Moving to the US: Where Can I Exchange Foreign Currency for Free?
When moving to the United States and starting a life in a new country, the first thing you’ll need to do is exchange your home currency. Luckily, you may be able to convert your currency into American dollars for free. Banks and credit unions tend to offer the best exchange rates with the lowest fees, but as an immigrant, you may have more options.
Keep in mind when traveling to the U.S. that everyone is required to fill out a U.S. Customs and Border Protection Declaration Form 6059B. There is no maximum limit to how much money you can bring in the form of cash, money order, or traveler’s checks. Read on to learn more about the best places to exchange foreign currency with the best rates and no transaction fees.
U.S. Banks That Exchange Foreign Currency for Free
Bank of America
As a Bank of America account holder, you can exchange foreign currency for U.S. dollars at any full-service banking center. Visit the Bank of America site to calculate exact exchange rates. You may also want to consider Bank of America to open your first U.S. bank account.
Citigroup
Citigroup offers currency conversion at competitive exchange rates for existing clients. As a Citigold or Citi Priority Account holder, you won’t run into any service fees.
TD Bank
TD Bank is a great option for immigrants because you don’t need an active account to exchange your currency. You can order your currency online or book an appointment at your nearest TD Bank branch.
PNC
PNC offers convenient foreign currency exchange services for existing customers. Exchange rates are updated daily and you can look for a local branch website to check on the current rates.
Convert Your Foreign Currency Online
Sometimes it’s more convenient to exchange your currency online. This is possible through Travelex, which happens to be one of the larger foriegn exchange services. AAA also offers a similar service, but you need to already be a member to utilize it.
Travelex Currency Exchange Details
Free store pick-up of funds
Free delivery on orders over $1,000
Can take up to five business days to process, but funds are often available sooner
$50 minimum order and $3,000 maximum order
Consider Exchanging Currency in Your Home Country
If you belong to a bank or credit union in your home country, it’s a good idea to check their exchange rates before leaving for the U.S. In some cases you may find better rates than you would if you waited till arrival in the States. Another option for those who have the means, is to donate the remaining foreign currency you still have to local charity.
Alternatives to Currency Exchange
You may be able to avoid physically exchanging your currency for American Dollars with the use of credit and prepaid cards.
Credit Cards: If you have an existing credit card from a bank back home, we suggest checking their foreign exchange rates. This option is best for those traveling rather than making a move to the U.S., but it’s a good short-term option to get started. If you don’t already have a credit card, securing one in the United States as an Immigrant can be difficult. Check out the Petal Card as a viable option for those new to credit
Prepaid Cards: Prepaid options like the Visa TravelMoney Card are available throughout the U.S. and are another alternative to physically exchanging currency. In most cases, prepaid cards allow you to make debit purchases as well as withdraw currency at worldwide ATM locations.
Where to Avoid Exchanging Foreign Currency in the U.S.
Now that you know the best options for foreign currency exchange, it’s time to go over the methods to avoid. For the most part, you should avoid exchanging money in kiosks at airports or other large travel hubs. That’s because the exchange rates are not favorable to those traveling. If you need money as soon as you land, consider using an existing credit card or prepaid card as mentioned above.
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