Summary: Exchanging a small amount of euros to US dollars in the US sounds simple, but what about the nitty-gritty: What paperwork do you need? Is ID always required? Are there differences between banks and currency kiosks?
As someone obsessed with practical details (and occasionally getting tripped up by the fine print), I spent a week documenting everything required to swap €16 for USD at different places in the United States. In this guide, I’ll walk you through my experience: when you need ID, what forms you might fill, what rules actually apply, and how this all fits into larger international trade standards. I’ll throw in a few missteps, interviews, and juicy bits from real regulatory guidelines, so you’ll know exactly what to expect—without getting caught off guard by paperwork or policies.
Say you’ve just landed in New York after a trip to Europe, and you’ve got €16 rattling around in your wallet. You want to exchange it for US cash. What’s the process? Do US anti-money laundering laws kick in, even for a small amount? Will a teller ask for your passport? Last fall, I had the exact same question, so I tried it in person at three major US banks (Wells Fargo, Bank of America, Chase), as well as at a currency kiosk at JFK airport.
First, not all US banks will exchange cash foreign currency unless you have an account with them. Most major airports (like JFK) have currency kiosks—think Travelex or similar. Banks handle foreign money less frequently than you’d expect. When I went to Chase, I was politely told, “We can only serve account holders for foreign cash exchanges.”
Once you’ve found a bank or booth, hand over your €16 and say, “I’d like to exchange this to US dollars.” There’s a lot of confusion online, but the general experience for an amount this small is surprisingly chill—with a few key exceptions.
Banks (Branch Visit): All three banks I tried required my government-issued photo ID if the exchange was over $1,000 worth of foreign currency. For €16, which is about $17.50 (see live rates here), two of the banks just took my debit card and did not ask for ID, because I already had an account with them.
Here’s a real kicker: According to US federal Bank Secrecy Act rules, banks must verify your identity for transactions above $10,000 (see FinCEN guidelines: FinCEN BSA Info). However, each bank has its own lower internal threshold. For smaller exchanges, especially for account holders, you usually don't face extra paperwork.
For non-account holders, many US banks simply refuse to do the exchange at all (citing internal policy or AML—anti-money laundering—concerns).
Airport Kiosks: At JFK, the Travelex counter asked for one form of government ID—even for €16. The booth rep explained, "It's policy; we verify for every transaction, small or large. It's part of our compliance agreement with the airport." I fumbled for my driver’s license, but saw travelers in line with passports as well. This seems to be based on company and location-specific policies, not a strict legal requirement for such a small amount.
Bottom line from my test: ID is sometimes—but not always—required for small currency exchanges. It largely depends on where you go. Airport kiosks almost always require it; banks do if you aren’t an account holder (if they serve you at all).
No forms were required for €16 at any site I tested.
A US Treasury Office of Foreign Assets Control (OFAC) rep told Forbes (Oct 2023): “For foreign currency exchange, most reporting and customer due diligence requirements are triggered at levels above several hundred or thousand dollars, depending on the financial institution or state jurisdiction.”
Every place I tried charged a small commission or offered a less-favorable rate than what you’d see online. For €16, expect to receive around $15, minus a ~$2-3 fee (see CardRates.com for typical fee structures). After the cash was counted and handed to me, that was it—no questions, no forms, but sometimes a required photo ID scan.
I once tried to exchange £10 (roughly $12) at a rural US credit union. The teller looked at me like I was asking to trade Pokemon cards. “We don’t really do that here,” she laughed. So, practical advice from my own fail: Call ahead, and bring your ID everywhere, just in case.
Here’s where it gets interesting: In the US, identity verification is highly dependent on the risk profile and compliance culture of each bank or exchange. There’s no nationwide law requiring ID for a €16-to-USD exchange. But international standards differ a lot:
| Name | Legal Basis | Enforcing Body |
|---|---|---|
| USA | Bank Secrecy Act, 31 U.S.C. 5311 et seq. (see here) | FinCEN, FDIC, State Banking Depts |
| European Union | 4th/5th AML Directive (link), KYC Regulations | European Central Bank, local national banks |
| United Kingdom | Money Laundering Regulations 2017 (details) | FCA (Financial Conduct Authority) |
| Canada | Proceeds of Crime (Money Laundering) and Terrorist Financing Act (reference) | FINTRAC |
What’s fascinating is how “verified trade” differs. The OECD sets some baselines for identity checks in cross-border finance, but national rules on KYC (know-your-customer) often override that for small retail exchanges. In Germany, for example, you’ll be asked for a passport for nearly any cash foreign exchange, no matter how small. In the US? More discretion, unless it’s a large sum or you’re outside a bank account context.
Back in 2019, a small New York-based currency shop ran into trouble exchanging small amounts of euros for tourists. After a sting operation, they were cited by the New York State Department of Financial Services for not asking for ID for hundreds of $500 exchanges, but not for smaller ones. The owner countered: “We're following federal law. Above $1,000, we check ID. Otherwise, we lose customers if we ask everyone for their passport for $10.” Local authorities, however, pointed to stricter New York AML rules (NYDFS), highlighting the gray area between federal and state regulation.
According to Michael Turner, a compliance consultant I interviewed by phone (June 2023): “In Europe, it would be unthinkable not to verify ID, even for a small exchange, due to stringent anti-money laundering frameworks.” In the US, he says, smaller exchanges are often overlooked. “You get this patchwork where airport vendors follow global brand standards, while small banks just shrug at twenty-dollar transactions—unless an auditor is watching.”
To test where things could go wrong, I purposely tried handing over €16 at a grocery store MoneyGram kiosk. They outright refused: “We only do Western Union, and only for account holders.” Support forums (see FlyerTalk) are full of stories where travelers get bounced around endlessly, or are charged sky-high fees for not having ID.
Exchanging €16 to USD in the US is very low-risk and usually painless—unless you run into a hyper-vigilant counter or a bank that doesn't handle foreign cash. In most cases:
Officially, there’s no US law demanding ID for exchanging such a small sum; it’s all about internal rules, state policies, and the conservative stance of global airport exchange brands. If you’re planning to exchange euro notes in the US, take your ID with you—that err-on-the-safe-side move will prevent most headaches, especially at airports. And even for tiny amounts, be prepared to pay a somewhat painful fee.
Honestly, every time I go through this, I shake my head at how inconsistent things are. The US is less strictly regulated at the small-retail level than the EU or UK—but whether that helps or hinders you depends entirely on where you end up and how evidence-averse the teller is feeling that day. My next step? I’ll try exchanging at a small credit union again... armed with both a driver’s license and a sense of humor. Maybe this time, I’ll actually leave with cash instead of a blank stare.
For anyone reading who’s planning a similar exchange, call your bank or kiosk ahead, bring government ID, keep expectations moderate, and note that forms and heavy documentation only show up at higher dollar amounts. And if you find a spot that imposes more rules than those above, please drop a note in a public forum—the currency exchange world could use more friendly field testing.