Chase International Wire Transfer Fees?

Reviews
1

Hello everyone,

I am planning to make an international wire transfer and I am thinking about using Chase Bank. I am looking to get a clear picture of their fee structure for these transfers.

  • Has anyone here sent money abroad using Chase?
  • What fees does Chase charge for international wire transfers?
  • Are there any hidden or extra costs I should know about?
  • How does Chase’s service compare to other banks or transfer services for international transactions?
2

Chase charges ~$40 per transfer. Check their website for details. Compare with services like Wise or PayPal.

3

Chase Bank International Wire Transfer Fees:

Outgoing International Wire Transfers:

  • Foreign Currency: $5 fee for transfers under $5,000 USD; free for transfers of $5,000 USD or more.
  • US Dollars: $40 fee (or $50 with banker assistance).

Incoming International Wire Transfers:

  • $15 fee (free if coming from another Chase account).

Note: Fees are subject to change. Always verify current rates with Chase before initiating a transfer.

Hidden Costs and Considerations:

  • Exchange Rates: Chase uses its own exchange rate, which might be less favorable than the mid-market rate. Consider using a dedicated foreign exchange service for better rates.
  • Intermediate Bank Fees: Some international transfers might involve intermediary banks, which could charge additional fees.
  • Recipient Bank Fees: The receiving bank might also impose a fee for incoming wire transfers.

Alternatives to Chase: While Chase offers competitive rates for larger transfers, other options might be more suitable depending on the amount, frequency, and specific needs:

  • Wise (formerly TransferWise): Often offers better exchange rates and lower fees, especially for smaller transfers.
  • Other Online Money Transfer Services: Explore options like Remitly, WorldRemit, or Xoom for potential cost savings.
4

When I recently made an international wire transfer with Chase, I found their fee structure to be quite straightforward but not the cheapest. Chase charges around $40 for outgoing international wire transfers and may also have additional fees for currency conversion or intermediary banks. There might be hidden costs if the recipient’s bank charges extra fees. In comparison to other banks and transfer services, Chase is often on the higher end of the fee spectrum, especially when compared to online services like Wise or Revolut, which offer lower fees and better exchange rates. It’s worth comparing these options to get the best deal for your transfer.