Charges for currency exchange at Chase Bank

Chase Bank is a reputed bank in the United States, which has branches in over 100 countries. It has more than 5000 branches and around 16000 ATMs. So, it is very obvious that people having an account in Chase Bank have accessibility to exchange their currency in foreign land very easily. But these exchange transactions charge a certain amount. This amount is 3% of every transaction one makes, which isn’t U.S. dollars. This is likely a very high fee, but it can be availed easily in any of the Chase Bank’s ATMs without visiting the office of foreign currency exchange whenever you need cash. 

Chase International ATM fees

If you have an account in Chase Bank and want to withdraw some currency in some other nation in their denominations, then you have to pay a certain amount as transaction fees. Any ATM transaction with Chase’s total checking accounts will charge a certain amount in foreign currency. Basically, Chase charges $5 per transaction for any foreign ATM fee. For any International ATM inquiries and money transfers, they charge an amount of $2.50 per transaction. It also charges ATM operators fees, depending on how often the foreign ATM is used. This is 3% of every transaction which is made while exchanging currency. 

Overseas Transfer fees

If one wants to send some money to his/ her relative or family living in a different country that is not in the United States, they can use Chase Bank’s international wire transfer mode for such transactions. Although, these transactions will lead to some fees. If the outgoing international wire transfer is sent using an online medium, then the transfer fee is $40. If an outgoing international wire transfer is sent directly to the in-branch, the transfer fee is $50. The additional benefit is that if the amount is more than $5000 to a bank outside the U.S., then there are no charges as a wire fee and less than $5000 results in charges of $5 as a wire fee. If there is an incoming international wire transfer, then a fee of $15 is applied per transfer. This fee can be turned to $0 by just transferring using chase.com or Chase Mobile apps.

Advantages 

A few of the advantages of using Chase Bank for currency exchange are:

The best benefit of using Chase Bank is it is a trusted bank that is one of the largest and most well-known banks in the United States. So, this bank is reliable and safe for the banking process. They provide cash exchange as well as direct bank exchange for different currencies in a wide range of places. Even international wire transfers are securely transferred directly to the recipient’s bank account. If you are a Chase Bank account holder, such exchanges or international money transfers are a seamless process. These can be completed within minutes without any hassle.   

Disadvantages

Although the bank has multiple benefits, there are some troubling factors that add to its disadvantages. Some of these inconveniences are as follows:

The exchange rates are equivalent to the mid-market rates if there is a money transfer operator. This is a direct method of sending money directly to anyone’s account abroad, but the issue is that they charge fees that are high. If it is an online transfer to an international account, it charges very high transfer fees compared to any specialist money transfer operator. The charges are sometimes so high that it is a complete loss of the extra amount which is paid while exchanging. The issue lies with Dynamic currency conversion as if you wish to pay any shopkeeper in that foreign country using U. S. currency through a debit or credit card. The whole discretion of conversion lies with the ATM Company or the seller. As a result, it may cost you some extra dollars.   

Conclusion

Chase bank is a recognized international bank that is spread over more than 100 countries and has branches with more than 5000. It’s a convenience for travelers to foreign countries to have a Chase Bank’s ATM card as it becomes handy for exchanging currency easily in other countries by simply using Chase Bank’s ATM. They charge 3% per transaction for exchanging the currency. They also charge fees according to the frequency of the usage of the ATM. Chase Bank has a lot of pros and cons when handling any exchange of currencies.