SHARE: Foreign Currency Exchange Rates of Credit Cards

Learnt something today and thought of sharing it here even though it's out-of-topic from books. :)

The foreign currency exchange rates of TT / Counter transactions from banks are different from the rate charged on your credit card. It's based on your card's associations (e.g. Visa / Master / etc) rates.

Let's say you wanna use your Visa card for overseas transactions, first you must check the foreign currency exchange rates of Visa. You can do this here. Next, you need to check if your card issuer (e.g. Maybankard, CIMB, etc) charges you extra service fee for currency conversion. Normally is between 0 to 5 percent of your transaction amount.

Note: The rates will be updated daily, so better check on the rate at the day that you wish to make overseas purchases. One thing not clear is whether the bank will follow the rate on your transaction date or posting date.