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A foreign currency exchange bank is a bank that makes exchanging currency an integral part of its business. Those that conduct such transactions most often are the ones that will offer the best rates of exchange. Still, nearly all banks will exchange foreign currency.
Plan Ahead
When you deal with a bank that is primarily local to your area, you may have to order the currency ahead of time, if obtaining currency for an upcoming trip. Your local branch may have to obtain the desired currency from the main branch before it can be distributed to you.
Step 1 – Check Exchange Rates
Look in the business section of the newspaper. You will find current foreign currency exchange bank rates published by the banks in your area. Compare the following services to your own bank's rates:
- American Express offices
- major banks such as Bank of America rates
See if your bank provides the currency exchange service. If they do, then you will want to know the following information:
- current exchange rates
- availability of the amount you need
- when you are able to pick the currency up. It may be have to be ordered from a main branch.
When it is made available, pick your currency up. Take your time to ensure there are no errors. Take a calculator to ensure the proper exchange. You also want to:
- carefully count the money. Errors do occur when making exchanges and sometimes the value of the notes can be confusing.
