How to know the exchange rate when paying US dollars by credit card
It will be divided into the following situations
First, use the UnionPay channel to pay foreign currency, and use the dynamic exchange rate dcc at that time Convert.
Second, if you use a dual-currency credit card to swipe U.S. dollars through VISA or MasterCard, the actual amount swiped will be recorded in your account. Subsequent cardholders need to purchase foreign exchange for repayment, and the conversion will be based on the foreign exchange selling price of the card-issuing bank on the day of repayment. .
Third, if it is a full-currency credit card, please refer to the specific regulations of the card issuer. Some card issuers waive the 1.5% exchange fee. Some card-issuing banks convert the money based on the card-issuing bank's own preferential exchange rate.
Will there be a handling fee if I use the Bank of China Dual Currency Credit Card to pay in U.S. dollars and repay in RMB?
There is no handling fee for Bank of China credit card repayment. Currently, the U.S. dollar debts have the following repayment methods:
(1) If you have activated the global single RMB settlement function, the foreign currency consumed All accounts will be denominated in RMB, and you can repay in RMB;
(2) If you have bound automatic repayment, you can choose to use the RMB in the associated account to repay the credit card's foreign currency debt, or use the RMB in the associated account to repay the credit card's foreign currency debt. Repay the credit card's foreign currency debt with the corresponding foreign currency;
(3) If you have activated the automatic foreign exchange purchase function for bills, you only need to ensure that the credit card's RMB account has enough RMB credit to repay the foreign currency debt on the due date of repayment. balance, the system will automatically repay the foreign currency debt with the RMB credit balance based on the day's real-time exchange rate;
(4) If you do not meet the above conditions, you can choose the following methods:
① Bring the current bill and original ID card to the counter to purchase foreign exchange for repayment
; ② Operate RMB excess deposits through mobile banking, online banking, colorful life client, WeChat official account, calling the customer service hotline, etc. Purchase foreign exchange.
The above content is for your reference, please refer to actual business regulations.
How to calculate the exchange rate when paying for overseas shopping with a credit card
Currently, there are two basic credit card payment lines for overseas shopping, UnionPay lines and international lines (VISA, MASTERCARD, JCB or US
p>China Express, etc.).
Card swiping on UnionPay lines will be settled directly in RMB;
Card swiping on international lines will be settled in US dollars. Since overseas consumption by credit card will be settled in U.S. dollars, if the consumption amount is RMB, there will be an exchange fee between the two currencies (RMB and U.S. dollars), which is 1.5% of the transaction amount, and the exchange fee Collected by our bank on behalf of international organizations. If the consumption amount is in US dollars, there will be no foreign exchange settlement fee.
Notes on overseas shopping:
1. Be careful with ultra-low prices
You get what you pay for. Be careful with any product that is lower than the going price. Take luxury goods purchasing as an example. If the price is 50-30% off the domestic counter price
, it may be a mix of genuine and fake goods; most goods below 50% off are fakes; 3 It cannot be genuine if it is discounted below.
2. Pay attention to the fast logistics
The transportation time of overseas purchasing products is long, and some products have quantity restrictions when purchasing. Under normal circumstances, it takes 10 to 20 days to purchase a product from Australia and send it to domestic buyers through
international logistics. If it is not shipped from a bonded warehouse, the logistics and express delivery will be very fast.
Be sure to note that it is a fake.
3. Don’t choose if there is too much inventory
If the mall has too much inventory, it means not many sales. Sellers like to stock up on goods. Over time, the date cannot be guaranteed. Therefore, when shopping overseas for cosmetics, food, milk powder, etc., check the price on the shelf, inventory, production date, and whether the brand is genuine.
4. Don’t trust private channels
Many foreign products are subject to purchase restrictions, and each person has a limited purchase quantity at a time. Therefore, for those who live broadcast, they buy hundreds of items at a time.
Personal purchasers or agents of popular cosmetics must not be trusted as they may be scammers. When shopping overseas, you must first choose formal overseas shopping channels, which have quality assurance, declare truthfully, package carefully, clear customs in a timely manner, and check carefully when signing for receipt.
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 foreign currencies other than US dollars to settle your purchases on overseas websites, MasterCard/VISA/American Express International will charge relevant fees.
Warm reminder: Some Bank of China cards are exempt from international currency exchange fees. 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.
How to repay the credit card for foreign currency consumption?
Ms. Wang is going to the United States for a business trip recently. She has a credit card from a certain bank and decides to use it for consumption abroad. But I don’t know how to repay the loan. Should I repay in US dollars or in RMB? In addition, what should I pay attention to when using credit cards overseas? You can save currency conversion fees. Currently, when using international credit cards to make purchases abroad, you can conduct transactions through different lines, such as UnionPay, Visa, MasterCard, etc. For ordinary consumers, if they want to enjoy the convenience of free currency conversion fees when using UnionPay cards overseas, they can choose a single-logo UnionPay card. When using this card, all foreign currency transactions will be converted into RMB amounts according to the real-time exchange rate. Credit the RMB account of the international card to ensure that cardholders enjoy preferential and convenient services such as free currency conversion fees. The characteristic of single-logo UnionPay cards is that there is a "UnionPay" logo on the card face and starts with 62. In addition to being able to waive currency conversion fees when swiping the card for consumption, this kind of card also charges the card-issuing bank with a withdrawal fee when withdrawing money from an overseas ATM machine, which is usually lower than the fee level for a dual-logo card when withdrawing money from other networks. At present, many dual-currency credit card holders believe that with dual-currency credit cards, they can use RMB to repay foreign currency. But this is not the case. According to industry insiders, the foreign currency settlement methods of credit cards of various issuing banks are different. The issuing banks of some credit cards can directly convert the RMB in the card into foreign currency for repayment, while some banks only purchase foreign exchange over the counter or provide foreign exchange purchase services over the phone. Cardholders must go to the bank branch to handle the process, then deposit it into the account, or withdraw it to the card. Deposit the equivalent amount of RMB and then notify the bank by phone. If the cardholder forgets to notify, the RMB will not be automatically converted into foreign currency to repay the overdraft in foreign currency. Therefore, cardholders should ask clearly before applying for a card. Banks such as Industrial and Commercial Bank of China, Bank of China, and Shanghai Pudong Development Bank stipulate that funds deposited in credit card accounts will be used first to repay arrears in RMB accounts. Only when there is an excess deposit in the RMB account, the excess deposit can be used to purchase foreign exchange for repayment over the phone. Therefore, cardholders must deposit enough funds to pay off both accounts. In addition, due to real-time fluctuations in exchange rates, it is recommended that cardholders be more relaxed when making deposits, because once the full repayment cannot be made, all outstanding balances will be recorded with an interest of 0.05% per day starting from the day of consumption, which is very important to cardholders. It's very uneconomical. It should be noted that the repayment of foreign exchange purchased over the phone may not arrive in real time. When using RMB to repay a U.S. dollar or other currency card, different banks may have different arrival date regulations, so you should understand the card-issuing bank's arrival date regulations and try to repay 3 days in advance. If you pay the loan back the day before it is due, the interest-free period has passed and you will have to pay interest and late fees.
How to repay the credit card with foreign currency?
Credit cards can directly use RMB to repay US dollar debts. To repay U.S. dollars directly using RMB, you need to activate the foreign exchange purchase function first. After activation, you can choose to repay in full or with the minimum repayment amount.
Steps to activate RMB repurchase to repay US dollar debt:
1. Call the bank phone number on the back of the bank card, transfer to manual service, and request to activate the RMB foreign exchange purchase function;
2. Log in to the bank card personal center to activate the foreign exchange purchase function.
Put bei ads
Put your phone to borrow money quickly!
There are several ways to repay foreign currency with a credit card. We hope you will adopt them.
1. You can also activate the "Automatic Foreign Exchange Purchase on Bill Day" function through online banking. From the next bill date after activation, the U.S. dollar debt will be automatically converted into RMB debt on the bill date.
2. If there is RMB overpayment in the card, you can also repay the balance in the US dollar account in the card through the "RMB overpayment purchase foreign exchange repayment function" of online banking.
3. Sign an automatic repayment agreement and choose to entrust the bank to automatically purchase foreign exchange for repayment. The bank will automatically deduct the corresponding amount from the repayment card on the last repayment day of each month to repay the U.S. dollar debt. .
4. Signed a self-service repayment agreement. After signing, you can use telephone banking and online banking to repay the US dollar debt.