Chase Bank Foreign Currency Exchange and Better Alternatives

J.P. Morgan Chase Bank 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. 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.

In this guide, we will show you cheaper, faster, and virtual debit cards like Chime for travel, cash exchange, international money transfers, and business payments. Compare provider exchange rates with our live comparison engine 👈

Foreign Currency For Travel in 2023

If you are a retail customer who wants to hold foreign cash for your travels, then we highly recommend you avoid using Chase Bank currency exchange services. Large American banks and credit unions like Chase 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. Chase charges $5 if under $5,000 and waives fees if the transfer is over $5,000.
• 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. Chase Bank does not transparently publish their exchange rates, but will exchange your currency at a weaker rate (averaging between 4-7%) and pocket the difference.

Hands down, the best way to get foreign currency is with a travel debit card charging no foreign transaction fees¹ offered by a finance app like Chime®. Digitally accessible via a smartphone app, Chime uses VISA's exchange rate, which you can track here — it usually hovers around 0.7% weaker than the mid-market rate on average. Chime has over 60,000 in-network ATMs that are free of withdrawal fees. If you withdraw from an out-of-network ATM, you'll pay a $2.50 cash withdrawal fee.

Chime offers debit cards to customers for free when they sign up. Your card should be shipped to you for free within 8 business days. If you need foreign currency for travel, plan this ahead of your trip if possible:

1. Link your bank account details to the Chime account;
2. Top up money into the account online or by mobile app;
3. Use the debit card at a local ATM on your travels;
4. Make sure to opt in to pay in the local currency (i.e. EUR in the EU);
5. Exchange at Visa's near mid-market exchange rate;
6. Avoid foreign card transaction fees with Chime;
7. Get your local cash from the ATM.

Monito 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:
   We recommend using debit cards at ATMs abroad because the exchange rate used by MasterCard, Visa, and others will be stronger than Chase 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 the Revolut Multi-Currency Debit Card.
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 Chase Bank foreign currency exchange to send money abroad via international wire transfers. If you have an account with Chase, then you can go to your local banker to enact a wire transfer. Learn more about Chase fees based on the Chase checking account you have.

Chase Bank Exchange Rate

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

1. Bank fee: $5 if transfer is under $5,000 and waives fees if over $5,000;
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 Chase Bank currency exchange online, which is why we recommend them without reservation. The ones we list below are excellent options for online payments abroad or sending remittances to family members overseas.

On Monito's comparison engine from June 2022 to June 2023, 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, we recommend using Monito's comparison engine to find the cheapest exchange rates in real-time:

Business Payments

Big American banks, like Chase 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 Chase Bank representative directly to get a quote for Chase's FX solutions and wealth management services.

For other business owners, Chase 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 Chase Bank

All the neobanks we review on Monito are fully regulated and manage segregated bank accounts with licensed partner banks. Read our 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
5. Starling Bank — Best Business Bank in the UK

Disclaimers

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. The average national savings account interest rate of 0.21% is determined by FDIC as of November 17, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.