Chase Foreign Currency Account Review
If you bank with Chase in the US and need ways to hold, exchange, send and spend foreign currencies, you may be wondering if it’s possible to open a Chase foreign currency account.
While multi-currency and foreign currency account products can be super helpful to both personal and business customers, it can be tricky to find options from traditional banks which suit individuals and small business owners in the US. Chase – for example – offers foreign currency exchange, management and financing solutions through its commercial banking arm, but doesn’t have similar options for individuals.
Even if you’re eligible for a foreign currency account from a major US bank the accounts on offer aren’t necessarily the most flexible, and can come with high costs.
This guide covers all you need to know about multi-currency and foreign-currency account options from US providers, including specialist services like Wise and Revolut, which can be cheaper and easier to operate than standard bank foreign currency accounts.
Does Chase bank offer multi-currency accounts?
Chase doesn’t have foreign currency or multi-currency accounts for personal customers. If you’re a Chase corporate customer you will be able to access a range of foreign exchange solutions which can help your business manage overseas payments, access financing abroad and more. However, these services are tailor made to client needs and may only be suited to large businesses which are already trading globally.
If you have a smaller business, work freelance with overseas clients, or are simply looking for a foreign currency account for personal use, Chase probably can’t help. But don’t worry – there are some great alternatives out there, which we’ll look at more closely later.
Pros and cons of Chase foreign currency accounts and services
Multi-currency accounts and international banking products and services can have advantages for both personal and business use. However, there’s no single best provider – different banks and specialist services have their own pros and cons. Here are a few points to consider when you’re checking if you’re eligible for Chase international banking services.
Pros:
- Established and trustworthy global banking brand
- Full suite of FX and financing solutions for corporate customers
- Chase has offices around the world, giving a local feel with global reach
Cons:
- Products and services are limited to corporate customers only
- You’ll need to contact Chase directly to understand options and eligibility for international banking
How does Chase compare for international and foreign currency services?
As we’ve mentioned, Chase US doesn’t offer multi-currency accounts or foreign currency accounts for personal customers, with its international services tailor made for corporate customers only. That may mean you’re not eligible for foreign currency and international services from Chase – but there are other providers out there which can help.
When it comes to finding ways to manage your money across currencies as an individual, entrepreneur, small business owner or freelancer in the US you’re likely to be able to pick from a small number of account options from traditional banks, and a selection of specialist online services. To show how these may compare, let’s look at Chase vs a couple of specialists – Wise and Revolut – and HSBC, another traditional bank in the US which does offer multi-currency options.
| Chase | Wise | Revolut | HSBC | |
|---|---|---|---|---|
| Availability | Corporate customers in the US | Available globally for personal and business customers, in all but a small number of countries | Available for personal and business customers in a selection of countries and regions including the US, UK, EEA, Singapore and Australia | US personal customers can apply for HSBC Global Money – business services are also offered through HSBC International |
| Account Fees | Services – and fees – are tailored to the customer | No ongoing or maintenance fees Low, transparent charges for the services required Learn more on Wise fees. | Standard accounts are free Upgrade to a paid tier for up to 16.99 USD/month for personal customers or 149.99 USD/month for businesses | No account for the HSBC Global Money Account – but you’ll also need another eligible HSBC US account to apply, which may mean paying a fee |
| Linked Debit Card | Contact Chase to learn more about account features | Available, Wise international debit card | Available | Not available |
| Best Features | Global brand with 200 year history Full suite of corporate financing and FX products | All currency conversion uses the mid-market exchange rate Hold 50+ currencies, get local bank details for up to 10 currencies | All plans include some no-fee transactions and currency exchange Personal customers can hold and exchange 25 currencies | Competitive FX rates Hold and exchange 8 currencies Make instant transfers to other HSBC customers |
We’ll look at these Chase alternatives in a bit more detail later.
What is the eligibility for a Chase foreign currency account?
Chase promotes international banking solutions through its commercial banking division. To understand if your business is eligible for Chase FX products and services you’ll need to complete an online form and talk to the Chase team, as all options are tailor built to serve the needs of individual customers.
When is a multi-currency account needed?
Multi-currency accounts let you hold and exchange a range of currencies. This can cut the costs of currency exchange if you get paid in foreign currencies, or if you need to send money internationally often.
If you pick a multi-currency account from a specialist service you may also get a linked international debit card for low cost withdrawals and spending overseas, as well as local bank details to get paid like a local from a range of countries.
Let’s take another look at the multi-currency account options we looked at earlier to see who they may suit:
Chase – Chase foreign currency solutions are offered for commercial clients, who can benefit from currency exchange, financing, treasury and more.
Wise Multi-currency Accounts – Wise low cost multi-currency accounts may suit individuals and business owners who need to hold and make payments in 50+ currencies, and get paid for free from 30+ countries, with the mid-market exchange rate every time.
Revolut Account – Revolut accounts for personal and business customers support 25 currencies, and offer a suite of money management and lifestyle perks. Choose a standard plan without monthly fees, or upgrade to pay a monthly fee to unlock the full range of features.
HSBC – HSBC Global Money Accounts are available for US HSBC customers who want to hold and exchange 8 currencies alongside their day to day USD account. Can be handy if you’re located close to an HSBC location and prefer to bank in person.
Learn more about multi-currency account options in the US, for personal and business customers.
Alternatives to Chase foreign currency account
Chase US doesn’t have foreign currency or multi-currency account options for individuals or small business customers. However, there are plenty of other options out there. Let’s look at our top picks as Chase foreign currency alternatives in more detail here:
Wise Account
You can open a multi-currency Wise Account online or in the Wise app, with options available for business and personal customers. There are no ongoing fees to pay and no minimum balance to maintain, so you can use the account as and when you need it, to access currency exchange which uses the real mid-market exchange rate and low, transparent transaction fees.
Order a linked debit card for a one time fee, to spend and make withdrawals in 170+ countries, hold 50+ currencies in your account, send payments to 80+ countries, and get paid with local bank details from 30+ countries.
- Foreign Currencies: 50+ currencies supported for holding and exchange
- Fees & Exchange Rates: Low transaction fees and the mid-market exchange rate
- International Transfers: Send to 80+ countries, with fees from 0.41%
- Debit Card: Available, read Wise International Debit Card review to learn more.
Revolut
Revolut describes itself as a financial super app, offering services to individuals and businesses in the US and a range of other countries.
There are standard Revolut plans without an opening fee or monthly fee available for all customers, which come with the option to hold and exchange 25 currencies and get a lined debit card for easy spending. If you want to access an even broader range of features you can also choose to pay a monthly fee of up to 16.99 USD as a personal customer, to get lifestyle perks and moreno-fee transactions.
- Foreign Currencies: 25 currencies supported for holding and exchange
- Fees & Exchange Rates: 0 USD – 16.99 USD monthly fees for personal customers, all accounts have some no-fee currency exchange which uses the mid-market exchange rate. Fair usage fees apply when you hit the exchange limits on your plan
- International Transfers: Available to a range of countries, from 0.3% – 2%
- Debit Card: Available
HSBC Global Money Account
HSBC is a big global banking brand which supports US personal customers with an option to get a multi-currency account to hold and exchange 8 currencies and make payments to others. You’ll need to have another HSBC account product to access your HSBC Global Money Account – and once you have it all set up you can access competitive FX rates and instant payments in a range of currencies to other HSBC customers.
- Foreign Currencies: 8 currencies supported for holding and exchange
- Fees & Exchange Rates: No monthly fee, but you do have to hold another eligible HSBC account which may have a maintenance charge. Competitive FX rates
- International Transfers: Send to a range of countries – fees and rates disclosed in the HSBC app
- Debit Card: Not available
Comparing Alternatives to Chase Foreign Currency Account
Here’s a quick summary of these providers side by side:
| Feature | Wise | Revolut | HSBC Global Money Account |
|---|---|---|---|
| Monthly fees | No monthly fee | 0 USD – 16.99 USD for personal customers | No monthly fee, but you do have to hold another eligible HSBC account which may have a maintenance charge |
| Currencies supported for holding and exchange | 50+ | 25 | 8 |
| Exchange rates | Mid-market exchange rates | All accounts support some exchange with the mid-market rate. Fair usage fees apply once you hit plan limits | Competitive FX rates |
| International transfers | Send to 80+ countries, from 0.41% fee | Send globally, with fees from 0.3% – 2% | Send to a range of countries – fees and rates disclosed in the HSBC app |
| Debit card availability | Available | Available | Not available |
| ATM withdrawal fees | 2 withdrawals, up to 100 USD in value fee free per month 1.5 USD + 2% after that | No-fee in network withdrawals Up to 1,200 USD/month of out of network withdrawals with no Revolut fee 2% after that | Not available |
If you prefer to manage your money online or using your phone, you could be better off choosing a specialist digital provider for your multi-currency account, rather than relying on an old school bank. Often specialist services have more supported currencies and lower fees, as they’ve invested in new ways to convert and move money which cuts costs and can also result in a faster service all round.
How to open an foreign currency account with Chase
If you’re interested in learning more about Chase’s FX services for corporate customers, you’ll be able to complete an online form on the Chase desktop site, to get a call back from the service team.
If you’re thinking of opening an account with a specialist online provider you’ll be glad to hear the process is usually pretty painless, and can often be done with nothing more than your phone and a passport.
The specific steps you have to follow will vary, but often you’ll be asked to follow this basic process:
- Download the provider app or visit the desktop site
- Click the option to sign up or register
- Enter your personal details including your name and contact information
- Create a password – you may need to complete a security step
- Get verified by uploading an image of your ID documents and a selfie
- Once your account is approved you’re good to go
How to use a foreign currency account from Chase or another provider
Whichever bank or specialist service you choose for your foreign currency or multi-currency account, you’ll usually be able to access the following services:
- Top up your account from your regular bank or card
- Check your balance and review transactions on your phone – often with instant transaction alerts
- Manage your card – freeze and unfreeze – on the go in the provider app
- Exchange currencies within your account
- Send payments to others to be deposited into their bank accounts
- Spend with your linked debit card, all around the world
- Receive payments with local bank details
Sending payments from your foreign currency account
If you need to send a payment to someone else from you multi-currency account the basic process usually involves just a few simple steps:
- Log into your account
- Select the option to send a payment
- Enter the currency and amount you want to send
- Review the fee and exchange rate
- Follow the prompts to add your recipient’s bank details
- Confirm and your money will be on the way
Conclusion
Opening a multi-currency account has big advantages if you send or receive payments in foreign currencies often, love to travel, or simply enjoy shopping online with international retailers.
There are a handful of multi-currency and foreign-currency accounts available from traditional banks in the US, but the options tend to be limited. Chase – for example – only offers some foreign and international services to corporate clients. If you’re looking for something for personal use or as a small business owner, freelancer or entrepreneur you’ll probably need an alternative.
Check out instead specialist online providers like Wise and Revolut, to open a low cost digital multi-currency account which may have lower fees and a better exchange rate compared to traditional US banks.
FAQs
- Does Chase offer foreign currency accounts?
Chase international banking services are only prompted for corporate clients. Personal foreign currency accounts are not available. Check out online providers like Wise and Revolut that offer multi-currency accounts and linked debit cards.
- Can I deposit foreign currency into my Chase account?
Generally, Chase US accounts are only held in USD. If you receive payments in foreign currencies to be deposited to your Chase checking account for example, it will need to be converted to USD using the Chase exchange rate before it can be added to your account balance.
- Does Chase charge international fees?
You’ll pay Chase international fees for services like sending and receiving payments from overseas, and converting currencies. Exactly what you’ll pay varies based on your account type though – check out your account terms and conditions to learn more.
