Whether you are an American expat or simply need to send money abroad, wiring money internationally is a fast way to move funds in order to pay bills or send money to friends and family.
If you’re not familiar with the process, here’s a simple guide for how to wire money with Chase bank.
And remember, Wise is a great alternative to your bank as a payment option that makes it easier and cheaper to send your money internationally.
When wiring money online with Chase you must first log into your online account. If you are not a Chase customer, you can enroll in wire transfers using the link available on their banking website.
After successfully logging into Chase you may have to verify your identity, especially if this is the first time sending a domestic or international wire transfer. This means you’ll need to request an Activation Code from Chase before proceeding, but it should only take a few minutes to validate.
Once your identity has been confirmed you can simply navigate to the Pay and Transfer tab within your Chase online account. The Wire money link is one of the dropdown options. You then proceed with securely wiring money online.
The first step involves entering the name and information of the wire recipient. Click on Add a wire recipient to get started. You’ll need the recipient’s full name, physical address, country and a nickname (in the event you want to wire money to them in the future). You can also provide a custom message to the recipient.
For this step you’ll need to know the recipient’s bank routing number (ABA) for wiring money domestically, or their International Bank Account Number (IBAN) for an international wire transfer. If you do not know this information you can use the ABA/SWIFT Lookup Guide provided through Chase.
If you are sending a wire transfer to an account held in Chase, you can find the Chase routing number here.
Once you’ve entered all of the recipient’s wire transfer information it will be displayed on the next page for you to verify. You’ll then be prompted to fill in additional information regarding the the receiving bank’s mailing address and bank account number. You can also leave a custom message directly to the bank.
This is the step where you need to make sure all of the numbers and details are correct. If you need to make changes, Chase Bank has a “Change” button so you can go back and correct any details. Now you’re ready to process the international wire transfer.
How much does it cost to wire money internationally with Chase? This is an important question to ask before choosing to send money abroad using Chase. Here is a list of the domestic and international wire transfer fees you can expect to pay.
|Type of Wire Transfer||Fees|
|International Incoming Wire: A wire transfer is deposited into your account||$15 per transfer OR $0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile|
|Consumer USD/FX International Wire: A banker helps you send a wire to a bank outside the U.S. in either U.S. dollars (USD) or foreign currency (FX)||$50 per transfer|
|Consumer Online USD International Wire: You use chase.com or Chase Mobile to send a wire from your checking account to a bank account outside the U.S. in U.S. dollars (USD)||$40 per transfer|
|Consumer Online FX International Wire: You use chase.com or Chase Mobile to send a wire from your checking account to a bank account outside the U.S. in foreign currency (FX)||$5 per transfer OR $0 per transfer if the amount is equal to $5,000 USD or more|
|Type of Wire Transfer||Fees|
|Domestic Incoming Wire: A wire transfer is deposited into your account||$15 per transfer OR $0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile|
|Domestic Wire: A banker helps you send a wire to a bank account within the U.S.||$35 per transfer|
|Online Domestic Wire: You use chase.com or Chase Mobile to send a wire from your checking account to a bank account within the U.S.||$25 per transfer|
Chase Bank offers "fee-free" international transfers over $5,000, but keep in mind that in these cases their exchange rate could be much worst than the mid-market rate. Then, it's possible that some customers might have special rates and fees.
In Chase's own words, their 'spread' or the margin over the exchange rate may end up costing you hundreds of dollars if you transfer money abroad frequently
The foreign exchange rates we use are determined by us in our sole discretion. The exchange rate we use will include a spread and may include commissions or other costs that we, our affiliates, or our vendors may charge in providing foreign currency exchange to you.
As someone looking for the best way to wire money to a friend or family member consider Wise. Wise is a simple alternative for international payments and money transfers. Not only do we make it easy and fast, it’s also an inexpensive option.
There are some other important details to know before wiring money with Chase. The total wire transfer limit is $250,000 per business day and the wire cut-off time is 4pm EST. So be sure you get your request in before this cut-off time, otherwise Chase will only process it the next business day.
|How long does it take?|
|Domestic wire transfers||1-2 business days|
|International wire transfers||3-5 business days|
For domestic wire transfers it usually takes 1-2 business days for the funds to be received. For international wire transfers it can take anywhere from 3-5 business days. Be sure to take these timelines into account when wiring money online. Or find out how long would a money transfer take with Wise instead.
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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