Sending money across borders can be a headache. That’s especially true if you’re relying on traditional banks like Chase, which tend to have their own set of hidden fees. This post is about what you can expect when sending an international wire transfer with Chase, and how it compares to using cryptocurrency.
Chase's International Payment Options
Chase offers a few ways to send money internationally. You can wire money directly from your Chase account, or use your Chase debit/credit card to make purchases or withdraw cash.
How to Send Money Internationally with Chase
Sending an international wire transfer with Chase is generally straightforward, but beware of the fees and time it can take. You’ll need to log into your Chase account, fill in the recipient's details, and select the currency you want to send. After that, you’ll verify the details and process the transfer.
Chase International Payment Fees
Here’s where things can get tricky. Chase charges a variety of fees, such as:
- $40 for online USD international wire transfers
- $5 for online FX international wires (which is waived if you’re sending $5,000 or more)
- $50 for banker-assisted international wires
In addition, you’ll pay 3% of the transaction amount if you’re using a debit or credit card. Even ATM withdrawals can cost you $5 plus 3% of the withdrawal amount.
Tips to Avoid Wire Transfer Fees
If you’re trying to avoid wire transfer fees, you can do a few things:
- Use online services whenever possible
- Use a Chase card that doesn’t charge foreign transaction fees
- Try to consolidate your payments to hit the $5,000 threshold
Cryptocurrency as an Alternative
Using cryptocurrency can be an attractive alternative. The transaction fees for sending crypto are typically a fraction of what bank wires cost. For example, the average fee to send Bitcoin is around $1.836. Other coins can have fees as low as 0.1-0.5% without gas fees. Compare that to Chase’s wire fees, which can quickly add up.
Speed Matters
A major plus for crypto is speed. Transactions can take seconds to process, while a Chase wire transfer can take up to 5 business days. Without intermediaries, blockchain technology allows for faster transactions.
Transparency is Key
Blockchain also provides transparent and secure transactions. You get a clear record of your transaction, which is often not the case with banks, where hidden fees can be a nasty surprise.
The Bottom Line
Chase’s international payments have their perks, like familiarity and some custom pricing options for larger businesses. But the cons—high fees, slow processing, and less favorable exchange rates—are hard to ignore.
Cryptocurrency, on the other hand, offers lower fees, faster transactions, and greater security. It does come with its own hurdles, though, like price volatility and regulatory issues.
In the end, it’s about weighing your options and finding what works best for your needs.
