Chase Bank offers free wire transfers for its customers, which is a great advantage. However, the associated costs should be taken into consideration before using the service. In particular, the foreign exchange rates offered by Chase Bank may not be the most competitive.
Sometimes, the simplest way to absolve yourself of wire transfer fees is to ask the bank to waive them. After all, the institution itself is who sets those fees! If you're a customer in good standing or do significant business with the bank, waiving fees is a simple way for them to keep you happy and banking with them.
Some banks may waive incoming and even outgoing domestic wire transfer fees for customers with specific (usually premium) accounts. Before initiating a wire transfer, it's a good idea to see if your bank or credit union offers discounts or will waive wire transfer fees, assuming your account is in good standing.
Though that might seem a bit off-the-wall, consider the fact that every bank charges a different service fee to offer the exact same service. Or, that fintech and other finance companies don't charge service fees at all. Chase charges a service fee simply because they want to make money wherever they can.
A wire fee is not charged when you send a wire in foreign currency (FX) using Chase Mobile app or Chase.com to a bank outside the U.S. if the amount is equal to $5,000 USD or more; if less than $5,000 USD a $5 fee per transfer applies.
Zelle isn't considered a wire transfer. Wires are used for large payments between bank accounts, such as the down payment on a new home – and you can send a wire transfer in the US or overseas. In comparison, Zelle is an ACH.
New apps like PayPal and Zelle make it easy to send money to friends and family in a matter of minutes, with no fees. Western Union and MoneyGram can be used to send money to a different city, state, or country for a fee.
Some Banks Offer Free Wire Transfers
Fidelity, for example, offers free incoming and outgoing domestic and international wire transfers in U.S. dollars; however, the recipient bank may charge a fee. Likewise, a bank like HSBC offers its Premier Account holders free wire transfers.
Check if your bank or provider offers fee discounts
Some US banks and transfer providers do offer fee discounts — or could even waive wire fees entirely — for some customers. Ask your bank if there's an option to cut your costs, or have a look at your specific account terms and conditions to understand your options.
For instance, when large amounts of foreign currency are exchanged, banks charge what is known as a midmarket, or interbank, exchange rate. The bank will often charge a higher markup if that currency must be converted. This results in higher wire transfer fees.
The Top 3 Cheapest Domestic Wire Transfers
Some of the most affordable domestic wires include: USAA ($20 per wire) Citibank ($25 per wire) Chase ($25 per wire)
And if your bank charges monthly service fees, overdraft fees, or wire transfer fees, you're allowed to deduct those costs from your taxes.
Chase Savings℠ has no Monthly Service Fee when you do at least one of the following each statement period: Option #1: Keep a balance at the beginning of each day of $300 or more in your savings account; OR, Option #2: Have $25 or more in total Autosave or other repeating automatic transfers from your personal Chase ...
Sign in to the Chase Mobile® app and tap "Pay and Transfer" Tap "Send money with Zelle®" Choose the person you want to pay or add a new one. Enter the amount to send and the account to use.
Does an external transfer cost money? No, we don't charge a fee. Your other bank may charge a fee to move money to Chase, so you should check with them prior to starting your transfer.
Select a bank or other financial institution that may reduce or waive wire transfer fees or offer lower costs than competitors. Not all banks or financial institutions charge fees for types of wire transfers. Some reduce wire transfer fees or offer fee waivers to eligible accounts.
It appears that Chase charges a $15 incoming wire fee on domestic and international wires.
The sender's bank will charge the sender a fee for the payment orders, while the beneficiary pays the charges of any intermediary bank (and those of his / her own bank, if there are any). The intermediary bank fees are deducted from the amount transferred.
Chase Wire Transfer Fees
Outgoing domestic: $25 online; $35 in a branch. Incoming international: $15 ($0 if coming from Chase). Outgoing international: $5 if sent in foreign currency (or $0 for transfers of $5,000 or more); $40 (or $50, with banker assistance) if sent in U.S. dollars.
When it comes to costs, ACH is usually the cheapest option. Business owners who use ACH for direct deposit payments will also have to pay a small fee, but this is generally less than the cost of a wire transfer.
Use the Chase Mobile® app to send wire transfers:
Tap Pay & transfer in bottom menu. Choose "Wires and global transfers"
An ACH transfer is completed through a clearing house — a network of financial institutions — and is used most often for processing direct deposits or payments. A wire transfer is typically used for high-value transactions and is completed through a bank, which makes it faster, but it does have a fee.
Typically, there are no fees for consumers to send or receive money with Zelle®. We recommend confirming with your bank or credit union that they do not charge fees for Zelle® transactions.