Chase Bank vs. Wise - A complete comparison

In need of a new account? You have a huge number of options to choose from, including accounts from high street and digital banks, money apps and other financial services providers.

Two providers you’re likely to come across are Chase and Wise. Chase is a UK digital bank, while Wise is an electronic money institution specialising in international transactions. Both have free online accounts, but how do they compare? And which is the right choice for you?

In this guide, we’ll compare Chase Bank and Wise on all the things that matter. This includes account features, fees, security and how both work internationally - whether you want to send money abroad or use your card overseas.

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After reading this, you should be all clued up on both providers, and able to choose the right fit for your needs.

So, let’s get straight into it.

Chase Bank vs. Wise - an overview

Before we start comparing account features and fees, it’s useful to know a little background info on each provider.

Chase UK is owned by J.P. Morgan, the US banking giant. It’s the digital arm of the bank’s operations, and already has millions of personal customers over in the US. It launched in the UK in September 2021 and is a fully licensed bank regulated by the Financial Conduct Authority (FCA).

Chase offers just a couple of services for personal customers - current and savings accounts. These are managed wholly through the Chase mobile banking app.

Now we come to Wise. It’s not a bank, but a money service business. Founded in the UK in 2010 as Wise, it’s a financial technology company specialising in international money transfers, and also has a multi-currency account. All services and accounts are accessed online or through the Wise mobile app.

Wise has products for both personal and business customers. It’s also regulated by the FCA in the UK.

Neither Chase or Wise have physical branches or locations, as they’re fully digital financial solutions.

Chase Bank vs. Wise - accounts

So, what account types are on offer at Chase Bank and Wise, and what can you do with them?

Both providers have a pretty straightforward offer, with just one everyday account each. The upside of this is that it can make it easier to choose, as you’re not overwhelmed with different plans, prices and packages.

Account types

Chase has one current account and one savings account, while Wise has its multi-currency account. This is an electronic money account, not a bank account.

Account features

The Chase current account offers the following features:¹

• 1% cashback on everyday debit card spending for a year, up to a maximum of £15 a month
• Interest of 1% AER (variable) on your current account balance
• 5% interest boost on ‘round up’ savings
• The option to open the linked easy-access savings account paying 3.8% AER variable interest
• 24/7 customer support via phone or secure message
• No fees for using your Chase debit card abroad.

The Wise account is a little different, although offers a few of the same features as a bank account. Here’s what you can do with it:

• Hold and convert between balances in 40+ currencies, all managed online or through the Wise app
• Send fast, secure international payments to 160+ countries
• Receive money for free in 8+ major currencies with local account details for each
• Get mid-market exchange rates on all currency conversions
• Spend in 150+ countries with the Wise debit card (available for a small extra cost), with no foreign transaction fees*

Wise also gives you something back - simply turn on Wise Interest and you can invest your money and earn a return on your GBP balance. Your money is invested in an interest-earning fund that holds assets guaranteed by the government.

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Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 14 Dec 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Cards

There’s a debit card available with both the Chase and Wise accounts.

With Chase, you’ll get a numberless debit card. It purposefully features no numbers or information for security purposes, with all the details stored safely in the app.

The Chase card is issued automatically when you open an account. It’ll be posted out to you once the account is up and running. There are no initial or monthly fees connected to the Chase card.

You can use it both in the UK and overseas, wherever Visa and Mastercard payments are accepted. The card can also be added to mobile wallets such as Google Pay and Apple Pay. This makes it easy to make contactless payments using just your phone, without the need to take your physical debit card out with you.

The Wise card is available for a one-time fee of just £7, and you can get it once you open a free Wise account. It can also be used in the UK and worldwide, with no foreign transaction fees. It automatically converts currency using mid-market exchange rates, while other cards tend to use Visa or Mastercard rates.

You can also get virtual debit cards with Wise, along with adding your card to mobile wallets.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Eligibility and how to open an account

To sign up with Chase, you’ll just need to be a UK resident aged 18 or over.¹ You can open your account through the Chase mobile app.

To get the Wise account, you just need to be aged 18 or over and live in the UK or a county where Wise operates. You can apply online or through the Wise app.

For both providers, you’ll need to provide some form of ID when you sign up.

Wise may request additional documents to verify a customer's identity

Chase Bank vs. Wise - fees

Now we come to the important part - how much does it cost to bank with Chase and Wise, and which is cheaper?

To compare the two properly, we’ve put together a handy table of all the relevant fees and charges you need to know about:

	Chase fees	Wise fees
Opening an account	Free	Free
Monthly maintenance fees	Free	Free
Getting a debit card	Free	£7 one-off cost
Sending international payments	Not available²	From 0.43% (varies by currency)
Receiving international payments	Not available²	Available - Free in 9 currencies, fee for recieving US wires.
Overseas debit card purchases	No foreign transaction fees	No foreign transaction fees
Overseas debit card withdrawals	Free (ATM operators may charge their own fee)	Free up to £100 a month 1.75% + 0.50 afterwards (ATM operators may charge their own fee)

While it’s great that Chase doesn’t have any fees, the table above does flag up a crucial limitation of the Chase account. You can’t use it for sending or receiving international payments. This could be a deal breaker if you really need this service.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Chase Bank vs. Wise - international money transfer

Here, we’ll look at one of the main differences between Wise and Chase Bank - international transfers.

Chase doesn’t offer a service to send money overseas, or receive it either. This means you can only use your Chase account within the UK, with the exception of its debit card which works abroad.

Most banks offer the option to make international transfers, although there are usually high fees attached.

Wise, meanwhile, is all about moving money across borders. It was set up to make international payments easier and cheaper.

When you have a Wise account, you can send money worldwide for low, transparent fees starting from just 0.43%. This is much lower than many banks. You can set up payments online or in the Wise app in just a few quick steps, and you’ll see exactly what you’ll be paying upfront. You can even check the cost and exchange rate in advance using this handy tool here.

Best of all, Wise uses mid-market exchange rates when converting currency. This is the rate that banks use when buying and selling currency with each other, and it’s known as one of the fairest you can get. It doesn’t have a margin or mark-up added to it, which is often how banks and other transfer providers make their money.

The Wise rate applies to everything from sending money and converting currency to using your Wise card to spend or withdraw cash overseas.

Using your debit card overseas - are there any limits?

Both Chase and Wise let you use your debit card overseas, for spending and cash withdrawals.

But are there any strings attached? Here’s an overview of fees and limits for international or foreign currency card transactions for both providers.

	Chase limits³	Wise limits⁴
Overseas cash withdrawals	£500 a day Max. £1,500 a month	Max £1,500 a day No fees for first £100 a month
Overseas card purchases	Not provided - check in app	Max. £10,000 a day
Contactless card payments	Max. £100 per transaction	Max. £500 per transaction

Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.

Chase Bank vs. Wise - security

Lastly but just as importantly, it’s time to think about security. How safe is your money, account and data when you use Chase Bank or Wise?

Let’s take a look at a few of the security features and other safety considerations you need to bear in mind for each provider.

Chase security features and technology

Chase uses sophisticated security measures to protect your account and personal data. This includes:⁵

• Multiple authentication checks - this safeguards access to your account, whether accessed through online or mobile banking.
• Monitoring of suspicious activity - Chase has a dedicated security team who monitor your Chase account and transactions in order to detect fraud as early as possible.
• Numberless debit card - Chase debit cards don’t feature any numbers, as these are all stored securely in the app so that only you can see them.
• Encryption technology - the bank uses 128-bit encryption technology to protect your personal account information when using the Chase app or website.

Chase is also FCA regulated, and offers protection of up to £85,000 per person as part of the Financial Services Compensation Scheme (FSCS).

Wise security features and technology

Now, what about Wise? You’ll be pleased to know that Wise is a safe and trusted provider of account, money and international transfer services.

It does this through holding your money separate from its own finances, and only with trusted commercial banks along with investments in government bonds. Read more about how safeguarding works here.

Wise also uses advanced security technology and processes to keep your money safe. This includes the following:

• Real-time notifications for card spending
• Two-factor authentication to protect your account and transactions
  Regular vulnerability scans and other security scans carried out by independent auditors
• Strong data protection policies
• Industry standard HTTPS encryption to protect transactions and communications.

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So which is better - Chase or Wise?

Ultimately, it all depends what you’re looking for. Chase is a great, fee-free option for everyday banking in the UK, and it’s great that you can use your Chase debit card without charges when you go on holiday. Chase also pays you interest, in both the current account and linked saver account.

But if you want or need the option to make international transactions, Wise could be a better option.

It’s ideal for people who travel a lot, study abroad, have a business in another country or have family spread across the world. Wise allows you to send and receive money in 40+ currencies with ease. And all while giving you a debit card for spending, and interest on your GBP, EUR and USD balances.

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Both providers are fully digital, so are perfect for people who bank online or using their smartphone. But if you prefer to bank face-to-face in a local branch, you may be better looking elsewhere.

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Sources used:

1. Chase - Chase Account
2. Chase - Fees and charges
3. Chase - Travel with Chase
4. Wise - Help - What are my spending limits?
5. Chase - How we protect you

Sources last checked on date: 02-Aug-2023

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.