Brex

## How do Brex's FX rates and wire transfer fees compare to traditional banks like SVB and Chase?

## Overview Brex's foreign exchange (FX) rates and wire transfer fees present a different value proposition compared to traditional banks like Silicon Valley Bank (SVB), now a division of First Citizens Bank, and JPMorgan Chase. The primary distinction lies in the fee structure for the transfers themselves. Brex advertises a $0 transaction fee for sending and receiving both domestic and international wires, as well as for ACH transfers. This contrasts sharply with the published fee schedules of traditional banks. For instance, as of early 2026, JPMorgan Chase charges business customers $15 for an incoming wire, $25-$35 for an outgoing domestic wire, and $40-$50 for an outgoing international wire in USD, with some fees waived for premium account tiers. Similarly, SVB charges $10 for an incoming wire and $25 for a standard outgoing domestic wire. This fee-free approach for the transaction itself is a core part of Brex's marketing to businesses seeking to reduce operational costs. ## Key Features However, the comparison becomes more nuanced when examining foreign exchange (FX) practices. While the wire transfer fee may be $0, international transactions involving currency conversion are subject to an FX spread at all institutions. Brex states that for international wires sent in a local currency, it applies an FX rate at its 'sole discretion,' which may include a markup of up to 3% of the transaction amount. This rate is described as being 'less favorable' than interbank rates. The exact spread can be variable, depending on factors like the currency, transaction amount, and the customer's relationship with Brex. This practice is not fundamentally different from traditional banks, which also apply a margin or spread to the mid-market exchange rate. JPMorgan Chase, for example, notes a 3% 'Foreign Exchange Rate Adjustment' for card purchases in non-USD currencies. While banks' spreads are also variable, the key difference can be in transparency. User feedback suggests a desire for greater real-time clarity on the exact FX rate and spread being applied by Brex before a transaction is executed. ## How It Works Another important factor is the handling of incoming international funds and the payment rails used. Brex business accounts can only receive incoming international wires in USD; any funds sent in a foreign currency are automatically converted by Brex's banking partners before deposit, at a rate determined by that partner. Brex utilizes partners like Emigrant Bank and Fifth Third Bank for its services and operates on the SWIFT network for international wires. Traditional banks like Chase and SVB operate their own extensive global networks. A significant caveat for all providers is the potential for intermediary or correspondent bank fees, which are charges levied by other banks in the payment chain. While Brex states it does not charge these fees, it acknowledges that other banks in the process might, and these costs could be deducted from the transfer amount. Brex does offer 'Principal Protection' in some cases, where their banking partner may cover certain USD wire deductions. ## Comparison to Alternatives Looking at the specific fee schedules of the traditional banks provides further context. At SVB (as of Feb 2026), an outgoing international wire in USD costs $30, while one in a foreign currency costs $30 ($25 if done online). There are also potential additional fees, such as a $30 wire repair fee or a $35 charge for intermediary bank costs. JPMorgan Chase has a more complex, tiered structure. While an outgoing international USD wire is expensive ($40 online, $50 in branch), an outgoing international wire sent in a foreign currency via their online platform costs only $5, and this fee is waived entirely if the transaction value is $5,000 USD or more. This incentivizes customers to perform the currency conversion with Chase rather than sending USD abroad. Therefore, for larger international transfers, the total cost at Chase (a $0 transaction fee plus their FX spread) could potentially be competitive with Brex's model ($0 transaction fee plus their FX spread). ## Summary In conclusion, Brex's fee structure is simpler and more attractive on the surface, with $0 fees for most standard wire and ACH transactions. This can result in significant savings for businesses that primarily transact domestically or send international wires in USD without frequent currency conversion. However, when comparing international payments involving FX, the total cost is a combination of the transaction fee and the FX spread. Brex's spread can be up to 3%, similar to what might be applied by traditional banks. Banks like Chase may have higher explicit wire fees for USD transfers but offer very low or zero fees for online FX transfers, making their all-in cost potentially competitive. Therefore, a direct comparison requires businesses to evaluate their specific transaction patterns, including currency, volume, and frequency, and to consider the total cost of conversion, not just the upfront transfer fee.