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Chase Bank: Foreign International Wire Transfer, International Credit Cards, and ATM Fees explained

Apr 8, 2019
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Travelling or sending money abroad? Discover Chase's fees for international wire transfers and for using your credit or debit card abroad (incl. ATM fees). You'll learn how to save money and how to make smarter decisions about currency exchange.

Chase international wire transfer - all you need to know

Chase offers comprehensive international wire transfer services between your account and beneficiaires around the world. You can make transfers via your Chase online banking service, the Chase app, by calling their customer service center or by visiting a branch. Unfortunately, Chase wire transfer fees are very high and you will get very poor exchange rates, which means it’s always worth using a specialist money transfer provider.

What are Chase’s international wire fees and exchange rates?

Chase charges different amounts for international wire transfers, depending on how you’re transferring money and the currency that you use.

International wire transfers through the Chase.com website

You can make transfers directly through the Chase.com website after logging into your Chase account. The standard fees are:

  • Making a Chase international wire transfer in US dollars: $40
  • Making a Chase international wire transfer in a different currency: $45

Notes:

  • There is a limit of $100,000 a day on international wire transfers made on Chase.com
  • You will need a user ID and password to make a transfer
  • You can submit wire transfers 24 hours a day, seven days a week, but they will only be processed during normal business hours
  • The same-day service cut off time is 4 PM EST

International wire transfers through calling Chase

You can telephone Chase and make transfers over the phone. The standard fees are:

  • Making a Chase international wire transfer in US dollars: $50
  • Making a Chase international wire transfer in a different currency: $50

Notes:

  • You can transfer as much as is in your current available balance
  • You will need a user ID and PIN to make a transfer
  • You can submit wire transfers between 8:30 AM and 5:00 PM EST
  • The same-day service cut off time is 5 PM EST

International wire transfers through visiting a Chase branch

You can visit a branch and make a transfer in person. The standard fees are:

  • Making a Chase international wire transfer in US dollars: $50
  • Making a Chase international wire transfer in a different currency: $50

Notes:

  • You can transfer as much as is in your current available balance
  • You will need a Personal Primary ID to make a transfer
  • You can submit wire transfers during normal branch hours
  • The same-day service cut off time is 4 PM, EST

Repeating, regular international wire transfers are only available for Chase business account customers. You cannot schedule repeating transfers from a Chase personal account. Chase also charges a $15 fee for incoming transfers to your Chase bank account.

Chase international currency exchange rates

Unfortunately, Chase do not list any international currency exchange rates on their website. It’s likely that you need to be an account holder ready to make an international wire transfer to understand what their fees are likely to be. However, various reviews and analyses have shown that exchange rates offered by Chase may be up to five percent worse than the base exchange rate, in addition to their high wire transfer fees.

Here’s what Chase says on their website: “The foreign exchange rates we use are determined by us in our sole discretion. The exchange rate we use will include a spread and may include commissions or other costs that we, our affiliates, or our vendors may charge in providing foreign currency exchange to you. The exchange rate may vary among customers depending on your relationship, products with us or the type of transaction being conducted, the dollar amount, type of currency, and the date and the time of the exchange. You should expect that these rates will be less favorable than rates quoted online or in publications.”

According to a study by TransferWise in 2017, Chase’s markup on exchange rates for a $1,000 to EUR transfer was 2.87% or $28.67. The total cost for a USD 1,000 to EUR transfer with Chase was therefore $45 foreign currency wire fee + $28.7 currency exchange rate margin = $73.7 total fees. That’s 7.4% of the amount wired!

This is why we don’t recommend to wiring money internationally with Chase. If you’re looking for the cheapest way to send money abroad, compare all providers with Monito and find cheaper alternatives.

Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.

How long does a Chase international wire take to arrive at the recipient bank?

When you send money, Chase will tell you how soon the beneficiary should get the funds. Chase estimates that it takes between three and five business days for an international wire transfer to reach the beneficiary.

If you submit an international wire transfer with Chase during their normal business hours and before the cutoff time, they will start processing it that day, otherwise it will wait until the next business day. Before they send a wire it goes through an internal review, and may also be verified by the receiving bank.

If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.

How to make a Chase international wire transfer

Here’s what you need to do to send money through an international wire transfer with Chase.

Step 1 - You will need a bank account with Chase to make a transfer.

Step 2 - You should gather details from the beneficiary, including:

  • Their name and address.
  • Their mailing address.
  • Their bank routing number (known as a SWIFT code, a BIC or an IBAN)
  • Their bank account number.
  • Their bank’s mailing address.
  • You can also include messages to the beneficiary and the beneficiary’s bank.

If you don’t know the SWIFT, BIC or IBAN for the beneficiary, contact their bank.

Step 3 - You can initiate a transfer through your online banking service, by calling Chase or through visiting a branch.

Step 4 - You fund your transfer from the account balance and Chase processes the exchange.

What is Chase’s SWIFT Code?

If someone needs to send you money from abroad, they’ll need a SWIFT Code for Chase. If you’re receiving an international wire, the Chase SWIFT code is CHASUS33.

Which Chase address should someone use when sending me money from abroad?

SWIFT/BIC Code for Chase Bank: CHASUS33

Bank address, city and state: Chase Bank, 270 Park Avenue, New York, NY 10017, USA

What is Chase’s IBAN?

Chase does not have an IBAN, as the United States does not participate in the International Bank Account Number system. They do not use an IBAN to receive incoming international payments.

What Monito Likes About Chase Bank

  • If you’re a Chase customer, you can send money internationally simply from online banking, in a branch or over the phone
  • Chase also provides a mobile app that can make international wire transfers
  • They offer international transfers in local currencies to over 90 countries
  • You can submit transfer requests anytime

What Monito Dislikes About Chase Bank

  • Chase international wire transfer fees are extremely high
  • Chase exchange rates are consistently worse than you can get from dedicated money transfer providers
  • Personal account holders cannot create repeating wire transfers
  • Hidden fees in the currency exchange rate margin
  • No visibility on the exchange rate applied to your transfer beforehand
  • You can only send money to a bank account
  • It takes up to five business days to send a transfer

Find the cheapest way to send money abroad

Using your Chase credit card abroad

In general, the foreign fees applied for using your Chase credit card abroad will depend on your credit card. You can compare the options on Chase’s website or learn about innovative multi-currency cards and travel money options here. Chase do provide a number of credit cards that do not charge a foreign transaction fee.

If you are charged a foreign transaction fee for using a card, it will typically be around three percent of the total value of the transaction. Note that you may pay hidden fees due to poorer exchange rates when converting back to your normal currency.

What are the fees for using Chase credit or debit cards at an ATM abroad?

Withdrawing cash from an ATM abroad using a Chase card is normally subject to a minimum $5 fee then three percent of the amount of money withdrawn.

What do you need to know when withdrawing money at an ATM or paying abroad with a card?

The ATM or Point of Sale device will often ask you if you want to use your card’s currency (USD if you’re banking with Chase) or the local currency (let’s say Euros if you’re in Berlin).

💡 Tip
You always want to pay in the local currency! If you pay in your home currency (USD), you’re getting a dynamic currency conversion (DCC) which is often a very bad rate (we’ve seen 5-18% currency exchange margin).

What are the fees for paying in foreign currencies online or at a shop with Chase credit or debit cards?

Paying with a Chase card abroad may incur a three percent foreign transaction fee, depending on the card you use. With some credit cards, the foreign currency fee  is waived. The VISA or Mastercard exchange rate will apply to your transaction.

Save money now and find the cheapest way to send money abroad

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