1. Different handling fees:
Dual-currency credit cards are spent in the United States, and there is no handling fee for taking VISA, because the United States is a dollar zone. But there is a 3% handling fee for taking UnionPay.
2. Different repayment:
If a dual-currency credit card goes through the US dollar channel in the United States, it will be directly credited with the actual amount of credit card swiped. When it comes back, US dollars will be deposited in US dollars. If there is no US dollars, it will be converted according to the selling exchange rate of US dollars against RMB at the issuing bank on the repayment date and deposited in the corresponding RMB for repayment.
3. Exchange loss is different:
If the dual-currency credit card goes through the UnionPay channel, when the cardholder swipes the card, DCC, that is, dynamic currency conversion, can directly convert foreign currency transactions into RMB, and there is no currency conversion fee, but there is a certain exchange loss.
Extended information:
There is no UnionPay channel, and the VISA or Master channel is 1%~1.75%
"What channel is cost-effective to take to swipe your card abroad? Which kind of handling fee is cheaper? " Recently, many citizens who are preparing for the "Eleventh" outbound tour have encountered such "doubts".
The reporter consulted UnionPay and a number of banks and learned that it is more cost-effective to swipe a credit card in consumption abroad and take the UnionPay channel. Because first, there is no currency exchange fee for the UnionPay channel to swipe cards overseas; VISA or Master will charge a currency exchange fee of 1%~1.75% of the consumption amount in non-US dollar areas, but there is no currency exchange fee in US dollar areas.
The reporter surveyed a number of banks and learned that the currency exchange charged by using ICBC's credit card to swipe the VISA or Master channel overseas is the lowest, only 1.1% of the consumption amount; The highest is Bank of Communications, accounting for 1.75% of the consumption amount. If you spend $5, on credit card, you can save 33~53 yuan by taking the UnionPay channel.
According to bankers, no matter which country you swipe your card through VISA or Master, you will eventually convert the local currency into US dollars, so you may charge 1%~2% currency exchange fee in non-US dollars. The UnionPay channel is the exchange rate of RMB against foreign currency when spending directly by credit card, which converts the local currency into RMB instead of taking the US dollar settlement channel, so there is no corresponding currency exchange fee.
comparison 2: repayment method in foreign currency
according to the website of unionpay, the bank card with unionpay logo can be used in 142 countries and regions abroad, covering most parts of the world. For example, some unpopular African routes, such as Kenya and Guinea, are also included. However, among the 142 countries and regions covered by UnionPay, some countries only include capitals and individual cities, while others have many outlets. Citizens can go to UnionPay official website to inquire about relevant information before traveling.
It is worth noting that if there is no UnionPay channel for overseas credit card swiping, then you can only take VISA or Master channel. Conveniently, at present, many banks, such as the four major banks, have opened the telephone to purchase foreign exchange for repayment, that is, after the bill date, consumers can deposit enough RMB equivalent to the consumption amount in their credit cards, and they can purchase foreign exchange for repayment by telephone, instead of going to the outlet counter to purchase foreign exchange for repayment.
in addition, in terms of purchasing foreign exchange, you can't exchange local currency in China if you go to some less popular places. According to the reporter's understanding, at present, China Bank is the largest foreign currency exchange company in China, and there are 2 foreign currencies listed in official website. In Guangzhou, except ringgit and ruble, the other 18 foreign currencies can be exchanged at counter outlets;
including common foreign currencies such as US dollar, Hong Kong dollar, Euro, British pound, Australian dollar, Japanese yen, Canadian dollar, Macao dollar, etc. in most banks, there are also some relatively "minority" currencies, including new Taiwan dollar, Swiss franc, Singapore dollar, Swedish kronor, Danish kronor, Norwegian kronor, Philippine peso, Thai baht, New Zealand dollar and Korean dollar.
"It is suggested to exchange as much foreign currency as possible. If it is not used up, it will be more troublesome to sell it to the bank. First, banks don't accept coins, and second, banks have higher requirements when collecting foreign currency, such as being neat and clean. " Some bankers reminded the public.
Zhejiang Online-What should I pay attention to when using credit cards to pre-authorize foreign consumption?