Long story short, I purchased something online from US website using Maybank credit card

Now the payment finally shown in Maybank portal. The rate used is 1 USD = MYR 4.3773.

Currently the rate should be 1 USD = MYR 4.26

question: is it normal to have bank conversion rate so much higher than the normal conversion rate (difference of 0.11!)

Thanks

normal, credit card got their own forex rate ...

and the one you see online, go to money changer nearby see same or not first ....

Less than 3%. I would rate it fair.

This is 1 of the reason why ppl with import/export business open foreign currency account.

yes. always high.

bank rates are always 2 to 3% higher than XE rate. That's why people uses BigPay or those credit cards with good cashback/overseas spending TP to offset it.

Normal, even against other currencies.

Each bank has own exchange rate published in bank or wherever.

The exchange rate would be at the time of transaction done, not during statement generated.

your credit card itself also have 1%-3% charges depending on which network you are using, VISA, MC or AMEX.

Would you mind to share which cc gives the best deal in terms of exchange rate?

Even big forex traders have their own. In business customers will tell which one they will follow

yes, that's how forex trader makes money...

Even Paypal has their own rate

use BigPay, few ringgit higher than XE rates. no higher exchange rates or foreign transaction fee

This post has been edited by idoblu: Jun 11 2020, 04:46 PM

bigpay

Yes, normal. They will have higher rates than the current rates you get online.

Thanks.

I just checked it up. So it allows cc deposit, and then also allows fund withdrawal to local bank with very low charges.

Does this means, it is another cc cash withdrawal loophole, just like what happened to the Boost/TNG recently?

Edit: And sorry for being massively off topic to this thread : P

This post has been edited by Nanti Sekejap: Jun 11 2020, 05:07 PM

Most banks have surcharge on top of the forex rate.
Maybank I think is 2.6+% or thereabouts.

If you want 0% for online purchase, use BigPay credit card. I use it for online purchases and it saved me alot of money that would've been wasted to bank surcharges.
Can PM me for referral code if you want

Yes it is, and people have been using it for cashback gains for sometime, until banks start to close this loophole
Recently Bigpay started limiting max CC deposit to RM2.5k/month. It used to be RM10k some time ago

AMEX has one of the worse rates, but it does come with fraud protection and in my case, heaps of KrisFlyer points (although I can’t fly anywhere at the moment damn it)

XE Rates are interbank rates. They are not available to retail customers. The proper comparison is local banks' over the counter rates.