We compare a newer digital provider with a big-name bank to help you learn who’s best for your next transfer overseas.
You’ve certainly heard of Chase Bank, a household name in the banking world. But online companies like WorldRemit are establishing a name for themselves, offering strong exchange rates, low fees and unique benefits to help you save when sending money overseas.
WorldRemit and Chase Bank: How they work
WorldRemit and Chase Bank both offer ways to transfer your money online.
With WorldRemit, go to its site, enter how much money you’ll be transferring and then send your funds to WorldRemit. When creating your transfer, you provide a mobile number for both yourself and your recipient, as well as a copy of your personal ID. Once approved, WorldRemit converts your currency and sends it to your recipient, who collects it via bank transfer, cash pickup or Mobile Money.
To send money with Chase, you need to first open a Chase checking account. Once you’re approved and you’ve deposited money in the account, you can begin transferring money online by logging into your account. To initiate a wire transfer, add the wire recipient to your account, providing their name and banking information. Then review the details of your transfers and confirm to send your funds.
Who offers lower fees?
Transfer fees for WorldRemit can vary slightly depending on where you’re sending money, but the fee for most countries is $3.99. The method you use to send money will depend on the country to which you’re sending.
When sending an international wire transfer online, Chase charges an outgoing transfer fee of $40. If you visit a branch to initiate a wire transfer, you’ll pay $45.
Even WorldRemit’s highest transfer fees will beat Chase Bank’s steep $40 (or more) wire fee.
Who offers better exchange rates?
To understand who offers better exchange rates, you’ll need to first look at the mid-market rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.
We’ll look at the rates that WorldRemit and Chase Bank offer compared to the mid-market rate.
WorldRemit takes a smaller margin — sometimes less than 1% above the mid-market rate.
We’ll use the same example of a transfer to euros (EUR):
- If the mid-market rate is 1 USD = 0.96 EUR
- WorldRemit’s exchange rate might be 1 USD = 0.92 EUR
Depending on the country you’re sending money to, a typical exchange rate at Chase could be up to 6% above the mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars go straight to Chase.
We’ll use the example of a transfer to euros (EUR):
- If the mid-market rate is 1 USD = 0.96 EUR
- Chase’s exchange rate might be 1 USD = 0.88 EUR
Competitive exchange rates make WorldRemit the clear winner. Send $500 to France with WorldRemit instead of Chase Bank gives your recipient nearly 20 more euros toward all-important wine.
Sending money via bank transfer typically takes one to three business days to most banks, although a few banks offer instant transfers. Sending cash via Mobile Money or airtime top-up are available immediately.
Delivery speed varies by transfer amount and whether your recipient is a Chase customer. In general, you can expect to wait up to a week for your recipient to get the funds.
Delivery speeds with WorldRemit will generally get your money where it needs to go faster than your typical transfer with Chase.
Who offers more options?
|Payment Methods||Minimum and maximum transfers||Delivery methods||Transfer speeds||Countries and currencies|
|WorldRemit||Bank account,credit or debit card||$1 minimum; maximum varies by country and method of payment||Bank transfer,cash pickup,Mobile Money,airtime top-up||Varies from minutes to 3 days||100+ countries|
|Chase Bank||Bank account||Varies depending on bank account||Bank transfer||Varies from 4 to 7+ days||200+ countries|
$1,000 to France
Say you want to send $1,000 to your best friend in France. Here’s what an online bank-to-bank transfer would like with WorldRemit and Chase Bank.
|Exchange rate||1 USD = 0.92 EUR||1 USD = 0.88 EUR|
|Transfer speed||3 business days||4–7 business days|
|Total received||920 EUR||888 EUR|
With WorldRemit, you save $35 on the transfer fee alone (though you can save even more with our exclusive $0 transfer fee), and your friend gets more than 30 extra euros over Chase Bank’s exchange rates.
While Chase is a safe, reliable way to send money overseas, you’ll pay a sizable transfer fee to get your funds to your recipient. If low fees and competitive exchange rates are top priorities, WorldRemit is the clear choice.
Of course, it can be helpful to compare your options to find the service that best fits your individual needs.