Chase Bank, also called JPMorgan Chase Bank, is an American bank with headquarters in Manhattan, New York City. The bank constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services company, JPMorgan Chase. There are various kinds of transactions you can do with the bank, including sending and receiving money. You will learn how to transfer money from Chase to another bank later in this article.
Transfer of money from one bank to another can be affected in several ways, as we shall see. It makes it easy to transfer money to another bank account that belongs to you. If you want to close your Chase bank account, you must transfer the available balance to another bank and continue with your banking services.
One of the most exciting things about Chase bank is that you can operate your bank account online using your smartphone or computer. Therefore, transferring money from your account becomes more convenient than visiting a physical branch to line up for the service. Moreover, operating your bank account online saves time since you do not need to travel to a physical branch.
The Entire Method To Open A Chase Bank Account
You can open a Chase bank account online using your computer or smartphone. Irrespective of the type of account you want to open, the requirements are the same. But before you open a Chase bank account, you need to determine the kind of account you want. This can be a savings or a checking account.
A savings account allows you to save money for future use. If you plan to start a project in some years to come, then a savings account will be the best to open a checking account that allows you to spend money any time you feel like it. Therefore, it is a spending account that you can deposit money to spend when the need arises.
A checking account has a debit card to access your money at an ATM or buy goods and services online at a physical store. Furthermore, you can use your Checking account to transfer money to other people, either your bank or a different bank.
When opening a bank account, you require the following.
- A Social Security Number (SSN).
- An identification document – a driver’s license, a passport, or a government ID card.
- Physical address.
- Phone number and
- Email address.
After you have all the requirements, you can then start opening your account online. You need to submit all the requirements as per the prompts.
Various Types Of Chase Accounts
Chase bank has various bank accounts that you can open. You can send money with a checking account number instantly to someone else with an account with Chase.
Checking accounts includes the following:
i) Chase Total Checking
It comes with a debit card to access over 16,000 ATMs. You can get services in more than 4,700 branches throughout the country. The account comes with 24/7 customer service. Furthermore, the account has a monthly service fee of $12. You can avoid the monthly fee if you meet the requirements for direct deposit, minimum daily balance, or beginning day balance.
ii) Chase Secure Banking
The account also comes with a debit card to access your money in more than 16,000 ATMs plus online banking services. It has a fixed fee of $4.95 that you cannot waive in any way.
iii) Chase Premier Plus Checking
The account allows you to access free checks, and fees are waived at non-Chase ATMs up to four times per statement period. As an account holder, you get a Chase First Banking account for children.
iv) Chase Student Checking
Chase Student Checking account helps you to meet student needs. There are various student accounts which include the following.
- Chase First Banking
- Chase High School Checking
- Chase College Checking
Ways To Transfer Money From Chase To Another Bank
You can transfer money from Chase to another bank in the following ways.
1. Wire Transfer
Wire transfer refers to an electronic payment that helps you to transfer money between banks. For example, you can transfer money from Chase to Wells Fargo using the wire transfer method. Wire transfers are available for both domestic and international banks. There are two ways you can do a wire transfer. They include the following:
- Bank-to-Bank Wire Transfers
- Wire Transfer Services
Let us look at how you can carry out each of the wire transfer services.
a) Bank-to-Bank Wire Transfers
You can use bank-to-bank wire transfers online using your phone or at a Chase bank branch. You require the recipient’s full name, contact information, and bank account details, including routing and account numbers. The transfer service involves some fees, which range from $5 – $50. You may require more details for international transfers, and transfer time may take more days to complete.
When transferring money via wire transfer to domestic or an international recipient, you can use the Chase Global Transfer. It goes as follows:
- Log into your Chase online account and click on “Pay & Transfer” on the navigation menu.
- Next, choose “Transfer Money” from the drop-down options.
- Get the recipient’s information such as full name, contact information, and routing number. For international wire transfers, you may need the recipient’s SWIFT/BIC.
- Carefully fill out the transfer form with all the necessary recipient information.
- Enter the amount of money to send in the correct currency. Ensure you read over the wire transfer’s terms and conditions.
- Confirm that the information is correct to finalize the transfer. You also need to pay any applicable transfer fee.
- Save your receipt details or confirmation message that you receive after submitting your wire transfer. You may require the transfer details in case of anything.
b) Wire Transfer Services
You can also involve the services of transfer agents to transfer money to someone else’s bank account. These are intermediary service providers that transfer money on behalf of your bank. They include companies such as Western Union, MoneyGram, and Wise, among others.
Wire transfer services require you to provide your Chase account details to fund your transfer. You also need to provide the recipient’s account details such as their bank account information if they are to receive the money in their bank accounts or their contact details and especially their phone number where the transfer service will communicate with them.
You should be keen to provide the correct details when using the service since it is difficult to reverse a wire transfer. Also, send money to individuals you trust and who have good contact records to avoid transfer failure. Generally, you need the following information for any wire transfer.
- The sender’s government-issued identification
- The sender’s bank account and transit number
- The recipient’s full name and contact information
- The recipient’s bank account information and transit number
- The recipient’s ABA routing number
It is also important to note that Chase processes domestic wire transfers within 24 hours, while international transfers may take between 1-5 business days to complete. It takes some time for the funds to reach the recipient because the bank account holds to determine the source of money and for the receiving bank to see whether the sender has enough funds to cater for the transfer.
2. Direct Deposit
Direct deposit is another way you can use to transfer money domestically. The service does not allow you to transfer money to international recipients. You require the recipient’s routing as well as the account number to complete the process. Direct deposits attract some fees that you should be aware of. You can use direct deposit to send money online or at a physical branch.
3. Use Zelle
Zelle is a money transfer service that allows you to transfer money from one bank to the other. It helps to lessen the duration taken when you send money from one account to the other. Zelle does not allow you to transfer money internationally. To send money with Zelle, follow the procedure below.
- Sign in to your account.
- Hit the menu in the top left corner.
- Select “Send money with Zelle”.
- Next, hit “Send Money.”
- Choose the recipient to pay.
- You can also add a recipient if none exists in the list.
- Enter the amount of money to send as well as the account to use.
- Review your request and then tap “Next” to transfer the funds.
You can also decide to set up a recurring payment so that you do not need to do it now and then.
You can also receive money from other banks via Zelle. For example, someone can transfer money from the Bank of America to Chase bank using Zelle. Not all banks work with Zelle, and you should confirm with the other bank before carrying out the process.
Chase bank is one of the main banks in the U.S. that allows you to send and receive money. You can transfer money from your Chase bank to an international bank account. There are various bank accounts that Chase bank offers, which include Chase Total Checking, Chase Secure Banking, and Chase Premier Plus Checking, among others. You can use Zelle online and at a physical branch.