Here are the repayment methods for dual-currency credit cards that have been swiped in foreign currency

Dual-currency credit cards have brought us great convenience when spending abroad, but now there is a very Concrete questions lie before us. That is, if you use a dual-currency credit card to swipe foreign currency, how do you repay it?

We all know that if you swipe your card for consumption in a place not covered by UnionPay, you have to pay in foreign currency. So how will you pay back the money when you return to China? The international organization will convert the consumption amount in Euros into U.S. dollars and credit it into the U.S. dollar account of the dual-currency card, and then perform currency conversion. We do not need to worry about this.

However, corresponding international organizations such as Visa, Master, American Express, JCB, etc. will charge a certain handling fee, usually around 10%. The cardholder needs to repay the US dollar account after returning to the country.

If you are in an area covered by UnionPay, it is recommended that you choose UnionPay channels, so that you can save a handling fee. That’s all the introduction to dual-currency credit card repayment.

How to pay off a Euro card with a credit card

Although Euro credit cards are very convenient for consumption in Europe, repayment is very troublesome, especially for cardholders who have returned to their home countries. It is not easy to repay your Euro card in China. If you don't pay attention, the repayment may fail. So, how to pay off a Euro credit card? What are the requirements for Euro credit card repayment? Can I pay off a Euro credit card in RMB? Let’s find out together below.

Example of card friends

Ms. Shen and his wife traveled to Europe not long ago. They mainly used Euro credit cards for overseas purchases. When they returned home and repaid the loan, they discovered that although they used Euro credit cards overseas, they Euros, but only RMB cash is accepted for repayment. If you want to repay in Euros, you can only use the RMB in your account to purchase foreign exchange. The excess Euro cash on hand can only be sold to the bank and cannot be used directly for repayment.

Analysis

Euro credit cards can only be repaid in RMB. The main reason is that although many banks have issued RMB-Euro dual-currency credit cards, they have not applied for Euro cash due to cost factors. Business license, to put it simply, most banks' dual-currency credit cards do not have a euro cash repayment channel, so they do not support direct repayment with euro cash.

The vast majority of dual-currency international credit cards have two billing channels. Take the RMB/Euro dual-currency credit card as an example. When receiving a Euro bill, the customer can choose to repay directly in Euro or make a payment in RMB. Purchase foreign exchange for repayment; if the bill is in RMB, it can only be repaid in RMB.

However, even if you use RMB exchange purchase repayment to repay the Euro card, there are still some things you should pay attention to:

1. Confirm whether your Euro card has "automatic purchase" enabled. "Remittance and repayment" function, if this function has not been activated, then no matter how much RMB deposits you have in your debit card, you will not automatically purchase foreign exchange to repay your foreign currency debt on the final repayment date.

2. Before purchasing foreign exchange for repayment over the phone, the amount of RMB deposited should be appropriately generous. Due to exchange rate fluctuations, once the cardholder does not deposit sufficient amount, the repayment will fail.

3. Under normal circumstances, foreign exchange purchases over the phone can be credited in real time, but special circumstances are not excluded. Therefore, it is best for cardholders to apply two or three days before the final payment.

How to repay credit card foreign currency repayments

How to repay credit card foreign currency repayments. Regarding this issue, there are two main repayment methods. If you spend foreign currency with a credit card, you can choose to go to the bank counter to return the corresponding foreign currency directly, or return the equivalent value of RMB at the exchange rate of the day. Another situation is dual-label credit cards. These credit cards are recorded separately, with RMB settlement through the UnionPay channel and foreign currency settlement through the foreign currency channel. If there is foreign currency consumption in the bill, you need to call the bank's customer service and request to turn on the RMB foreign exchange repayment function. Once turned on, you can use RMB to repay the foreign currency debt. Common foreign currency channels include VISA, MASTERCARD, JCB and other channels.

Dual-label credit cards are credit cards with two accounts, RMB and foreign currency. They are roughly divided into two categories, one is a dual-label credit card, and the other is a dual-label debit card.

Debit cards also have two accounts, but do not have an overdraft function. When you see the word "UnionPay" on the upper right corner of a bank card and "VISA or other channel logo" on the lower right corner, then this type of card is a dual-standard credit card. To a certain extent, dual-channel credit cards will bring great benefits to people. It is a great convenience. If you go on a business trip abroad and do not bring enough foreign currency, you can freely use RMB to exchange for foreign currency within a certain limit.

General dual-label credit cards do not have chips, only chips. The difference between magnetic stripe, chip and magnetic stripe lies in security and information storage. In order to reduce the risk of being hacked by criminals, credit card departments have introduced chip cards. The chip card is equivalent to a miniature hard drive and has a larger memory capacity than the magnetic stripe card. It can store the user's fingerprints, keys, digital certificates and other information. The most important thing is that it is anti-theft. In theory, the chip card can be used for about 30 years. There is also a card that is stored with a chip and magnetic stripe. This kind of credit card. The security factor is higher. While verifying the chip, it also performs magnetic stripe reading and writing, achieving a two-way authentication. It is significantly more difficult to conduct illegal transactions and ensures that the user's personal property is highly secure. Sex and multi-function are becoming the global development trend.

How to pay back the visa card in euros

How to pay back the visa card in euros: VISA requires the amount of your purchase to be paid first. Convert it into U.S. dollars. When repaying, you can pay back U.S. dollars directly (if applicable), or you can use RMB to automatically purchase foreign exchange for repayment.

Since overseas consumption by credit card will be settled in U.S. dollars, if the consumption amount is non-U.S. dollars. , there will be an exchange fee between the two currencies, which is generally 1.5 of the transaction amount. When consuming euros, two conversions are required: euros to U.S. dollars, and then U.S. dollars to RMB.

Euros to U.S. dollars are converted one day before the day of entry. The conversion is based on the exchange rate provided by VISA International Organization. You can check it through the international organization, or check it through the bank after settlement. The bank can confirm it through historical transaction records. The conversion of US dollars to RMB is based on the selling price at around 10 o'clock on the day of entry. This selling price The bid can only be queried through the credit card center.

Extended information:

Currently, most of the "currency conversion fees" charged by various domestic banks are based on 1.5 of the consumption amount. The fees charged by individual banks are also different. For example, the ICBC Visa card and the Agricultural Bank of China Visa card are 1.75 of the consumption amount, and the highest Shanghai Pudong Development Bank is 2.

This means that if you swipe the equivalent of 100. If you use US dollars, you will have to pay a conversion fee of 1 to 2 US dollars, which is equivalent to 6.3 to 12.6 yuan based on the bank's foreign exchange rate. The larger the amount of the card swiped, the higher the handling fee.

It is recommended to use cards overseas. Try to use the UnionPay channel. If the purchase amount is huge, you can save a lot on the currency conversion fee alone. It should be noted that in 2010, Visa and UnionPay had problems with card payment channels, and as of now, there are still many overseas transactions. Merchants cannot provide UnionPay cards among Visa dual-currency cards.

It is best to ask if UnionPay can be used when settling your purchases.

That’s it for the introduction of how to pay back euros on a credit card.