Don’t change currency at Chase
This story speaks for itself.
Today, I went to chase bank to ask about the exchange rate from dollar to Japanese yen. The guy told me that there’s no charge for the exchange and he then checked the rate at that moment and he told me that it is 1 dollar = 86.00yen. I knew that the last few days the yen dropped. I went ahead and bought $5,000 worth of yen. When I went home I realized that the rate at that moment was 1 dollar=89.56 yen. I went back to chase after half an hour and told them I would like to cancel and want my money back. It was too late because they said they already ordered the yen. Even I don’t have the yen with me, they still would not give my money. I was furious! The more I was furious when the manager told me that to get my money back I have to sell the yen to them(crooks) and now, get back less than what it cost, even though I don’t have the yen in my possession. It would take a couple of days. So now, I lost 20,000 worth of yen. I immediately cancel all my account with chase.
Chase are liars, worst than criminals and definitely CROOKS.
Fees & charges | admin July 14, 2010
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By James, April 7, 2013 @ 11:33 am
You traded 5000 dollars for 5000 dollars then tried to take 6700 dollars back. If they gave you the current rate and no fee then that sound like a good deal.
By Jk, October 14, 2013 @ 6:18 pm
You didn’t do your homework before you did this this is your fault. They told you the rate before you purchased so they didn’t do nothing wrong. The rate you see online is never the rate you can get at any local bank. So I guess chase didn’t mind losing your business as they could avoid some future troubles.
By coakl, October 15, 2013 @ 12:12 pm
The rate that Chase uses, is the “Chase exchange rate”. It includes a profit margin for Chase.
Exchanging currency is certainly not “free”, nor does Chase use the low wholesale rates you find online.