WorldRemit vs. Chase Bank: Who wins with cheapest rates? | finder.com

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WorldRemit vs. Chase Bank for sending a money transfer

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.

worldremitchase bank
WorldRemitChase Bank
Fees$3.99 (most countries)$40-$45
Exchange ratesLess than 1% above the mid-market rateUp to 6% above the mid-market rate
Speed3 business daysUp to a week
Max Transfer AmountMaximum varies by country and method of paymentVaries depending on bank account

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WorldRemit and Chase Bank: How they work

WorldRemit and Chase Bank both offer ways to transfer your money online.

WorldRemit

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.

Chase Bank

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?

WorldRemit

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.

Chase Bank

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.

  • Winner: WorldRemit

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

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

Chase Bank

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
  • Winner: WorldRemit

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.

Who’s faster?

WorldRemit

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.

Chase Bank

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.

  • Winner: WorldRemit

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 MethodsMinimum and maximum transfersDelivery methodsTransfer speedsCountries and currencies
WorldRemitBank account,credit or debit card$1 minimum; maximum varies by country and method of paymentBank transfer,cash pickup,Mobile Money,airtime top-upVaries from minutes to 3 days100+ countries
Chase BankBank accountVaries depending on bank accountBank transferVaries from 4 to 7+ days200+ 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.

WorldRemitChase Bank
Transfer fee$3.99$40
Exchange rate1 USD = 0.92 EUR1 USD = 0.88 EUR
Transfer speed3 business days4–7 business days
Total received920 EUR888 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.

Bottom line

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.

See how WorldRemit and Chase compare to other money transfer companies

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 18.885 MXN 94,423 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 Within an hour USD 3.99 18.771 MXN 93,778 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 100 3 - 5 days USD 0.00 18.942 MXN 94,708 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1,000 1 day USD 0.00 18.828 MXN 94,138 Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 75.00 19.018 MXN
93,662
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 20 Same day - - Send your first transfer for free with code NOFEEFINDER Go to site Show details

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US International Money Transfers Offers

Important Information*
HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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