Hi everyone,

Just saw this from Citibank

Effective 10 June 2013:

If a transaction is made in foreign currency, the transaction will be converted into Ringgit Malaysia using US Dollars as the base currency on the date on which the transaction is received and processed by Citibank and/or Visa International, MasterCard Worldwide or the relevant Card Payment Network (“Payment Network”).

The currency conversions will be based on Citibank’s prevailing foreign exchange rate and/or an exchange rate determined by the relevant Payment Network. This currency conversion will include any charges levied by the Payment Network for overseas transactions and a 1% foreign exchange conversion markup by Citibank on the converted Ringgit Malaysia amount, or such other rate as determined by Citibank and notified to you.

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Just wondering if i m better off to pay for my oversea transaction before 10/June/2013 ?

Hi everyone,

Just saw this from Citibank

Effective 10 June 2013:

If a transaction is made in foreign currency, the transaction will be converted into Ringgit Malaysia using US Dollars as the base currency on the date on which the transaction is received and processed by Citibank and/or Visa International, MasterCard Worldwide or the relevant Card Payment Network (“Payment Network”).

The currency conversions will be based on Citibank’s prevailing foreign exchange rate and/or an exchange rate determined by the relevant Payment Network. This currency conversion will include any charges levied by the Payment Network for overseas transactions and a 1% foreign exchange conversion markup by Citibank on the converted Ringgit Malaysia amount, or such other rate as determined by Citibank and notified to you.

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Just wondering if i m better off to pay for my oversea transaction before 10/June/2013 ?

SCB Visa Platinum

08-Jul : PayPal transaction USD$48.90
10-Jul : Posted as RM160.41
Exchange Rate: 3.28037

Visa Exchange Rate as of 10-Jul : 3.183000
Admin Fee : 3.059%

Hi all, I just called up Citibank yesterday asking about how they calculated their exchange rates. The guy on the phone told me that on top of the 1% fee, there was an additional 1.5% which he said was charged by Visa / Mastercard. I checked my recent transactions in Thailand and Australia and confirmed that Citibank charged me 2.5% on top of the rate published at the Mastercard website. Anyone know if other banks have this extra 1.5% fee as well? Am thinking of switching to other banks in the future.