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 into 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.

Can ordinary domestic credit cards accept ++ remittances?

No. If you want to use a credit card to receive ++ remittances, UnionPay single-currency credit cards cannot be accepted. Only dual-currency credit cards can be used to receive U.S. dollar remittances.

Introduction to credit cards:

Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the card-issuing bank gives the cardholder a certain credit limit, and the cardholder can consume within the credit limit first and repay later. A quasi-credit card refers to a credit card in which the cardholder first deposits a certain amount of reserve fund as required by the bank. When the reserve fund is insufficient to pay, the cardholder can overdraw within the credit limit specified by the card-issuing bank.

Introduction to dual-currency credit card:

Dual-currency credit card is a credit card with RMB and US dollar settlement accounts. Its functions are basically the same as single-currency credit cards. The dual-currency debit card also has RMB and US dollar settlement accounts, which can be used for savings, cash withdrawals and consumption in RMB and US dollars. It does not have an overdraft function. Therefore, many domestic banks have successively cooperated with international bank card organizations such as VISA and MasterCard to launch bank cards with RMB and US dollar settlement functions. RMB settlement can be achieved through UnionPay in China, and after going abroad, you can Payments and cash withdrawals can be made at merchants and bank ATMs that support VISA or MasterCard, and are settled in US dollars.

Definition of credit card overdraft:

Credit card overdraft is a short-term overdraft within the specified limit given by the credit card issuer to the cardholder when making purchases with the card. For credit cards, allowing "spend first, repay later" and overdraft are important features. For debit credit cards, "deposit first, then spend", but on the premise that it is determined to be a bona fide overdraft and repayment is guaranteed, cardholders are also allowed to overdraft an appropriate amount within a short period of time when they are in urgent need of funds.

Overdraft interest is generally much higher than that of bank loans in the same period, and card issuers have a complete set of measures to prevent and pursue overdraft risk losses.

Definition of credit limit:

Credit limit, also known as "credit limit", refers to a certain amount of credit limit granted by a bank to its basic customers, that is, within a specified period of time, the enterprise This much amount can be recycled. On the one hand, it solves the short-term ++++ difficulties of enterprises, improves the speed of corporate capital circulation, and also improves the efficiency of corporate capital use.

High score reward: What are exchange, entrusted collection, collection and commitment settlement methods, letter of credit and credit card settlement methods?

Exchange refers to a settlement tool in which the remitter entrusts the bank to remit the money to the payee in another place. Remittance includes letter transfer and wire transfer, which are chosen by the remitter.

Entrusted collection is a settlement method in which the payee entrusts the bank to collect money from the payer.

Collection and commitment refers to the settlement method in which the payee entrusts the bank to collect the payment from the payee in another place after delivering the goods according to the purchase and sale contract, and the payee acknowledges the payment to the bank. Collection and commitment settlement is divided into two types according to the method of repatriation of funds: mail and telegram.

Letter of Credit (L/C) refers to a letter of credit issued by the issuing bank to a third party at the request of the applicant and in accordance with its instructions, containing a certain amount of money. Written guarantee of payment for specified documents. Letter of credit is currently the most important and commonly used payment method in international trade.

Credit Card (English: CreditCard) is a non-cash payment method and a simple credit service. A credit card is generally a plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm (the size is defined by the ISO7810 and 7816 series of documents). It is issued to the cardholder by the bank or credit card company based on the user's creditworthiness and financial resources. People do not need to pay cash when making purchases with a credit card, and repayment will be made on the settlement date.

Dual-currency credit card

Definition

Dual-currency card refers to a credit card with both a RMB account and a ++ account. Generally, there is a "UnionPay" logo on the upper right side of the front of the card, and a VISA, JCB or MasterCard logo on the lower right side.

Now, VISA or MasterCard dual-currency credit cards can be used in more than 200 countries, which makes it more convenient to find consumer merchants.

Advantages

Currency exchange fees/While foreign exchange has not yet been fully liberalized, dual-currency cards have brought convenience to people’s consumption settlement when traveling abroad. Let RMB and ++ be freely convertible within a certain amount.

Disadvantages

Dual-currency credit cards use RMB settlement when swiping the card domestically. If the card is swiped abroad, it will automatically enter the ++ settlement system. Depending on the card type, conversion is required first. into U.S. dollars or Euros. If you spend in a place other than U.S. dollars or Euros, it will be converted into the local currency for settlement. It will be converted again when repaying the money. It goes back and forth. Because of the currency conversion, 1% to 2% will be charged. cost.

When you come back to repay, you still need to make an exchange first, and another currency conversion fee will be incurred.

Is Bank of Ningbo Wanlijin a loan or a credit card?

Bank of Ningbo Wanlijin can be regarded as a credit card, but to be precise, it should be an exclusive product based on Yibaifen Credit Card. Credit card installment products. Customers can use exclusive credit cards to obtain cash within the credit limit and then repay in installments. At the same time, the card also supports the consumption, cash withdrawal, transfer and other functions of ordinary credit cards.

Customers can apply for Wanli Fund through Bank of Ningbo’s online banking and mobile banking clients. After applying for the Yibaifen Card, the credit card limit will be the Wanli Fund amount. For Wanlijin within the quota validity period after approval, customers can apply multiple times within the available quota.

As for installment repayment, customers can choose to repay the principal in one lump sum when it is due, and repay the installment fee every month (the minimum can be divided into 1 installment, and the maximum can be divided into 12 installments); or they can choose to pay monthly Return the principal and handling fee in installments (the shortest can be divided into 3 installments, and the longest can be divided into 36 installments but not exceeding the validity period of the card). At present, the validity period of Yibaiwanli Gold Card is divided into 5 years and 8 years respectively depending on the card type.

Ningbo Bank Wanlijin segmentation technology:

Ningbo Wanlijin is a special credit card segmentation product based on exchange credit cards. Applicants who want to process Wanlijin must apply for an exchange credit card.

After passing the review, the bank will distribute the Wanli amount to the exchange credit card. This credit card can be used for two purposes. It can be borrowed for consumption and withdrawn.

However, it should be noted that, whether it is cash or consumption, as long as you use Wanlijin, the automatic installment payment must be agreed upon at the time of processing. The installment amount and handling fee must be entered into the latest bill amount, and must be specified in the Repay in full and on time within the time limit.

Although Wanlijin is automatically divided by default, the repayment time can be extended through some small techniques. Simply put, printing card consumption or application reminders after the credit card statement can have the longest exemption period. .

For example, assuming that the HSBC credit card statement date is the 9th, if we consume the card after the 9th, or apply for Wanlijin, a bill will be issued on the 9th of the next month, and the exemption period can be at least Extended by 1 month.

Can credit card be used for exchange settlement?

Exchange settlement? If it is a dual-currency card and you have a U.S. dollar account, you can directly repay U.S. dollars after spending U.S. dollars, or you can use RMB to purchase foreign exchange for repayment. If there is an overpayment in U.S. dollars due to returns and tax refunds, the exchange can be settled and transferred to the RMB account of the credit card

This is the introduction to the exchange of credit cards.