Chase offers currency exchange, but only at branches and with significant markups
Chase will exchange foreign currency for you, but the service comes with real costs and real limits. You can walk into most Chase branches with US dollars and walk out with euros, pounds, yen, or dozens of other currencies — but Chase adds a markup to the exchange rate, meaning you get fewer foreign dollars for your US dollars than you would elsewhere. The markup varies by currency and by branch, and Chase does not publish the exact rate you will receive until you ask at the counter.
If you need currency before a trip or after returning home with leftover bills, a Chase branch is convenient. If you are moving money across borders for business or sending large amounts, or if you want the best possible rate, other methods will cost you less.
Key Takeaways
- Chase exchanges currency at branches only — not online, not by phone, and not through ATMs — and you must visit in person with your passport or ID.
- Chase adds a markup to the mid-market exchange rate, typically 2 to 3 percent or more depending on the currency, so you receive fewer foreign dollars than you would through a currency specialist.
- You can order currency ahead of time for pickup at your branch if you need a large amount or an uncommon currency, which takes 7 to 10 business days.
- Chase charges nothing for the exchange itself, but the markup is how the bank makes money on the transaction.
- For large transfers or business payments, wire transfers, ACH, or specialist currency services will usually cost less than exchanging cash at a branch.
How to exchange currency at a Chase branch
Walk into any Chase branch with your passport or government-issued ID and ask to exchange currency. You will need to show ID because federal law requires banks to verify your identity for currency transactions. Tell the teller how much US currency you want to exchange and which currency you need. The teller will tell you the rate Chase is offering that day, calculate how much foreign currency you will receive, and complete the transaction on the spot if the amount is small.
For amounts over $10,000 or for currencies Chase does not keep in stock, you will need to order ahead. Call your branch or visit in person and request the currency you need. Chase will order it from its currency supplier, which takes 7 to 10 business days. You will pay the rate that is in effect on the day you pick up the currency, not the day you ordered it. Bring your ID when you pick up the order.
What the markup costs you
Chase does not charge a fee for currency exchange, but the markup on the exchange rate is the cost. The mid-market rate is the rate banks use to trade currency with each other — it is the true value of the currency at that moment. Chase buys currency at or near the mid-market rate and sells it to you at a higher rate. The difference is the markup.
The markup varies by currency. Common currencies like euros and British pounds typically carry a 2 to 3 percent markup. Less common currencies like Thai baht or Mexican pesos may carry a 3 to 5 percent markup or higher. Chase does not publish these markups in advance, so you will not know the exact cost until you ask at the branch. If you exchange $1,000 and the markup is 3 percent, you lose $30 in value on the transaction alone.
You can compare this to other options: currency specialists like XE or OFX often charge 1 to 2 percent, and some credit unions offer better rates to members. If you are exchanging a large amount, the difference adds up quickly.
When to use Chase currency exchange versus other methods
Use Chase if you need cash in a foreign currency before a trip and you value convenience over cost. If you are leaving tomorrow and need euros, Chase is faster than ordering from a specialist. You also use Chase if you are returning from a trip with leftover foreign cash and want to convert it back to dollars — most currency specialists do not buy back cash from individuals, but Chase will.
Do not use Chase if you are transferring money to someone in another country, paying an invoice abroad, or moving a large sum. For those situations, use a wire transfer, ACH transfer, or a specialist currency service. Wire transfers move money directly from your Chase account to a bank account overseas and typically cost $15 to $50 plus a markup on the exchange rate — but for large amounts, the markup is often smaller than the branch rate. ACH transfers are slower but cheaper for some corridors. Specialist services like Wise (formerly TransferWise) or OFX often charge less than Chase and give you the real mid-market rate plus a transparent fee.
Exchanging currency through a Chase wire transfer
If you are sending money to someone in another country, you can do it through a Chase wire transfer. Call your branch or log into Chase online banking and request an international wire. You will need the recipient's bank account number, the bank's routing code (called a SWIFT code or BIC code), and the recipient's full name and address. Chase will convert your US dollars to the foreign currency at their exchange rate, add a wire fee (typically $15 to $50 depending on the destination), and send the money.
The exchange rate on a wire is usually better than the branch rate because you are not paying for physical cash handling, but it is still a markup over the mid-market rate. If you are sending a large amount regularly, ask Chase what rate they offer for international wires — some business customers negotiate better rates. For smaller personal transfers, a specialist service may be cheaper.
What happens if you need currency outside business hours
Chase branches are closed on weekends and evenings, and currency orders take 7 to 10 business days. If you need currency urgently and your branch is closed, you have limited options. Some Chase ATMs in major cities dispense foreign currency, but this is rare and not available at most locations — call your branch to ask if yours does. If your ATM does not, you will need to wait until the branch opens or use a currency exchange kiosk at an airport, which charges even higher markups than Chase.
Plan ahead for trips. Order currency at least a week before you leave so it arrives in time. If you forget, visit your branch in person as soon as it opens and ask if they have the currency in stock for immediate pickup.
Frequently Asked Questions
Can I exchange currency online through Chase?
No. Chase only exchanges currency in person at branches. You cannot order or exchange currency through the Chase website or mobile app. You must visit a branch with your ID and speak to a teller.
What currencies does Chase exchange?
Chase exchanges most major currencies including euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, Australian dollars, and Mexican pesos. Less common currencies may require a special order. Call your branch to ask if they stock the currency you need or can order it.
Is the exchange rate the same at every Chase branch?
The mid-market rate is the same everywhere, but the markup Chase adds may vary slightly by branch and by how much currency they have in stock. Call ahead or visit your branch to ask what rate they are offering for the specific currency you need.
Do I pay tax on currency exchange?
No. Exchanging currency for personal travel is not a taxable event. If you are exchanging currency for business or investment purposes, consult a tax professional about whether it affects your taxes.
What if I exchange currency and then the rate changes?
Once the transaction is complete, you cannot reverse it or get a refund if the rate moves in your favor. The rate you received is locked in. This is why ordering currency in advance means you pay the rate on pickup day, not order day — the rate may change between when you order and when you pick up.