Bank card exchange
Can CITIC Bank visa dual-currency credit card be used for currency conversion
The currency conversion fee refers to when consumers use a dual-currency credit card or a single++ credit card to spend++ on the international settlement line , fees charged by international card organizations and card-issuing banks as remuneration for exchange.
When cardholders of "UnionPay Standard Card" make purchases abroad, UnionPay will perform a one-time conversion (without intermediary currency transfer), and only conduct currency conversion at the prescribed exchange rate without charging any currency conversion fees. This is also a major advantage that distinguishes UnionPay cards from other international cards such as VISA.
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Currently, UnionPay cardholders can not only withdraw money at as many as 368,000 ATM machines in 45 countries and regions overseas, but also at nearly 150,000 merchants and merchants in 27 countries and regions overseas. UnionPay cards can be used to make purchases directly at nearly 200,000 POS machines.
Currency conversion fee refers to the fee charged by international card organizations and card-issuing banks as compensation for currency exchange when consumers use dual-currency credit cards or single++ credit cards to spend++ on international settlement lines .
Currently, the currency conversion fee charged by card-issuing banks in my country is between 1% and 2%, and the more common one is 1.5%.
At present, the only card organization that clearly does not charge for goods transfer is UnionPay. If you have activated international roaming, you can receive a text message as soon as you swipe your card, telling you how much ++ you spent, and how much RMB it is equivalent to.
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It is very convenient for those students who don’t want to spend more time studying and saving money.
As friends around us have more and more opportunities to go abroad, many banks have launched targeted credit cards with free transfers, such as China CITIC Bank’s all-currency credit cards and China Merchants Bank’s all-currency credit cards. Currency card.
These are all exempt from currency conversion fees. If you are a large overseas credit card user, it is still worth it. If you use a lot of credit cards, you can save 1-1.5% of the currency conversion fee, which is a big amount.
When shopping overseas, it is recommended to pay with a UnionPay card; if you use a bank card with other card brands to pay, please verify whether there is a UnionPay logo on the card. If there is a UnionPay logo, it is recommended to ask the cashier whether it can be passed. If you can settle through the UnionPay channel, you can also enjoy the "no currency conversion fee" discount.
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Since January 1, 2016, every UnionPay RMB card in China will The cumulative cash withdrawals abroad each year shall not exceed the equivalent of RMB 100,000.
From October 1 to December 31, 2015, the cumulative amount of each card shall not exceed the equivalent value of RMB 50,000.
For credit cards, due to credit limit and other reasons, the card-issuing bank may set a separate limit. Please consult the card-issuing bank for details.
Each overseas country and region also has different limits on the amount of a single ATM withdrawal. Please refer to the instructions of the local machine for details.
Reference: Baidu Encyclopedia - Currency Conversion Fee
Is the 1.5% currency conversion fee waived
Dual currency card is a type of card issued by domestic banks A credit card with settlement accounts in two currencies, namely RMB and ++ accounts.
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This card can be used for payment overseas using its designated ++ as the settlement currency.
Generally, some banks can directly convert ++ into RMB when spending in designated currency regions and countries, which facilitates repayment.
Some banks require designated ++ for repayment on the repayment date.
Also, for dual-currency cards of most banks, cardholders need to pay a currency conversion fee of about 1.5% of the transaction amount when repaying the card for consumption in regions and countries other than the designated currency.
As for the full-currency card, although the conversion fee can be waived when spending in any country, the transaction currency must be converted to the ++ specified by the bank and then converted to RMB.
For some full-currency cards issued by banks, there are certain restrictions on domestic consumption because there is only a single logo of Visa or MasterCard on the card.
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: In short, the two are only in the balance of settlement. There are differences in the number of currencies.
For example, if the dual currency card is UnionPay + VISA RMB + USD, then there is no difference between dual currency and full currency when shopping on Amazon in the United States (Scenario 1).
But if you shop on Amazon Japan, the dual-currency card will first debit the Japanese yen you consume to your U.S. dollar account according to VISA’s exchange rate + currency conversion fee on that day (situation 2), and then you will exchange it in RMB. USD repayment.
Is the 1.5% currency conversion fee waived?
Yes.
If you don’t travel to Japan frequently, you don’t need to apply for a RMB and Japanese yen card. You just need to have a random dual-currency card on hand, such as VISA and MASTER. It is now available in Japan. There are also more and more people using UnionPay.
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Only exchange rate and handling fee , calculated based on the day's quotation.
If you go to Japan frequently, you can choose to get a Japanese yen dual-currency card, and use the Japanese yen dual-currency card to spend and record your purchases in Japanese yen.
When repaying, you purchase foreign exchange based on the quoted price on the day of repayment. Since the quoted price varies every day, you can pay attention during the repayment period and choose to purchase foreign exchange on a day when the quoted price is relatively cost-effective.
If you live in Japan for a long time, you can also choose to apply for a local credit card in Japan. However, due to the low credit of international students, Japan’s credit card approval rate for Chinese international students is also relatively low.
Although the Japanese JCB credit card system has been deployed in Japan, it is mainly concentrated in large merchants. Many shops and hotels only accept international cards. Visa, Master, American Express, JCB and other international cards can usually be used. .
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However, among these international cards, jcb is a card organization originated from Japan, and Japan is its base camp. Therefore, jcb has the most activities in Japan, so you might as well bring a jcb credit card when traveling to Japan.
Although JCB is a Japanese card organization, don’t think that all JCB cards are Japanese yen credit cards.
According to insiders in the credit card industry, the JCB cards launched by some banks have the JCB logo printed on the card surface, but in fact they are still RMB + US dollar dual-currency cards. When using this type of credit card to swipe cards in Japan, the credit card organization The Japanese yen will first be converted into U.S. dollars according to the exchange rate at which the card is swiped, and then credited to the cardholder's U.S. dollar account. During the process of converting Japanese yen into U.S. dollars, the cardholder will be charged a currency conversion fee of about 1.5%. After returning home, the cardholder needs to use RMB to purchase U.S. dollars according to the exchange rate on the repayment date, and then use U.S. dollars to repay the consumption amount.
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Advantages of Japanese Yen + RMB Dual Currency Card If you are using a Japanese Yen + RMB dual currency card, when you spend money in Japan, the Japanese Yen consumed will be directly recorded in your Japanese Yen account. After returning to China, you can simply use RMB to purchase Japanese yen to repay the loan.
Using a Japanese yen + RMB dual-currency card can not only save a currency conversion fee, but also eliminate a foreign exchange process.
In addition to Japanese yen dual-currency credit cards, if you have a multi-currency credit card, shopping in Japan is also a good choice.
Multi-currency credit card means that the credit card supports card consumption in multiple countries’ currencies. When the cardholder makes purchases overseas, all ++ transactions will automatically be converted into RMB according to the exchange rate and entered into the account. The cardholder only needs to Repay in RMB with no currency conversion fees.
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How to calculate the credit card processing fee
There is no currency conversion fee for VISA single-label credit cards in mainland China.
1. First of all, you need to find a POS machine that can use the VISA channel and swipe the VISA single-label card; 2. When you swipe the card, the merchant receives RMB (similar to when you swipe the card in South Korea, the Korean merchant receives Korean won) ); 3. After VISA receives a payment request in the local currency (RMB in China, Korean Won in South Korea), it will convert it into US dollars through VISA’s internal exchange rate ①, and send the US dollar bill to the card issuer, CITIC Bank; 4. After the card-issuing bank receives the US dollar bill, it will convert it into RMB using the card-issuing bank's internal exchange rate ②, which is the bill you will eventually see, realizing the conversion from local currency to local currency; 5. ① and ② There will be a time difference between the two conversions, and it will generally be completed on the same trading day, unless there happens to be a cross-day in the middle.
Will Bank of China’s multi-currency credit card purchases overseas occupy the exchange quota?
Using the credit card to conduct overseas transactions will not occupy the annual exchange quota. You can purchase it over the phone after the bill is issued. Repayment by remittance, etc.
The above content is for your reference, please refer to actual business regulations.
If you have any questions, please feel free to consult Bank of China’s online customer service.
You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.
How much is the foreign exchange fee for a credit card?
Foreign exchange is the exchange of RMB and ++. The foreign exchange fee (account designated ++) is charged in accordance with the relevant regulations of the international credit card organization. Generally it is 1.5% of the transaction amount.
Many people choose to use credit cards to make purchases abroad when traveling abroad. Currently, credit cards issued by most domestic banks can be used overseas, but they generally require fees such as cash withdrawal fees and currency conversion fees. ..Add a service fee of about 1.5%, and then convert the total of these two items into RMB.
Extended information:
Foreign exchange fee refers to the exchange fee between two foreign currencies, such as the U.S. dollar-pound, U.S. dollar-euro, and the U.S. dollar-yen exchange fee. , rather than specifically referring to the exchange between USD and RMB.
How to calculate the foreign exchange fee:
1. I have a RMB-USD dual-currency credit card and need to pay 30 pounds to a British company. Then there are two conversions of "RMB-USD-GBP" during the payment process. Among them, the conversion of "RMB-USD" is carried out directly by most credit cards according to the exchange rate without additional fees, while the conversion of "USD-GBP" is A ++ exchange fee will be charged based on the exchange rate.
2. Assume that the exchange rate of USD to RMB is 6:1 and the exchange rate of GBP to USD is 2:1. The ++ conversion fee charged by my credit card company is 2%. Then the amount I need to pay in RMB is: 302(1+2%)6=367.2 yuan.
Classification of China’s foreign exchange:
1. According to control
① Spot exchange, the four types of foreign exchange mentioned in China’s “Interim Regulations on Foreign Exchange Administration” are all spot exchange. It can be used immediately as a means of payment for international settlement;
② Purchase foreign exchange, a foreign exchange indicator approved by the state that can be used. If you want to exchange the indicator for spot currency, you must use RMB to purchase spot exchange from a designated bank within the indicator limit in accordance with the exchange rate published by the State Administration of Foreign Exchange. The professional term is called foreign exchange purchase, and you must use the foreign exchange purchase function according to the prescribed purpose.
2. According to nature
① Trade foreign exchange comes from exports and payments for imports, as well as ancillary expenses related to import and export trade, such as freight, insurance, samples, publicity, Foreign exchange used for marketing expenses, etc.;
②Non-trade foreign exchange, foreign exchange receipts and payments other than import and export trade, such as overseas remittances, tourism, ports, civil aviation, insurance, banks, foreign contracting projects and other foreign exchange income and expenditures.
How to calculate the currency exchange fee for credit card purchases abroad?
Bank of China credit card international currency exchange fee charging standards:
In accordance with the latest regulations of international organizations and with reference to international practices, overseas non-US dollar transactions are based on 1.5% of the transaction amount (MasterCard/VISA/U.S. American Express), and overseas non-yen transactions are charged at 1% of the transaction amount (JCB). Gold card and above credit cards will be exempted until December 31, 2022. However, if you use other currencies other than US dollars to settle your purchases on overseas websites, MasterCard/VISA/American Express International will charge relevant fees.
Warm reminder: International currency exchange fees are waived for some Bank of China cards. You can call the Bank of China Credit Card Customer Service Center at 4006695566 for further consultation. I wish you a happy card use!
The above content is for your reference, please refer to actual business regulations.
If you have any questions, please feel free to consult Bank of China’s online customer service.
You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.
This concludes the introduction to credit card exchange and bank card exchange. Have you found the information you need?