Here's some other transaction which has same transaction date and posting date, but the exchange rate varies too
Transaction Date : 16 March 2016
Posting Date : 18 March 2016

Transaction Amount: HK$54.00
Posted Amount: RM29.12
Forex : 53.9259

Transaction Amount: HK$78.00
Posted Amount: RM42.05
Forex: 53.9103

Transaction Amount: HK$207.00
Posted Amount: RM111.62
Forex: 53.9227

Transaction Amount: HK$29.90
Posted Amount: RM16.11
Forex: 53.8796

Transaction Amount: HK$21.40
Posted Amount: RM11.54
Forex: 53.9252

How can we explain that ?

Hi ronnie, may I know how do you get the Forex value? Your transactions were performed on 16 March 2016, settled on 17 March 2016 then posted to your bill on 18 March 2016. For MasterCard, settlement on 17 March 2016 will use the rate on 16 March 2016 (since the 17th rate has not available yet).

So this is the rate used by the bank: 1 MYR = 1.873225 HKD (MasterCard rate on 16 March) -> MYR as Base Currency

With 1% markup,

Transaction Amount: HK$54.00
HK$54.00 / 1.873225 * 1.01 = RM29.12
Posted Amount: RM29.12 (Match - OK)

Transaction Amount: HK$78.00
HK$78.00 / 1.873225 * 1.01 = RM42.06
Posted Amount: RM42.05 (1 cent rounding difference)

Transaction Amount: HK$207.00
HK$78.00 / 1.873225 * 1.01 = RM111.61
Posted Amount: RM111.62 (1 cent rounding difference)

Transaction Amount: HK$29.90
HK$29.90 / 1.873225 * 1.01 = RM16.12
Posted Amount: RM16.11 (1 cent rounding difference)

Transaction Amount: HK$21.40
HK$21.40 / 1.873225 * 1.01 = RM11.54
Posted Amount: RM11.54 (Match - OK)

Ahh.. Okay okay. I understand how you get the Forex value. I think the difference is due to the rounding. That's why you notice the difference when comparing in that way.

This post has been edited by my_store: Apr 1 2016, 02:11 PM

Thanks sifu on highlighting the errors of my way.

Thanks for sharing

I always check the rate of visa and MasterCard online. I found that the MasterCard conversion rate is always far better than visa. May I know that is that use MasterCard at oversea is better than Visa card? Then the Ambank MasterCard is better than Ambank Visa card? Pls advice me. Thanz

You're most welcome. By the way, I learnt a lot from all of you.. I should call you sifu instead.

Past 7 days of Visa vs MasterCard Conversion Rate: USD to MYR

Settlement Date	Visa Rate	MasterCard Rate
01-Apr-16	3.939606	3.891005
02-Apr-16	3.914609	3.887995
03-Apr-16	3.914609	N/A
04-Apr-16	3.914609	3.887995
05-Apr-16	3.909109	3.877998
06-Apr-16	3.938606	3.917006
07-Apr-16	3.934107	3.903003

Yes, MasterCard rate is usually better than Visa. However, if the purchase is less than RM100, I believe you won't bother about the difference. In the case above, I believe you can conclude that Ambank MasterCard is having a better rate than Ambank Visa card.

Thanks for sharing. Settlement date is the transaction or posting date?

Actually from my experience, settlement date is either a day before posting date or the posting date itself (this vary depends on the bank).

In fact, I think settlement date can be transaction date itself especially for local transaction. For example, we perform a local transaction today and the bank settle the payment to the merchant’s acquirer at the same day before the cut off time, hence the transaction get posted to our statement tomorrow. In this case, settlement date = transaction date.

But for overseas, probably because of the time difference, I notice the settlement date is usually one day after the transaction date. So, I think we can't conclude the settlement date is the transaction date or the posting date.

If we take a scenario like below:
Transaction Date: 1-Apr-16
Posting Date: 6-Apr-16
Then the settlement date is most probably 5-Apr-16 or 6 Apr-16. Anyway, this is based on what I observe so far.

Transaction Type: Standard Chartered WorldMiles Card
Transaction Date: 11/04/2016
Posting Date: 12/04/2016
Transaction Amount: AUD3,638.88
Amount Charged: MYR10,982.46
Rate: 0.331335
MasterCard Rate: 0.338624
Difference (0.338624 - 0.331335) / 0.338624 = 2.15%

This post has been edited by everett27: Apr 14 2016, 07:42 AM

Transaction Type: CIMB Cash Rebate
Transaction Date: 11/04/2016
Posting Date: 13/04/2016
Transaction Amount: Euro 112
Amount Charged: MYR507.5
Rate: 4.53125
MasterCard Rate: 4.401223 (posting date) vs 4.439883 (transaction date)
Difference: 2.95% vs 2.05%

posting date or transaction date?

To those who used AEON CC on foreign transactions between Oct 2015 - Feb 2016, AEON has credited some transaction differences due to inaccurate forex rates + 1000 Bonus Points

This post has been edited by ronnie: Apr 14 2016, 12:40 PM

Your transactions were performed on 11 April 2016, settled on 12 April 2016 then posted to your bill on 13 April 2016.

So this is the rate used by the bank: 1 MYR = 0.225114 EUR (MasterCard rate on 11 April) -> MYR as Base Currency

My experience with CIMB is that, they charges 2% markup,

Your Transaction Amount: EUR 112
€ 112 / 0.225114 * 1.02 = RM507.48
Your Posted Amount: RM507.5 (2 cent rounding difference)

Thanks for the pointer. Now it makes sense.

at least i am getting back cash rebate from cimb.

hi sifu-sifu,

- Maybank VISA/MasterCard : 1%
- Maybank American Express with Maybank logo on top : 2.5%

Yesterday I call maybank ask about the conversion fees, they mention to me visa/master is 2.25% and amex is 2.5%.

How come your written there is 1% ? Is it not updated or I am confuse with something ?

How can I find out the AMEX foreign exchange rate?

I can't find in their website

u use it online or at australlia?

so we always calculate using the transaction date right??

but the rate showed on the Mastercard website, is that the date based in New York??
Because our transaction date is based on Malaysian time.

Transaction Type: CIMB Cash Rebate
Transaction Date: 21/04/2016
Posting Date: 23/04/2016
Transaction Amount: GBP 94.5
Amount Charged: MYR541.21
Rate: 0.174709
MasterCard Rate: 0.178107
Difference: 1.96% about 2%