Planning an international trip? Excited about exploring new cultures and experiencing different ways of life? That's fantastic! One crucial step in preparing for your adventure is ensuring you have the right local currency. While credit cards are widely accepted, having some foreign cash on hand for smaller purchases, tips, or emergencies is always a smart move. If you're a Bank of America customer, ordering foreign currency is a relatively straightforward process.
This comprehensive guide will walk you through every step of ordering foreign currency from Bank of America, ensuring you're well-prepared for your journey.
Your Essential Guide: Ordering Foreign Currency from Bank of America
Bank of America offers convenient ways for its customers to obtain foreign currency, primarily through their online banking platform or by visiting a financial center. Let's dive into the details.
Step 1: Determine Your Needs and Eligibility
Before you even think about placing an order, take a moment to assess your travel plans and your banking relationship with Bank of America.
What Currency Do You Need?
- Identify the local currency of your destination country (e.g., Euros for France, Japanese Yen for Japan, British Pounds for the UK).
- Consider how much cash you anticipate needing. While it's wise to have some local currency, avoid carrying excessively large amounts for security reasons. Many destinations accept credit cards for most transactions.
Are You Eligible to Order?
- Bank of America Account Holders ONLY: To order foreign currency online or through the mobile app, you must have a Bank of America checking or savings account. This is how you'll pay for your order.
- Credit Card Only Customers: If you only have a Bank of America credit card and no checking or savings account, you'll need to visit a financial center in person to place an order.
Order Limits and Minimums
- Online Order Limit: You can typically order up to USD $10,000 in foreign currency online over a 30-day period. This can be in one single transaction or multiple smaller ones.
- Financial Center Orders: For orders exceeding USD $10,000, you'll need to visit a financial center.
- Minimum Order Amount: Your total foreign currency order must be a minimum of USD $100. If you're ordering multiple currencies, each individual currency must be at least USD $25.
- Denominations: You can usually choose to receive your order in small, large, or mixed denominations, subject to availability. Keep in mind that Bank of America generally does not order or exchange foreign coins, only paper banknotes.
Step 2: Accessing the Ordering Platform
Once you've determined your needs and eligibility, it's time to get to the ordering platform.
Option 1: Online Banking (Recommended for Account Holders)
- Log In: Navigate to the official Bank of America website (bankofamerica.com) and log in to your Online Banking account using your user ID and password.
- Locate Foreign Currency Section: Once logged in, look for a section related to "Foreign Exchange," "Travel," "Currency Exchange," or "Pay & Transfer." The exact wording might vary, but it's usually quite easy to find. You might see options like "Order Foreign Currency" or "Exchange Foreign Currency."
Option 2: Mobile Banking App (Convenient for Account Holders)
- Download and Log In: If you haven't already, download the Bank of America Mobile Banking App from your app store (Google Play or Apple App Store). Log in with your credentials.
- Find Foreign Currency Feature: Similar to online banking, search within the app for a section related to foreign currency or international travel.
Option 3: Visit a Financial Center (For All Customers)
- Locate a Branch: Use the Bank of America branch locator tool on their website to find the nearest full-service financial center.
- Prepare for Your Visit: Be sure to bring a valid form of identification (e.g., driver's license, passport) and your Bank of America debit card or account information. If you're paying with cash (only available for relationship clients at a financial center), have the funds ready.
Step 3: Placing Your Order
This is where you'll input the specifics of your foreign currency request.
Inputting Currency and Amount
- Select Currency: From the dropdown menu or list provided, choose the foreign currency you wish to order (e.g., "EUR - Euro," "JPY - Japanese Yen").
- Enter Amount: Input the desired amount in U.S. Dollars that you wish to convert, or in the foreign currency amount if the calculator allows for it. The system will then show you the equivalent in the other currency based on their current exchange rate.
- Review Denominations: If given the option, select your preferred denominations (small, large, or mixed). Small denominations can be very useful for immediate expenses upon arrival.
Understanding Exchange Rates and Fees
- Exchange Rate Transparency: Bank of America will display the current exchange rate that will be applied to your order. It's important to understand that banks often build a "spread" or markup into their exchange rates, which is how they generate revenue from currency exchange.
- Delivery Fees:
- Standard Delivery (1-3 business days): There's a $7.50 delivery fee for orders less than USD $1,000. This fee is waived for orders of USD $1,000 or more.
- Overnight Delivery: For a faster option, there's a $20 delivery fee for overnight shipping, regardless of the order amount.
- Financial Center Pickup: Even if you choose to pick up your order at a financial center, the delivery fees still apply. This is because Bank of America does not typically stock foreign currency at branches and ships it to your chosen location.
- Preferred Rewards Clients: If you are a Bank of America Preferred Rewards client, you may receive a discount on the published exchange rate (up to 2% off, depending on your tier) and potentially no fee for standard shipping ($7.50 value) for orders placed online or via the mobile app.
Payment Method
- Checking or Savings Account: Online and mobile app orders can only be paid for using funds from your Bank of America checking or savings account.
- Cash at Financial Center: If you're placing your order in person at a financial center and are a relationship client, cash payment is generally required at the time of the order.
Step 4: Choosing Your Delivery Option
Bank of America offers two primary methods for you to receive your foreign currency.
Option A: Home Delivery
- Delivery Address: Your foreign currency can be delivered to your address of record (the address linked to the account you're using for payment).
- No P.O. Boxes: Bank of America does not ship to P.O. Boxes or personal mailboxes.
- Delivery Timeframes:
- Orders placed before 2 p.m. local time (based on your address of record) from Monday to Friday will 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.
- Overnight delivery aims for delivery in 1 business day if ordered before the 2 p.m. cutoff.
- Note: Delivery to Alaska or Hawaii may take an additional 2-3 business days.
Option B: Financial Center Pickup
- Convenient Pick-up: You can choose to have your order delivered to any full-service Bank of America financial center.
- When Pick-up is Required: You must pick up your order at a financial center if:
- Your order is USD $1,000 or more.
- You are a new customer (less than 30 days since account opening).
- Your address has changed in the last 30 days.
- Who Can Pick Up: Only the account owner or an authorized signer on the account used to pay for the order can pick it up.
- Identification Required: You will need to show a valid ID at the financial center.
- Pickup Timeframe: Foreign currency orders are typically held at the financial center for 5 business days before being returned to Bank of America. Don't delay picking up your order!
Step 5: Review and Confirm Your Order
This is your final chance to double-check everything before submitting.
- Verify Details: Carefully review the currency type, the amount, the exchange rate applied, any associated fees, your chosen delivery method, and the delivery address or financial center location.
- Confirm Payment: Ensure the correct Bank of America checking or savings account is selected for payment.
- Acknowledge Terms: Read and agree to any terms and conditions associated with the foreign currency order.
- Submit Order: Click the "Confirm" or "Submit" button to finalize your request. You should receive a confirmation email or message with your order details.
Step 6: Receiving Your Foreign Currency
Once your order is placed, it's a waiting game until your currency arrives.
For Home Delivery:
- Track Your Order: While Bank of America's online system may not always provide detailed tracking for foreign currency, keep an eye on your account for transaction updates.
- Secure Delivery: The delivery will typically be handled by a courier service. Ensure someone is available to receive the package, as it contains cash.
For Financial Center Pickup:
- Wait for Notification: You may receive a notification (email or phone call) when your order is ready for pickup at the selected financial center.
- Head to the Branch: Go to the financial center during their operating hours.
- Present ID: Have your valid identification ready for verification.
- Sign for Your Order: You will likely need to sign to confirm receipt of the foreign currency.
Important Considerations and Tips:
- Order in Advance: It's always best to order foreign currency well in advance of your travel dates to avoid last-minute stress and potential expedited shipping fees. Aim for at least a week or two before your departure.
- Monitor Exchange Rates: While you can't perfectly time the market, keeping an eye on exchange rates can help you decide if it's a good time to buy. However, don't obsess over minor fluctuations.
- Consider Multiple Payment Methods: While having foreign cash is good, rely on a combination of credit cards (especially those with no foreign transaction fees) and debit cards for ATM withdrawals abroad. This diversified approach offers flexibility and security.
- Inform Bank of America of Your Travel: Even if you order foreign currency, it's always a very good idea to set a travel notice with Bank of America for your debit and credit cards. This helps prevent your transactions from being flagged as suspicious while you're abroad, potentially leading to a temporary block on your cards. You can usually do this online, through the mobile app, or by calling customer service.
- Security While Traveling: Once you have your foreign currency, keep it safe! Use a money belt, keep it in a secure hotel safe, and only carry what you need for the day.
Frequently Asked Questions (FAQs)
Here are 10 common questions about ordering foreign currency from Bank of America, with quick answers:
How to check Bank of America's current foreign currency exchange rates?
You can check Bank of America's current foreign currency exchange rates on their website under the "Foreign Exchange" section or within your online banking portal before placing an order.
How to pay for a foreign currency order from Bank of America?
Online and mobile app foreign currency orders can only be paid using a Bank of America checking or savings account. If ordering in person at a financial center, cash payment may be an option for relationship clients.
How to order foreign currency online from Bank of America if I only have a credit card?
If you only have a Bank of America credit card and no checking or savings account, you cannot order foreign currency online. You must visit a Bank of America financial center in person to place an order.
How to get foreign currency delivered to my home address?
During the online ordering process, select "Home Delivery" as your preferred delivery option. Ensure your address of record is accurate, as delivery can only be made to that address (no P.O. Boxes).
How to avoid delivery fees on my foreign currency order?
Delivery fees are waived for standard shipping on orders of USD $1,000 or more. Preferred Rewards clients may also receive free standard shipping.
How to track my foreign currency order after it's placed?
While detailed tracking for foreign currency orders may not always be available directly from Bank of America's online system, you should receive a confirmation and can generally expect standard delivery within 1-3 business days or next business day for expedited orders.
How to pick up my foreign currency order at a Bank of America financial center?
You will need to present a valid ID, and only the account owner or an authorized signer on the account used for payment can pick up the order.
How to exchange foreign currency back to USD at Bank of America after my trip?
Bank of America account holders can exchange foreign currency banknotes (no coins) for U.S. dollars at a full-service financial center. The exchange rate will apply.
How to know the maximum amount of foreign currency I can order online from Bank of America?
You can order up to USD $10,000 in foreign currency online over a 30-day period. For amounts exceeding this, you'll need to visit a financial center.
How to ensure my Bank of America cards work while I'm abroad?
It's highly recommended to set a travel notice on your Bank of America debit and credit cards through online banking, the mobile app, or by calling customer service before you depart. This prevents potential fraud alerts and card blocks during your international travel.
