Chase Debit Card Foreign Transaction Fee: Your Complete Guide


 

Chase has a good range of personal checking accounts which come with a linked debit card for convenient shopping online and in person. And of course, debit cards also make it easy to access ATM and counter withdrawals at home and abroad. However, if you’re planning on using your Chase debit card when you travel or shop online with your favorite international retailers, you’ll want to know about the fees involved. This article has you covered.

We’ll also touch on how TransferWise and the TransferWise multi-currency account and card can make it easier - and cheaper - to spend in a range of foreign currencies, online and in person.

Chase debit cards foreign transaction fee

Chase debit cards can be used to make purchases and withdrawals all over the world. However, if you’re using your card abroad you’ll need to know about the extra costs you may face. One key charge to know about is the Chase debit card foreign transaction fee, also called the foreign exchange rate adjustment fee:

Foreign transaction typeChase Foreign Exchange Rate Adjustment Fee
Debit card purchase made in a currency other than USD3%
ATM or counter withdrawal made in a currency other than USD3%
Additional ATM fees may also apply - more on that later

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. This may be in addition to other Chase charges, or costs levied by the merchant or ATM network. We’ll cover these a little later in more detail.

The Chase Foreign Exchange Rate Adjustment Fee is waived for some Chase premium accounts, such as Private Client accounts and the Sapphire Checking account. 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. Check out the full terms and conditions online to learn more.

Other additional fees Chase debit card charges for foreign transactions

Even 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. These should be quickly reimbursed, but this relies on the merchant or ATM network informing Chase about the fee in the first place. If they don’t do this, it’s down to you to inform Chase to get your money back.

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. 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 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. Always opt to pay in the local currency where you are to get the best available deal.

Chase debit card foreign transaction exchange rates

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. 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.

However, this is seldom the rate you’ll get when your international card purchase is converted back into USD. That’s because of the way banks calculate the amount you’ll ultimately pay. They’ll start with the live exchange rate used by the network that issued your debit card (Visa or Mastercard, for example). They’ll then normally add a foreign transaction charge, in the form of a percentage markup.

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.

Can I use my Chase debit card in Canada?

You should be able to use your Chase debit card anywhere you see the card network accepted. However, if you’re spending in a currency other than USD, in most cases you’ll pay the foreign transaction fee. Check your specific account terms and conditions for more.

Chase debit card foreign ATM fees

If you’re using your Chase card to make a withdrawal at an ATM overseas, you may need to pay an extra fee on top of the foreign transaction costs. Here’s what you need to know:

ATM typeChase ATM Fee
ATM transaction overseas - Chase ATMNo fee
ATM transaction overseas - non-Chase ATMUSD5 for withdrawal
USD2.50 for a transfer or inquiry
ATM operator fees may also apply

Get your TransferWise debit card with zero foreign transaction fees

It’s good to know that you can avoid foreign transaction fees entirely with TransferWise.

Simply open a free online TransferWise multi-currency account and get your linked debit card. You’ll then be able to top up your account with USD, and switch to the currency you need online or using the handy TransferWise app. All currency conversion is done using the real mid-market rate with no markup and no hidden fees. You’ll just pay a low, transparent conversion charge, and then it’s free to spend any currency you hold using your card. That means you can shop online or when you travel, in a broad range of 50+ foreign currencies, with no foreign transaction fee. 

You’ll also be able to use your card to make ATM withdrawals to the equivalent of USD250 per month fee free, with just a small cost after that. And if you forget to convert your currency in advance, there’s no need to worry as TransferWise will auto convert using the lowest available fee. 

Shop and spend internationally for less with a TransferWise multi-currency account. See how much you could save, today. 

Disclaimer: This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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