Planning an international trip? One of the most important things to sort out is your foreign currency! While credit and debit cards are widely accepted, having some local cash on hand for taxis, tips, small purchases, or emergencies can be incredibly convenient and sometimes even essential. If you're a Bank of America customer, ordering foreign currency is a straightforward process.
Ready to get your travel money sorted? Let's dive in!
Step 1: Determine Your Foreign Currency Needs
Before you even think about placing an order, pause and consider your trip. This is where you, the traveler, come in!
- Where are you going? Different countries use different currencies. Are you heading to Europe (Euros), the UK (British Pounds), Japan (Japanese Yen), or somewhere else entirely?
- How long will you be there? A weekend trip will require less cash than a month-long backpacking adventure.
- What are your spending habits? Are you a budget traveler who will rely heavily on cash for street food and local markets, or do you prefer to put everything on your card?
- Will you have access to ATMs? While ATMs are common, some remote areas might have limited access, or you might incur significant fees.
- What's the local currency situation like? In some countries, cash is still king, while others are rapidly moving towards cashless transactions. A quick online search for your destination will give you insights into local payment norms.
Pro Tip: It's always a good idea to have a mix of cash and cards. While Bank of America assesses a 3% international transaction fee on debit card purchases/withdrawals, some Bank of America credit cards offer no foreign transaction fees, making them a good option for larger purchases.
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| How To Order Foreign Currency Bank Of America |
Step 2: Choose Your Ordering Method
Bank of America offers a couple of convenient ways to order foreign currency:
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Sub-heading: Online Banking (Recommended for most)
This is often the easiest and most secure way to place your order. You can do it from the comfort of your home, any time of day.
- Availability: Accessible to Bank of America checking and savings account holders.
- Convenience: Order 24/7.
- Tracking: Easily track your order status.
Sub-heading: Mobile Banking App
For those who prefer banking on the go, the mobile app provides a seamless experience.
- Availability: Similar to online banking, requires a Bank of America checking or savings account.
- Ease of Use: User-friendly interface designed for mobile.
- Notifications: Get alerts and in-app updates on your order.
Sub-heading: In-Person at a Financial Center
While possible, ordering at a financial center might have some limitations compared to online or mobile, especially regarding immediate availability.
- Availability: Customers with credit cards only can order currency at a financial center. If you have a checking or savings account, online or mobile is generally preferred.
- Payment: If ordering in person as a relationship client, you might need to pay in cash.
- No Inventory: Bank of America financial centers generally do not stock foreign currency, so you'll still be placing an order for delivery.
Step 3: Placing Your Order - Step-by-Step Guide (Online Banking/Mobile App)
Let's walk through the online or mobile app process, as it's the most common and convenient.
Tip: Patience makes reading smoother.
Sub-heading: Accessing the Foreign Currency Order Section
- Log In: Go to the Bank of America website (bankofamerica.com) or open your Bank of America Mobile Banking app. Log in to your account securely.
- Navigate:
- Online Banking: Look for a section related to "Pay & Transfer," "Foreign Exchange," or "Order Foreign Currency." You can often find a direct link on the homepage or by searching within the site. A common direct link is
bankofamerica.com/foreigncurrency - Mobile Banking App: Select the account you would like to use. Scroll down to the "Mobile Orders" section and select "Foreign Currency." You can also ask Erica®, your virtual financial assistant, to help you "order foreign currency."
- Online Banking: Look for a section related to "Pay & Transfer," "Foreign Exchange," or "Order Foreign Currency." You can often find a direct link on the homepage or by searching within the site. A common direct link is
Sub-heading: Selecting Your Currency and Amount
- Choose Currency: You'll see a list of popular currencies (e.g., EUR for European Union, GBP for Great Britain, MXN for Mexico, JPY for Japan). Select the currency you need. If your currency isn't listed, there's usually an option to "Order a currency not shown."
- Enter Amount: You'll typically enter the amount of foreign currency you want to receive, and the system will automatically calculate the equivalent USD amount you'll pay, based on their current exchange rate. You can also input the USD amount you want to spend and see how much foreign currency you'll get.
- Important Note: Bank of America has minimum and maximum order limits. You generally need to order at least $100 USD worth of foreign currency, and the online maximum is typically $10,000 USD (over a 30-day period). If you need more, you'll need to visit a financial center. If ordering multiple currencies, each must be at least $25 USD.
Sub-heading: Reviewing Exchange Rates and Fees
This is a critical step!
- Examine the Rate: Bank of America sets its exchange rates based on various factors, including market conditions and their own desired profit margins. The rate you see will likely be different from the inter-bank rates you might find on financial news sites. This difference is how banks make money on currency exchange.
- Understand Delivery Charges:
- Standard Delivery (1-3 business days): Typically costs $7.50.
- Expedited Delivery (Next business day if ordered by 2 p.m. local time): Usually costs $20.
- Note: Delivery charges apply to all orders, whether shipped to your address of record or picked up at a financial center.
- Preferred Rewards Members: If you're a Bank of America Preferred Rewards® member (Gold, Platinum, Platinum Honors, or Diamond Honors tier), you may receive up to a 2% discount on the exchange rate and no fee on standard shipping ($7.50 value) for mobile and online orders. This is a significant perk!
- Confirm Total Cost: Before proceeding, ensure you understand the total USD amount you'll be charged, including the currency conversion and any delivery fees.
Sub-heading: Choosing Delivery Options
Bank of America offers two primary delivery methods for foreign currency:
- Ship to Your Account Address:
- Your order will be shipped to the address on file for your Bank of America account.
- This is generally for orders under $1,000 USD.
- Orders are delivered on business days only (no Saturday, Sunday, or holiday delivery).
- Pick Up at a Financial Center:
- Your order will be shipped to a financial center if:
- Your order is $1,000 USD or more.
- You became a new customer within the last 30 days.
- You changed your address within the last 30 days.
- You will be notified when your currency is ready for pickup. Remember to bring a valid ID.
- Your order will be shipped to a financial center if:
Sub-heading: Confirming Your Order
- Payment Source: Select the Bank of America checking or savings account you wish to use for payment.
- Review Details: Double-check all the information: currency, amount, delivery method, delivery address/pickup location, and the total USD cost.
- Submit Order: Confirm and submit your order. You'll receive a confirmation number and potentially email/text updates.
Step 4: Receiving Your Foreign Currency
Sub-heading: For Home Delivery
- Delivery Time:
- Orders placed Monday-Friday before 2 p.m. local time (of your address of record) typically ship the same business day.
- Orders placed after 2 p.m. or on weekends/holidays will ship the next business day.
- Standard delivery usually takes 1-3 business days.
- Expedited delivery aims for next business day arrival if ordered by the 2 p.m. cutoff.
- Security: Your currency will be delivered securely, often requiring a signature.
Sub-heading: For Financial Center Pickup
- Notification: You will be notified by Bank of America when your foreign currency order has arrived at your selected financial center and is ready for pickup.
- What to Bring: When you go to pick up your order, make sure to bring:
- Valid Photo ID (e.g., driver's license, passport).
- Your Confirmation Number.
- Your Bank of America Debit Card linked to the account used for the order.
Step 5: Enjoy Your Trip!
With your foreign currency in hand, you're now better prepared for your international adventure. Remember to keep your cash safe and secure while traveling.
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10 Related FAQ Questions
Here are some quick answers to common questions about foreign currency and Bank of America:
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How to check Bank of America foreign currency exchange rates?
You can check the daily foreign currency banknote exchange rates directly on the Bank of America website by visiting their foreign exchange section or by starting an order in online or mobile banking.
How to avoid foreign transaction fees with Bank of America?
To avoid foreign transaction fees (typically 3% on debit cards), consider using a Bank of America credit card that offers no foreign transaction fees for international purchases. You can also order foreign currency in advance as outlined above.
How to exchange foreign currency back to USD at Bank of America?
Bank of America account holders can exchange foreign currency bills (no coins) for U.S. dollars at a full-service financial center. The exchange rate will be determined at that time.
How to know if Bank of America stocks foreign currency at branches?
Bank of America financial centers generally do not stock inventories of foreign currency. All foreign currency orders are fulfilled through a delivery service, either to your home or to a branch for pickup.
QuickTip: Look for patterns as you read.
How to track my foreign currency order from Bank of America?
You can track your foreign currency cash order with alerts and in-app updates if you ordered through the Mobile Banking app or by logging into your Online Banking account.
How to send an international wire transfer instead of ordering cash?
You can send international wire transfers through Bank of America's Online Banking or Mobile Banking app. There's often a $0 outbound wire transfer fee if sent in foreign currency, and you get a competitive exchange rate. This is different from ordering physical cash.
How to use my Bank of America debit card internationally?
Your Bank of America debit card can be used internationally at ATMs and for purchases wherever Visa or Mastercard are accepted. However, be aware of the 3% international transaction fee that typically applies to these transactions. You can also use partner ATMs to avoid some fees.
How to use my Bank of America credit card internationally?
Bank of America credit cards can be used for international purchases. Be sure to check if your specific credit card has foreign transaction fees (many travel rewards cards from BofA do not). Always know your PIN, as some international terminals may require it for credit card transactions.
How to inform Bank of America of my travel plans?
Bank of America no longer requires customers to set travel notifications. They use ongoing security efforts, including monitoring your accounts and sending automatic alerts, to detect suspicious activity. However, ensure your contact information (email, phone number) is up-to-date.
How to get a better exchange rate from Bank of America?
If you are a Bank of America Preferred Rewards member, you may receive up to a 2% discount off the available exchange rate on foreign currency orders, depending on your tier level. Otherwise, compare their rates to other providers like currency exchange bureaus or online services to find the best deal.
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