Should you close your foreign bank account?
Considering closing your foreign bank account? Discover the tax implications, benefits, and steps involved in making this decision. Learn more here.
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.
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.
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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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.
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 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 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 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.
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.
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:
💡 Looking for an international business account? Get paid like a local, pay suppliers and employees with ease, and hold over 40 currencies with Wise Business.
Some key features of Wise Business include: |
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Discover the difference between
Wise Business vs Personal
All sources checked on 13-Jul-2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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