Bank of America Foreign Currency
|Bank of America is the leader amongst the various big banks of the United States with its operation in all states of the country including locations like Boston, San Francisco, Ohio etc. and even international with countries like UK, Canada, India and many more. The bank provides its customers with a broad spectrum of products and services and one of them is the Foreign Currency Exchange which is of much use when any one is planning for a trip abroad or wants funds for international vacation or business travel. Bank of America Foreign Exchange Department deals in 84 currencies of different countries. The bank also offers Traveler Checks in US Dollars, Canadian dollars and Euro currency.
How to Place Order for Bank of America Foreign Currency
Customers can place order for foreign currency to add to their wallet when they are about to go abroad online. For the same, they need to have a Bank of America account which can be either savings or checking. Also if they need to purchase more than $500 in foreign currency, they need to be enrolled in Online Banking. They will find it easy to request foreign currency once they sign in to their account using online banking. Using online banking, one can order currency as well as Traveler cheques too and can also use a promotional code to get discounts on group orders. One can even visit a bank branch to place the order or get the foreign currency.
Customers must note that there is no fee for ordering foreign currency online though the bank receives compensation from the purchase and sale of foreign currency banknotes in the form of a spread between the "buy" and the "sell" price of the foreign currency. Also there is a service charge of 2% on all American Express Travelers Cheques and a delivery fee of $7.50 on all orders that are less than $1,000. Customers must also note that to use foreign ATMs, the PIN must not start with ZERO. To check if use of ATM or debit card and Credit card gives a better rate or not, customers can contact their debit/credit card provider.
Bank of America International Wire Transfer
Customers can also transfer funds in foreign currency between international banks using Bank of America Wire Transfer service. They can send wires in foreign currency instead of US dollar which is the fastest and most efficient way to electronically transfer funds between international banks.
Also customers can make payments and transactions internationally with foreign currency bank drafts, which are nothing but check drawn on foreign banks. Customers can send money to Mexico for free with Safe Send service of the bank. With bank of America, customers get several benefits while they go for international fund transfers, which are enlisted below:
- Reduce Bank fees
- Minimize "rate risk"
- Send Payments Faster
- Get Better Exchange Rates
Bank of America Exchange Rate
Bank of America provides foreign currency to its customers at exchange rates which are updated daily. Customers can check the official website of the bank for regular updates and current rates. They can also use the conversion calculator or converter to find out the amount they want to convert for. For customers assistance, Exchange Rates for primary countries as of March 15, 2012 03:34a.m. PT is given here:
|Great Britain||Great Britain Pound Sterling (GBP)||1.6462|
|Switzerland||Swiss Franc (CHF)||1.1447|
|Canada||Canadian Dollar (CAD)||1.0687|
|Japan||Japanese Yen (JPY)||0.012641|
|Mexico||Mexican Nuevo Peso (MXN)||0.00851|
Customers must note that the rates shown above or on the official website of the bank are subject to change and does not guarantee the rates used to generate conversion charts.
To convert Foreign Currency to US Dollar
Customers can also find out how much their foreign currency is currently worth in US Dollars by using the conversion calculator available on the official website of the bank. The rates are subject to change and for customer reference, the conversion rate of some of the top ordered currencies as of March 15, 2012 are shown here:
|Great Britain ||Great Britain Pound Sterling (GBP)||1.4877|
|Switzerland||Swiss Franc (CHF)||1.0102|
|Canada ||Canadian Dollar (CAD)||0.9588|
Customers must note that for the currency like dinar of Iraq, rupee of India, they need to contact the bank or the FOREX department of the bank.
Bank of America Foreign Currency Instructions
Customers must note these points while they place their order for foreign currency with Bank of America:
- Bank of America uses express courier service to ship all foreign currency orders.
- Deliveries are not made to PO Boxes and can be made only in the United States.
- Customers of BofA having a relation of less than 90 days must pick their order at a full service banking center.
- If customers address has changed in last 2 months, they must pick their order themselves at a full banking service center.
- Orders of over $1,000 US are not couriered and hence customers need to pick them up at a full service banking center as per bank policy.
- Deliveries are not made on Saturdays, Sundays and holidays.
- Deliveries can be standard as well as overnight.
- Also, only one delivery attempt will be made and if failed, the package will be held at the courier facility for 7 business days and then will be returned to BoA Foreign Exchange Department.
Bank of America Foreign Currency Department
Bank of America has dedicated customer service center for its all departments and the foreign exchange division is not going to make a difference. Customers can contact the bank representatives and the specialists anytime to know more about the foreign currency exchange promo code, track their order, lodge complaints and many more. Various important phone numbers and mailing address are:
Bank of America Foreign Currency Phone Number: 1.800.523.7860
Bank of America Foreign Currency Mail Address:
Global Foreign Exchange
PO Box 54529
Los Angeles, CA 90054-0529