based on most bank explanation "rate on which the transaction is received and processed", the term is pretty confuse some people here use post date some using transaction date, for the exact maybe u need to call bank for clarification

Base on my understanding, the rate date is refer to POSTING DATE.

Because transaction date is not necessarily the same as the settlement date, which can happen several days after the transaction occurs. Example, u swipe the credit card merchant and available credit will be reduced accordingly BUT the merchant is show pending transactions. Once merchant banks submit payment to credit card issuers bank, then it is POSTING DATE. Credit Card issuers Bank never count pending transaction caz merchant bank no submit payment to credit card issuers bank, So conclusion is POSTING DATE.

If i was wrong don shoot me

We will know the posting date after we received the statement, where can I view past official Visa rates?

Hi Sifus,

Need some quick guidance.

Im using Ambank World Mastercard and I'm shopping in the UK. When the machine prompts me to choose between RM or Pound, do i select RM or Pound?

In Primark, on Sunday 10/7, the machine did not prompt me and after doing my own calculations, the exchange rate was approx 5.26

Im now in Ralph Lauren Monday 11/7, and when the machine prompted me, it shows exchange rate at 5.46 and asked me to choose to pay in pounds £124.96 or RM682.28.

Wondering whether I should have chosen to pay in pounds when prompted?

Appreciate any response soon as I'm continuing shopping

Always put the currency of purchase....it's always work out cheaper than having them convert to myr, which in my experience is a 5% charge over base rate...

Always pay in the foreign currency as it's always cheaper than via DCC [Dynamic Currency Conversion] in MYR

Read this: http://www.smh.com.au/business/banking-and...329-1ma77q.html

Transaction Type Maybank 2 Card VISA
Transaction Date 4-Jul-2016
Posting Date 5-Jul-2016
Transaction amount USD5095
Amount charged RM20,889.62
Rate RM4.10
1 USD = 3.9911 MYR

Transaction Type Maybank 2 Card VISA
Transaction Date 5-Jul-2016
Posting Date 6-Jul-2016
Transaction amount USD3,362.70
Amount charged RM13,855.87
Rate RM4.12
1 USD = 4.0322 MYR

Transaction Type: Cimb Cash rebate platinum master
Transaction Date: 10-07-2016
Posting Date: 12-07-2016
Transaction Amount: EUR 107
Amount Charged: MYR 490.07
masterRate @ 12/7: 4.437758
Difference: 3%

Seems like cimb increased their credit card charge to 3%?
I called cimb n was told that mastercard charge 2% then cimb charge another 1% so total is 3%. Dont know I was given the correct info or not.

This post has been edited by francistcc: Jul 14 2016, 12:08 AM

Transaction Type Maybank Islamic Ikhwan American Express
Transaction Date 11-Jul-2016
Posting Date 12-Jul-2016
Transaction amount USD100
Amount charged RM414.72
Rate RM4.15
1 USD = RM x.x (I don't know where to check)


Transaction Type Maybank Islamic MasterCard
Transaction Date 11-Jul-2016
Posting Date 12-Jul-2016
Transaction amount USD100
Amount charged RM411.31
Rate RM4.11
1 USD = RM 3.994


I just read this thread and decided to do some experiment. I never know about this exchange rate. Previously I use my Amex for international shopping. Now obviously I will change to MasterCard. Don't know what my Amex for..

This post has been edited by mieza: Jul 14 2016, 10:36 AM

Your transactions were performed on 10 July 2016 (Sun), settled on 11 July 2016 (Mon) then posted to your account on 12 July 2016 (Tue).

During the settlement (Monday), the rate used is actually taken from last Friday's rate because Monday's rate not yet available. So this is the rate used by the bank: 1 MYR = 0.222699 EUR (MasterCard rate on 8 July) -> MYR as Base Currency

With 2% markup,

Your Transaction Amount: EUR 107
€ 107 / 0.222699 * 1.02 = RM490.08
Your Posted Amount: RM490.07 (1 cent rounding difference)

Obviously, the CIMB call center had given you the wrong information.

Apparently Amex more exp

Transaction Type	Aeon Watami
Transaction Date	19/07/2016
Posting Date	22/06/2016
Transaction amount	4192¥
Amount charged	RM161.8
rate	0.03859732824
visa rate @ 22/7	0.038556
Difference	(0.03859732824 - 0.038556) / 0.038556 =0.1%

not sure where you get the rate from, but based on what you posted, it's 2.73 and 2.15% above...

normally maybank charge 2% on top of the visa/mc rate...which is also 1% over the median rate...

anyone use airbnb and pay using their payment system? they normally convert the original currency to our currency that they claim will be on the spot rate with extra 3% to cover all those forex (this is similar conversion as paypal). I understand that most of the time we believe paypal charge will be higher and better to use the original foreign currency. but nowadays even most cards also charge close to this 3% and just wondering whether this 3% is bad or not.

example:

1088 CAD = RM 3349

final charge= RM 3449



This post has been edited by cenkudu: Aug 1 2016, 06:36 PM

i also noticed when you do online shopping you can choose what currency u wanted to pay with including MYR but i still chose the website currency

if you use Visa and Mastercard would definitely be lower than 3%

If you use maybank cards, it will still work out to 3%....

all right the best so far now is Aeon and Public bank cards at 1-1.25%

Public Bank Visa Signature
Transaction Date: 28-Jul-2016
Posting Date: 1-Aug-2016
Transaction amount: KRW108,700
Amount charged: RM405.35
Effective rate: 1 South Korea Won = 0.003683 Malaysian Ringgit (KRW108,700 = MYR400.3421)
Difference - 1.25%