Cathay Bank Foreign Currency Exchange and Better Alternatives

Cathay General Bancorp does offer currency exchange services that allow you to hold foreign cash. It also has a digital cross-border payment platform for making payments in foreign currencies and for saving foreign-denominated bank notes. However, these solutions are primarily designed for business clients and customers who want to risk investing their wealth in foreign currencies.

Banks use weak exchange rates and often charge commission fees. Cathay 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.

In this guide, I'll show you cheaper, faster, and more user-friendly currency exchange services like Revolut for virtual travel cards, cash exchange, international money transfers, and business payments. Compare provider exchange rates with our live comparison engine 👈

Foreign Currency For Travel

If you are a retail customer who wants to hold foreign cash for your travels, then I highly recommend you avoid using Cathay Bank currency exchange services. Large American banks and credit unions like Cathay Bank charge two very large fees, one that is transparent and another that is hidden:

• Bank Fee: This is a transparent fee that banks charge for the service. Cathay Bank does not publicly publish its fee schedule, although this generally averages at $30 for big US banks.
• Exchange Rate Margin: While some banks may waive their flat fee, all of them will levy this hidden fee. At any given moment, there is a live mid-market rate between two currencies. Cathay Bank does not transparently publish their exchange rates. You will have to check with your local branch, which will exchange your currency at a weaker rate (averaging between 4-7%) and pocket the difference.

Can I Get Euros at Cathay Bank?

Yes, you can get euros at Cathay Bank, but you’ll need to visit a major branch — most smaller branches don’t keep foreign currency, including euros, on hand. If you want to order euros, it often requires advance notice and up to two business days for the cash to be ready for pickup at larger locations.

The foreign exchange margin at Cathay Bank is much higher than fintech alternatives like Revolut or Wise. You could pay a significant premium for the convenience of getting cash through a traditional bank.

For a better value, withdraw euros from an ATM in the eurozone after landing, using a debit card that does not charge foreign transaction fees — such as a card from Revolut, Chime, or similar modern providers. This approach not only gives you a real-time exchange rate (often close to the mid-market rate) but also helps you avoid the high fees and markups typically charged by big banks in the U.S.

Revolut Multi-Currency Account

A multi-currency account from a financial technology platform like Revolut can be a convenient way to access foreign currency digitally.⁶ Revolut offers industry-best exchange rates on 25+ currencies directly through its smartphone app and travel debit card.

Revolut's exchange rate is sometimes the same as the real exchange rate margin (for common currencies like GBP-EUR), and it offers no-commission allowances for paid plans.

The Revolut debit card provides multi-currency debit card access upon account sign-up (standard delivery times apply). Revolut's Standard plan is free to sign up and it does not charge a monthly maintenance fee.

For travel needs, I like to set my desired currency exchange rate ahead of time, so that I can get preferable rates if the market hits my set rate.

Here's how Revolut works:

• Link bank account,
• Add desired currency amount,
• Make any exchanges to the local currency of your destination,
• Conversion fees from Revolut may be very low depending on currency, limits and timing (it cheaper on weekdays),
• Use the card for overseas purchases.

Currency Exchange Travel Tips

The above-mentioned digital multi-currency accounts are excellent options for buying foreign currency. To make your money go as far as it can, keep these additional travel tips in mind.

1. Use Debit Cards at ATMs:
   I recommend using travel debit cards at ATMs abroad because the exchange rate used by MasterCard, Visa, and others will be stronger than Cathay Bank currency exchange, airport kiosks, and credit unions.
2. Use Cards That Waive Foreign Transaction Fees:
   Two of the best on the market are Chime® and Revolut.
3. Don't Use Credit Cards at ATMs:
   Feel free to rack up those credit card points at point-of-sale transactions. Just avoid using credit cards at ATMs because cash advances accrue a higher interest.
4. Pay in the Local Currency:
   If prompted by a payment machine, always choose the local currency (i.e. USD in the US, EUR in the EU, GBP in the UK, etc). Learn more about how to avoid dynamic currency conversions.
5. Avoid Airport Bureaux de Change and ATMs in Tourist Areas:
   Instead, find a trustworthy Allpoint ATM or a Global ATM Alliance bank for free withdrawals. As a general principle, withdraw cash from ATMs connected to a legit bank and pay the fixed $2 to $5 fee instead of using a machine on a street corner.

Sending Money Abroad

You can also use Cathay Bank foreign currency exchange to send money abroad via international wire transfers. If you have an account with Cathay Bank, then you can go to your local banker to enact a wire transfer.

Cathay Bank Exchange Rate

Just the like the cash exchange services, Cathay Bank will charge you two expensive fees for sending wire transfers by SWIFT:

1. Bank fee: $20;
2. Hidden exchange rate margin: Mark-ups typically range from 4%-7%.

Online money transfer services are cheaper, faster, safer, and more transparent alternatives to Cathay Bank currency exchange online, which is why I recommend them without reservation. The ones I list below are excellent options for online payments abroad or sending remittances to family members overseas.

On Monito's comparison engine, Remitly ranked as the overall cheapest for transfers from the United States.

While Wise ranked second overall and WorldRemit ranked third overall for transfers from the USA, rates often vary by destination. And since fee schedules change all the time, I recommend using Monito's comparison engine to find the cheapest exchange rates in real-time:

Business Payments

Big American banks, like Cathay Bank, have access to global capital markets. You can also get credit, loans, and other debt instruments for important corporate activities. To do so, you will need to contact a Cathay Bank representative directly to get a quote for Cathay's FX solutions and wealth management services.

For other business owners, Cathay Bank might not be the best option for you. Neobanks (also called challenger banks) offer some of the easiest-to-use and lowest-cost international business bank accounts on the market today. Their accounts will help you do business with suppliers overseas and transact with your customer base abroad.

International Business Alternatives to Cathay Bank

All the neobanks I review on Monito are fully regulated and manage segregated bank accounts with licensed partner banks. Read the full article on the best international business account solutions to learn more about these providers:

1. Revolut Business — 🏆 Best Overall for International Business Finance
2. Payoneer — Best for E-Commerce
3. Wise Business — Most Bank Account Details
4. Novo — Best All-Rounder in the USA

Disclaimers

¹ Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint ® or Visa® Plus Alliance ATM participating in the Allpoint network.

² Chime is a financial technology company, not a bank. Banking services for the Chime Checking Account are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of 01/29/2026. No minimum balance required. Must have $0.01 in savings to earn interest. The Chime Plus APY is available only while you maintain eligibility requirements for Chime Plus, otherwise the APY for non-Chime Plus members will apply. See Chime Plus Terms and Conditions for more details.

⁴ FICO: Based on a representative study conducted by Experian® in Sept 2025, the top 10% of members who made their first purchase with Credit Builder, an earlier version of Chime Card, between April and August 2024, observed a FICO® Score 8 increase of 71 points after approximately 8 months. Average increase of 28 points across all participants in the study. Credit score improvement not guaranteed. Paying on time may increase your score, while late payment may decrease your score. Other credit activity can impact your score. Credit score is one of many factors creditors may consider in evaluating credit applications.

⁵ SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.

Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. SpotMe on Chime Card Terms and Conditions.

⁶ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

⁷ Automatic savings: You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).

⁸ Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.

⁹ MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank,
N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451). To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”).
Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.

¹⁰ Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

⁶ Revolut is not a bank, banking services are provided by Lead Bank, Member FDIC. Fees may apply. The Revolut USA Prepaid Visa and Prepaid Mastercard are issued by Lead Bank pursuant to licensing by Visa® U.S.A. Inc. and Mastercard International for Mastercard cards. Funds in your Revolut Prepaid Card Account are held at or transferred to Lead Bank, Member FDIC, and are insured by the FDIC up to $250,000 applicable limits by the FDIC in the event Lead Bank fails if specific deposit insurance requirements are met. See FDIC-Prepaid Cards and Deposit Insurance Coverage. See revolut.com/en-us/ for more details.