You should be able to use your Chase debit card anywhere you see the card network accepted. While the network rate is usually pretty close to the mid-market rate, the foreign transaction fee can be quite significant - 3% in the case of Chase. They’ll then normally add a foreign transaction charge, in the form of a percentage markup. They’ll start with the live exchange rate used by the network that issued your debit card (Visa or Mastercard, for example). That’s because of the way banks calculate the amount you’ll ultimately pay. However, this is seldom the rate you’ll get when your international card purchase is converted back into USD. The mid-market rate is the one you’ll find on Google - the one set by the currency markets, and used by banks when they buy and sell large orders of foreign currency. To understand the costs you’ll pay when using your Chase debit card overseas, it helps to know a little about the mid-market exchange rate. Chase debit card foreign transaction exchange rates Always opt to pay in the local currency where you are to get the best available deal. It sounds like a simple way to immediately see the costs of your transaction - but it can actually mean you get a far worse exchange rate and higher costs than you would if you allowed Chase and your card network to process the payment. This is where you’re asked if you want to pay using your home currency (USD) instead of the local currency wherever in the world you are. It’s also good to know that using your debit card abroad can mean you run into extra costs if you get caught out by dynamic currency conversion - DCC. If they don’t do this, it’s down to you to inform Chase to get your money back. These should be quickly reimbursed, but this relies on the merchant or ATM network informing Chase about the fee in the first place. Additional Chase debit card feesĮven if you have a Chase account which waives foreign transaction fees, Chase notes that some fees may be applied to your account for services like ATM withdrawals.
#Chase bank foreign exchange rate full#
Check out the full terms and conditions online to learn more. However, to access these accounts without paying the fees, you’ll need to hold a significant deposit in Chase of USD75,000 - USD150,000 or fulfil a broad range of eligibility criteria. The Chase Foreign Exchange Rate Adjustment Fee is waived for some Chase premium accounts, such as Private Client accounts and the Sapphire Checking account.
We’ll cover these a little later in more detail.
This may be in addition to other Chase charges, or costs levied by the merchant or ATM network. This charge means you’ll pay an extra 3% fee for any purchases and withdrawals made abroad, or online purchases which are made in a foreign currency. One key charge to know about is the Chase debit card foreign transaction fee, also called the foreign exchange rate adjustment fee: Foreign transaction typeĬhase Foreign Exchange Rate Adjustment Feeĭebit card purchase made in a currency other than USDĪTM or counter withdrawal made in a currency other than USDģ% Additional ATM fees may also apply - more on that later However, if you’re using your card abroad you’ll need to know about the extra costs you may face.
Get your multi-currency card Chase debit cards international transaction feeĬhase debit cards can be used to make purchases and withdrawals all over the world.
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