Best banks to exchange currency [2024]
If you need travel money for an upcoming trip, your bank may be able to help with foreign exchange services. However, not all US banks offer travel money services, with some recommending you pay and withdraw with your bank card when you’re abroad, instead.
Whether you’re getting foreign currency cash from your bank or using your card, you may find fees are on the steep side for currency conversion services. Instead, you can consider online currency exchange services like CXI if you want cash, Wise or Revolut if you want to pay and withdraw with a travel card with no foreign transaction fee and mid-market exchange rates.
This guide walks through all you know about the best US banks for currency exchange – and some alternatives to compare.
Key points: Best US banks for currency exchange
- Some US banks offer currency exchange for travel – but you’ll need to already hold an eligible checking or saving account with the bank in most cases
- Bank currency conversion fees may include a service fee, delivery costs and an exchange rate markup
- As an alternative some non-bank providers like Wise and Revolut let you hold dozens of currencies in a digital account and spend or withdraw with no foreign transaction fee
- If you want cash in a foreign currency before you leave the US you might also want to compare an option like CXI which covers 80+ currencies for delivery or collection
Is it best to get foreign currency from your bank?
Whether or not it’s the best idea to get foreign currency from a bank is pretty subjective and depends on your preferences, where you’re off to, and the specific bank you use.
- Using a bank to get cash before you leave is reassuring as you know you have money as soon as you land
- Not all banks offer travel money services, and you’ll need to use a bank you have an account with already in most cases
- Bank currency exchange can incur fees and may take up to a week for your money to be available
- Some banks waive fees for certain account types – and there may be a lower overall cost if you can collect your cash in a branch
- Carrying all your travel cash when you leave the US can be a security issue – you can consider a travel card from a provider like Wise or Revolut, for spending and withdrawals abroad.
Which bank is best for currency exchange?
Not all banks in the US offer currency exchange travel money services. Here we’ve rounded up the options from popular banks Wells Fargo, Bank of America, Citibank and PNC – there’s a little more information on each coming up in a moment.
| Wells Fargo | Bank of America | Citibank World Wallet | PNC | |
|---|---|---|---|---|
| Currency exchange services | Order travel cash online, in app and in branch for delivery or collection | Order travel cash online, in app and in financial centers for delivery or collection | Order travel cash in branch or by phone for delivery or collection | Order travel cash in branch for collection – not available in all branches |
| Eligibility | Wells Fargo customers with an eligible checking or saving account | Bank of America customers with an eligible credit card, checking or saving account | Citibank customers with an eligible checking or saving account | PNC customers only |
| Fees | Fees included in exchange rates | Fees included in exchange rates + delivery fees based on service selected | 5 USD for transactions under 1,000 USD + delivery fees based on service selected | Fees included in exchange rates |
| Exchange rates | Exchange rates include a markup | Exchange rates include a markup | Exchange rates include a markup | Exchange rates include a markup |
| How long does it take? | 2 – 7 business days | Standard delivery takes 1 – 3 business days | Overnight delivery available | 1 – 2 business days |
| Supported currencies | 70+ currencies | Most major currencies | 50+ currencies | Not specified – call your branch to check |
While the services offered are pretty similar, there are some important differences in eligibility, coverage and fees. Check out your own bank’s options before you get started. Here’s a roundup of the banks we’ve looked at:
Wells Fargo
- Excellent selection of currencies
- Long delivery times of up to 7 business days
- No upfront fee – costs are in the rate used for conversion
Bank of America
- Checking and savings account holders have more order options compared to credit card holders
- Fees apply – 7.50 USD fee, waived for orders of over 1,000 USD for standard service, or a 20 USD fee for overnight delivery
- Delivery fees apply even if you choose to collect at a financial center
Citibank
- World Wallet services are available to eligible customers with checking and saving accounts
- Fees are waived for higher tier account holders
- Great selection of currencies available by phone and in branch, for delivery
PNC
- Not all branches can offer foreign currency services
- Currency may be ready in just 48 hours in off-peak times
- Buy back service available
Alternatives to banks for foreign currency exchange
If your bank does not offer travel money services – or if you simply want to shop around to make sure you get the best deal, it’s worth looking at some non-bank alternatives. Here are some popular options – CXI, Wise and Revolut, so you can consider which may be best for your needs.
| CXI | Wise | Revolut | |
|---|---|---|---|
| Currency exchange services | Order travel cash online for delivery or collection | Exchange currencies within your digital account or when you pay with your Wise card | Exchange currencies within your digital account or when you pay with your Revolut card |
| Fees | Variable fees based on currency and delivery option | From 0.33% | No weekday exchange fee to plan limit, then 0.5% fair usage fee applies |
| Exchange rates | Exchange rates include a markup | Mid-market exchange rates | Revolut rate to plan limit Fair usage fee, and 1% out of hours fee may apply |
| How long does it take? | Next day delivery available on many currencies | Instant conversion in your digital account | Instant conversion in your digital account |
| Supported currencies | 80+ currencies | 40+ currencies | 25+ currencies |
The right currency exchange option for you will depend a lot on your specific situation.
- If you need cash for a vacation – particularly if you’re in a hurry – CXI may help, with fast exchange in many currencies.
- If you would rather manage your money digitally and pay with a card when you’re away – with the option of using an ATM when you need cash – Wise or Revolut may suit, with low costs and fair exchange rates.
CXI (order online for collection or delivery)
CXI has 35 branches throughout the US, including in city center locations and airports. You can buy 80+ currencies, many of which are held in stock so you can walk into a branch and get sorted right away. Or if it’s easier you can order online and either have the money delivered to your home, or head out to collect in the branch when you’re ready.
| CXI pros | CXI cons |
|---|---|
| ✅ Huge range of currencies ✅ Many major currencies held in stock ✅ Next day deliveries available ✅ Buy coins as well as notes for major currencies | ❌ Fees including delivery fees may apply ❌ Exchange rates include a markup |
Learn more: CXI review
Wise (multi-currency account and card for spending and withdrawals)
Open a Wise account online or in app, add USD from your bank account or card, and convert instantly in your account.
You can then tap and pay with a Wise card, or make cash withdrawals in foreign currencies when you’re away. Spend and withdraw with your card in 150+ countries, with some free ATM withdrawals every month before fees begin.
Currency conversion uses the mid-market rate with low fees from 0.33% – and accounts support 40+ currencies.
| Wise pros | Wise cons |
|---|---|
| ✅ Hold and exchange 40+ currencies ✅ Mid-market exchange rates ✅ Some free ATM withdrawals every month ✅ Manage all your money with just your phone | ❌ No cash home delivery or collection ❌ Some transaction and withdrawal fees apply |
Learn more: Wise account review
Revolut (multi-currency account and card for spending and withdrawals)
Revolut US offers several different accounts for personal customers which all have linked debit cards you can use to spend and withdraw when you’re abroad.
Depending on which account you pick, you’ll get weekday currency conversion with the Revolut rate and no extra fee to a plan limit – fair usage fees then apply. Out of hours fees apply on weekends and holidays.
Depending on the account you pick you may be able to make some no fee ATM withdrawals while you’re on your vacation to get the cash you need for spending.
| Revolut pros | Revolut cons |
|---|---|
| ✅ Choose from different account plans depending on your needs ✅ Hold and exchange 25+ currencies and spend with your Revolut card ✅ Some weekday currency conversion with no additional fees for all customers ✅ Instant currency conversion in your account | ❌ Some account tiers have ongoing fees ❌ Fair usage and out of hours fees may apply |
Learn more: Revolut travel card
Which US banks do currency exchange?
Not all banks offer a foreign currency exchange service, and in pretty much all cases you need to already be a bank customer to use the exchange facilities which are available. Here’s a quick reminder of the US banks we’ve looked at so far, and another couple of options you might want to consider.
Wells Fargo – Excellent selection of currencies you can buy in branch, online or in app. Be aware of possible long delivery times of up to 7 business days
Bank of America – Checking and savings account holders can order online, in app and in a financial center. Credit card holders must order in a financial center – Fees apply.
Citibank – World Wallet services are available by phone and in branches to eligible customers with checking and saving accounts. No fees for higher tier account holders
PNC – Select branches offer foreign currency services which can be ready in 2 days off peak or up to 4 days in peak times
US Bank – Existing customers can order online or in app, for collection the next day if you meet cut off times. Options exist to expedite exchange services if you’re in a hurry
TD Bank – 55+ supported currencies with exchange services which include walk in options, which might be available in some locations even if you are not TD Bank account holder
Which banks exchange foreign currency for free?
You’ll notice that some US banks do not charge a currency exchange fee for customers. However, this doesn’t necessarily mean that the service you get is entirely free. Instead, fees may simply be added into the exchange rate offered to convert your USD to the currency you need for your trip.
When you look online for a currency exchange rate – using a Google search, for example – you’ll usually see the mid-market rate. This is a good benchmark because it’s used on global markets when banks buy and sell currencies. This rate isn’t necessarily the same as the one your bank will offer you though – usually a fee known as a markup is added to the mid-market rate to calculate the retail exchange rate available for customers.
Exchange rate markups are common but make it hard to see what you’re really paying for your travel money as the fee isn’t split out for transparency. Usually the markup sounds quite small – say 3% for example. But it mounts up quickly. 3% extra on an exchange of 1,000 USD would cost you an extra 30 dollars – and if you’re on a longer family trip and spend 5,000 USD that’s 150 dollars in fees right there.
It’s worth comparing the rates you might get from banks like Wells Fargo and PNC which may waive conversion costs – but ultimately you may find you’re better off with a service like Wise or Revolut.
- Wise offers currency exchange with the mid-market rate, with low transparent fees split out for ease. That means it’s simple to see how much the conversion costs, and how much foreign currency you’ll get in the end.
- Revolut offers some weekday currency exchange to all account holders which uses the Revolut rate with no extra fees, before any fair usage fee begins. If you stick within your plan’s limit this can be a good deal for card spending and withdrawals.
If you are not sure which card is best for you, this guide might help: Wise card vs Revolut card for travel
Do banks charge a fee to exchange currency?
Different banks have their own fee schedules for travel money exchange, which can include costs included in the exchange rate, upfront service fees or delivery charges.
Alternative non-bank providers may also charge a fee for currency conversion but this is often pretty low. Wise, for example, offers currency conversion from 0.33% of the converted amount. Here’s a reminder of the fee for the banks we profiled earlier:
Wells Fargo – No upfront fee – costs are included in exchange rate
Bank of America – No upfront fee – costs are included in exchange rate, and a delivery fee may apply
Citibank – 5 USD for transactions under 1,000 USD (waived for top tier account holders) – additional costs are included in exchange rate, and a delivery fee may apply
PNC – No upfront fee – costs are included in exchange rate
Currency exchange rates
Banks set their own currency exchange rates. This usually means that the retail rate you’re quoted by your bank includes a fee – a markup – added to the mid-market exchange rate. Currency exchange markups are common but push up the costs of exchange overall – plus they’re pretty tricky to spot. To see what you’re paying for your travel money you’ll need to get out the calculator and check the difference between the mid-market rate and the rate your bank offers you.
All of the banks we’ve covered in this guide use an exchange rate markup. If you want to compare your options, look at non-bank services which do not use markups, like Wise.
How to check your bank’s exchange rate
You can get your bank’s live exchange rate by logging into online or mobile banking or by calling into a branch. If you want to compare your options with providers like Wise and Revolut you can find their rates on their desktop sites or apps – even if you don’t already have an active account.
What currencies do banks support for currency exchange?
Where banks offer travel money services they tend to be able to convert a very extensive range of currencies – 50+ is common. This is possible because you’ll almost always have to call and order in advance. If your bank offers a walk in service, the chances are that the currencies they keep on hand include only a far smaller range of commonly requested currencies like EUR, MXN, CAD and GBP.
Alternatives like Wise and Revolut also offer a wide range of foreign currencies.
- Wise supports 40+ currencies for currency exchange,
- Revolut supports 25+ foreign currencies.
How long does it take to get foreign currency from banks?
In most cases you’ll need to place your order with your bank and then wait to have the money prepared and delivered. You can often choose to get your cash at home or to go to a branch to collect it – but the end to end process may take up to a week for some banks.
As an alternative, consider options like Wise, which let you buy or exchange foreign currency instantly in the app, to withdraw, spend or send to others easily.
Here’s how long it takes to get foreign currency from the banks we looked at earlier:
Wells Fargo – 2 – 7 business days
Bank of America – Standard delivery takes 1 – 3 business days
Citibank – Overnight delivery available
PNC – 48 hours off peak, an extra 1 – 2 business days at busy times
How to buy foreign currency from a bank
Banks have different methods to buy foreign currency. Some allow you to just walk in and get your money there and then – but this service is unusual. In most cases you must order in advance and then have your money delivered to your home or a local branch for collection.
This process can take a week or so depending on your bank. For a quicker option, get a Wise or Revolut account and card, for instant conversion in your account.
Here’s how to order foreign currency in your bank:
Order travel money in a bank branch: Call into your local branch and place your order with a team member – you’ll usually need to pay with a checking or savings account from that same bank
Order travel money in online banking: Log into online banking and place your order following the prompts – you’ll usually need to pay with a checking or savings account from that same bank
Order travel money in the bank’s mobile app: Log into your bank’s mobile app and place your order following the prompts – you’ll usually need to pay with a checking or savings account from that same bank
How to order foreign currency online from your bank
Some banks allow you to order travel money online for home delivery or collection, if you are a customer already and can pay with an account from that bank. If this service is an option the basic steps to take include:
- Log into you online banking system
- From the menu navigate to the option to order foreign currency cash
- Place your order following the prompts
- Confirm if you want delivery or collection
- Pay with your checking or savings account
Buying foreign currency from bank’s mobile app
If you’d rather just use your phone you can also often order travel money in your bank’s mobile app. Just login and navigate to the option to order foreign currency cash. You can place your order and pay with your checking or savings account
Related: Best online currency exchange services
Conclusion: Buy foreign currency from your bank
- Some US banks allow their customers to order foreign currencies by phone, online or in branch, for collection or delivery
- Banks may charge a conversion fee, and charges for shipping and handling
- Typically bank exchange rates include costs, such as transaction processing, and also revenue – the bank’s profit
- If you want travel money in cash, compare the rates and fees from alternatives like CXI which may get your money to you quicker
- Customers who prefer to use a card to spend and withdraw when away from home may like Wise – which offers multi-currency accounts which use the mid-market exchange rate
FAQs bank currency exchange
What is the cheapest bank to buy foreign currency?
Banks set their own fees and exchange rates – there’s not usually one single cheapest option, and in most cases you will only be able to choose a bank you already have a checking account with anyway, limiting your options. Compare your bank’s costs against an alternative like Wise or Revolut to see which works best for your needs.
Should I buy foreign currency before I travel?
You can buy travel cash in the US but it’s not always necessary – or cost effective. Your bank might let you order some travel money but there’s likely to be a fee which may be added to the exchange rate used. If you really want cash before you leave home, compare your bank’s costs with CXI; and if you’re happy to use a travel optimized card to spend and withdraw instead, check out Wise.
Where can I exchange foreign currency for US dollars?
Some banks offer buy back services if you’ve already switched your USD to a foreign currency with them. The exchange rate may not be the same as you got in the first place, which means this will cost you money.
Choose a multi-currency account and card from a provider like Wise or Revolut which lets you leave your money in USD and convert upon purchase or withdrawal, to avoid unnecessary conversion costs.
