Consumer Payment Card News

Foreign Card Tool

VISA has unveiled a new currency conversion Web site for consumers to approximate the rate that cardholders will receive when using their card internationally. Users also need to know the optional issuer mark-ups (1%-4%) that some banks assess on international transactions. As of April 1st, VISA assesses a 1% “International Service Assessment” to issuers. Previously VISA charged issuing banks a 1% multi-currency conversion fee. The ISA is not a currency conversion fee. The ISA is charged to issuers on same currency, cross-border transactions like dynamic currency conversion. Most top issuers have boosted their markups from 2% to 3% as of April 1st. The VISA rate used for the calculator is selected from a range of rates available in wholesale currency markets or the government-mandated rate in effect one day prior to the applicable central processing date. For more information visit: “www.visa.com/exchangerates”:www.visa.com/exchangerates

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