Does Bank of America charge a fee for foreign currency exchange?

Many U.S. banks will exchange USD for foreign currencies without charging a fee, but there are often stipulations. For instance, Bank of America customers can exchange foreign currencies for free, but only on orders of $1,000 or more. Otherwise, the bank charges a $7.50 delivery fee for foreign currency orders.

How do I order foreign currency from Bank of America?

See shipping & fee details Customers with Bank of America checking and savings accounts can order foreign currency through Online Banking or the Mobile Banking App. Customers with credit cards only can order currency at a financial center. Find out how much foreign currency you need for your trip and look up cash exchange rates.

What is a currency exchange rate?

A currency exchange rate is simply the value of one country’s currency against another country’s currency. Like produce prices, the U.S. dollar’s value against the currencies of foreign countries like France, Canada and Mexico tends to fluctuate.

Is there a 0% commission exchange rate?

There’s only one true exchange rate – the mid-market rate. Banks and money transfer providers use this rate to exchange foreign currencies between themselves, but add hidden fees to the rates they give their customers. That means you get a more expensive exchange rate. There’s no such thing as 0% commission – the fee is just hidden in the rate.