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
| 💼 Bank Type: | Brick and Mortar |
| 💸 International Transfer Fees: | Up to $50 depending on value |
| 💰Average Exchange Rate Fee: | 2%-7% |
| 🔀 Average International Transfer Time: | 3-5 business days |
| 💱 Top supported Currencies: | USD, GBP, EUR |
| 📱Mobile Banking App: | Yes |
| 🎧 Customer Support: | Email, Phone |
| 👮♂️ Regulated In | Asia-Pacific, North America, EMEA |
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.
Margins of 2%-7% apply to the exchange rates for Chase Bank. These rates are weaker than the mid-market rates.
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.
| Type of Wire Transfer | Fees | Time |
|---|
| International Incoming Money Transfer | $15 Note: If originating through a Chase Bank broker this could be $0. | 3-5 business days |
| International Wire Transfer: In Branch | $50 | 3-5 business days |
| International Wire Transfer (sent and received in USD) | $40 | 3-5 business days |
| International WireTransfer (send in USD received in foreign currency) | $5 per transfer (up to $5000), $0 above $5000 | 3-5 business days |
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.
| Measure | Chase Bank Cost | Money Transfer Provider Cost |
|---|
| Sending Money to the UK | $50 | $2.5 |
| Sending Money to Canada | $50 | $2.99 |
| Sending Money to Europe | $50 | Free |
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
Pros
Trusted name: Chase is one of the largest and most well-known banks in the United States, and so can be relied upon for safe banking.
Secure means of sending money: Wire transfers are considered a secure way of sending money abroad, especially if you are intending on sending funds directly to your recipient’s bank account.
Convenience: If you already bank with Chase, setting up a money transfer is a relatively seamless process that you can organise in minutes.
Cons
Expensive transfer fees: You’ll pay much higher transfer fees for an international transfer than you would with a specialist money transfer operator.
Chase Bank exchange rate: Likewise, you’ll find an exchange rate closer to the mid-market rate with a money transfer operator than you will using a bank to send money abroad.
Limited payout options: If you would rather send money to your recipient in the form of cash or mobile money, sending via your bank isn’t always the easiest way to arrange this.
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.
Other Banks
Popular destinations for sending money
FAQs
The 2023 Outlook for Major Currency Pairs
EUR/USD is predicted to reach 1.10 in March 2023, before declining to 1.08 September 2023 and holding at 1.08 in December 2023. USD/JPY is expected to hit 135 in March 2023, before trading at 133 in June 2023, 130 in September 2023 and 128 in December 2023.
Does Chase have good exchange rates? ›
Banks use weak exchange rates and often charge commission fees. Chase Bank currency exchange will not be your best option for currency exchange when you need foreign currency for your travels abroad and for sending money abroad. Even for business clients, better international business solutions exist for you.
How much does Chase charge for foreign currency exchange? ›
How much do foreign transaction fees cost? The rate for foreign transaction fees is usually 2-5% of the entire purchase, which might include shipping costs and taxes. Check out your cardmember agreement for details on fees for international purchases.
Which bank is best for currency exchange? ›
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.
What is the exchange rate for USD eur 2023? ›
January 2023
| Date | US Dollar to Euro Monthly Exchange Rates |
|---|
| Saturday 28 January 2023 | $1 USD = €0.9197 |
| Sunday 29 January 2023 | $1 USD = €0.9199 |
| Monday 30 January 2023 | $1 USD = €0.9217 |
| Tuesday 31 January 2023 | $1 USD = €0.9208 |
28 more rowsList of Highest Currencies in the World 2023
| Currency | Value of | INR Value In Rs (As on May 2023) |
|---|
| Kuwaiti Dinar | 1 KWD | 266.82 |
| Bahraini Dinar | 1 BHD | 216.90 |
| Omani Rial | 1 OMR | 212.39 |
| Jordanian Dinar | 1 JOD | 115.25 |
6 more rowsYes, Chase Bank does exchange foreign currency. They offer a variety of foreign currencies, including Canadian dollars, Mexican pesos, and Euros, among others. You can order foreign currency online, by phone, or in person at a Chase branch.
How do I exchange foreign currency with Chase? ›
This is one of the few things that major banks like Chase actually get right. You just swipe your card abroad, and the purchases show up on your statement in US dollars, magically converted at the right exchange rate. But before packing your bags, make sure you have a card with no foreign transaction fees.
Do I need to tell Chase I'm going abroad? ›
You're not required to notify your credit card company when you're going away on vacation, but it is highly recommended. By letting your credit card company know where you're going and for how long, your company will know that any card transactions from that location were likely authorized by you.
How do I request foreign currency from Chase? ›
Chase doesn't offer foreign currency accounts, but don't worry. There are lots of other options out there, including the Wise account. From one low-cost online account, you can send and manage 50+ currencies at once and receive up to 10.
If you use a US credit card in France, Italy, Spain, or another European country, you may be wondering whether to pay in euros or dollars on an American credit card. The short answer is: Always pay in the local currency (Euros), which allows your bank to set the exchange rate, and it will always be a better option.
Where is the best place to buy euros in the US? ›
One of the largest and most popular places to buy travel money in the US is Currency Exchange International (CXI). You can order over 90 currencies online, including Euros. CXI also has around 30 branches in major cities across the US⁴.
Where is the best exchange rate for euros? ›
Waitrose has the best Euro rate right now at 1.1335.
What is the best performing currency against the dollar 2023? ›
LONDON — The British pound is the best performing G-10 (Group of Ten) currency of 2023, and some strategists believe the pound's rally can continue over the medium term.
Is the U.S. dollar losing value 2023? ›
After reaching parity with the euro in 2022, the U.S. dollar has weakened modestly in 2023. The dollar has also lost ground against other currencies. Changes in the dollar's value on currency markets can affect results for U.S. investors who put money to work in global capital markets.
What is the weakest currency in the world 2023? ›
1. Iranian Rial (IRR) 1 INR = 516 IRR. The Iranian rial tops the list of the cheapest currencies in the world.
What is the forecast for USD currency? ›
The United States Dollar is expected to trade at 102.70 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 107.30 in 12 months time.
What is the all time high for euro to USD? ›
Historically, the Euro Dollar Exchange Rate - EUR/USD reached an all time high of 1.87 in July of 1973.The euro was only introduced as a currency on the first of January of 1999. However, synthetic historical prices going back much further can be modeled if we consider a weighted average of the previous currencies.
Will EUR USD go up or down? ›
“EUR/USD is predicted to reach 1.10 in March 2023, before declining to 1.08 September 2023 and holding at 1.08 in December 2023. USD/JPY is expected to hit 135 in March 2023, before trading at 133 in June 2023, 130 in September 2023 and 128 in December 2023,” JP Morgan Research states.
Is Chase Bank good to deal with? ›
Chase ranked second in the 2022 J.D. Power U.S. National Banking Satisfaction Study. Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid.
Best 5% interest savings accounts
- Varo Savings Account.
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- UFB Premier Savings (previously known as UFB Preferred Savings)
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- Bask Interest Savings Account.
- Mango.
While 7% with Landmark Credit Union is the highest available interest rate, other high-yield savings accounts exist and may be more worth it based on each bank's unique requirements.
What day is highest exchange rate? ›
Best day of the week to exchange currency
According to data from WeSwap and The Telegraph, you'll generally enjoy the best currency exchange rates on Fridays and Saturdays. Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy.
What country has the highest exchange rate to the U.S. dollar? ›
Kuwaiti dinar (KWD)
The Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying 3.26 dollars (or, put another way, $1 equals 0.31 Kuwaiti dinar). Kuwait is located on the Persian Gulf between Saudi Arabia and Iraq, and the country earns much of its wealth as a leading global exporter of oil.
How do you get the highest exchange rate? ›
How to Get the Best Exchange Rates
- Always stay on top of the market.
- Compare the best rates.
- Don't use your debit cards at foreign ATMs.
- Buy items in the local currency.
- Be wary when there are no currency exchange fees.
We don't charge fees when you use your card abroad and we'll apply the current Mastercard exchange rate to any purchases you make in the local currency. Local banks may charge their own fees when you use one of their cash machines and you should make sure you understand what these are before making a withdrawal.
Does Chase Sapphire charge international fees? ›
Not only does the Chase Sapphire Reserve charge no foreign transaction fees, it's also one of the best travel cards on the market. You can earn a great signup bonus when you get the card.
How to buy Euros in the US? ›
Available in most areas.
- Bank. You can buy euros with dollars at major banks like Wells Fargo and Bank of America. You will need to be a bank customer already and can order euros online easily. ...
- Foreign Currency Exchange. Money changers can be the cheapest way to buy euros. ...
- Airport. Yes, you can buy currency at the airport.
Customers can send and receive money overseas with Chase Bank international transfers.
...
About Chase Bank.
| 💼 Bank Type: | Brick and Mortar |
|---|
| 💰Average Exchange Rate Fee: | 2%-7% |
| 🔀 Average International Transfer Time: | 3-5 business days |
| 💱 Top supported Currencies: | USD, GBP, EUR |
| 📱Mobile Banking App: | Yes |
3 more rowsNov 25, 2022
Generally, Chase US accounts are only held in USD. If you receive payments in foreign currencies to be deposited to your Chase checking account for example, it will need to be converted to USD using the Chase exchange rate before it can be added to your account balance.
Exchange Coins For Free At Banks
Although every bank will give out free coin wrappers, not every bank will accept your rolled coins if you are a non-customer. Chase Bank happens to have rather generous policies for non-customers, who can exchange up to $200 in coins as long as they're in coin wrappers.
Does Chase card have foreign transaction fees? ›
Travel with a no foreign transaction fee credit card from Chase. Purchases made with these credit cards outside the U.S. will not be subject to foreign transaction fees.
Can I withdraw money from Chase abroad? ›
$5 per withdrawal and $3 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.
Can I use debit card internationally? ›
Yes, you can use your debit card internationally, though you may incur foreign transaction fees. Depending on where you travel, you might find merchants that only accept cash — or may only accept cards from specific issuers — so it's a good idea to have a mix of payment methods with you.
How can currency conversion fees be avoided? ›
Many international travelers encounter foreign transaction fees while making purchases or withdrawing cash from an ATM in a foreign country. The easiest way to avoid a foreign transaction fee is to use a debit or credit card that waives foreign transaction fees while traveling abroad.
Can you get euros from Bank of America? ›
Customers with Bank of America checking and savings accounts can order foreign currency through Online Banking or the Mobile Banking App. Customers with credit cards only can order currency at a financial center.
What are foreign transaction fees? ›
A foreign transaction fee is a charge assessed by your credit card issuer on transactions made in any currency other than U.S. dollars (USD). This isn't just limited to brick-and-mortar locations abroad. It also includes websites based outside of the U.S.
What is the euro forecast for 2023? ›
EUR/USD is predicted to reach 1.10 in March 2023, before declining to 1.08 September 2023 and holding at 1.08 in December 2023. USD/JPY is expected to hit 135 in March 2023, before trading at 133 in June 2023, 130 in September 2023 and 128 in December 2023.
What is the most efficient way to buy euros? ›
Your bank or credit union, not an airport kiosk, is likely the best place to exchange currency.
...
- Before your trip, exchange money at your bank or credit union.
- Once you're abroad, use your financial institution's ATMs, if possible.
- After you're home, see if your bank or credit union will buy back the foreign currency.
'Now is a good time to buy foreign currency'
The euro — the official currency for 19 of the 27 European Union members — has been falling in value over the last year or so and hit parity with the U.S. dollar on July 13, for the first time since 2002. Parity means the two currencies had a 1:1 exchange rate.
It is cheaper to exchange money at the bank (or by using an ATM) than the airport. That's because currency exchange stores and kiosks at the airports mark up the exchange rate to make a profit. They know that travelers who just got off a plane probably need money right away.
How fast can I get euros? ›
You can order foreign currency cash online, using the mobile app, in person or by phone and have currency delivered within 2-7 business days. Online.
Can I get euros at the post office? ›
Where can I buy euros? Post Office have numerous ways to get euros for your trip abroad. With our Click and Collect service, any orders placed before 2pm on working days to allow you to pick up your euros within 2 hours from your nearest participating branch.
What is future rate in foreign exchange? ›
Realtime Streaming Futures Quotes
| Name | Bid | Ask |
|---|
| NSE INR Futures | 75.34 | 75.34 |
| EUR/INR F | 87.47 | 87.49 |
| GBP/INR | 103.30 | 103.31 |
| JPY/INR | 66.47 | 66.48 |
11 more rowsThe United States Dollar is expected to trade at 106.10 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 110.82 in 12 months time.
What are future exchange rates? ›
Currency futures are futures contracts for currencies that specify the price of exchanging one currency for another at a future date. The rate for currency futures contracts is derived from spot rates of the currency pair.
What is the projection for USD to cop in 2023? ›
If you are looking for Forex pairs with good return, USDCOP can be a profitable investment option. USD/COP rate equal to 4549.750 at 2023-05-11 (today's range: 4549.750 - 4549.750). Based on our forecasts, a long-term increase is expected, the Forex rate prognosis for 2028-05-05 is 6242.907.
Can you predict foreign exchange rates? ›
Purchasing power parity looks at the prices of goods in different countries and is one of the more widely used methods for forecasting exchange rates due to its indoctrination in textbooks. The relative economic strength approach compares levels of economic growth across countries to forecast exchange rates.
What are future rates for EUR USD? ›
The Euro Dollar Exchange Rate - EUR/USD is expected to trade at 1.05 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.00 in 12 months time.
What is forward vs future exchange rate? ›
A forward contract is a private and customizable agreement that settles at the end of the agreement and is traded over the counter (OTC). A futures contract has standardized terms and is traded on an exchange, where prices are settled on a daily basis until the end of the contract.
The US dollar has eased from its peak level, but exchange rate volatility will remain elevated in 2023 on the back of global macroeconomic uncertainty. However, although the dollar is likely to decline further in 2023, it is expected that exchange rate volatility will remain elevated.
Where is the American dollar worth the most 2023? ›
Top 18 Places To Travel While the US Dollar Is Strong in 2023
| Austria | 1 USD – 0.93 Euro |
|---|
| Sweden | 1 USD – 9.78 Swedish Krona |
| Ireland | 1 USD – 0.93 Euro |
| Japan | 1 USD – 127.10 Japanese Yen |
| Turkey | 1 USD – 16.22 Turkish lira |
13 more rowsThe current denomination sequence and planned issuance dates have been in development with the Advanced Counterfeit Deterrence Committee since 2011: $10 (2026), $50 (2028), $20 (2030), $5 (2032) and $100 (2034). This sequence addresses risk mitigation and counterfeiting concerns.
What is the largest future exchange in USA? ›
What is this? The CME Group is the largest futures exchange in the world. It consists of Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), Commodity Exchange Inc. (COMEX), Kansas City Board of Trade (KCBT), and the NEX Group.
How do you calculate future exchange rate? ›
To calculate the forward rate, multiply the spot rate by the ratio of interest rates and adjust for the time until expiration. Forward rate = Spot rate x (1 + foreign interest rate) / (1 + domestic interest rate). As an example, assume the current U.S. dollar to euro exchange rate is $1.1365.
What is the projection for CAD to USD in 2023? ›
According to the median forecast of more than 30 currency analysts and economists surveyed by Reuters, the Canadian dollar is expected to strengthen 1.50% and reach 1.34 per U.S. dollar, or 72.63 U.S. cents, within three months' time.
What is the all time high for USD COP? ›
Highest: 5018 COP on 20 Nov 2022. Average: 4719 COP over this period. Lowest: 4392 COP on 15 Apr 2023.
How much is a dollar in Colombia? ›
1 USD = 4,583.198834 COP May 13, 2023 17:35 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately.
