Currency Exchange Near Me: Find Your Closest Location

Taylor DeJesus
alexsl / iStock.com
alexsl / iStock.com

If you’re getting ready to travel outside the U.S., you might need to exchange your money for another currency. Understanding how the process works can help you save money and avoid costly fees.

How Do Currency Exchanges Work?

Currency exchanges help customers swap one type of currency for another. To be able to exchange money legally, these businesses must be licensed. Currency exchanges profit by charging fees and taking advantage of bid-ask spreads.

Currency is exchanged based on exchange rates that compare the value of two countries’ currencies. For example, as of Dec. 29, 2022, the exchange rate for the Canadian dollar to the U.S. dollar was 0.74, which means that you would have received CA$1.00 for every US$0.74.

A bid-ask spread is the difference between the buying and selling prices of a currency. Currency exchanges may use the bid-ask spread to calculate their sell prices. Using the example above, this means you may need to pay more than US$0.74 for every CA$1.00. Be wary of exchange shops with very high fees or ones that use wide bid-ask spreads. You might be able to find somewhere else that is more affordable.

If you need to check or compare rates, you can search the internet for the current exchange rate, or you can call an exchange shop ahead of your visit.

Currency Exchange Locations Near Me

The best way to find currency exchange shops nearby is by using Google Maps to search for “currency exchange near me.” You can click and drag the map to move it around, zoom in on a specific region or use the full-size map to do a more in-depth search.

Note, if you need to exchange your money for cryptocurrency at a physical location, you will have to search for cryptocurrency exchanges and ATMs instead.

There are many currency exchange locations in every city, and there’s likely to be one near you. Aside from stand-alone currency exchange shops, you can also exchange currency using the following methods.

Getting the Best Deal for Currency Exchanges

Your best option for exchanging currency before a big trip is to visit your local bank or credit union. Many banks, including Bank of America, Wells Fargo, TD Bank and more, may offer this service to account holders for free or at a modest charge.

For example, Bank of America, Member FDIC, doesn’t charge any fees except the spread on the exchange and a $7.50 shipping charge, which is waived on orders over $1,000.

Make sure to check with your bank before your next trip to see if it provides currency exchange with low or no fees.

Currency Exchange FAQ

  • Where can I exchange foreign currency for free?

    • Fees and terms may vary, but some banks may offer free currency exchanges for account holders and give better exchange rates than other places.

  • Which banks offer foreign currency exchange?

    • Banks such as Bank of America, Wells Fargo and TD Bank may offer a foreign currency exchange service to account holders for free or at a modest charge.

  • Where is the best place to exchange foreign currency?

    • Your best option for exchanging currency before a big trip is to visit your local bank or credit union. Many banks may offer this service to account holders for free or at a modest charge.

  • Do banks have currency exchange?

    • Yes, many banks have currency exchange services. Make sure to check with your bank before your next trip to see if it provides currency exchange with low or no fees.

Brenda Zhang contributed to the reporting for this article.

Data is accurate as of Dec. 30, 2022, and is subject to change.

This article originally appeared on GOBankingRates.com: Currency Exchange Near Me: Find Your Closest Location

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