Does Navy Federal Exchange Currency?
As one of the largest credit unions in the United States, Navy Federal Credit Union offers a wide range of financial services to its members. One of the most common questions among its members is whether the credit union exchanges currency. In this article, we will answer this question and provide additional information on Navy Federal’s foreign currency services.
Does Navy Federal Exchange Currency?
Yes, Navy Federal Credit Union does exchange currency. They offer foreign currency services to their members, making it convenient for them to purchase or sell foreign currencies for international travel, business, or personal transactions.
Foreign Currency Services at Navy Federal
Navy Federal Credit Union offers a range of foreign currency services, including:
- Cash Advances: Members can receive cash advances in foreign currencies at Navy Federal branches.
- Currency Exchange: Members can exchange foreign currencies for US dollars at Navy Federal branches.
- Foreign Currency Purchase: Members can purchase foreign currencies for future use at Navy Federal branches.
- Foreign Currency Sell: Members can sell foreign currencies to Navy Federal for US dollars.
Types of Currencies Exchanged at Navy Federal
Navy Federal Credit Union exchanges a wide range of foreign currencies, including:
- Major Currencies: Euros, British Pounds, Japanese Yen, Canadian Dollars, Australian Dollars, and many more.
- Traveler’s Checks: Navy Federal also exchanges traveler’s checks for foreign currencies.
How to Exchange Currency at Navy Federal
Exchanging currency at Navy Federal is a simple process:
- Visit a Branch: Visit any Navy Federal branch to exchange currency.
- Show Your ID: Show your Navy Federal membership card and a valid government-issued ID.
- Specify the Currency: Let the representative know which currency you want to exchange.
- Determine the Exchange Rate: The representative will determine the exchange rate based on the current market rate.
- Receive the Currency: Receive the foreign currency in cash or as a credit to your account.
Exchange Rates at Navy Federal
Navy Federal’s exchange rates are competitive and based on the current market rate. However, they may vary slightly depending on the branch and the volume of transactions. Here are some approximate exchange rates for popular currencies:
| Currency | Exchange Rate (Approximate) |
|---|---|
| Euro (EUR) | 1.10-1.20 USD |
| British Pound (GBP) | 1.30-1.40 USD |
| Japanese Yen (JPY) | 110-120 JPY per USD |
| Canadian Dollar (CAD) | 0.75-0.80 USD |
Fees for Currency Exchange at Navy Federal
Navy Federal charges fees for currency exchange, which vary depending on the type of transaction:
- Cash Advances: 1% of the transaction amount (minimum $5, maximum $100)
- Currency Exchange: 1% of the transaction amount (minimum $5, maximum $100)
- Foreign Currency Purchase: 1% of the transaction amount (minimum $5, maximum $100)
- Foreign Currency Sell: 1% of the transaction amount (minimum $5, maximum $100)
Conclusion
Navy Federal Credit Union does exchange currency, offering a range of foreign currency services to its members. Whether you need to exchange currency for international travel, business, or personal transactions, Navy Federal has you covered. With competitive exchange rates and reasonable fees, it’s a convenient and reliable option for exchanging currency.
