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 Credit Card Foreign Exchange Rate

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hiappy
post Mar 30 2015, 02:35 AM

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Anyone have any idea does the bank surcharge for swiping card foreign transaction will be charged additional 6% GST starting 1st April?

For example swiped foreign currency with value of RM1000 + lets assume 1% bank surcharge. Before GST is RM1010 but after GST do we need to pay RM1010.60 because the additional RM0.60 due to 6% GST on the bank surcharge.

This post has been edited by hiappy: Mar 30 2015, 08:25 AM
francistcc
post Apr 4 2015, 11:45 AM

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Public VS

Transaction Date: 26 Mac 2015
Posting Date : 28 Mac 2015
Transaction Amount : USD92
Amount Charged : RM343.50
Exchange Rate : 3.7337
Visa Rate : 3.6731 on 26 Mac 2015

Fee: + 1.6488%
KChan
post Apr 4 2015, 03:02 PM

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Blardee Citibank Platinum damn high exchange rate.

Transaction Date: 1 Apr 2015
Transaction Amount : USD 680
Amount Charged : RM 2,575.88
Exchange Rate : 3.788
Visa Rate : 3.720628 on 1 Apr 2015

Fees = 1.8123%
viknes36
post Apr 6 2015, 03:21 PM

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QUOTE(hiappy @ Mar 30 2015, 02:35 AM)
Anyone have any idea does the bank surcharge for swiping card foreign transaction will be charged additional 6% GST starting 1st April?

For example swiped foreign currency with value of RM1000 + lets assume 1% bank surcharge. Before GST is RM1010 but after GST do we need to pay RM1010.60 because the additional RM0.60 due to 6% GST on the bank surcharge.
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any idea on this?
jchong
post Apr 7 2015, 01:01 PM

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QUOTE(jchong @ Mar 3 2015, 09:37 PM)
Update: I just called Maybank hotline to inquire about what is the admin fee % they charge for foreign transactions. The customer service guy told me 1%. So I told him from my calculation is was 2.26%. So he is going to double check with the relevant dept tomorrow (they are closed now) and call me back. I will update you guys once I hear back from him.
*
Attached Image

So I did get a written reply from Maybank. See picture attached above.

The dates in pencil is the posting date for the transactions.

Checking on Visa's website I cannot get the exchange rate used by Maybank (whether using posting date or transaction date). hmm.gif


@secret@
post Apr 7 2015, 01:01 PM

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AirAsia Big Prepaid MasterCard

Transaction date: 7 April 2015
Transaction amount: 52 USD
Amount Charged: 190.81 MYR + 0.38 MYR (Domestic Currency Conversion)

Spot Rate 3.6417 (XE currency)
Effective Rate 3.6767
Admin Fee: ~ 1%

good for overseas transaction and rate charged available instantly, but point reward scheme sucks for me.

This post has been edited by @secret@: Apr 7 2015, 01:14 PM
MandyG
post Apr 7 2015, 06:35 PM

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Airbnb processed it late and pass the weekend cry.gif cry.gif

Maybankard 2 Amex
Transaction Date: 06-Apr-2015
Posting Date: 06-Apr-2015
Transaction amount: 304.00 Euro
Amount charged: 1249.70 MYR
Effective rate: 304.00 Euro => 333.832 USD => 1222.16 MYR
Difference: (1249.70 - 1222.16) / 1222.16 = 2.253%
viknes36
post Apr 8 2015, 12:58 PM

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QUOTE(jchong @ Apr 7 2015, 01:01 PM)
Attached Image

So I did get a written reply from Maybank. See picture attached above.

The dates in pencil is the posting date for the transactions.

Checking on Visa's website I cannot get the exchange rate used by Maybank (whether using posting date or transaction date).  hmm.gif
*
Bro, basically total charges about 2.4% by maybank (1% maybank n balance by visa intetrnational)
Wongchoy
post Apr 12 2015, 11:11 AM

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Guys. Just went thru hlb.com and saw a new no frills, Hong Leong I'm Card. They claimed there is no foreign exchange markup on that card !
Prodigenous Zee
post Apr 12 2015, 12:32 PM

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Have a bunch of transactions that I've yet to calculate the fees for. Doing them all in one go.

Maybankard 2 Amex
Posting Date: 02-Feb-2015
Transaction amount: 151.90 GBP
Amount charged: 857.78 MYR
Effective rate: 151.90 GBP => 228.989 USD => 832.535 MYR
Difference: (857.78 - 832.535) / 832.535 = 3.03%

Posting Date: 10-Feb-2015
Transaction amount: 631,455.00 IDR
Amount charged: 182.35 MYR
Effective rate: 631,455.00 IDR => 50.5164 USD => 179.878 MYR
Difference: (182.35 - 179.878) / 179.878 = 1.37%

Posting Date: 17-Feb-2015
Transaction amount: 44.88 USD
Amount charged: 164.98 MYR
Effective rate: 44.88 USD => 160.818 MYR
Difference: (164.98 - 160.818) / 160.818 = 2.59%

Posting Date: 20-Feb-2015
Transaction amount: 24.99 GBP
Amount charged: 143.52 MYR
Effective rate: 24.99 GBP => 38.5848 USD => 140.468 MYR
Difference: (143.52 - 140.468) / 140.468 = 2.17%

Posting Date: 20-Feb-2015
Transaction amount: 28.00 GBP
Amount charged: 160.83 MYR
Effective rate: 28.00 GBP => 43.2323 USD => 157.387 MYR
Difference: (160.83 - 157.387) / 157.387 = 2.19%

Posting Date: 21-Mar-2015
Transaction amount: 89.00 EUR
Amount charged: 363.28 MYR
Effective rate: 89.00 EUR => 95.4454 USD => 355.583 MYR
Difference: (363.28 - 355.583) / 355.583 = 2.16%

Posting Date: 31-Mar-2015
Transaction amount: 5.00 USD
Amount charged: 18.90 MYR
Effective rate: 5.00 USD => 18.5692 MYR
Difference: (18.90 - 18.5692) / 18.5692 = 1.78%

Posting Date: 06-Apr-2015
Transaction amount: 23.00 GBP
Amount charged: 128.90 MYR
Effective rate: 23.00 GBP => 34.3351 USD => 125.701 MYR
Difference: (128.90 - 125.701) / 125.701 = 2.54%
peri peri
post Apr 14 2015, 03:39 PM

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QUOTE(Human Nature @ Feb 28 2015, 01:50 PM)
Public Bank Visa Signature

Transaction Date: 26 Feb 2015
Posting Date : 27 Feb 2015
Transaction Amount : EUR340
Amount Charged : RM1414.99
Exchange Rate : 4.1617
Forex Rate : 4.0977 on 26 Feb 2015

Fee: 1.561%
*
wow, the fees seems high
peri peri
post Apr 14 2015, 03:40 PM

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QUOTE(jchong @ Mar 3 2015, 09:37 PM)
Oh, I see. I haven't read this thread in a while.

Like that Maybank Visa no longer that attractive for overseas transactions.

Update: I just called Maybank hotline to inquire about what is the admin fee % they charge for foreign transactions. The customer service guy told me 1%. So I told him from my calculation is was 2.26%. So he is going to double check with the relevant dept tomorrow (they are closed now) and call me back. I will update you guys once I hear back from him.

This reminds me of what Miles posted about 18 months ago:
If Maybank still claims it is 1% (when the truth is otherwise) we should all write in to officially complain plus also cc copy to Bank Negara.
*
today maybank CS still telling me the same thing, 1% fee for my MBB VS
zongko1
post Apr 16 2015, 03:15 AM

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is the aeon normal cc vs aeon watami also same exchange rate ?

This post has been edited by zongko1: Apr 16 2015, 03:40 AM
peri peri
post Apr 17 2015, 03:10 PM

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latest update

CIMB PLATINUM CASH BACK MASTERCARD = 0.81% Oversea Transaction Fee
peri peri
post Apr 17 2015, 03:11 PM

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Update continue

PUBLIC BANK VISA SIGNATURE = 1.25% Oversea Transaction Fee
ronnie
post Apr 21 2015, 11:21 AM

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QUOTE(peri peri @ Apr 17 2015, 03:10 PM)
latest update

CIMB PLATINUM CASH BACK MASTERCARD = 0.81% Oversea Transaction Fee
*
That's pretty low for Admin Fee to use "CIMB PLATINUM CASH BACK MASTERCARD" overseas transactions
psiloveu
post Apr 22 2015, 09:45 AM

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Maybankard VI
Transaction Date: 20-Apr-2015 Posting Date: 21-Apr-2015
Transaction amount: 754 USD
Amount charged: 2803.87 MYR
X-change rate = 2803.87/754=3.718
X-change rate (XE.com) 21 Apr 2015 = 3.631
Difference = 3.718-3.631 = 0.087 (2.39%)
MandyG
post May 8 2015, 12:37 AM

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Been swipe a lot of transaction... So do all in one go...


Maybankard 2 Amex

Posting Date: 06-Apr-2015
Transaction amount: 304 EUR
Amount charged: 1249.70 MYR
Effective rate: 304 EUR => 333.376 USD => 1219.66 MYR
Difference: (1249.70 - 1219.66) / 1219.66 = 2.46%

Posting Date: 12-Apr-2015
Transaction amount: 167 EUR
Amount charged: 671.44 MYR
Effective rate: 167 EUR => 176.977 USD => 648.975 MYR
Difference: (671.44 - 648.975) / 648.975 = 3.46%

Posting Date: 13-Apr-2015
Transaction amount: 57 EUR
Amount charged: 229.17 MYR
Effective rate: 57 EUR => 60.4052 USD => 221.705 MYR
Difference: (229.17 - 221.705) / 221.705 = 3.37%

Posting Date: 13-Apr-2015
Transaction amount: 270 EUR
Amount charged: 1085.58 MYR
Effective rate: 270 EUR => 286.130 USD => 1050.18 MYR
Difference: ( 1085.58 - 1050.18) / 1050.18 = 3.37%

Posting Date: 2-May-2015
Transaction amount: 62 GBP
Amount charged: 351.88 MYR
Effective rate: 62 GBP => 94.6901 USD => 339.684 MYR
Difference: ( 351.88 - 339.684 ) / 339.684 = 3.59%

Posting Date: 2-May-2015
Transaction amount: 45.20 GBP
Amount charged: 256.54 MYR
Effective rate: 45.20 GBP => 69.0322 USD => 247.640MYR
Difference: ( 256.54 - 247.64 ) / 247.64 = 3.60%

Posting Date: 3-May-2015
Transaction amount: 14 GBP
Amount charged: 79.45MYR
Effective rate: 14 GBP => 21.1809 USD => 76.0563 MYR
Difference: ( 79.45 - 76.0563 ) / 76.0563 = 4.46 %

Posting Date: 4-May-2015
Transaction amount: 75.95 GBP
Amount charged: 431.04 MYR
Effective rate: 75.95 GBP => 114.906 USD => 412.605 MYR
Difference: ( 431.04 - 412.605 ) / 412.605 = 4.47%

Posting Date: 4-May-2015
Transaction amount: 46 GBP
Amount charged: 261.09 MYR
Effective rate: 46 GBP => 69.5943 USD => 249.899MYR
Difference: ( 261.09 - 249.899) / 249.899 = 4.48%

Posting Date: 4-May-2015
Transaction amount: 27.20 EUR
Amount charged: 112.07 MYR
Effective rate: 27.20 EUR => 30.4455 USD => 109.324 MYR
Difference: ( 112.07 - 109.324 ) / 109.324 = 2.51%

Posting Date: 4-May-2015
Transaction amount: 22 EUR
Amount charged: 90.65 MYR
Effective rate: 22 EUR => 24.6250 USD => 88.4236 MYR
Difference: ( 90.65 - 88.4236 ) / 88.4236 = 2.52 %

Posting Date: 4-May-2015
Transaction amount: 39 EUR
Amount charged: 160.72 MYR
Effective rate: 39 EUR => 43.6535 USD => 156.751 MYR
Difference: ( 160.72 -156.751 ) / 156.751 = 2.53 %

Posting Date: 4-May-2015
Transaction amount: 30 EUR
Amount charged: 123.61 MYR
Effective rate: 30 EUR => 33.5796 USD => 120.578 MYR
Difference: ( 123.61 - 120.578) / 120.578 = 2.52 %

Posting Date: 4-May-2015
Transaction amount: 29.80 GBP
Amount charged: 169.14 MYR
Effective rate: 29.80 GBP => 45.085 USD => 161.891 MYR
Difference: ( 169.14 - 161.891 ) / 161.891 = 4.48%

Posting Date: 5-May-2015
Transaction amount: 124 EUR
Amount charged: 512.84 MYR
Effective rate: 124 EUR => 138.472 USD => 497.861 MYR
Difference: ( 512.84 - 497.861 ) / 497.861 = 3.01%

Posting Date: 6-May-2015
Transaction amount:160.60 EUR
Amount charged: 658.33 MYR
Effective rate: 160.60 EUR => 179.344 USD => 644.81 MYR
Difference: ( 658.33 - 644.81 ) / 644.81 = 2.10%


Maybankard2 Mastercard

Posting Date: 10-Apr-2015
Transaction amount: 369 EUR
Amount charged: 1471.76 MYR
Effective rate: 369 EUR => 1431.614 MYR
Difference: ( 1471.76 - 1431.614 ) / 1431.614 = 2.81 %

Posting Date: 10-Apr-2015
Transaction amount: 87 EUR
Amount charged: 347.01 MYR
Effective rate: 87 EUR => 337.535 MYR
Difference: ( 347.01- 337.535 ) / 337.535 = 2.81 %

Posting Date: 23-Apr-2015
Transaction amount: 21 EUR
Amount charged: 83.57 MYR
Effective rate: 21 EUR => 82.447 MYR
Difference: ( 83.57 - 82.447) / 82.447 = 1.36 %

Posting Date: 24-Apr-2015
Transaction amount: 898 EUR
Amount charged: 3589.06 MYR
Effective rate: 898 EUR => 3505.813 MYR
Difference: ( 3589.06 - 3505.813 ) / 3505.813 = 2.38 %

Posting Date: 28-Apr-2015
Transaction amount: 69.34 EUR
Amount charged: 275.01 MYR
Effective rate: 69.34 EUR => 272.178 MYR
Difference: ( 275.01 - 272.178 ) / 272.178 = 1.04 %

It seem like use Amex for GBP not so good unless during weekend for the cash rebate...
louyit
post May 10 2015, 01:02 PM

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Maybank Visa Signature
Transaction Date: 7-May-2015
Posting Date: 8-May-2015
Transaction amount: AUD 8,175.00
Amount charged: RM 24,144.37

Maybank visa rate : 2.9534
Visa spot rate on 7 May 2015: 1 AUD = 2.929056 MYR

What's the foreign transaction fee (%) for Maybank Visa?
MandyG
post May 13 2015, 03:21 PM

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HLBB Essential VISA card

Posting Date: 11-Apr-2015
Transaction amount: 87 EUR
Amount charged: 348.28 MYR
Effective rate: 87 EUR => 341.45 MYR
Difference: ( 348.28 - 341.45 ) / 341.45 = 2 %

Posting Date: 16-Apr-2015
Transaction amount: 220 EUR
Amount charged: 894.59 MYR
Effective rate: 220 EUR => 877.05MYR
Difference: ( 894.59 - 877.05 ) / 877.05 = 2 %

Posting Date: 18-Apr-2015
Transaction amount: 6 EUR
Amount charged: 24.27 MYR
Effective rate: 6 EUR => 23.79 MYR
Difference: ( 24.27 - 23.79) / 23.79 = 2.02 %

Posting Date: 18-Apr-2015
Transaction amount: 30 EUR
Amount charged: 121.33 MYR
Effective rate: 30 EUR => 118.95 MYR
Difference: ( 121.33 - 118.95 ) / 118.95 = 2 %

Posting Date: 18-Apr-2015
Transaction amount: 60 EUR
Amount charged: 242.65 MYR
Effective rate: 60 EUR => 237.89 MYR
Difference: ( 242.65 - 237.89 ) / 237.89 = 2 %

Posting Date: 18-Apr-2015
Transaction amount: 52.50 EUR
Amount charged: 212.32 MYR
Effective rate: 52.50 EUR => 208.16 MYR
Difference: ( 212.32 - 208.16 ) / 208.16 = 2 %
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