Planning an international trip or handling global business? Getting foreign currency organized beforehand can save you time, stress, and potentially money. Wells Fargo offers options for ordering foreign currency cash, but it's crucial to understand the process, fees, and timelines involved.
Ready to demystify foreign currency orders with Wells Fargo? Let's dive in!
Step 1: Determine Your Foreign Currency Needs – Where are you going, and how much do you need?
Before you even think about placing an order, take a moment to consider your travel plans.
- Destination(s): What countries will you be visiting? Each country likely has its own currency.
- Duration of Trip: How long will you be abroad? This will influence the amount of cash you might need.
- Initial Expenses: Think about immediate needs upon arrival – taxis, small meals, tips, or anything that might require cash before you can access an ATM or use a card. It's often a good idea to have some local currency for these initial few days.
- Alternative Payment Methods: While cash is useful, remember you'll likely use credit/debit cards as well. Factor in foreign transaction fees on your cards and ATM withdrawal limits and fees. Wells Fargo charges a 3% international purchase transaction fee for debit card purchases in a foreign currency, and a $5.00 fee for cash withdrawals at non-Wells Fargo ATMs outside the U.S.
Self-reflection: How much peace of mind would you gain by having a small stash of local currency upon arrival? For many, it's a significant amount!
Step 2: Choose Your Ordering Method – Online or In-Branch?
Wells Fargo provides two primary ways to order foreign currency cash:
Sub-heading: Online Banking: The Convenient Choice
This is often the most straightforward method for many Wells Fargo account holders.
- Sign On: Log into your Wells Fargo Online® account.
- Navigate to Foreign Exchange: Look for the "Transfer & Pay" section, and then find "Foreign Exchange" or "Order Foreign Currency Cash." You might also find it under "Account Services" in the mobile app.
- Select Currency and Amount: Use their currency calculator to determine how much foreign currency you need based on the current exchange rates. Wells Fargo offers over 70 currencies for use in over 100 countries.
- Choose Delivery Option: You can typically choose to have the currency delivered to your home address or pick it up at a Wells Fargo branch. Keep in mind that orders over a certain amount (e.g., $3,000 USD equivalent) might require branch pickup.
- Review and Confirm: Double-check all the details, including the currency, amount, exchange rate, fees, and delivery address/pickup branch.
- Submit Your Order: Once you're satisfied, confirm the transaction.
Sub-heading: In-Branch: For Personalized Assistance
If you prefer face-to-face interaction or have specific questions, visiting a branch is an option.
- Locate a Branch: Use the Wells Fargo branch locator to find a convenient branch near you.
- Prepare for Your Visit: Bring your Wells Fargo account information and a valid ID.
- Speak with a Banker: Inform the banker that you wish to order foreign currency cash. They will guide you through the process, help you select the currency and amount, and explain the applicable exchange rates and fees.
- Place Your Order: The banker will assist you in completing the necessary forms.
- Choose Pickup: Foreign currency cash ordered at a branch will be available for pickup at that same branch. Wells Fargo branches no longer have foreign currency cash on-hand for same-day purchase.
Important Note: Wells Fargo explicitly states they no longer take foreign currency cash orders over the phone.
Step 3: Understand Exchange Rates and Fees – What will it actually cost?
This is a crucial step to avoid surprises.
Sub-heading: Exchange Rate Markup
Wells Fargo, like most banks, makes money on currency conversion through a markup. This means the exchange rate you receive will be less favorable than the mid-market rate you might see on financial news websites (which is the rate banks use to trade among themselves). The markup is designed to compensate Wells Fargo for costs incurred, market risks, and their desired return. The rate can vary based on factors like currency pair, transaction size, and whether it's for cash, checks, or wire transfers.
Sub-heading: Applicable Fees
- Order Fees: There might be a fee associated with ordering foreign currency cash, separate from the exchange rate markup. For instance, Wells Fargo has stated that they charge a fee for currency furnished by a branch: First $1,000 per fee or statement period: $0. Over $1,000: $0.13 per $100.
- Delivery/Shipping Fees: If you opt for home delivery, there may be a shipping fee.
- Other Potential Fees: Be aware of other potential fees like those for international ATM withdrawals or foreign transaction fees if you plan to use your debit or credit cards abroad.
Pro Tip: Always ask for the total cost of your foreign currency order, including all fees and the final amount of foreign currency you will receive for your U.S. dollars.
Step 4: Allow for Processing and Delivery Time – Don't wait until the last minute!
Foreign currency orders are not typically an instant process.
- Delivery Time: Wells Fargo states that foreign currency cash orders, whether placed online or in-branch, generally take 2-7 business days for delivery or branch pickup.
- Plan Ahead: To avoid any last-minute stress or the need for costly last-minute exchanges at the airport, it's highly recommended to place your order well in advance of your travel date. A good rule of thumb is at least two weeks before your departure.
Step 5: Receiving Your Foreign Currency – Securely acquiring your cash.
Sub-heading: Home Delivery
If you chose home delivery:
- Secure Delivery: The currency will be delivered to your specified address. Ensure someone is available to receive it, as it's a valuable shipment.
- Verification: You may be required to sign for the delivery or show identification.
Sub-heading: Branch Pickup
If you chose branch pickup:
- Notification: You should receive a notification when your currency is ready for pickup at the designated branch.
- Identification: Bring a valid government-issued ID (like a driver's license or passport) and your Wells Fargo account information when you go to pick up your order.
- Verify Your Order: Before leaving the branch, double-check that you have received the correct currency and the exact amount you ordered.
Step 6: Manage Your Foreign Currency Wisely – Best practices for your trip.
Once you have your foreign currency, keep these tips in mind for your trip:
- Diversify: Don't carry all your cash in one place. Spread it out between different pockets, bags, or even with a travel companion.
- Small Denominations: Request some smaller denominations when ordering if possible. These are useful for immediate expenses, tips, and avoiding issues with large bills in smaller shops.
- Secure Storage: When not in use, keep your foreign currency in a secure place like a hotel safe.
- Track Your Spending: Keep a rough idea of how much foreign currency you're spending to help you budget for the rest of your trip.
- Unused Currency: On your return, Wells Fargo can often buy back unused foreign currency cash at a branch. Be aware that the buy-back exchange rate will also include a markup, meaning you'll get less U.S. dollars back than what the mid-market rate suggests.
10 Related FAQ Questions
How to check current Wells Fargo foreign currency exchange rates? You can usually check the latest exchange rates for ordering foreign currency cash directly on the Wells Fargo website by navigating to their "Foreign Exchange" section or by logging into your online banking and accessing the foreign currency order tool.
How to determine the best time to order foreign currency? There isn't a universally "best" time, as exchange rates fluctuate constantly. However, generally, it's advisable to order well in advance of your trip (2-7 business days processing time) rather than waiting until the last minute, to avoid stress and potentially less favorable airport rates.
How to avoid foreign transaction fees when traveling? While Wells Fargo charges foreign transaction fees on most debit and credit cards, some specific Wells Fargo credit cards (like the Hotels.com Rewards Visa and the Bilt World Elite Mastercard) have no foreign transaction fees. Using these specific cards or obtaining cash beforehand can help minimize these fees.
How to send foreign currency to someone else's account with Wells Fargo? To send foreign currency to another individual or business account, you would typically use Wells Fargo's international wire transfer services, available online, via the mobile app, or in-branch. This is different from ordering foreign currency cash for yourself.
How to receive foreign currency wire transfers with Wells Fargo? Wells Fargo can receive incoming wire transfers denominated in many foreign currencies. The funds will typically be converted into U.S. dollars using Wells Fargo's applicable exchange rate (which includes a markup) without prior notice to you, and then deposited into your account.
How to find a Wells Fargo branch that handles foreign currency? All Wells Fargo branches can assist with ordering foreign currency cash for delivery or pickup. You can use the Wells Fargo branch locator on their website to find the nearest branch to you.
How to track my foreign currency order with Wells Fargo? When you place an online order, you should receive a confirmation with details that may include tracking information or an estimated delivery/pickup date. For in-branch orders, the banker will provide information on when to expect your currency.
How to cancel a foreign currency order with Wells Fargo? If you need to cancel an order, it's best to contact Wells Fargo customer service immediately or visit the branch where you placed the order. Timelines for cancellation may vary depending on the order status.
How to estimate how much foreign currency I need for my trip? Consider your daily cash expenses (small purchases, tips, transportation) and multiply that by the number of days you'll be traveling. Research average costs in your destination. It's often recommended to start with a modest amount of cash and use cards for larger expenses once you're there.
How to exchange unused foreign currency back to USD at Wells Fargo? Wells Fargo branches can often buy back unused foreign currency cash. Be prepared for a less favorable exchange rate (with a markup) compared to what you received when you initially purchased it.