Help with charges on foreign transactions.

[DrTS]

Hi,

Can someone explain how the charges for foreign/international transactions are added to credit card ( magnus )?

I understand forex transaction charges, but then there is visa transaction fee and then gst etc

And then currency exchange fees ? DCC ?

I understand there are articles on this but can someone explain me in plain english?

Also if these charges are added at the time of transaction or later in statement separately?

Thanks

 

[Tejo]

Hi,

Can someone explain how the charges for foreign/international transactions are added to credit card ( magnus )?

I understand forex transaction charges, but then there is visa transaction fee and then gst etc

And then currency exchange fees ? DCC ?

I understand there are articles on this but can someone explain me in plain english?

Also if these charges are added at the time of transaction or later in statement separately?

Thanks

Forex charges means currency exchange fee.

The particular percent like 0-3.5% is fixed by bank.

Conversion of money rate depends on card network

Dcc means if a particular merchant accepts local current currency then will take our card local currency or their currency otherwise usd mostly.

For example, usa people mostly won't worry about forex fee. Globally accepts usd.

Try loading multi currency card (prefer hdfc, all the details can be seen) with your credit card.

 

[Arun Pratheep]

Magnus has forex charge of 2%