Does Wells Fargo Do Currency Exchange?

Wells Fargo is one of the top banks in the US. It is also popular overseas in about 35 countries.

It wouldn’t come as a shock to you that you can use their cards outside the country. But there are charges included. The next option is foreign currency exchange.

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 Wells Fargo Exchange Foreign Currency?

Wells Fargo offers currency exchange to its account holder at competitive rates, with over 70 currencies available for exchange. Wells Fargo can convert foreign currency to US dollars at full-service banking centers.

One of the Wells Fargo services includes international operations. It offers financial services outside of the United States and deals in local and foreign currencies.

Alternatively, you can use an international wire transfer. The transfer gives access to an upfront exchange rate to know how much the recipient gets.

You can do that through their website, mobile app, or at any Wells Fargo branch.

The foreign currency exchange depends on the availability of the currency. You need to contact the branch to know the availability status. You can also make the order online and receive it within 30 days.

What Is Wells Fargo Foreign Currency Exchange Policy?

Currency exchange is usually a buy-and-sell transaction. You can do it online or at physical branches. You are allowed to exchange a country’s currency for another by trading. Policies are guiding foreign currency exchange at Wells Fargo banks.

First, you must be an account holder or a Wells Fargo customer to exchange your currency there. The exchange is in banknotes only, not coins. You can either make the exchange at the bank branch or order the currency online.

The bank accepts compensation from the transaction as cost and selling price difference, thus charging no fee. The exchange rate at the bank is not fixed.

The maximum exchange limit is 10,000 USD within 30 days, at once or cumulatively. Above that, you’d have to visit the bank to make the exchange and not order online.

The minimum order is 100 USD for a single currency and 25 USD for multiple currencies.

Order placed online takes 30 days to complete. Orders of 1,000 USD and above need to be collected at the bank.

While an order below that is paid to your account address within 30 days or delivered to you at home. You’d need to pay a delivery fee of 7.50 USD

You can request for the exchange in different denominations

Does Wells Fargo Charge To Exchange Foreign Currency?

Wells Fargo does not take any fee to exchange foreign currency. Rather, it offers an uncompetitive rate. The rate may differ from other banks and is solely at the bank’s discretion. The rate is determined by the mid-market rate – the mean of all buy-and-sell rates.

Wells Fargo set their rate slightly above the mid-market rate so that the rate you get is not too different from the market rate.

For example, the exchange rate of US dollars to Euros is 1 USD = 0.89 Euro. If you have 500 USD, Wells Fargo has an adjusted exchange rate of 1 USD = 0.845 Euros.

Meaning that with 500 USD, rather than get 443.59 euro, you get 421.48 euro. The 22.11 euro difference is the compensation received for making the exchange.

The local exchange rate at the bank is not fixed. The amount you get in exchange for your currency depends on the exchange global spot rate – the price of a currency available for immediate settlement at the moment of quote.

Wells Fargo only charge fee for foreign transactions done with their card for withdrawal or making payment.

What Documents Do I Need To Exchange Foreign Currency At Wells Fargo?

You do not need documents to make a foreign currency exchange at Wells Fargo. The bank already has your details. When you came in to open an account with them, you give them your social security number and a copy of your driver’s license.

If you want to order online through the Wells Fargo website, you need a banking ID and a passcode. The same goes for using the mobile app. You need your banking ID, passcode, and social security number to set it up.

That’s all the “document” you need to make the currency exchange.

What Other Places Exchange Foreign Currency?

One of the largest foreign exchange providers is Travelex. U.S. Bank customers can also get their money sent to them online. AAA members can also exchange their foreign currency.

You can also exchange your foreign currency at the airport’s bureau de change, or at the hotel where you stay. But not all hotels do that.

They generally have a more expensive rate than the local bank for exchanging foreign currencies.

Alternatively, you can do a wire transfer, but not everyone accepts that. There are also prepaid debit cards. But they also come with ATM charges and transaction fees compared to a bank exchange.

Alternative Banks That Offer Foreign Currency Exchange

If you need to convert some foreign currency, then you should use the best foreign exchange service provider. Most banks and credit unions are also good places to exchange foreign currency.

Online foreign exchange services are also available, but they are not as cheap as banks. They also have high delivery charges.

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

Can You Still Exchange Foreign Currency At Wells Fargo In 2021?

Foreign currency exchange is available at Wells Fargo this year. As far as the currency is available to make the exchange. You should contact the Wells Fargo branch close to you to confirm currency availability before making the exchange.

Exchanging your currency creates more room to go shopping in a foreign country. It is ideal to change your currency locally before traveling, to avoid high exchange fees.

Currency exchange eliminates commercial limitations such as paying for a taxi, paying for a room at the hotel, paying for coffee, or a meal at the restaurant.