Traveling abroad is an exciting adventure, but navigating foreign currency can sometimes feel like a puzzle. If you're a Bank of America customer and need to get your hands on some foreign cash before your trip, you've come to the right place! This comprehensive guide will walk you through every step of the process, ensuring you're well-prepared for your international journey.
Your Essential Guide: How to Pick Up Foreign Currency from Bank of America
Ready to ditch the dollar and embrace a new currency? Let's get started!
Step 1: Determine Your Foreign Currency Needs
Before you even think about placing an order, it's crucial to understand exactly what you need. This initial assessment will save you time and potential headaches down the line.
Sub-heading 1.1: Calculate Your Budget and Desired Currency
- How much cash will you actually need? While credit and debit cards are widely accepted internationally, having local currency for small purchases, tips, taxis, or in areas where cards aren't as common is always a good idea. Consider your destination – some countries are more cash-reliant than others.
- Which currency do you need? This seems obvious, but double-check! For example, if you're traveling to the Eurozone, you'll need Euros (EUR). If you're going to Japan, it's Japanese Yen (JPY).
Sub-heading 1.2: Research Bank of America's Offerings
- Currency Availability: Bank of America offers a wide range of foreign currencies. Check their website or call customer service to confirm if the specific currency you need is available for order. Most major currencies are readily accessible.
- Order Limits: Be aware of Bank of America's limits for foreign currency orders. Generally, you can order up to $10,000 USD in foreign currency online over a 30-day period. For orders exceeding this amount, you'll likely need to visit a financial center in person. There's also a minimum order amount, typically around $100 USD total, and $25 USD per individual currency if ordering multiple types.
- Exchange Rates and Fees: This is vital. Bank of America makes money on foreign currency exchange through the spread (the difference between the price they buy and sell the currency). While there isn't an explicit "fee" for placing an online order, the exchange rate you receive will reflect this markup. For orders less than $1,000 USD, there's typically a $7.50 delivery fee, which is waived for orders of $1,000 or more.
Step 2: Placing Your Foreign Currency Order
Once you've done your homework, it's time to place the order! Bank of America offers a couple of convenient ways to do this.
Sub-heading 2.1: Ordering Online (Recommended for Most)
The online portal is often the quickest and easiest way to order foreign currency.
- Log in to your Bank of America Online Banking account. Make sure you have your credentials handy.
- Navigate to the "Account Services" tab. You'll usually find this between "Activity" and "Card controls" below your account overview.
- Select "Foreign Currency." This will take you to the foreign currency exchange page.
- Initiate your order. You'll be prompted to "Start your exchange."
- Enter the currency and amount. You can enter either the USD amount you want to spend or the foreign currency amount you wish to receive. The system will then display the equivalent. Remember, foreign currency transactions are typically rounded up to the nearest smallest paper denomination available (e.g., 5 Euro note).
- Review the exchange rate. The current exchange rate will be displayed for your review. This is where the "spread" comes into play.
- Add to order and continue.
- Provide necessary information. You'll need to select the Bank of America checking or savings account you want to use for payment. Payment must come from a Bank of America checking or savings account.
- Choose your pickup location. For orders of $1,000 USD or more, or if you're a new customer (less than 30 days) or your address has changed in the last 30 days, you must pick up your order at a financial center. Select the full-service Bank of America financial center that's most convenient for you.
- Provide a contact number. Bank of America will need a phone number to reach you once your order is ready for pickup.
- Review and place your order. Double-check all the details before confirming. You'll receive an order confirmation with an order number. Keep this number safe!
Sub-heading 2.2: Ordering via the Mobile App
If you prefer managing your banking on the go, the mobile app also offers foreign currency ordering.
- Open and log in to the Bank of America Mobile Banking app.
- From the main menu, select "Help & Services."
- Look for "Order foreign currency" in the list. If you don't see it immediately, you might need to select "Show all" in the upper right.
- Follow the on-screen prompts. Similar to the online process, you'll select the currency, enter the amount, review the rate, choose your payment account, and select your pickup location.
Sub-heading 2.3: Ordering in Person at a Financial Center
While online ordering is often preferred, you can also place a foreign currency order directly at a Bank of America financial center. This is particularly useful if:
- You need to order more than $10,000 USD in foreign currency.
- You are a relationship client and wish to pay in cash for your order. Cash payment is typically required at the time the order is placed in this scenario.
- You prefer speaking with a representative in person.
- Locate a full-service Bank of America financial center. Use the Bank of America branch locator tool on their website.
- Schedule an appointment (optional but recommended). This can help minimize wait times.
- Speak with a teller or financial specialist. Inform them you wish to order foreign currency.
- Provide your account details and desired currency/amount.
- Confirm the exchange rate and any applicable fees.
- Complete the transaction.
Step 3: Understanding Order Processing and Pickup Details
Once your order is placed, it's a waiting game – but usually not for long!
Sub-heading 3.1: Processing Times
- Online/App Orders: Orders placed before 2 p.m. (local time of the delivery/pickup address) Monday through Friday are generally shipped the same business day. Orders placed after 2 p.m. or on weekends/holidays will ship the next business day.
- Delivery/Pickup Times:
- Standard delivery: Orders generally arrive within 1-3 business days. (Allow 2-3 additional business days for orders shipped to Alaska or Hawaii).
- Overnight delivery: If you opted for overnight shipping (which comes with a $20 fee regardless of order amount), it should arrive the next business day. However, overnight shipping to Hawaii and Alaska cannot always be guaranteed.
- For financial center pickups, your currency should be available within 1-3 business days as well.
Sub-heading 3.2: Receiving Your Confirmation and Tracking
- Email Confirmation: You will receive tracking information sent to the email address associated with your Bank of America account once your foreign currency order has shipped. Be sure to add foreigncurrency@bankofamerica.com to your safe senders list to prevent it from being blocked by spam filters.
- Tracking Your Order: Use the provided tracking information to monitor the status of your currency delivery.
Step 4: Picking Up Your Foreign Currency
This is the final and most exciting step – getting your hands on your foreign cash!
Sub-heading 4.1: Required Identification
- For Personal Accounts: The foreign currency package will only be released to the account owner or an authorized signer on the account used to pay for the order. Identification will be required. Make sure to bring a valid government-issued ID (e.g., driver's license, passport).
- For Small Business Accounts: If the order was placed using a small business account, the foreign currency package will only be released to an authorized signer listed for the business account. Identification will be required.
Sub-heading 4.2: Financial Center Pickup Procedure
- Head to the chosen financial center. Ensure you arrive during their business hours.
- Inform a teller or customer service representative that you are there to pick up a foreign currency order.
- Provide your order number (which you saved from Step 2!).
- Present your valid identification. They will verify your identity against the account information.
- Sign for your currency. Once your identity is confirmed, you'll sign to acknowledge receipt of the foreign currency.
- Count your currency. It's always a good practice to quickly count the currency before leaving the branch to ensure the correct amount has been provided.
Sub-heading 4.3: Important Pickup Information
- Holding Period: Foreign currency orders will be held at the financial center for 5 business days before being returned to Global Foreign Exchange. If your order is returned, the exchange rate applied may be different from your original transaction, which could result in a loss. So, pick it up promptly!
- Security: For your security, Bank of America limits delivery destinations to either your address of record (for smaller amounts) or a financial center, to reduce the risk of your order being intercepted by an unauthorized individual.
Final Tips for International Travel with Foreign Currency:
- Notify Bank of America of your travel plans: While Bank of America no longer requires travel notifications for debit and credit cards, it's still a good idea to set up alerts for your accounts and keep an eye on your transactions. This can help prevent your card from being flagged for suspicious activity while you're abroad.
- Consider a travel-friendly credit card: Some Bank of America credit cards (like the Bank of America® Travel Rewards credit card or Bank of America® Premium Rewards® credit card) offer no foreign transaction fees, which can save you a significant amount on purchases made overseas.
- Have a backup plan: Always carry a combination of cash, debit cards, and credit cards. Keep them in separate places in case one is lost or stolen.
- Be aware of ATM fees: While you can use your Bank of America debit card at international ATMs, you'll generally incur a $5 non-Bank of America ATM usage fee and a 3% international transaction fee. Some international partner ATMs (like Barclays in the UK, BNP Paribas in France, Deutsche Bank in Germany) may waive the $5 usage fee, but the 3% international transaction fee will still apply. Always decline the ATM's offer to convert the amount for you, as they often charge a higher conversion fee.
Frequently Asked Questions (FAQs)
Here are 10 common questions about picking up foreign currency from Bank of America:
How to find a Bank of America financial center for currency pickup? You can find the nearest Bank of America financial center using the "Find a Location" tool on the Bank of America website or through their mobile app.
How to pay for a foreign currency order with Bank of America? Payment for online foreign currency orders can only be made using a Bank of America checking or savings account. If placing an order in person as a relationship client, cash payment may be an option.
How to know the exact exchange rate I'll receive? The exchange rate will be displayed to you online or by the teller before you finalize your order. Bank of America includes a "spread" in their exchange rates, meaning the rate you receive is slightly less favorable than the mid-market rate.
How to track my foreign currency order from Bank of America? Once your order ships, Bank of America will send tracking information to the email address on file for your account.
How to ensure my foreign currency order isn't returned? Pick up your foreign currency order within the 5 business days it's held at the financial center. If you don't pick it up, it will be returned, and the exchange rate on the return may differ from your original transaction.
How to order foreign currency if I'm a new Bank of America customer? If you've been a Bank of America customer for fewer than 30 days, your foreign currency order must be picked up at a financial center.
How to avoid foreign transaction fees when traveling? Consider using a Bank of America credit card that offers no foreign transaction fees, such as the Bank of America® Travel Rewards credit card. Also, decline dynamic currency conversion (DCC) at ATMs or merchants overseas and opt to be charged in the local currency.
How to get foreign coins from Bank of America? Bank of America generally does not order or exchange foreign coins; they primarily deal in paper denominations of foreign currency.
How to exchange leftover foreign currency back to USD at Bank of America? Bank of America account holders can exchange leftover foreign currency (no coins) for U.S. dollars at a full-service financial center.
How to contact Bank of America for foreign currency questions? You can contact Bank of America customer service through their website, mobile app, or by calling the number on the back of your debit or credit card for any foreign currency-related inquiries.
