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CC | Foreign Exchange Rate for Overseas Transactions

BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
Hello,

Just need to ask if anyone knows how the banks charge the conversion rate for overseas transactions. I charged my Security bank dual credit card and I was shocked by its conversion that is why I am wondering how much does the other banks charge for its conversion. I charged a flight from Macau to Manila on Cebu Pacific, I had the option of paying it in pesos amounting to 8,029(based on cebu pacifics exchange rate) that they were supposed to bill me, but I opted that my card charge me in dollars. Lo and behold, when I called my bank, from around 8,029 pesos(around 184.57 at 43.50) naging 8,472 charged by security bank(laki ng patong around 400 pesos)...I am questioning their system why their conversion was pegged at 5% when in fact I had the option of paying it in pesos around 8,029...i thought that I would get lesser if I opt to pay it in usd...since the dollar is weakening right now..but they charged me more.

How does metrobank and BPI charge their clients when they have their single currency card? nagreresearch nga ako ngayon ang alam ko patong lang ng mastercard is 1% or just a fraction..pero grabe ang security bank..I am questioning their conversion at nalaman ko sila lang pala gumagawa ng conversion rates nila, so they can dictate as high as whatever they want(to think the pataca is a fixed currency di sya masyado nagmomove)..

Pwede ba ito maquestion sa BSP?
«134567

Comments

  • KuyaDannyKuyaDanny Moderator PEx Moderator
    BPI - the MasterCard exchange rate on the day of the transaction, plus 0.75% service fee.

    Here is the link for the MasterCard currency conversion:

    https://www.mastercard.com/global/currencyconversion/index.html
  • jbluzbjbluzb Member PExer
    From what I know there is conversion charge from either VISA or mastercard plus the service charge that will depend on the bank terms and conditions
  • pinoy_dude24pinoy_dude24 Member PEx Veteran ⭐⭐
    Yup may service charge ang bank like EastWest for charging it in dollars...
  • BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
    u got an idea on how much they charge for service for different banks? I called Metrobank and they told me yun mastercard rates lang raw ang finofollow nila eh...wala nang patong.

    thanks kuya danny for the link, very handy ito to check the rates..
  • jbluzbjbluzb Member PExer
    call your bank for this
  • BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
    jbluzb wrote: »
    call your bank for this

    nakakatawa ang bangko they cannot answer this as it really depends on the posting date..

    I have kuyadannys conversion tool but based on experience from people here who have single or dual currency, sino pinakamababa sa foreign currency rates? I just spoke with my bank (Security Bank) and they cannot explain to me their conversion rates, the only thing they just told me is that they have their own conversion..so I told them Ill just use another card and give them my business na lang..Spoke with the supervisor at hand na and she cant do anything about it..
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    OK, here's info from HSBC (Philippines) - the MasterCard exchange rate on the day of the transaction, plus 2.75% fees. Expensive, but still not as atrocious as Security Bank.
  • meybeleenemeybeleene Member PExer
    mas ok kung dual currency ang cc mo.
    peso and dollar currency credit card.
    like bdo.
  • TravelLifestyleTravelLifestyle Banned by Admin PExer
    meybeleene wrote: »
    mas ok kung dual currency ang cc mo.
    peso and dollar currency credit card.
    like bdo.

    ah so ganun pa la yun. i have no idea that my bpi card have this until i used it in HK last week. Tinanong ako ng cashier kong gusto ko charge in phil. peso or hk dollars.i chose PHP, without any clue, lol. good thing, ok pala ang ganun.
  • RBLJRRBLJR Member PExer
    KuyaDanny wrote: »
    OK, here's info from HSBC (Philippines) - the MasterCard exchange rate on the day of the transaction, plus 2.75% fees. Expensive, but still not as atrocious as Security Bank.

    Most bank around 2%

    Citibank 3.5%

    Pinakamababa BPI 1%, below pa nga ata

    Check nyo Fees and charges usually nasa likod ng billing statement naka indicate dun.
  • BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
    meybeleene wrote: »
    mas ok kung dual currency ang cc mo.
    peso and dollar currency credit card.
    like bdo.

    dual currency po ang card ko pero grabe ang charges ng bank ko.

    sobra laki ng conversion nila..
  • jbluzbjbluzb Member PExer
    I ask eastwest bank and HSBC, they answered me that the fees will be the ongoing exchange rate (as per Visa/Mastercard) the transaction was posted
  • grim_reaper1814grim_reaper1814 Member PExer
    Hindi ko ma gets. Sabi mo dual currency yung card mo pero bakit kailangan pa ng conversion.

    I have Allied Mastercard. I have separate billing for USD and PHP and I pay in USD and PHP. I buy my USD at the black market at very competitive rates. Natural hindi sa bangko bibili kasi mahal.
  • BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
    Hindi ko ma gets. Sabi mo dual currency yung card mo pero bakit kailangan pa ng conversion.

    I have Allied Mastercard. I have separate billing for USD and PHP and I pay in USD and PHP. I buy my USD at the black market at very competitive rates. Natural hindi sa bangko bibili kasi mahal.

    ok ba ang conversion ng allied mastercard for their dual currency? as I already applied for the card, 10 days raw ang turn around time for the credit card application..

    dual currency card ko pero pag you charge a foreign currency like HKD or AUD, it gets converted directly to USD. question ko po, based on other banks, magkano normally patong ng bangko? Im very curious about Allied Bank now as sya ang ipapalit ko after Security Bank mastercard. Their convertion from other currencies(HKD, AUD, MOP and etc) are their own conversion at patong nila 5% so DONT use their card!
  • meybeleenemeybeleene Member PExer
    eto from bdo:

    Foreign Exchange Conversion Rate

    Your local transactions are billed in Philippine Peso while your international transactions are billed in US Dollar. All international charges, advances or amounts made by Cardholder in currencies other than US Dollar will automatically be converted at the time of posting to US Dollar at MasterCard's foreign exchange selling rate. Assessment fee of 1% plus service fee of 1% of the converted amount will be charged by MasterCard and BDO respectively, and shall be imposed at the sole and absolute discretion of BDO and may be subject to change.
  • BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
    meybeleene wrote: »
    eto from bdo:

    Foreign Exchange Conversion Rate

    Your local transactions are billed in Philippine Peso while your international transactions are billed in US Dollar. All international charges, advances or amounts made by Cardholder in currencies other than US Dollar will automatically be converted at the time of posting to US Dollar at MasterCard's foreign exchange selling rate. Assessment fee of 1% plus service fee of 1% of the converted amount will be charged by MasterCard and BDO respectively, and shall be imposed at the sole and absolute discretion of BDO and may be subject to change.

    meybeleene: what type of card did you apply for BDO? titanium ba or platinum for their dual currency, and how much is the lowest limit if you can disclose it? thanks.
  • pinoy_dude24pinoy_dude24 Member PEx Veteran ⭐⭐
    meybeleene wrote: »
    eto from bdo:

    Foreign Exchange Conversion Rate

    Your local transactions are billed in Philippine Peso while your international transactions are billed in US Dollar. All international charges, advances or amounts made by Cardholder in currencies other than US Dollar will automatically be converted at the time of posting to US Dollar at MasterCard's foreign exchange selling rate. Assessment fee of 1% plus service fee of 1% of the converted amount will be charged by MasterCard and BDO respectively, and shall be imposed at the sole and absolute discretion of BDO and may be subject to change.

    Mas maganda pala yung Metrobank Dollar CC nila kasi yung charge na dollars as is kung magkano yung charge ng merchant sa CC. Wala syang service charge whatsoever.*okay* Kinocompare ko kasi pag appear nya sa statement of account ko online at sa charge slip.
  • meybeleenemeybeleene Member PExer
    BingoWingo wrote: »
    meybeleene: what type of card did you apply for BDO? titanium ba or platinum for their dual currency, and how much is the lowest limit if you can disclose it? thanks.

    platinum card ako. meron din yan sa titanium at sa gold card. yun nga lang sa gold card is dapat irequest mo na duan currency ka.
  • meybeleenemeybeleene Member PExer
    Mas maganda pala yung Metrobank Dollar CC nila kasi yung charge na dollars as is kung magkano yung charge ng merchant sa CC. Wala syang service charge whatsoever.*okay* Kinocompare ko kasi pag appear nya sa statement of account ko online at sa charge slip.

    yung sinsabi naman nila na assessment fee na 1% at processing fee na another 1% din ay ma-iaapply lang naman yun sa mga OTHER THAN US DOLLAR CURRENCIES like HK$ NT$ AU$ Yen Won Yuan, etc.

    ibig sabihin, kapag ginamit mo ang card mo sa US, NO other charge kung ano pa, dahil in US Dollar na siya.

    Pero kapag ginamit mo ang card let say sa Japan (yen), Singapore (sg$), Hongkong (hk$), dito na maiaapply yung fees. 1% for the assessment/conversion rate, then another 1% processing fee.

    sa mga ONLINE transactions na US dollar ang currency, yun na mismo ang magrereflect sa bill mo, wala ng mga fees etc.
  • BingoWingoBingoWingo Architect and RN PEx Influencer ⭐⭐⭐
    meybeleene wrote: »
    yung sinsabi naman nila na assessment fee na 1% at processing fee na another 1% din ay ma-iaapply lang naman yun sa mga OTHER THAN US DOLLAR CURRENCIES like HK$ NT$ AU$ Yen Won Yuan, etc.

    ibig sabihin, kapag ginamit mo ang card mo sa US, NO other charge kung ano pa, dahil in US Dollar na siya.

    Pero kapag ginamit mo ang card let say sa Japan (yen), Singapore (sg$), Hongkong (hk$), dito na maiaapply yung fees. 1% for the assessment/conversion rate, then another 1% processing fee.

    sa mga ONLINE transactions na US dollar ang currency, yun na mismo ang magrereflect sa bill mo, wala ng mga fees etc.

    thanks for the information meybeleene, actually I didnt knew that BDO have dual currency na rin. before when I asked, single currency lang sila. I have a gold card with them which I never use for almost 3 yrs now, since mababa ang limit na binigay nila sa akin, but now I am reconsidering it if they can change my payment to USD instead.

    Marami kasi akong foreign transactions, and I am still gonna wait for my Allied cc, to see who has the better conversion. I had metrobank USD card but the thing is, wala silang rewards. Sayang yun mga chinacharge ko doon...kaya d ako masyado naentice na sa metro after getting my diners/secrurity bank platinum card..but given the fact that security have an atrocious conversion when it comes to their foreign currencies and that wala magawa ang supervisor nila(to think waived na ako sa annual ko this year, and she even asked me if I am contented with using the card..now I can say Im not...since of their conversion)...Valued client ako ng card nila since I pay in full and on time and mukhang d sila marunong magalaga ng clients nila..

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