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, TransferWise 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.
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 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.
|Incoming wire transfer||Outgoing wire transfer (online)||Outgoing wire transfer (at a Chase branch)|
|International wire transfer fees||$15||$40||$45|
|Domestic wire transfer fees||$15||$25||$30|
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.
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.
With TransferWise as a Chase customer you can still make low cost international wire transfers. On top of the wire transfer fees they charge, banks and brokers often charge 3% or more by converting your money at a bad exchange rate. TransferWise typically charges between 0.5-1% and there’s no mark-up on the exchange rate - that means you get a far better exchange rate. How much cheaper is TransferWise? Just take a look:
| | What your bank tells you it costs | Extra costs hidden in bad exchange rate | Total cost |
| -------- | -------- | -------- |
| Bank of America | $35 | $34.05 | $69.05 |
| Citibank | $35 | $30.52 | $65.52 |
| Chase | $40 | $28.67 | $68.67 |
| TransferWise | $9.90 | $0 | $9.90 |
This is from February 2017, learn more about how we calculated it here.
As someone looking for the best way to wire money to a friend or family member consider TransferWise. TransferWise 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. Chase Bank charges a wire transfer fee but TransferWise thinks you deserve to send money abroad for less. Register here to use TransferWise for the best way to wire money for cheap.
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