Exchanging Your Iraqi Dinar

How will you invest and protect your money?

15 Banks and Credit Unions that Exchange Foreign Currencies

Written by Sophia Acevedo and Kit Pulliam

Jul 23, 2024, 4:48 PM EDT

A woman signs a form in front of bank teller to exchange currency at a bank. When looking for currency exchanges near you, consider local banks and credit unions. simonkr/ Getty Images

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  • Not all banks or credit unions exchange foreign currency.
  • Our list has options that let you exchange foreign currency at a branch, over the phone, or online. 
  • Most financial institutions require you to be a customer to exchange foreign currency.

If you’re looking to exchange currency for a trip abroad, major brick-and-mortar banks or credit unions can help you get different currencies at a fair exchange rate. 

You won’t want to visit your nearest branch on a whim, though, as some banks do not offer exchanges. Here’s everything you need to know about exchanging currency — from where you can go to what you’ll need to place an order.

Some Financial institutions that allow you to exchange foreign currency

The following 15 banks and credit unions exchange foreign currency. These financial institutions are also featured in our guides for the best banks and the best credit unions. Keep in mind most banks or credit unions require you to be a customer to exchange currency.

  • America First Credit Union: Credit union members may visit select branches to exchange up to $5,000. There’s a $10 transaction fee if you exchange more than $300 and a $20 fee for exchanges under $300.
  • Bank of America: Bank of America customers may exchange up to $10,000 online. You can also place an order over $10,000 at a branch. There isn’t a fee for exchanging currency, but if you have your order shipped home, there’s a $7.50 fee. If you place an order for $1,000 or more, you must pick up your money at a branch.
  • Citi: You can call or visit a branch to exchange over 50 types of currency. There’s no fee for Citigold or Citi Priority Account Package customers. Citi customers with accounts not mentioned will have to pay a $5 service fee for any transaction under $1,000. If you’d prefer to have money sent to your home, there’s a $10 to $20 fee, depending on your shipping priorities. 
  • Citizens Bank: You may exchange currency at a branch. Contact a Citizens Bank branch for information on pricing.
  • Chase Bank: Chase customers may exchange currency at local branches. You’ll have to call your nearest branch to learn about transaction fees. 
  • First Citizens Bank: Customers may exchange over 70 types of currency at branches. There aren’t any limits on how much you can exchange, but you’ll need to contact your nearest branch to learn more about potential fees. 
  • First Horizon Bank: First Horizon Bank has currency for more than 65 countries. Bank account customers have to visit a branch to exchange currency and learn more about potential fees.
  • Huntington Bank: Huntington Bank customers can exchange up to $20,000 for an $8 fee at bank branches. The bank has 75 types of currencies.
  • PNC Bank: PNC Bank lets customers exchange currency at local branches. You’ll want to call your PNC branch first so currency can be delivered beforehand. The bank charges zero transaction fees for exchanging currency.
  • Regions Bank: Regions customers may exchange currency at local branches. You’ll have to visit a branch to exchange currency and learn more about potential fees.
  • Service Federal Credit Union: Service Credit Union has over 60 types of currencies. You may call or visit a local branch to place an order. Orders under $500 may entail a $15 transaction fee. 
  • State Employees Credit Union: Only credit union members can exchange foreign currency at branches. You’ll want to call SECU customer service before you visit a branch to ensure the type of currency will be available at your nearest location. The credit union does not charge fees for exchanging currency.
  • TD Bank: TD Bank has 55 types of currencies. Orders can be done online or at a TD branch. However, keep in mind online orders have $7.50 fee and a maximum order limit of $1,500. 
  • U.S. Bank: US Bank customers may exchange currency at a local branch or online. There’s a $10 transaction fee for orders of $250 or less. Orders that exceed this amount do not have a transaction fee. 
  • Wings Financial Credit Union: Wings Financial Credit Union has over 90 different currencies. Only members may place orders. There’s a $10 transaction fee for orders under $300. The fee is waived if you make an order over $300.

$28.50 rate

There is evidence that the US Treasury has brokered oil credits with a Chinese firm. These credits give China a guaranteed price on oil. The US citizens may opt to participate in this program. The banks will not just offer it to you and so you may have to ask for the rate. When you are sitting with the bank personal, do not ask specifically for the China deal, do not use these words as they are not trained to know, but rather just ask for the highest rate on the Iraq dinar. If the exchanger does not come forward with the $28.50 rate, then inquire about the rate but just the rate. Tell them you know of some program with the US Treasury. If they are still reluctant than you will get the market rate, or you can try another bank that does offer it. I want to tell you that the most probable banks that may offer this rate are HSBC, Wells Fargo and JP Morgan/Chase. Small town banks will NOT offer it. Also, you may have to go to a home office branch of a major bank that do, or a major exchange center set up for this purpose.

Negotiating for a higher rate of return

When you are about to sign the paperwork agreeing to the terms of the exchange, depending on the amount of money you are willing to leave at the bank letting them invest it for you over a period of time, the bank may be flexible on the rate of return percentage amount they are willing to give you. Obviously the higher the amount in your accounts, the higher the percentage. There are also perks they may offer you but you have to want the perks and many you will have to pay for, so they are not freebies. Unfortunately the general public do not always get the opportunity for these perks, so think twice if you are really interested or not.

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What to bring to the bank when you are ready to exchange your currency:

  1. dress professional
  2. a small calculator, if you want to check the calculations of the bank
  3. your currency
  4. a drivers license ID with picture
  5. a second form of ID with picture (maybe valid passport)
  6. social security ID (for validation of SSN)
  7. a utility bill receipt (proof of address)
  8. if you have a conservator he/she must attend
  9. if you are handicapped you can bring someone to help you
  10. if you have a power of attorney for someone then bring that person’s credentials to set up a bank account for them. See items 3-7. Bring the legal power of attorney document. You will be depositing larger amounts in an account and not walking out of the bank with millions. You will have to set up an account for that person for deposit.

What you will want to get from the bank from your currency exchange:

  1. the exchange contract stating amount exchanged, rate and total in US Dollars
  2. receipt of new account and deposit slip with balance amount now in the account
  3. proof of funds document, if you are going to soon make a large purchase, such as real estate you may need this.
  4. appointment with a professional money manager at the bank for investing your money
  5. establish with the bank who can inquire on your account(s). You may want to limit it only to your professional money manager you are working with. i..e. not letting nosey tellers see how much money you have can cause problems.