Marshall, Michigan
4K views
Not resolved
24 comments

I had Chase bank wire a large amount of money to Europe in euros. The Bank representative told me that the transfer would be conducted at the market rate the next morning and that there was no commision other that the $45 wire transfer fee.

In fact they added a 4% commission to the exchange rate which cost me an extra $1,117. They explained that since they call there bank rate a "market rate" they are justified and the fine print on the back of the transfer form says that they can just about do or say anything.

If I had used my other bank, Schwab, The fee would have been $25 and I would have received the actual market rate saving me $1,142.

Beware!!! Chase lies, Cheats and Steals and they get away with it because they have a different definition for those 3 words.

Monetary Loss: $1117.

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Anonymous
#895931

I was ripped off like that too

Anonymous
#626114

They don't tell you things that they know you would need to know.

Before I tell my whole story I want to make sure I can post here without any problems

Anonymous
#450820

What do you expect from Chase? Everyone knows that they are out to scam you for everything they can get.

What *** me off are vendors in India and elsewhere who still live in the 19th century back when the telegraph was high-tech, and are unwilling or unable to accept payment by Paypal or credit card, insisting on a wire transfer.

Anonymous
#671334
@Ellen C

You can blame the reserve bank of India for the lack of paypal, and decent local credit-card processors are hard to come by (and options like 2CO and Worldpay which are based overseas are not feasible because, well, how are the vendors supposed to get paid by those companies?)

As a foreigner living there, I can assure you, the systems suck.

Anonymous
#443127

I know this

but if USD wire transfer to USD Saving only charege 45USD or onlinw 40USD

Thanks

Anonymous
#348548

Same thing to me. My mother wired me 5470 Euros from Italy and I received $235 less than expected!!

I can't believe that these *** are allowed to do whatever they want, they took a 4% off my money as well! they used an exchange rate at 1,32 instead of 1,36.

Who can I call to complain??? I want my money back!!

Anonymous
#239800

I wrote the previous "Pissed Consumer" complaint and I want to apologize somewhat. I didn't know that Morgan had passed on.

I give my condolences to his family. But why didn't his Bank just tell me that instead of ," They were not at Liberty to disclose the office number of J.P.Morgan".

Of course I realize now that since he passed on in 1913 he probably didn't have a cellular phone or an I-Pod, no matter how much money he had. but wouldn't it have been easier just to tell me that the Bank Owner had died than telling me ," they were not at Liberty blah blah blah" So they are still Mother ***.

Anonymous
#239779

Chase is mother ***. They ask inane personal questions about Divorces from 40 and 30 years ago, and then tell you your answers are wrong so they will not Help You, meanwhile they hold on to your money.

They refuse to give you the office number of the owner Chase or his partner Morgan. They are real *** people.

Anonymous
#211601

@LOLing @ Rich ***!!!!!

You are a ***.

Anonymous
#210870

if 4% was $1,117. Than your original wire was roughly $25,000, for your Europe vacation. NO SYMPOTHY HERE!!!!!!!!!

Anonymous
#210365

I agree that the rep shouldn't have told you that you would be getting the market rate, clearly that person wasn't familiar with foreign currency transactions. Almost all financial institutions install a 3-5% commission built into their buy/sell rate for foreign currency, unless you are transferring a large dollar amount in the excess of 500m-1mm. Banks tend to not like to operate at a loss, and trading small amounts of currency at no charge would not be a smart business move. At the bank that I work for, it is made evident that there will be a commission charged, and you must accept the exchange rate in real-time in order for the order to be processed. Even if it's after hours, they can secure an after hours rate to lock in.

In regards to the client who sent out an amount in foreign currency and received back less when the wire was rejected, that is the nature of foreign currency. Every institution has a buy and sell rate with a fair spread between them, as well as the potential for a negative market fluctuation between the time of sale and the time of buying back.

I empathize with these concerns, because if I hadn't worked at a bank for several years I wouldn't be familiar with this process either. But it's the nature of the beast.

Anonymous
#210138

chase is ***... they charge you for anything and never explain why...

i am closing my 5 business accounts and my 3 personal accounts... this is ***!

Anonymous
#207444

I just had something similar happen to me. I needed to make an $8k wire transfer to a foreign bank (in Israel), and initiated the wire online, converted to New Israeli Shekels (based on all their marketing material on their website encouraging me to make the transaction in foreign currency). The wire transfer bounced at the receiving end (even though it's the Bank of Israel, they could only receive in dollars), and by the time the funds got back to my account, they were $435 lighter. I eventually traced it to the outgoing exchange rate, which reflected the hidden 4% premium, despite no clear notification of this on Chase's website.

I am currently being run around in circles trying to resolve this with Chase, with nobody wanting to take responsibility. Their "executive" hotline actually told me that the department I needed to talk to was internal, and that there was no phone number for it.

I am going to to cancel my account(s) at Chase if this is not resolved. It adds insult to injury in this case that they are holding onto my $435 fee without actually having provided me any corresponding service at all.

Anonymous
#198124

This sounds like grounds for a class action law suit. Bank rate and market rate are definitely not the same thing, and it Chase is claiming that they are... they are screwing a lot of people out of a lot of cash.

Anonymous
#167197

The same deal happened to me, when it used to be washington mutual, not only did the do free wires, but they had a form you would fill out before hand to show that everything was in your own handwriting. Well, chase just imputs direct into their comp.

then hands u a paper to sign. Turns out the set my U.S. dollars into the local currency of that region w/o permission and I lost $200.

When I called to complain I got the same blah,blah, blah that I signed the paper so call the branch, the branch of course said call customer service. I really, really, reeeeeaally miss Washington Mutual!!

Anonymous
#166428

I ran an exchange rate analysis for a 6 month period (3 months before, 3 months after date of posting). The peak rate would have required him to transfer in excess of $500,000 to incur this scale fee..

And if I had that much money to transfer, I doubt I'd be *** online. My best guess is he transfered $28,000 and they hit him with 4% commission.

Anonymous
#158776

**S*U*C*K*S*

Anonymous
#158775

:x :( :cry :? :roll :eek :eek :grin :) that sucks, i don't like chase :(

Anonymous
#129237

yeah chase sucks!

Anonymous
#98721

I often transfer money to my home country and it is very important to check the exchange rate with the institution through which you are transferring money as the exchange rate (just like transfer fees) varies significantly by institutions. I never do international wire transfer through US banks, I always prefer solution from bank in my home country, which in most cases free and provides good exchange rate too.