Damon Mcknight
Bank of America offers a wide range of services to its customers, including foreign currency exchange. The bank supports several popular currencies, including the Australian dollar, and customers can order foreign currency through online banking or the mobile banking app. In addition, Bank of America has had a presence in Australia since 1964, providing financial products and services to corporate and institutional clients.
| Characteristics | Values |
|---|---|
| Does Bank of America carry Australian dollars? | Yes |
| Exchange of foreign currency for U.S. dollars | Available for account holders at full-service banking centers |
| Exchange of U.S. dollars for foreign currency | Available for account holders online, on the mobile banking app, or at a financial center |
| Exchange rate | Available online or on the app |
| Exchange fee | 3% of the converted U.S. dollar amount for international transactions |
| Shipping fee | $7.50 USD for standard delivery, waived for orders over $1,000 USD |
| Conversion cost | Included in fees |
| International partner ATMs | Available |
| International transaction fee | $5 usage fee for each withdrawal, transfer, or balance inquiry |
| Office in Australia | Yes, in Sydney since 1964 |
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What You'll Learn
Bank of America offers Australian dollars
For customers with a Bank of America credit card only, foreign currency can be ordered and collected at a Bank of America financial center. The bank's website provides information on daily foreign currency exchange rates, allowing customers to calculate the value of their currency before exchanging money. Additionally, customers can use the online calculator tool to determine how much their dollars are worth in another currency.
It is important to note that Bank of America financial centers do not stock foreign currency. Therefore, a delivery fee may apply, depending on the delivery method and the order amount. Standard delivery incurs a fee of $7.50, which is waived for orders over $1,000. Bank of America also offers discounts of up to 2% on the published exchange rate for Preferred Rewards clients.
Bank of America has had a presence in Australia since opening its Sydney office in 1964. The bank provides a range of financial products and services to its Australian corporate and institutional clients, including advisory and financial solutions, global sales and trading services, and risk management.
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Exchange rates and fees
Bank of America account holders can exchange a foreign currency (but not coins) for US dollars at a full-service financial center. The bank does not stock inventories of foreign currency at financial centers, so delivery charges may apply to orders picked up at a financial center, as well as to orders under $1000 sent to your account address.
There is no fee for ordering foreign currency online. However, there is a delivery fee of $7.50 on all foreign currency orders less than $1000, which is waived for orders of $1000 or more. Bank of America Preferred Rewards clients receive a discount of up to 2% off the published exchange rate and no fee on standard shipping.
The bank sets its exchange rates based on the difference (or spread) between the price it pays to obtain the foreign currency and the price at which it sells the foreign currency.
Foreign currency transactions are rounded up to the nearest smallest denomination available in paper form. For example, if purchasing Euros, the calculation would be rounded up to the next multiple of 5 Euros, as that is the smallest paper denomination of Euro.
The minimum order amount for purchasing foreign currency is $100, and the minimum amount for each currency is $25 if ordering multiple currencies.
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Ways to order Australian dollars
Bank of America offers a variety of foreign currencies, including Australian dollars. Here are some ways to order Australian dollars from Bank of America:
Online Banking or Mobile Banking App
If you are a Bank of America customer with a checking or savings account, you can order Australian dollars through the Online Banking service or the Mobile Banking App. The minimum order amount is USD$100, and the maximum order amount is USD$10,000 in a 30-day period. You can place multiple orders within this limit. There is no fee for ordering foreign currency online, and standard shipping is free for orders over USD$1,000. For orders below USD$1,000, there is a delivery fee of USD$7.50. If you are a Preferred Rewards client, you may receive a discount on the exchange rate and free standard shipping.
In-Person at a Financial Center
You can also order Australian dollars in person at a Bank of America financial center. If you have a credit card only, you must place your order at a financial center. For orders above USD$1,000, you will need to pick them up at a financial center, and for orders above USD$10,000, you must visit a financial center. Identification is required for picking up orders.
Exchange at a Full-Service Banking Center
Bank of America account holders can exchange foreign currency for U.S. dollars at a full-service banking center. However, it is important to note that Bank of America does not offer or accept foreign coins.
It is recommended to check the foreign currency exchange rates and calculate how much Australian currency you will need for your trip. You can also print out an exchange rate wallet card for quick reference during your travels.
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Delivery options
Bank of America offers two delivery options for foreign currency orders placed using a personal account. For orders up to $1,000, customers can choose to have their foreign currency delivered to their address of record (on the account used to pay for the currency) over a 30-day period. This can be done through one or several transactions. However, delivery charges apply to orders sent to the customer's address, and no post office boxes or personal mailboxes are allowed. If the courier is unable to deliver the package, it will be returned to Bank of America, and the exchange rate applied to the returned foreign currency may differ from the original transaction.
Alternatively, customers can choose to have their order sent to a full-service Bank of America financial center of their choice. The foreign currency package will only be released to the account owner or an authorized signer on the account used to pay for the order. Orders above $1,000 need to be picked up at a financial center.
Orders placed before 2 pm (local time of the delivery address) on a weekday will be shipped on the same business day, while orders placed after 2 pm or on weekends will be shipped the next business day. Standard delivery is made within 1-3 business days, while next-day delivery is available for orders placed before 2 pm.
In addition to Bank of America, there are other providers that allow customers to order Australian Dollars online and have them delivered to their homes. For example, the Wise Multi-Currency Card can be ordered for a one-time fee and delivered within 14-21 business days.
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Bank of America in Australia
Bank of America has had a presence in Australia since 1964 when it opened its Sydney office. The bank has since expanded to Melbourne, with a focus on serving corporate and institutional clients. They strive to be a valuable financial partner, offering a range of world-class products and services, including financial research and advisory services.
The bank has been recognised for its contributions to the country, being named Australia's Best Investment Bank by Euromoney in 2024. They have also been involved in various community initiatives, such as the Art Conservation Project, where they partnered with the NGV to conserve First Nations masterpieces, and their support for Generation Australia, an organisation working to break down barriers for marginalised groups.
In terms of their services, Bank of America offers a wide range of financial solutions, including global sales and trading services across fixed income, credit, currencies, commodities, and equities. They also provide risk management and foreign exchange products, as well as end-to-end credit management and the design and delivery of credit and treasury products.
For customers travelling to Australia, Bank of America offers foreign currency exchange services. Customers with checking and savings accounts can order Australian dollars through online or mobile banking, while those with credit cards can place orders at a financial centre. The bank also provides foreign currency exchange services for customers returning from their travels, allowing them to exchange any leftover foreign currency for US dollars at their financial centres.
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Frequently asked questions
Yes, Bank of America offers currency exchange for Australian dollars.
You can order Australian dollars to be delivered to your home or collected at a Bank of America financial center. You can do this by calling your local branch, ordering online, or using the mobile banking app.
Yes, Bank of America fees include conversion costs and a shipping fee, which varies depending on how quickly you want your money. There may also be an additional delivery fee when getting your money dropped off at your home address or at a financial center.
Yes, you can use your Bank of America ATM or debit card at International partner ATMs in Australia. However, there is an international transaction fee of 3% of the converted US dollar amount.
Yes, Bank of America has an office in Australia, which was opened in 1964. The bank offers a range of financial products and services to corporate and institutional clients in the country.
