Foreign currency exchange is one of the fastest ways to gain access to foreign currency while traveling abroad. It is a means of having foreign cash at hand while crossing into another currency. It also comes in handy when making purchases on foreign commercial websites.

While some travelers may choose to exchange their cash on arrival at the airport, some choose to do it at banks and credit unions. Some of such banks include; Chase Bank, Citibank, Wells Fargo, and capital one bank.

There are reasons for this. Foreign currency exchange at any of these banks is at a cheaper rate when compared to exchange at airport kiosks, exchange desks, or private exchange bureaus.

Here are a few financial institutions and their foreign currency exchange info:

Institution	Foreign Currency Exchange
Chase	Fees & Policies
Bank of America	Fees & Policies
Wells Fargo	Fees & Policies
US Bank	Fees & Policies
PNC	Fees & Policies
Truist Bank	Fees & Policies
Capital One	Fees & Policies
Walmart	Fees & Policies

Does Capital One Exchange Foreign Currency?

Capital one allows you to exchange US dollars for a range of foreign currencies in any country of choice for its customers. It is one of the many banks in the US that does foreign currency exchange.

Capital one foreign exchange rate is the same as the foreign exchange rate in effect. In other words, the currency conversion is done at the rate at the time of processing.

Capital One cards can also be used for transaction cross-border. It charges zero fees when credit cards are used for foreign transactions. But the same cannot be said for debit cards.

Capital One 360 accounts can make foreign transactions without additional charges. Other kinds of accounts charge 3% on the transaction plus an additional 2 USD when used outside of the US or Puerto Rico.

Capital One Foreign Currency Exchange Policy

Currency conversion at Capital One bank is a buying and selling transaction. Its conversion rate is guaranteed to manage conversion volatility. Meaning that customers with pending conversion can lock in “today’s” exchange rate for future conversion.

The exchange rate is competitive for outward payments in currencies such as the euro, Canadian dollar, Australian dollar, Japanese yen, Swiss franc, British pounds, etc. Some capital one “restricted” currencies include China, Russia, Brazil, and India currencies among others.

Currencies are not always available, so Capital One customers are required to call the bank before placing their other. Orders are processed within a business working day but delivered within 2-5 working days to the designated address.

The currency conversion is not dynamic. The rate is exact with no hidden charge. For instance, when converting your currency at a vendor or an ATM, the hidden cost may be accompanied.

For pre-paid credit cards in foreign currency, customers are required to have a good credit score.

Capital One Currency Exchange Fee

Capital One exchange does not take charge any fee to exchange foreign currency, regardless of the credit card you use. Capital one offers a venture reward credit card to its customers loaded with foreign currency. When you purchase with the card, no fee is paid.

You need to contact their customer service to find out if other fees are being charged before making the exchange. But you won’t be charged a transaction fee when making purchases outside of the United States using their credit cards.

The bank a few days to exchange the currency since more time will be needed to get the currency you want. Call the bank 2 or 3 days before the exchanged currency is needed. Tell them the currency you want and the denominations too.

Document You Need to Exchange Foreign Currency

First, you need to be a customer at Capital One bank. Only then can you enjoy their currency conversion service.

You need evidence to affirm that you have a saving or checking account with the bank before you can exchange your foreign currency.  

You need to have cash in your account. From there will the currency for exchange be debited.

For wire transfer, you’d need the recipient’s account details, the wire routing number, verification code, etc.

Does Capital One Exchange Foreign Currency Online?

Capital One customers can exchange foreign currency online at a rate active at the time of exchange. The exchanged currency is delivered into the customers’ accounts.

Funds are processed within a business day, but it may take 2-5 working days to get the funds delivered into your account.

However, you need to have a capital one credit card. Foreign transactions made cross-border with the card attract zero charges, unlike other banks.

Capital One venture credit card is a pre-paid card with the desired foreign currency. It charges 0% for 15 months on purchases and balance transfers; 14.99% – 24.99% after that and 3% fee on the amounts transferred within the first 15 months

What Other Places Exchange Foreign Currency?

Bank	Fee	Minimum	Online Ordering
Bank of America	no fee	$100	Yes
Wells Fargo	no fee	$100	Yes
Citigroup	3%	$5 fee if Under $1000	Yes
PNC	no fee	$100	No
TD Bank	3%	$250	No
U.S. Bank	no nee if over $250	$10 fee if Under $250

Foreign currency can also be exchanged in the airport. Converting your foreign currency at the bank is the best option for exchange rates. However, it may not exchange all types of currencies.

If that is the case, you can also exchange foreign currencies at stores or kiosks in the airport on arrival to the country.  You may not get the best rate for the exchange.

Airport kiosks and desks usually charge high fees with bad exchange rates. Unless you truly do not have a choice, you should avoid such places. So also the exchange bureaus. You should plan before going there.

Can You Still Exchange Foreign Currency At Capital One In 2024?

You can exchange foreign currency at Capital One in 2024 as long as you are a customer there with documents indicating such. No fee is charged for the exchange but you need to have a capital one venture card.

Fund are transferred into the card that is used for transactions and payment in the local currency of the foreign country.

To convert your currency at Capital One bank, visit a branch to open a savings or checking account. Once you’ve done that, you can enjoy the currency conversion services.

The exchange is in all currency, especially pounds sterling, euro, yen, Swiss franc, South African rand, etc.