Disclaimer - I work for JPM Chase, but not in retail banking.
Recently I was looking to exchange $200 or so USD into a foreign currency. The idea is to have some cash for tipping and incidentals while I’m there on vacation. I intend to use one of my no-foreign-transaction-fee credit cards whenever I can.
Side bar: In my experience, using credit card is one of the more economical and safe way to pay while outside of the US, especially if you have one of the premium cards such as Platinum Amex or Visa Infinite. Their customer services can and did make hiccups disappeared with a phone call. You’d also usually get points or miles from using it.
Back to Forex: I called up Chase, Bank of America and Wells Fargo branches near my house. All are quoting pretty much identical rates, about 15% cheaper than the mall kiosk by Travelex and no fee (Travelex kiosks at the mall and in airport charge fee on top of less favorable rates compared to banks). The catch is that they will deduct USD from your account, so you need to have account with that bank. Also they have to order the money (unless it’s one of the few very popular currencies - I think Euro and Canadian $) and it takes up to 3 business days to arrive, so no same-day transaction. You can also have them deliver it, with the mailing fee around $10 which is waived if the transaction is greater than $1,000 (same for all 3 banks).
Rate Reference: On the day I checked, Mexican Pesos spot (trading) rate was MXN18.4 per USD, all 3 banks quoted walk-in rate around MXN17.4 per USD while Travelex site quoted around MXN16.5 per USD with note that the in-person kiosk rate will be “slightly higher”).
So, if you don’t mind going to the branch twice, this is likely the cheaper and safe way to get your foreign currency (I’ve heard of forex places such as in Chinatown or Spanish groceries, but don’t intend to walk into some unfamiliar place with people knowing that you are carrying sizable amount of cash on you).
Aaa Currency Exchange
Exchanging your foreign cash or Traveler's Checks for American cash can easily be done at Currency Exchange Offices and many of New York City's larger banks. Some hotels even have currency exchange offices in their lobby. Check with your hotel concierge for the nearest exchange office. Some of the cheapest ways to get foreign currency include purchasing it from your bank and withdrawing money from an in-network ATM. You’ll likely get stuck paying higher fees if you exchange currency at the airport, a currency exchange counter or a hotel. Tips for Money Management. Always keep in mind that exchange rates change constantly.
Banks With Free Currency Exchange Currency
Foreign exchange rates change daily, so there will be certain times when you get more for your money when you exchange currency. Some banks offer ways to exchange currency that are more convenient or have more competitive rates than others for transaction fees.
Foreign currency services Order your foreign currency online - quickly and easily! To provide convenient, Internet access to foreign currency and other international travel-related services with the Travelex 'My Travel Wallet'. Visit Travelex to obtain a quote or place an order. It's fast, easy to use and features.
Find out how much your foreign currency is worth in U.S. Bank of America account holders can exchange foreign currency (no coins) for U.S. Dollars at a full-service banking center. Add a currency to view the currency exchange rates for that country and find out how much your foreign currency is currently worth in U.S.
Standard delivery (1-3 business days): $7.50 (standard delivery is free for orders $1,000 and up) Overnight delivery (order by 2 p.m.): $20; Because we do not stock inventories of foreign currency at financial centers, delivery charges apply to orders picked up at a financial center as well as to orders (under USD$1,000) sent to your account.