Chase bank account (for travelling), why?

[Phooey]

I currently bank with HSBC but a friend suggested opening a Chase bank account to use whilst abroad. I've looked on the Chase website but not sure really what benefits it has over HSBC..

1/ Is the main and only benefit something to do with credit card charges?

2/ Do you have to pre-load the Chase bank account before you spend on the card? eg - if I think I'm going to spend 1000 euros - I deposit £1000 into Chase.

3/ Any benefits in keeping Chase open when I return to the UK?

I'm sure they'll be more questions..

Thanks

[stuthemong]

I always use Revolut while abroad

-you can see exactly what you’re spending via notifications on your phone
-it’s pre-pay, so I tend to lob £2k or so on it and when it’s gone top up but go a bit slower!
-it’s pre-pay, so if someone steals your cards they can only take what’s on it
-you can create virtual cards to pay for stuff so the details only work once
-you get the best exchange rate you’re going to get on a card, it’s like 1-2% better IIRC, so that’s free money/discount every time you spend!

[Seventyseven7]

The exchange rate is the benefit, no charges as well. Would recommend Revolut or Wire though.

[RicksAlfas]

If you use ATMs for cash or debit cards Chase is good:
No pre-loading required.
Good exchange rate.
No transaction fees.

If you prefer a credit card the Halifax Clarity works well (same reasons as above).

[cheesejunkie]

Phooey said:

I currently bank with HSBC but a friend suggested opening a Chase bank account to use whilst abroad. I've looked on the Chase website but not sure really what benefits it has over HSBC..

1/ Is the main and only benefit something to do with credit card charges?

2/ Do you have to pre-load the Chase bank account before you spend on the card? eg - if I think I'm going to spend 1000 euros - I deposit £1000 into Chase.

3/ Any benefits in keeping Chase open when I return to the UK?

I'm sure they'll be more questions..

Thanks

I don't use Chase but I can see the benefits. There are many options on charge free credit cards and if you travel enough they're worth using. I started with an egg card so long ago I can't remember when and they don't exist now (they sort of do as Santander zero) and I'm sure a few on here can go further back. It's not entirely about the exchange rate, cash withdrawal charges should be factored in too if that's a concern.

Overall, the amount you're saving vs a cost of holiday isn't much. But better having it in your pocket rather than theirs.

I keep my travelling cards open but don't use any of them as my main current account.

[asfault]

thebursar said:

Chase bank (its parent, JPMorgan) is one of the most unethical banks in the world. They fund all sorts of questionable business practices.

https://www.theguardian.com/money/2022/dec/12/us-b...

No preaching here, and ignore if it's not important to you (I didn't used to care about such things) but when I read into it more I decided to bank elsewhere.

Starling is a great alternative to Chase, particularly if you just want a second account or to use on holiday. I have a EUR account with them so can lock in when rates are favourable, but the fee free use and good rates on their GBP current accounts are also excellent.

Banks job is to bank not judge their customers imo.
Didn't Coutes just get a kicking for closing accounts of customers based on their political view.

[J210]

Chase is just a current account. It has some good perks like the highish rate of interesting in saving accounts

For travel you get 0 fee spend. 0 fee at Chase ATM's, 1% cash back on spending. Whats not to like.

Chase uses the Mastercard FX rate. But I noticed they are pretty slow to update it compared to Halifax when the rate changes,

Edited by J210 on Monday 24th July 11:39

[cheesejunkie]

asfault said:

Banks job is to bank not judge their customers imo.
Didn't Coutes just get a kicking for closing accounts of customers based on their political view.

No. They got a kicking for doing the same thing they've always done to a mouthy fker who proved their point on reputational risk, their best defence is to hold their ground. I'm no defender of Coutes but the raised handbags did amuse me on that one.

[asfault]

cheesejunkie said:

asfault said:

Banks job is to bank not judge their customers imo.
Didn't Coutes just get a kicking for closing accounts of customers based on their political view.

No. They got a kicking for doing the same thing they've always done to a mouthy fker who proved their point on reputational risk, their best defence is to hold their ground. I'm no defender of Coutes but the raised handbags did amuse me on that one.

Just to confirm you don't like farage?

[cheesejunkie]

asfault said:

cheesejunkie said:

asfault said:

Banks job is to bank not judge their customers imo.
Didn't Coutes just get a kicking for closing accounts of customers based on their political view.

No. They got a kicking for doing the same thing they've always done to a mouthy fker who proved their point on reputational risk, their best defence is to hold their ground. I'm no defender of Coutes but the raised handbags did amuse me on that one.

Just to confirm you don't like farage?

Lol, was it obvious? In some ways I quite like his st stirring abilities but I definitely don't like the man.

[The Gauge]

Phooey said:

I currently bank with HSBC but a friend suggested opening a Chase bank account to use whilst abroad. I've looked on the Chase website but not sure really what benefits it has over HSBC..

1/ Is the main and only benefit something to do with credit card charges?

2/ Do you have to pre-load the Chase bank account before you spend on the card? eg - if I think I'm going to spend 1000 euros - I deposit £1000 into Chase.

3/ Any benefits in keeping Chase open when I return to the UK?

I'm sure they'll be more questions..

Thanks

Ive just opened up a Chase account for my trip to USA for the follwomg reasons..

No transaction charges for purchases abroad
No charges for ATM withdrawals
They pay you 1% (I think) Interest on the purchases you make
Can open a Chase Saver and link them both, the saver pays you 3% interest
Can opt for 'Roundup' where every purchase is rounded up tp the nearest £1 and that extra goes into a separate account and which pays you interest, rather like a 1p & 2p jar you might have for collecting loose change but with interest paid.

However I don't understand one of the replies above that says no pre-loading as you do have to transfer money into your Chase account (from your existing bank account) to credit it, and when that money has been spent you can't buy anything else until you have credited the account again. You can only spend up to the amount you have pre loaded onto the card. If going abroad you could load say £500 onto it for spending, then add more to the account when needed.

I have also taken out a Halifax Clarity credit card for any large purchases I might make which is also good for using abroad with no transaction charges.

[RicksAlfas]

The Gauge said:

However I don't understand one of the replies above that says no pre-loading as you do have to transfer money into your Chase account (from your existing bank account) to credit it, and when that money has been spent you can't buy anything else until you have credited the account again. You can only spend up to the amount you have pre loaded onto the card. If going abroad you could load say £500 onto it for spending, then add more to the account when needed.

I think that was me! What I meant was it is a conventional current account. It's not a pre-paid travel card where you put £500 on it at that day's exchange rate and then you are stuck with it.
Many people have the Chase account as their main current account. Not a holiday special.

[Somebody]

I’ve not used it for overseas purchases but only used Chase debit card abroad at ATMs. I transfer from the savings account to the current account before drawing

I also have a Barclaycard Reward Credit Card for cash withdrawals abroad as an alternative to Chase as no interest is charged as long as you repay in full each month.

[The Gauge]

RicksAlfas said:

The Gauge said:

However I don't understand one of the replies above that says no pre-loading as you do have to transfer money into your Chase account (from your existing bank account) to credit it, and when that money has been spent you can't buy anything else until you have credited the account again. You can only spend up to the amount you have pre loaded onto the card. If going abroad you could load say £500 onto it for spending, then add more to the account when needed.

I think that was me! What I meant was it is a conventional current account. It's not a pre-paid travel card where you put £500 on it at that day's exchange rate and then you are stuck with it.
Many people have the Chase account as their main current account. Not a holiday special.

Understood

I think I may well use my Chase account as my everyday account, and credit it from my wages account every payday. I sometimes use my overdraft which Chase doesn't facilitate, so I'd just have to continue crediting it from my other account which would go overdrawn as normal, which would work fine.

[Phooey]

Thanks for replies - very helpful

I opened an account anyway, seemed easy enough to do and quite like the idea of how it works. The saving account isn't too bad either for a no penalty instant saver

[JagYouAre]

stuthe said:

I always use Revolut while abroad

-you can see exactly what you’re spending via notifications on your phone
-it’s pre-pay, so I tend to lob £2k or so on it and when it’s gone top up but go a bit slower!
-it’s pre-pay, so if someone steals your cards they can only take what’s on it
-you can create virtual cards to pay for stuff so the details only work once
-you get the best exchange rate you’re going to get on a card, it’s like 1-2% better IIRC, so that’s free money/discount every time you spend!

I don't think the rate is any better than any other card that uses the MasterCard rate. The real benefit of revolut, in my opinion, is that you can hold multille currencies in separate pots and convert to that currency at the time of your choosing, rather than just at point of purchase.

That said I got rid of my Revolut account as the stories of poor customer service and potential locking down of accounts with no rhyme or reason spooked me. That and the fact they've not got a full banking licence. It's ok for a bit of travel money I think but I wouldn't trust them with large deposits.

I use Chase and First Direct for every day banking. Chase for the fee free travel money and 3.8% interest rate, as well as the various cashback and other perks they do every now and then. First Direct as I like to keep an account with what I consider a 'proper' bank, who offer good rates on borrowing and regular savers. Though I note they have recently scrapped their foreign currency fees so that's another USP of the challenger banks gone.

[Manners79]

I use a Currensea card abroad. No need to pre-load and it just acts as a front end to whatever current account you have with whatever bank. Seems to get very good FX rates and i like the phone notifications. Only grumble is I cant put it in Apple Pay. Or I’m being dopey, quite likely!

[abzmike]

Manners79 said:

I use a Currensea card abroad. No need to pre-load and it just acts as a front end to whatever current account you have with whatever bank. Seems to get very good FX rates and i like the phone notifications. Only grumble is I cant put it in Apple Pay. Or I’m being dopey, quite likely!

Not one I’ve heard of, but if it’s connected to your current account, can it be used to access it if the card gets lost of skimmed? That’s a real benefit for me of a Revolut preload…

[The Gauge]

Phooey said:

Thanks for replies - very helpful

I opened an account anyway, seemed easy enough to do and quite like the idea of how it works. The saving account isn't too bad either for a no penalty instant saver

Consider accepting their invite to join 'Roundup' if you want to receive a little more interest on your purchases.

[cheesejunkie]

JagYouAre said:

I don't think the rate is any better than any other card that uses the MasterCard rate. The real benefit of revolut, in my opinion, is that you can hold multille currencies in separate pots and convert to that currency at the time of your choosing, rather than just at point of purchase.

That said I got rid of my Revolut account as the stories of poor customer service and potential locking down of accounts with no rhyme or reason spooked me. That and the fact they've not got a full banking licence. It's ok for a bit of travel money I think but I wouldn't trust them with large deposits.

I use Chase and First Direct for every day banking. Chase for the fee free travel money and 3.8% interest rate, as well as the various cashback and other perks they do every now and then. First Direct as I like to keep an account with what I consider a 'proper' bank, who offer good rates on borrowing and regular savers. Though I note they have recently scrapped their foreign currency fees so that's another USP of the challenger banks gone.

For similar reasons I'd never hold any significant amount of currency with Revolut but they're good at what they do. I've never looked into it that much but I'm vaguely aware that they've a surcharge at weekends to cover themselves from interest rate changes. I've used them for dollars, euros, various crowns. Pretty sure I didn't own one when I last used rubles but so long ago the memory's fading. I've also used them to transfer money to family and they've used it to transfer to me. My main bank doesn't believe in user convenience and as someone who has worked with some of the antiquated systems I know it's not a simple ask, won't stop me asking though .

It makes sense to make use of a good travel card although I can't speak for Chase specifically.