Depositing foreign currency?

[Stuck_At_Work]

I would like to deposit some British Pounds and some Euros into my Wells Fargo account. Can I do this at any branch location? How do I know they are offering me a decent exchange rate?

 

[CalHornGal]

I'll be curious to see what you find with Wells Fargo. Back in February I tried to deposit both pounds and euros into my HSBC account, and the bank wouldn't allow it. They sent me to an American Express Travel Office for the exchange. I don' t remember the rate being terribly painful. However - the Amex office would only exchange bills - no coinage.

Funny thing was - It was HSBC who originally sold me the pounds before my trip - as I like to travel with at least a couple hundred on hand when I arrive in London.

 

[Stuck_At_Work]

I checked and my local WellsFargo branch will deposit most major foreign currencies. Their exchange rate is about 5-10% below the wholesale exchange rate. For instance, the British pound is about 2 to 1 right now, but the bank will offer 1.87 to 1.

 

[Franco]

In reply to:

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[Hornin Hong Kong]

Exatly and US Banks offer a horrid horrid rate.

e.g. Chase takes a massive spread and HSBC does not.

Go to HSBC or another foreign bank, exchange for dollars and deposit dollars.

 

[uisge beatha]

These days, I'd hold onto it as an investment considering the way the dollar is going.

Also, when I travel abroad these days, I generally take no foreign currency with me. The availability of ATMs to get cash locally makes it not woth the hassle (to me) to get cash before departing.