How to order pesos from Bank of America

Are you traveling abroad to a country that uses pesos? Getting your foreign currency before you leave can save you time and hassle when you arrive at your destination.

Here's everything you need to know about Bank of America's currency exchange process, including fees and delivery options.

You'll also learn about Wise, an easy and cheap way to get foreign currency in just a few clicks and with no exchange rate markups.

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Table of contents
Can you order pesos from Bank of America? How to order pesos from Bank of America: step-by-step Costs and fees of ordering pesos from Bank of America What’s Bank of America's exchange rate? Exchange money in just a few clicks with Wise How long does it take to order pesos from Bank of America? Ordering pesos from Bank of America FAQs

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Can you order pesos from Bank of America?

Yes, any Bank of America client can exchange foreign currency. But how you do it depends on the type of account you have.

If you have a Bank of America checking or savings account, you can order pesos online through Online Banking or the Mobile Banking App. If you only have a credit card, you'll need to visit a financial center in person.¹

How to order pesos from Bank of America: step-by-step

The process for ordering pesos depends on the type of Bank of America account you have.

If you have a checking or savings account:

1. Log into Online Banking or use the Mobile Banking App
2. Go to the foreign currency ordering section
3. Enter your currency and the amount you want to order
4. Review the fees and exchange rates
5. Choose your delivery option
6. Complete your purchase

If you only have a credit card:

1. Visit your nearest Bank of America financial center (bring valid identification)
2. Speak with a banker who can help you place your order
3. Complete your purchase

Overall, exchanging currency is a straightforward process. But there are also important delivery rules that you should know.

Bank of America offers 2 ways to get your pesos:¹

Home delivery: You can have pesos delivered to your address of record (the address on the account you're using to pay)

Financial center pickup: You can pick up your order at any Bank of America branch

You must pick your order up at a financial center if:¹

• Your order is 1,000 USD or more
• You're a new customer and your Bank of America account is less than 30 days old
• You changed your address in the last 30 days

Keep in mind that Bank of America only delivers to US addresses. They won't ship to PO boxes or personal mailboxes.²

If you're picking up your order at a financial center, only the account owner or an authorized signer can collect it. You'll need to show a valid ID.²

Bank of America holds foreign currency at financial centers for 5 business days before returning it, so don't wait too long to pick up your order.²

Costs and fees of ordering pesos from Bank of America

When you order pesos from Bank of America, you'll need to pay shipping fees. Here are the costs you can expect.

Delivery method	Fee¹
Standard delivery (1-3 business days)	7.50 USD; Free for orders 1,000 USD and up
Overnight delivery (order by 2 PM)	20 USD

These shipping fees apply even if you're picking up your order at a financial center. This is because Bank of America doesn't keep foreign currency in stock at their branches – they need to ship it there for you.¹

What’s Bank of America's exchange rate?

Beyond shipping fees, Bank of America also makes money on currency exchange rates.¹

When you buy foreign currencies at a bank, you typically get a rate that's worse than the mid-market rate. This means you get less foreign currency for your USD, and Bank of America profits off the difference.

Bank of America's exchange rate changes every day. There's no single fixed rate.

Instead, it's based on factors like:¹

• Current market conditions
• Exchange rates charged by other providers
• Bank of America's desired profit margin
• Market and credit risks
• Other economic and business factors

If you're a Bank of America Preferred Rewards client, you can get up to 2% off the published exchange rate, depending on your membership tier. You'll also get free standard shipping (saving you 7.50 USD) when you order through Online Banking or the Mobile Banking app.¹

Exchange money in just a few clicks with Wise

Wise can help you get a better deal on currency conversion in over 40 currencies, with the mid-market exchange rate and low fees from 0.41%.

Open a free personal Wise account online or in the Wise app, and order a linked debit card for spending and withdrawals in 150+ countries.

There’s no fee to spend any currency you hold, and no foreign transaction fee to worry about.

Use your account when you travel or shop online in foreign currencies, send payments to 160+ currencies, and get your own local account details to get paid from 160+ countries.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

How long does it take to order pesos from Bank of America?

It depends on when you place your order.

If you order pesos before 2 PM your local time Monday through Friday, your foreign currency will ship the same day. Orders placed after 2 PM will ship the next business day.¹

Keep in mind that "local time" means the time zone of your address of record (the address on the account you're using to pay for the order).

Bank of America doesn't ship foreign currency orders on weekends or holidays.¹

With standard shipping, you can expect your pesos to arrive within 1 to 3 business days. If you're in Alaska or Hawaii, add 2 to 3 extra business days for delivery.²

You can also choose overnight delivery. In this case, your pesos should arrive the next business day (but this can't be guaranteed for Hawaii and Alaska).²

Ordering pesos from Bank of America FAQs

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What are the limits on ordering pesos with Bank of America?

Bank of America customers with checking or savings accounts can order up to 10,000 USD in foreign currency over 30 days (one purchase or different transactions).³

Can you order pesos online or do you need to visit a branch?

If you have a Bank of America checking or savings account, you can order online through the website or mobile app. Credit card-only customers need to visit a branch.¹

For orders over 1,000 USD, you'll need to visit a branch to pick up your pesos regardless of how you place the order.¹

Can you get pesos at Bank of America the same day?

Typically, no. You can get your order shipped the same day if you place it before 2 PM. With standard shipping, your pesos will get there in 1 to 3 business days (add 2 to 3 extra days for Alaska and Hawaii).²

If you need to receive your pesos faster, you can get overnight delivery for a higher fee. In this case, your pesos should arrive the next business day (not guaranteed for Alaska and Hawaii).²

Can you pay for your pesos order with a credit or debit card?

You need to use your Bank of America savings or checking account to place the order. You may be able to use cash if you order at a financial center.⁴

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You can order pesos from Bank of America, but it comes with costs. You'll pay shipping fees (unless you qualify for free delivery), and the exchange rate typically includes a markup.¹

To get pesos in minutes without an exchange rate markup or delivery fees, use Wise. It's simple and secure.

Sources

1. Bank of America - Foreign currency exchange
2. Bank of America - Receiving your foreign currency order
3. Bank of America - Currency calculator
4. Bank of America - Placing a foreign currency order FAQs.

Sources checked 11.04.2024