Chase Versus a Money Transfer SpecialistĬontrast this with Paysend, a money transfer specialist that was the found as the cheapest service for this transfer of Monito’s comparison engine at the time of writing. After paying the $27.75 in total fees (derived from the $5 transfer fee and a standard 5% exchange rate margin fee), your friend would receive C$608.81 at the time of writing. Suppose we send an average sized wire of $500 USD to a friend in Canada and have that transfer converted to Canadian dollars. When we take both the hidden USD to CAD exchange rate margin fee, and Chase Bank’s fixed fees into account, international wires quickly become very expensive. How Expensive Is Chase Bank for Wire Transfers? 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 foreign exchange rates we use are determined by us in our sole discretion. Looking at the fine print of their international wire transfer terms, we read the following: You can be confident that Chase Bank is no exception to these rates. If you are a customer, make sure to compare their rate with the mid-market rate (which you can find on Google or XE.com) before you complete your transaction.ĭespite this lack of transparency, we have found that the average American bank will charge an exchange rate margin of anywhere between 4% to 7%. Unfortunately, Chase Bank does not publicly disclose its exchange rate schedule to the public. Chase Bank International Wire Transfer Exchange Rates This is largely why Chase Bank is able to charge $0 to $5 fees on transfers denominated in foreign currency - they are able to profit by pocketing the margin between the real rate and their weaker rate. Instead, the bank will use an exchange rate that is weaker than the mid-market rate, and they will keep the difference for themselves.
Incoming wire transfer fee full#
When converting your USD into foreign currency, Chase Bank will not apply the true mid-market rate to realize the full value of your dollars. In addition to the fixed fees detailed above, Chase Bank will also charge a hidden fee known as an exchange rate margin every time you send money abroad with them. Zero fee if the wire transfer is initiated by yourself on or Chase Mobile to a foreign bank account in foreign currency and is at least $5,000 USD.A $5 fee per international wire transfer if initiated by yourself on or Chase Mobile to a foreign bank account in foreign currency.A $40 fee per international wire transfer if initiated by yourself on or Chase Mobile to a foreign bank account in USD.A $50 fee per international wire transfer if initiated by a banker at your local Chase bank branch (to a foreign bank account in either USD or foreign currency).You will be charged one of the following fixed fees depending on the Chase Bank service you choose:
Unlike ACH transfers (which are domestic), wire transfers use the international SWIFT network to get your money to its destination abroad. To send money abroad with Chase Bank, you will need to do so using a wire transfer. St.What Are Chase Bank’s International Wire Transfer Fees?.Commercial Certificate of Deposit (CDs).Build/Construction Loans and Land Financing.Be aware that such an item or transaction may be presented multiple times and we do not monitor or control the number of times a transaction is presented for payment and may charge you a Returned Item fee or Overdraft fee (as applicable) each time a payment is presented if the funds available in your account are not sufficient to cover the payment. * Returned Item Fees: If an item drafted by you (such as a check), or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount more than the amount of funds available in your account, and we decide not to pay the item or transaction, you agree that we can charge you a Returned Item fee for returning the payment. Levy, garnishment & other legal process (min.) Inactivity fee (accounts with < $100 balance and no activity of 120 days) SERVICE FEESĪccount early closing (within 120 days of opening)ĪTM cash withdrawal (non-Union Bank/non-Allpoint ATM)īill Pay- transactions in excess of 25 per monthĮxcess transaction fee (on savings and money market accounts exceeding 6 per statement cycle) Please contact our Customer Care Center if you have any questions or need further information. The following list outlines our current charges for various financial services. Home » Personal » Convenience Services » Service Fees Service Fees
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