Too!)
While ordering cash from Bank of America is an option, it's worth knowing about other ways to get euros, especially for spending while traveling.
Sub-heading: Using Your Bank of America Debit Card at European ATMs
- Convenience: This is often a highly convenient way to get euros as needed. You can withdraw cash directly from ATMs in Europe.
- International Transaction Fees: Be aware that Bank of America typically charges an international transaction fee (often 3% of the converted USD amount) for ATM withdrawals outside their international ATM partner network.
- ATM Operator Fees: Foreign ATM operators may also charge their own fees.
- International ATM Partner Network: Bank of America has international ATM partners (e.g., BNP Paribas in France, Deutsche Bank in Germany, Barclays in the UK, BNL d'Italia in Italy). Using ATMs within this network can help you avoid the $5 non-Bank of America ATM usage fee (though the 3% international transaction fee still applies). Always check if your destination has a partner ATM nearby.
- Dynamic Currency Conversion (DCC): When using an ATM or making a purchase with your card, you might be asked if you want to be charged in USD or EUR. Always choose to be charged in the local currency (EUR). If you choose USD, the foreign ATM operator or merchant will apply their own, often less favorable, exchange rate.
Sub-heading: Using Your Bank of America Credit Card
- Foreign Transaction Fees: Most Bank of America credit cards will charge a foreign transaction fee (typically 3%) on all purchases made in a foreign currency. This can add up quickly.
- Travel Rewards Cards: Some premium travel rewards credit cards might waive foreign transaction fees. If you travel frequently, it might be worth considering such a card.
- Contactless Payments: Many places in Europe readily accept contactless payments, making credit card use very convenient.
Sub-heading: Travel Money Cards (Prepaid Cards)
- While Bank of America doesn't specifically offer a "Euro Travel Money Card" in the way some other institutions do, prepaid travel cards are an option from other providers. These allow you to load funds in a specific currency (like euros) before your trip, often locking in an exchange rate. However, they may come with their own set of fees (loading fees, ATM withdrawal fees, inactivity fees).
Step 6: Notifying Bank of America of Your Travel Plans
- This step is becoming less critical with advanced fraud detection systems, but it's still a good practice to inform Bank of America of your travel dates and destinations. This helps prevent your card from being flagged for suspicious activity and potentially frozen while you're abroad.
- You can usually set a travel notice through your online banking account, the mobile app, or by calling customer service.
Step 7: Tracking Your Order (if applicable)
If you opted for home delivery, you'll want to keep an eye on your order's progress.
- Email Confirmation: Bank of America typically sends an email with tracking information once your foreign currency order has shipped. Check your spam folder if you don't see it.
- In-App Updates: If you ordered via the mobile app, you might also receive updates on your order status directly in the app.
Step 8: Understanding Limits and Important Notes
- Minimum Order: There's usually a minimum amount you can order (e.g., $100 USD worth of foreign currency).
- Maximum Online Order: Bank of America generally has a maximum limit for foreign currency orders placed online (e.g., up to $10,000 USD within a 30-day period). If you need more, you'll likely need to visit a financial center.
- No Foreign Coins: Bank of America generally does not offer or accept foreign coins. You'll only be able to order and exchange banknotes.
- No Traveler's Checks: Bank of America no longer offers traveler's checks due to declining customer demand and usability issues.
Frequently Asked Questions (FAQs)
Here are 10 common questions about getting euros from Bank of America:
How to order euros online from Bank of America?
You can order euros online by logging into your Bank of America online banking account, navigating to the foreign currency exchange section, selecting euros, specifying the amount, and choosing your delivery or pickup option.
How to get euros quickly from Bank of America?
For the fastest option, order online before 2:00 PM local time and choose expedited (next business day) delivery, or select pickup at a financial center for potentially quicker access, though same-day pickup is generally not available.
How to avoid fees when getting euros from Bank of America?
While a direct fee for the currency exchange is generally not charged, Bank of America includes a markup in its exchange rate. Preferred Rewards members may receive a discount on the exchange rate and waived standard shipping fees. Using international ATM partners can avoid the $5 ATM usage fee, but the 3% international transaction fee usually still applies.
How to check the current euro exchange rate at Bank of America?
You can check the current exchange rate for ordering foreign currency on the Bank of America website's foreign exchange section or within the mobile banking app before you place your order.
How to pick up euros ordered from Bank of America?
If you opted for branch pickup, Bank of America will notify you when your order is ready. Go to the selected financial center with a valid photo ID to collect your euros.
How to use my Bank of America debit card to get euros abroad?
You can use your Bank of America debit card at ATMs in Europe to withdraw euros. Be aware of the 3% international transaction fee and potential fees from the local ATM operator. Always choose to be charged in euros.
How to notify Bank of America about my international travel for euros?
You can set a travel notice for your Bank of America debit and credit cards through online banking, the mobile app, or by calling customer service. This helps prevent your card from being blocked during your trip.
How to exchange leftover euros back to USD at Bank of America?
You can exchange leftover euro banknotes (no coins) for U.S. dollars at a full-service Bank of America financial center. Be aware that the exchange rate for selling currency back may be different from the rate you received when buying.
How to know if I need to pick up my euro order at a Bank of America branch?
You are required to pick up your order at a financial center if your order is $1,000 USD or more, if you are a new customer (less than 30 days), or if your address has changed in the last 30 days.
How to determine how many euros I should order from Bank of America for my trip?
Consider your travel style, typical daily spending habits, and how much you anticipate using cash versus credit cards. It's wise to have enough cash for initial expenses, tips, and small purchases, with credit cards covering larger transactions.