Many are still asking does Chase charge for wire transfers? Well, we all know that a typical bank in the United States of America charges for outgoing and incoming wire transfers. Most of the time, the fees can range from $0 to $40 depending on the particular USA-based bank. In the course of this article, we would be looking at the cost of performing a wire transfer with a chase bank account. Without further mouthing, let us delve in.
Most persons consider wire transfers as an expensive way to move money from one bank account to another. Here is a breakdown of what chase bank charges its customers for performing a wire transfer.
What is the best way to avoid a wire transfer fee with Chase bank?
The easiest way to avoid wire transfer fees with Chase online bank is to indulge a third-party platform. In light of this, you should opt for a platform that offers free payment services and allows you to move money from one bank to another. One of such best third-party payment services that is worth indulging is “Zelle”. Another interesting fintech company that you can turn to for making free money transfers is “Pop money”.
Why does Chase bank charge money for wire transfers?
Chase is one of the big banks in the United States of America that charges its customers for to receive incoming or outgoing wire transfers. And when chase bank converts money for their customers, they usually charge a higher markup. And they are able to do this from a cut from the money that is being sent. This is why you end up paying a higher fee than you wanted.
If chase bank does not convert your money for an international money transfer, then, a foreign bank would do it and charge a high markup. The best way to avoid the chase wire transfer fee is to indulge in a non-bank option; this is where the Zelle platform comes in.
How much does Chase charge for Wire Transfers?
First off, if your transfer is coming from Chase, you would be charged $15. And it is from an online platform you would be charged $25. In the case where you want to perform a wire transaction with banker assistance, you would be charged $50.
How to use the Chase Mobile App to make Wire Transfers
Here is a practical guide on how you can enroll in wire transfers in the chase bank:
To be able to use the chase online banking platform, you would need to activate the chase mobile app to be able to send wire transfers and then also add recipients.
- First off, go ahead to sign in to the chase mobile app, then tap the menu option that is in the upper left of the user interface.
- Then go on to choose “wire transfer” and also tap “Next”.
- The next step would be to follow the prompt and choose the phone number where your activation code would be sent.
- Tap the “next” option, so that you would enter the required code for the next activity.
- Read the terms and conditions and check the box to accept them, then click on “Next”.
- Go ahead to choose the checking account that you want to use and tap “activate”.
- To be able to add a recipient of the wire transfer, tap “Add a recipient”.
- Like you did before, choose the number that you want to use to get an activation code.
- Tap the “Next” button and input the code that was sent to the phone number.
- Click on next so that you would put in the number of the recipient and their additional account information.
- Click on next to then add the recipient.
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Apart from chase that incurs charges for wire transfers, are there other banks that don’t charge for wiring money?
There are lots of noteworthy USA banks that do not charge their customers for wire transfers. There are also some banks in the United States of America that waive wire transfer fees for certain account types.
For instance, the USA-based Fidelity bank is an interesting bank that offers free outgoing and incoming international and domestic wire transfers. The best thing about this is that they offer this in the Dollar currency. Another bank that is worth mentioning is the HSBC account, but they do this for account holders of premier accounts.