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A guide to Chase Bank multi currency accounts
Do you live or work abroad, or simply travel regularly? If so, a multi-currency account could be the ideal solution.
Chase doesn’t offer foreign currency accounts, but don’t worry. There are lots of other options out there, including the Wise account. From one low-cost online account, you can send and manage 50+ currencies at once and receive up to 10.
But first, let’s take a look at Chase Bank international services, along with everything else you need to know about multi-currency accounts.
Does Chase bank offer multi-currency accounts?
Unfortunately, Chase foreign currency accounts aren’t available for personal customers. Chase international banking services are reserved for commercial banking customers¹.
This means that checking accounts must be denominated in US dollars (USD) only. However, you can still wire money abroad using your Chase account.
Can I get foreign currency at Chase Bank?
Looking for the answer to questions like ‘Can I get pesos at Chase Bank?’
If so, the simple answer is that you’ll need to check at your local Chase branch. Some branches, such as those located at airports, may offer currency exchange.
Another option is to use your Chase debit card abroad, although there will be foreign transaction fees to pay – 3% of the withdrawal amount after the conversion to USD.².
Chase also offers a couple of travel and rewards cards, including the Chase Sapphire and Chase Freedom cards.
| 💡 You could save money with other providers, such as Wise. When you open a multi-currency account, you can get an international debit card for spending in 174 countries. There are no foreign transaction fees, only a small fee⁷ for converting currency at the mid-market rate when you spend. |
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Can I open a foreign currency account in the US?
You can open a foreign currency account in the US, but you may find that not a lot of banks actually offer them - as we’ve seen already in case of Chase Bank.
But we’ll look at those that do next.
Which US banks offer multi currency accounts?
You may not be able to open a multi-currency account at Chase, but there are other options. If you have your heart set on a multi-currency account with a traditional bank, here’s a quick look at what’s available:
HSBC
HSBC offers a Global Money Account in a choice of 8 major currencies, including AUD, EUR, CAD and GBP. You can manage the account via the HSBC Mobile Banking app³.
Citibank
Citibank has a Citigold International Multi Currency Account, part of its wealth management solutions. You’ll need to maintain a minimum balance of $200,000 or currency equivalent to have this account. In return, you’ll get to manage your money in up to 16 major currencies⁴.
TIAA Bank
TIAA Bank offers a range of foreign currency accounts aimed at investors, including an Access Account and CD account. There are a good range of major currencies to choose from, including AUD, GBP and CAD. You’ll need to make a minimum deposit of $2,500 ($10,000 for a CD account)⁵.
East West Bank
Lastly, there’s East West Bank with its Foreign Currency Demand Account. The currencies offered include AUD, EUR, GBP, CAD and CNY. There’s no minimum balance (although you may have to pay a monthly fee) and you can make same-day internal transfers⁶.
Which is the best multi currency account?
The right multi-currency account for you all depends on your needs. You should check things like which currencies are available, and whether there are any minimum deposit requirements. Some foreign currency accounts are aimed at investors, while others are for business and corporate customers.
And lastly, of course, you’ll need to take a close look at the fees involved in holding a multi-currency account. Are there any monthly fees, charges for transfers or currency conversion, or limits on the account? These are all things to check, along with things like fees for closing an account.
While you’re comparing multi-currency accounts, remember that banks aren’t the only option out there. Make sure you also consider solutions like the Wise account, which is fast and free to open online.
Open a Wise account for free, and you can send, convert and hold 50+ currencies at once. It also offers:
- Low-cost money transfers, using the mid-market rate plus a small fee⁷
- Local bank details to get paid in 10 different currencies
- Multi-currency direct debits
- For a fee, order the Wise international debit card, for low-cost spending in 174 countries.
| Looking for an international business account? Get paid like a local, pay suppliers and employees with ease, and hold over 50 currencies with Wise Business. | |
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| Discover Wise Business today |
Sources used:
- https://www.chase.com/business/banking/checking
- https://www.chase.com/content/dam/chasecom/en/checking/documents/clear_simple_guide_total.pdf
- https://www.us.hsbc.com/checking-accounts/products/global-money/
- https://www.ipb.citibank.co.uk/citigold/wealth-management/multi-currency-account/
- https://www.tiaabank.com/investing/foreign-currencies
- https://www.eastwestbank.com/en/international-banking/personal-fx-accounts
- Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up to date pricing and fee information.
All sources checked on 13-Jul-2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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