27-09-2017 01:29 PM - edited 27-09-2017 01:53 PM
I've just used my Zero Platinum Mastercard in Dubai airport, using the credit option, and the FX rate I was charged (0.3631369) seems to be much higher than it should be. As well, there is a note on the receipt saying, "I have chosen not to use the Mastercard currency conversion process and I will have no recourse against Mastercard concerning the currency conversion or its disclosure"
Can you please advise what has caused this and how I prevent it from happening again?
on 27-09-2017 04:24 PM
on 16-04-2018 09:23 AM
Hi @sutiive, thanks for pointing this out.
Transactions are converted using MasterCard's currency rates, which you can calculate here.
MasterCard foreign currency transactions are converted from foreign currency into United States dollars and then converted into Australian dollars by MasterCard International Incorporated at a wholesale exchange rate selected by MasterCard International Incorporated on the processing date, which may differ from the rate applicable to the date the transaction occurred and that applicable to the date the transaction was posted. For all transactions occurring outside Australia (whether effected in foreign or Australian dollars) we will charge the Foreign Transaction Fee described in the Schedule.
For more information, you can view the Credit Card Conditions of Use Booklet.
Hope this helps!
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