Using Chase Bank for international wire transfers can get pricey real fast. You might think you're getting a good deal, but there are hidden costs lurking around. So, it’s worth taking a closer look at what you might actually be paying for.
Chase Fees Breakdown
Chase has a few different fees depending on how you’re sending money and where it’s going. Generally, if you’re using a banker’s help, it’ll run you $50 per transfer. If you're sending online, it can be as low as $5, but this could change based on whether you’re sending in USD or a foreign currency.
But wait, there's more! Intermediary banks come into the picture, and they don’t do it for free. Expect to shell out an extra $15-$30 for them, and if there are multiple banks in the chain, you could be in for a nasty surprise.
Hidden Charges & Other Factors
You also need to think about who pays those intermediary bank fees. You can choose to cover them yourself (OUR), share them (SHA), or let the receiver cover them (BEN). If you choose OUR, prepare for a few more bucks to be added to your tab.
On top of everything, Chase sets their own exchange rates at their discretion. So if you’re trading in foreign currency, it might not be the best deal.
Processing Times
Expect domestic wire transfers to take 1-2 days, while international ones could stretch to 5 days.
Other Options to Consider
Chase isn’t the only game in town. There are specialized international money transfer services out there that might be worth checking out. Plus, if you’re using crypto-based solutions, you’re likely looking at free to very low fees and instant processing.
Summary
In short, if you’re using Chase for international money transfers, be ready for some hidden costs and charges. It might be worth your time to look at other options that could save you some cash.
