Chase Bank International Transfers & Exchange Rates

Chase Bank has more than 4,700 branches and over 16,000 ATMs across the US. It is the commercial and consumer banking branch of JPMorgan Chase & Co, which is one of the leading global financial services firms worldwide.

In this guide, we’ll be looking at everything you need to know about Chase Bank, including how to open an account, send money, Chase Bank foreign currency exchange rates, and the best way to access and manage your funds.

About Chase Bank

Chase Bank was known as Chase Manhattan Bank before merging with JP Morgan & Co in 2000. Now, JPMorgan Chase operates in over 100 countries with over 250,000 employees. In total, the bank’s assets were estimated at $2.49 trillion in 2016.

Chase Bank has branches across the US for convenient access to your bank, although the company also has excellent online access to manage your accounts wherever you’re based. The bank has a wide offering of products and financial services designed for both individuals and businesses, including savings and checkings accounts, credit cards, and loans and mortgages.

Customers can send and receive money overseas with Chase Bank international transfers. The bank supports wire transfers to over 90 countries in their local currencies. Customers can use Chase mobile and online banking services for international remittance.

Chase Bank Currency Exchange Rates and Fees

US banks typically charge high fees and apply margins on the exchange rates. Cumulatively, these charges form the bulk of international transfer costs. Let’s examine how Chase Bank handles transfer costs.

If you’re sending money internationally with Chase Bank, it’s important that you inform yourself on the type of fees you are likely to encounter. These fees can largely be separated into the margin added on to the exchange rate, and international transfer fees or foreign transaction fees.

We’ll look at both of these common charges below.

Chase Bank Exchange Rates

Chase Bank buys and sells foreign currency at the mid-market exchange rate in the foreign exchange market, which is the exchange rate you’ll find on any given day via Google or Reuters. However, like most banks, Chase sells foreign currency to customers with a margin added onto the exchange rate.

This means that when sending money abroad, you are unlikely to get the same exchange rate you find online. Chase Bank states that its foreign exchange rates are determined by their “sole discretion” and that Chase Bank exchange rates “will include a spread and may include commissions or other costs that we, our affiliates or our vendors may charge”.

Chase Bank foreign currency exchange rates include markups. Other unclear costs may include commissions or costs by the bank’s affiliates. The markup means that customers will get unfavorable rates compared to what they see quoted as the mid-market rate.

Customers can get better rates using money transfer providers, which offer rates closer to the mid-market. Leading remittance providers like Wise offer customers mid-market rates.

You can expect a similar foreign currency exchange rate with Chase Bank to the foreign currency exchange you are offered by any other large US banks, but you will typically find a more competitive foreign exchange rate online with the mid-market rate when using a money transfer operator (MTO) that specialises in international transfers.

Chase Bank transfer Fees

Transfers vary depending on your bank or credit union. The bank provides a range of fees. Here’s a breakdown of Chase Bank international wire transfer fees.

Chase Bank money transfer fees depend on the transfer currency. Transfers in USD are expensive. Customers can rely on money transfer providers to save more than $35 when sending USD.

Additional Costs

For an incoming international wire transfer, a fee of $15 per transfer will apply. This foreign transaction fee is, however, reduced to $0 if the transfer was originally sent with the help of a Chase Banker or using chase.com or Chase Mobile.

How Do Chase Bank International Transfer Fees Compare to Using a Money Transfer Provider?

We compare Chase Bank's international transfer fees against money transfer providers.

Assuming a customer intends to send $1000 to a bank account in the following counties, here’s what they’d pay in fees.

Chase Bank’s international transfer fees are prohibitive, especially for small transfers. The overall costs increase when you factor in a typical 5% margin on the exchange rate. However, customers can find reprieve by using money transfer providers.

Chase Bank Pros and Cons

Whilst we think Chase is a great bank and a viable option to be used as a personal account, it doesn't offer the best options for international money transfers. For lower value transactions the $50 fee is much larger than any money transfer provider - many of these will have fees starting at $0. For larger transactions, the exchange rate offered by most banks (Chase included) does not stack up against a money transfer provider.

For example, a $10000 money transfer to Germany through XE, will have no fees and an exchange rate of 0.92 - meaning the recipient would receive €9297 in around 1-2 hours, with the average Chase Bank exchange rate of 5% - the recipient would receive €8839 in 3-5 business days.

Mehdi Punjwani

How to Open an Account and Transfer Money With Chase Bank

This section will take you through how to open an account with Chase Bank, the information you’ll need to have to hand, and how to transfer money once your account is set up.

Opening an Account

To open a bank account with Chase Bank, make sure you’ve got the necessary information to hand first. This includes:

• Your social security number

• Driver’s license or state-issued ID

• Contact information (name, address, email, phone number, DOB)

You can either choose to apply for a new account online or visit a local branch. The process will be relatively straightforward. You’ll be asked to select what type of account you want to open (you should be provided with some information on the various features/benefits of each), and then to fill out your information.

If you are applying online, you will normally receive an email confirming your application and then another to confirm whether or not your application has been granted and the next steps.

Transferring Money Internationally

Once you’ve got your account set up, transferring money is an easy process. You’ll need to add a new wire recipient to your account, so make sure you’ve got their full name and bank details.

Select ‘Make a Wire Transfer’ from your online banking (or you can do this at your local branch) and enter your transfer details. Make sure you review the details of your foreign transaction and know what foreign transaction fees to expect and how much your recipient will receive at the other end before confirming your international money transfer.

Chase Bank Swift Codes

Alternatives to Chase Bank for International Transfers

We understand that you need alternatives to Chase Bank to get a better deal for international money transfers. This section lists our 2 best options to save you money and offer faster transfers without charging extra.

XE Money Transfer

Xe Money Transfer provides some of the best FX rates in the industry. They match the mid-market rate for most currency pairs and you can check the live rates on the homepage. Also, their fees are lower than what you get charged at Chase Bank for international transfers.

Xe offers transfers to over 170 countries and in 65 currencies. This is enough flexibility to meet the needs of most international money transfer customers. Also, their platform is easy to use for beginners, allowing them to send money within minutes of registering a new account.

Transfer Money with XE

Wise

Wise is a FCA regulated company that has an excellent reputation. Transparency and low fees are the pillars on which they built the brand. Also, they offer excellent currency conversion rates when sending money internationally.

Wise supports over 50 currencies and offers a “Borderless” debit card that works with a multi-currency account. Also, the multiple payment and cash-out options make Wise an accessible platform for most users.

Transfer Money with Wise

Summary

Overall, Chase Bank is a secure and reliable financial institution for managing your money. As one of the largest banks in the US, you can be sure you’re dealing with a trusted provider who will safely help you transfer your money wherever you need it to go.

However, for sending money internationally, you will almost definitely find a better price when sending with a specialist money transfer provider. Use our comparison engine for a real-time analysis of the best money transfer operators for your needs based on exchange rates, fees, transfer time, and more.

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