Cryptocurrency Q&A
Why have I been charged a foreign currency conversion fee?
Why have I been charged a foreign currency conversion fee?
CryptoBaron
Mon Oct 14 2024
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5
answers
966
I don't understand this question. Could you please assist me in answering it?
5 answers
EthereumElite
Wed Oct 16 2024
The process of converting the local currency into sterling, also known as the base currency, is essential for ensuring that the transaction is settled in the cardholder's native currency. However, this service comes at a cost, which is reflected in the additional fee charged to the cardholder.
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Raffaele
Wed Oct 16 2024
The amount of the non-sterling transaction fee can vary depending on the issuing bank's policies and the specific circumstances of the transaction. Some banks may charge a flat fee, while others may apply a percentage-based fee.
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WhisperVoyager
Wed Oct 16 2024
It's important for cardholders to be aware of these fees before traveling or conducting international transactions to avoid unexpected charges on their statements. Checking with the issuing bank beforehand can provide clarity on the exact fees and conditions.
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GangnamGlitzGlamourGlory
Wed Oct 16 2024
Non-sterling transaction fees are a common expense encountered by travelers and individuals who conduct financial transactions abroad. These fees are imposed when a cardholder utilizes their bank card in a foreign country, requiring the card issuer to perform a currency conversion.
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Maria
Wed Oct 16 2024
For those looking to minimize their non-sterling transaction fees, there are several options available. One alternative is to use a prepaid travel card or a foreign currency account, which can often offer more favorable exchange rates and reduced fees.
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