Yes, Chase converts currency, but the cost and method depend on what you're doing

Chase will convert dollars to another currency when you use a Chase debit or credit card abroad, when you withdraw cash from an ATM outside the US, or when you send money internationally. The bank does not charge a flat conversion fee — instead, it adds a percentage markup to the exchange rate it uses. That markup is called the foreign transaction fee, and it typically ranges from 1% to 3% depending on the type of card and transaction.

The actual exchange rate Chase uses is set by Visa or Mastercard (the payment networks), not by Chase itself. Chase then adds its own percentage on top. This means you pay more than the "real" exchange rate you might see online, but the total cost is usually transparent if you know where to look.

Key Takeaways

  • Chase adds a foreign transaction fee of 1% to 3% to the exchange rate whenever you use a card or withdraw cash outside the US, and this fee appears on your statement.
  • Some Chase cards (mainly premium travel cards) charge no foreign transaction fee, while most standard checking and credit cards do charge one.
  • The exchange rate itself comes from Visa or Mastercard, not Chase, so the bank's markup is the only part you can control by choosing the right card.
  • When you send money internationally through Chase, the bank uses its own exchange rate and charges a separate wire fee, making it more expensive than some other money transfer services.
  • You can see the exact fee and exchange rate on your statement after the transaction posts, usually within one to three business days.

Foreign transaction fees on Chase debit and credit cards

Most Chase debit cards and standard credit cards charge a foreign transaction fee of 1% to 3% whenever you swipe abroad or use an ATM outside the US. The fee is calculated on the dollar amount of the transaction after conversion, so a larger purchase means a larger fee in dollars.

Chase's premium travel credit cards — such as the Chase Sapphire Reserve and Chase Sapphire Preferred — charge no foreign transaction fee at all. If you travel frequently or plan to use your card abroad, these cards may save you money even though they have an annual fee. Standard Chase credit cards like the Freedom Unlimited or Freedom Flex typically charge 3% foreign transaction fee.

The fee appears as a separate line item on your statement after the transaction posts. You will see the original amount in the foreign currency, the converted amount in dollars, and the fee amount listed separately. This happens automatically — you do not need to do anything, and you cannot opt out of the conversion.

How the exchange rate works and who sets it

Chase does not set the exchange rate. Visa and Mastercard set the rate each day based on global currency markets. Chase then adds its percentage markup on top of that rate. For example, if the Visa rate is 1 USD = 0.92 EUR, and Chase's markup is 1%, you would actually convert at a rate of approximately 1 USD = 0.91 EUR.

You cannot see the Visa or Mastercard rate in advance, and it changes daily. The only way to know your exact cost is to check your statement after the transaction posts. Some banks publish their foreign transaction fee percentage on their website, and Chase does — you can find it in the terms and conditions for each card product.

If you want to compare costs before traveling, you can look up the current Visa exchange rate online, add Chase's stated percentage, and estimate what you will pay. But the actual rate on the day of your transaction may be slightly different.

ATM withdrawals abroad and cash advances

When you withdraw cash from a non-Chase ATM outside the US, you pay two fees: the foreign transaction fee (1% to 3%) and an out-of-network ATM fee. Chase charges $5 for out-of-network ATM withdrawals abroad, though this fee may be waived if you have certain premium accounts or cards.

The foreign transaction fee applies to the dollar amount after conversion, so a withdrawal of 100 EUR might cost you $110 in dollars after conversion, and then you pay an additional $5 ATM fee on top. This makes cash withdrawals one of the most expensive ways to get foreign currency.

If you use a Chase credit card to get a cash advance (borrowing money against your credit limit), you also pay the foreign transaction fee plus a cash advance fee, which is typically 5% of the amount or $10, whichever is greater. Cash advances are almost always more expensive than debit card transactions or ATM withdrawals.

International wire transfers through Chase

When you send money to another country using Chase's wire transfer service, the bank converts your dollars using its own exchange rate, not the Visa or Mastercard rate. Chase's rate typically includes a larger markup than you would pay on a card transaction. The bank also charges a wire fee — usually $15 to $50 depending on the destination country and whether you are sending to a Chase account or another bank.

Wire transfers are the slowest and most expensive way to convert currency through Chase. The transfer usually takes three to five business days, and you do not know the exact exchange rate until the money arrives in the recipient's account. For smaller amounts or frequent transfers, services like Wise or OFX often offer better exchange rates and lower fees.

If you are sending money to another Chase account (in a country where Chase operates), the process may be faster and the fee may be lower. Ask the Chase representative which countries may have access to for lower fees before you send.

Checking your statement for conversion details

After a foreign transaction posts to your account, your Chase statement will show the original amount in the foreign currency, the converted amount in US dollars, and the foreign transaction fee as a separate line. This usually appears within one to three business days of the transaction.

You can view this detail online through your Chase account or by requesting a paper statement. The statement will also show the exchange rate used, though it may be listed as a percentage markup rather than the actual rate. If you see a charge you do not recognize or believe the fee is incorrect, contact Chase customer service with the transaction date and amount.

Comparing Chase to other banks and money transfer services

Chase's foreign transaction fees are typical for large US banks — most charge between 1% and 3%. Some online banks and credit unions charge lower fees or none at all, so if you travel frequently, comparing cards before you explore can save you money over time.

For international wire transfers, Chase is usually more expensive than specialized money transfer services like Wise, OFX, or Remitly, which often offer better exchange rates and lower fees for amounts under $10,000. If you are sending money regularly to the same country, comparing services side by side can show you the difference in cost.

For everyday travel spending, using a Chase card with no foreign transaction fee (if you may have access to) is usually cheaper than withdrawing cash or using a wire transfer. The card fee is built into the exchange rate, while ATM fees and wire fees are charged separately on top of conversion costs.

Frequently Asked Questions

Can I avoid the foreign transaction fee?

Yes, if you use a Chase card that charges no foreign transaction fee, such as the Sapphire Reserve or Sapphire Preferred. You can also avoid it by using a different bank's card or a prepaid travel card. The fee is charged automatically on most Chase cards, and you cannot opt out for a single transaction.

What is the difference between the exchange rate and the foreign transaction fee?

The exchange rate is the price at which one currency converts to another (set by Visa or Mastercard). The foreign transaction fee is the percentage markup Chase adds on top of that rate. Both affect your total cost, but they are separate charges.

Will Chase tell me the exchange rate before I use my card abroad?

No. The exchange rate is set by Visa or Mastercard on the day of the transaction and is not known in advance. You can see the rate and fee only after the transaction posts to your account, usually within one to three business days.

Is it cheaper to convert money before I travel or use my card abroad?

Using your card abroad is usually cheaper than converting cash before you travel, because airport currency exchanges and banks charge much higher markups. However, if your Chase card charges a foreign transaction fee and you have access to a card with no fee, that would be cheaper.

Why does Chase charge more for wire transfers than for card transactions?

Wire transfers use Chase's own exchange rate (which includes a larger markup) plus a separate wire fee. Card transactions use the Visa or Mastercard rate plus only the foreign transaction fee. Wire transfers are also slower and less common, so the bank charges more for the service.