If you’re planning a trip to Europe, exchanging your US dollars for euros is a crucial step. Dealing with currency exchange before you depart can save you money on foreign transaction fees and ensure you have cash in hand for your adventures. Banks like Chase offer currency exchange services, but it’s important to understand the process, rates, and alternatives available to secure the best deal when you Chase Euros for your travels.
move-money
Can You Really Chase Euros at Chase Bank?
While it might seem straightforward to order foreign currency from a major bank like Chase, the reality can be branch-dependent. It’s essential to contact your local Chase branch to confirm if they provide euro exchange services. Due to changes in banking practices, not all branches maintain large amounts of foreign cash on hand.
To determine if your local branch can help you chase euros, reach out to a teller by phone or visit in person. If they do offer the service, remember to order your euros well in advance. It can take up to two business days to receive your currency.¹ Like many banks, Chase may also have limits on the amount of euros you can order at one time.
If visiting a Chase branch before your European trip isn’t feasible, remember that using your debit or credit card abroad is an option. This can be safer than carrying large sums of cash, and various financial platforms provide flexible ways to manage different currencies while traveling.
Understanding Chase’s Euro Exchange Rate
When you chase euros at any bank, understanding the exchange rate is paramount. Banks use exchange rates to calculate the cost of converting US dollars to euros, and many add a markup to the standard rate as a profit margin.
Chase’s specific euro exchange rate can vary based on your account type and the nature of the transaction. Exchange rates also fluctuate constantly with market changes. When considering exchanging currency, it’s wise to be aware of the mid-market rate. This rate, often found on Google or financial platforms like Wise, is considered the fairest as it excludes added markups.
| Compare Chase’s Exchange Rate to the Mid-Market Rate with Wise: |
|---|
As of May 30, 2024, Chase quoted an exchange rate of 1 USD to 0.897997 EUR. Converting 100 USD would yield approximately 85.31 EUR at this rate. However, keep in mind that the actual rate you receive is determined by Chase on the day of the transaction.²
In comparison, Wise offered a mid-market exchange rate of 1 USD to 0.924950 EUR on the same date. Exchanging 100 USD through Wise at this rate would give you 91.05 EUR – a notable difference for the same amount of dollars!² This highlights the impact of exchange rate markups when you chase euros.
Smarter Ways to Chase Euros: Exploring Alternatives to Chase
Ordering euros before your trip is a smart move to potentially avoid ATM fees in Europe and minimize foreign transaction fees while you’re abroad. It can also be more cost-effective than using airport or local currency exchange services in Europe, which often include significant fees.
Beyond Chase, several banks and financial services offer options to chase euros and other foreign currencies. Let’s explore some key alternatives to Chase Bank, outlining their features, costs, and how to order euros.
Wells Fargo: Another Bank to Chase Euros With
Wells Fargo provides a service to order euros online or by visiting a branch. Existing Wells Fargo personal banking customers can conveniently place euro orders through the Wells Fargo app or their online banking portal.³
Once your order is placed, Wells Fargo will mail the euros to your address, typically within 2 to 7 business days. Ensure you order well in advance of your departure date.³ Mail delivery is available for orders up to 3000 USD. For larger amounts, you’ll need to visit a local branch for pickup. A minimum order of 200 USD is required for this service.³
Keep in mind that Wells Fargo, like Chase, applies an exchange rate markup when converting US dollars to euros⁴. Additionally, transaction processing, shipping, or handling fees may apply to your order.³ These costs can affect how much value you get when you chase euros through Wells Fargo.
TD Bank: A Convenient Option to Chase Euros
TD Bank allows you to order euros both online and in person, offering access to over 55 foreign currencies. Using your TD Bank account, you can order euros and typically pick them up within 2 to 3 business days. TD Bank also offers the convenience of exchanging any leftover euros back to dollars when you return to the US.⁵
For urgent needs, select TD Bank branches and TD Foreign Exchange Centers may offer same-day euro orders. It’s advisable to call ahead to confirm same-day service availability at your desired location.⁵ TD Bank provides an online currency converter to help you estimate the cost of your euro exchange.⁶ While TD Bank is a convenient option for obtaining euros, branch visits are generally necessary to finalize your currency exchange.
Capital One: A Card-Focused Approach to Chase Euros
Capital One is known for its customer-friendly approach to global spending, particularly through its credit and debit cards that often waive foreign transaction fees. However, ordering euros directly from Capital One requires a phone call or branch visit, as online ordering isn’t currently available.⁷ This might be less convenient if you don’t live near a Capital One branch.
While Capital One itself doesn’t levy foreign transaction fees on card usage⁸, you will still encounter exchange rates when converting currency to obtain euros. Capital One may utilize the Mastercard exchange rate for foreign transactions.⁹ These rates fluctuate, so checking the current rate before you proceed with your euro purchase is always recommended.¹⁰ Be sure to inquire about any fees or costs associated with ordering euros from Capital One to fully understand the expense.
Wise: The Smartest Way to Chase Euros with Competitive Rates
For a truly modern and cost-effective way to chase euros, consider Wise. Wise stands out by offering currency exchange in over 40 currencies at the mid-market exchange rate, paired with transparent, low fees*.
Opening a Wise account is free and can be done online or via the Wise app. You can also order a linked debit card for easy spending and ATM withdrawals in over 150 countries. A key advantage of Wise is the absence of fees* for spending currencies you already hold in your account and no foreign transaction fees.
Use your Wise account for travel, online shopping in foreign currencies, sending money to over 70 countries, and even receiving payments from over 160 countries with your own local account details. Wise simplifies currency exchange, making it less complicated and more affordable.
Discover Wise and Say Hello to Savings
Conclusion: Making the Right Choice When You Chase Euros
Ordering euros in advance is a practical step for international travel, helping you budget and potentially avoid unfavorable exchange rates and fees abroad. While chasing euros through traditional banks like Chase might be an option, it’s crucial to verify service availability and be aware of exchange rate markups.
Alternatives like Wells Fargo, TD Bank, and Capital One provide other avenues for obtaining euros, each with its own processes and fee structures. For a potentially more advantageous exchange rate and lower fees, money transfer providers like Wise offer a compelling solution for managing your travel money.
To make the most of your budget and get more euros for your dollars, exploring services like Wise that prioritize the mid-market rate is a smart financial move. Start your journey to smarter currency exchange with Wise.
Sources:
Sources checked on 06.19.2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
