What exchange rate does Chase credit card use?
Chase credit card's exchange rate is a sum of the supporting network's rate and the foreign transaction fee. The bank uses Visa and Mastercard as supporting grids, whose rates change daily. As it is, both networks charge a 1% conversion rate.
You can use the currency converter under 'Manage card' in the Chase app, to see the current Mastercard exchange rate. There's no need to tell us you'll be travelling, but we do recommend allowing location sharing in the app. You'll also need to check that payments abroad are switched on in the app.
The usual credit card exchange rate used for purchases made abroad is 2-4%. Credit card networks (i.e. Visa, Mastercard, American Express, and Discover) generally use conversion rates based on interbank rates they select from customary industry sources on the business day prior to the processing date.
These rates are set and updated daily by your card's payment network — Visa, Mastercard, Discover or American Express — and typically listed on your statement when you make purchases overseas.
The rate for foreign transaction fees is usually 2-5% of the entire purchase, which might include shipping costs and taxes. Check out your cardmember agreement for details on fees for international purchases.
The Chase debit cards that they show on their website charge a fee of 3% on every transaction you make in a currency that isn't US dollars. That covers ATM withdrawals, cash transactions away from ATMs, and purchases you make with your card.
| Currency | Should arrive | Exchange rate |
|---|---|---|
| EUR Euro | in 1-5 days | 0.897107 |
| AUD Australian dollar | in 1-5 days | 1.47987 |
| GBP British pound | in 1-5 days | 0.766377 |
| MXN Mexican peso | in 1-5 days | 16.6081 |
If you don't know the exchange rate, you can use the following simple currency conversion calculation to find it: take your starting amount (original currency) and divide it by ending amount (new currency) = exchange rate.
If you're asking yourself, “can I use a credit card abroad?" the answer is, most often, yes. You may also be able to use your credit card to withdraw cash at most ATMs overseas, which may come along with fees. Depending on your credit card issuer, you may need to notify them that you're traveling abroad.
Using a credit card with no foreign transaction fees and choosing to make purchases in local currency will nearly always save you money. Currency conversion apps can help you better understand pricing and identify hidden charges.
Is it better to pay in local currency on credit card?
Research shows that in most cases you can save by opting to spend in the local currency. For example, that would mean choosing euros in Spain or dollars in the US. When you choose to pay in the currency of the region or country you're visiting, Visa or Mastercard will set the exchange rate.
If you choose to pay in local currency...
Your credit card provider will use a conversion rate offered by Visa, Mastercard or American Express. This will usually be better than the rate you would get from the retailer or ATM.
| Fees | |
|---|---|
| Annual Membership Fee | $95 |
| Transaction Fees | |
| Balance Transfers | Either $5 or 5% of the amount of each transfer, whichever is greater. |
| Cash Advances | Either $10 or 5% of the amount of each transaction, whichever is greater. |
Some branches, such as those located at airports, may offer currency exchange. Another option is to use your Chase debit card abroad, although there will be foreign transaction fees to pay – 3% of the withdrawal amount after the conversion to USD.
Some banks such as Citibank and Bank of America may not charge a fee and will provide options such as conducting the transaction online or even mailing you the currency. If you need amounts of $1,000 or more, most banks require you to pick up the currency in person at a branch. Read: Best Checking Accounts.
While credit card exchange rates normally also include foreign transaction fees, the Chase Sapphire Reserve Card does not charge foreign fees. This means the Chase Sapphire Reserve Card will save cardholders 1.56% on purchases with international merchants, compared to the average credit card offer.
The Chase Sapphire Preferred® Card has a $95 annual fee. Cardholders pay no foreign transaction fee, but there is a balance transfer fee of either $5 or 5% of the amount of the transfer, whichever is greater.
- Best overall: American Express® Gold Card.
- Best for dining: Capital One Savor Cash Rewards Credit Card*
- Best for hotels: Capital One VentureOne Rewards Credit Card (see rates and fees)
- Best for luxury travel: Chase Sapphire Reserve®
- Best for bad credit: Discover it® Secured Credit Card.
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.
Can you get euros at any Chase Bank?
Yes, Chase Bank does exchange foreign currency. They offer a variety of foreign currencies, including Canadian dollars, Mexican pesos, and Euros, among others. You can order foreign currency online, by phone, or in person at a Chase branch. Chase does exchange foreign currency and their rates are competitive.
The exchange rate gives the relative value of one currency against another currency. An exchange rate GBP/USD of two, for example, indicates that one pound will buy two U.S. dollars. The U.S. dollar is the most commonly used reference currency, which means other currencies are usually quoted against the U.S. dollar.
The formula is: Starting Amount (Original Currency) / Ending Amount (New Currency) = Exchange Rate.
An exchange rate determines the cost to buy one currency with another. The forex market price is different from the rate you receive when buying a foreign currency at your bank. Your bank marks up the market price as compensation for its currency exchange service.
The Chase Freedom Unlimited® has a foreign transaction fee of 3% of each transaction in U.S. dollars.
