nfcu foreign currency exchange
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Navy Federal Credit Union
Navy Federal was originally incorporated on 17 January 1933 as the Navy Department Employees’ Credit Union of the District of Columbia (NDCU). Only Navy Department employees who were members of the federal employees’ labor union and members of their families were eligible to join.
The next year, President Roosevelt signed into law the Federal Credit Union Act, which would eventually become the basis of business for the credit union. On July 17, 1947, the credit union was granted a Federal Charter as a credit union, named Navy Department Employees Federal Credit Union (NDEFCU). It also expanded membership to include all Navy personnel in the Washington, DC area, both military and civilian.
In 1954, the credit union changed its charter again to open membership to Navy and Marine Corp officers everywhere, regardless of geographic location, and changed its name to Navy Federal Credit Union. Eventually, membership was opened to enlisted personnel as well.
By April 1962, the credit union reached a milestone, becoming the biggest credit union in the world, a distinction which it still holds today. In 1977, the credit union moved into its current headquarters in Vienna, Virginia, eventually undergoing several major expansions of its facility there.
In 2003, the credit union opened its membership further, to include Navy contractors. There have also been several times in the credit union’s history that NCUA has asked Navy Federal to merge with or absorb other credit unions that were experiencing financial or other difficulties. Members of these prior credit unions remained members of Navy Federal after the merger (following NCUA’s policy of “once a member, always a member”). In September 2010, Navy Federal Credit Union announced plans to absorb/merge with USA Fed, stating that joint operations would begin 4 October 2010 under the Navy Federal banner.
Two years ago in May 2008, Navy Federal Credit Union widened its membership to include the entire Department of Defense, which made eligible all active duty, retired, and reserve Army, Navy, Marine Corps, and Air Force personnel, as well as contractor and civilian personnel within the Department of Defense. In March 2013, Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees as well.
In 2020, Navy Federal Credit Union also expanded its membership to include Space Force members. In 2014, Navy Federal expanded its Vienna headquarters. As of December 2021 3,900 employees work at the Vienna location.
An increase in membership also led to two expansions: one at the credit union’s Pensacola location in 2015, where Navy Federal has 7,800 employees and one at the Winchester Operations location in 2019 where Navy Federal has 2,000 employees.
As of 2021, Navy Federal is by far the largest credit union in the United States, with total assets nearly three times that of the second-largest US credit union.
Where Is the Best Place to Exchange Foreign Currency?
Don’t get caught converting your dollars at unfavorable rates with high currency exchange fees. With progress against the coronavirus in many parts of the world, you may be considering traveling once again. But before you head off to the airport to catch a flight abroad, find out where to receive the best exchange rate for your money.