Exchange Rate for Online Purchase in Dollars

#1
Hi all

Need some advice/feedback:

I need to purchase certification exam voucher in Dollars($), What I want to know is, it will come to how many Indian Rupees (INR)?

Will it as per purchase day's exchange rate? Is some other charges levied by credit card company for foreign currency transaction?

The feedback received from the concerned certification company is "The exchange rate will depend upon your credit card company's policy."

How can I check this with the credit card company?

Thanks & regards.
 

Alchemist

Administrator
Staff member
#2
Which credit card do you have?

I think most banks do charge extra for foreign exchange transactions.

e.g.

In case of ICICI Bank, there is a 3.5% markup.

Charges in foreign currency: If a transaction is made in a currency other than Indian Rupees, that transaction will be converted into Indian Rupees. The conversion will take place on the date the transaction is settled with ICICI Bank, which may not be the same date on which the transaction was made. If the transaction is not in US Dollars, the conversion will be made through US Dollars, by converting the charged amount into US Dollars and then by converting the US Dollar amount into Indian Rupees. Unless a specific rate is required by applicable law, the conversion rate from US Dollar to Indian Rupees will be at the rates provided by VISA, MasterCard or AMEX, as the case may be, on the settlement date, increased by a Currency Conversion Factor assessment (currently 3.50%) on such transactions.
http://www.icicibank.com/Personal-Banking/cards/pdf/MITC_cc.pdf
 
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