Peter Greenberg: Exchanging Foreign Currency

By: Peter Greenberg | Source: AARP.org | 2009-06-24

Hi Peter, I have bags of foreign currency, some very old, that I have accumulated during various trips abroad. Where can I exchange it for U.S. dollars? I can go to New York City, if necessary.
–Ann, Morristown, N.J.
 
Whether or not you can exchange your old notes and coins for dollars depends on the condition of the currency and whether it’s even legal tender anymore.
 
If you have an account with a major bank, such as Bank of America or Wells Fargo, you can take your currency to the foreign-exchange department of the nearest large urban branch. Call your bank in advance to find out the best location to bring your currency, and to find out whether or not they accept coins (most don’t).
 
Bank staff will inspect your money and tell you what can be exchanged and what cannot. This may take a while, depending on how much currency you have and whether or not the bank has to send it out to a different branch. Whatever passes muster will be credited to your account.
 
If you don’t have an account with a major institution, you can take your currency to an independent foreign-exchange bureau such, as Travelex or the currency exchange department of any bank, and they will tell you what’s exchangeable and what’s not.
 
Chances are, if you have lots of old European currencies, such as German marks, French francs, and Portuguese escudos (countries that have switched to the euro) you may have the makings of a wonderful wall collage!