If you choose to pay in RM, thinking it would be the better and cheaper way to go, you have made a mistake.
You will then be asked if you would like to pay for it in GB Pounds or in Ringgit (RM). DCC gives you the option to select the currency when paying for your purchase when you are abroad, either the country’s local currency or your home currency.įor example, you’re in London and paying for your hotel stay with your credit card. Instead of having to change a large amount of currency and carrying cash as you travel, paying for your purchases with a credit card is easier and can actually help you save moneyīut to make sure you save money instead of being charged more, you must understand how Dynamic Currency Conversion (DCC) works. One of the many reasons people use credit cards is the convenience that it provides, especially when travelling overseas. You should choose to proceed without conversion. Some ATM may present dynamic currency conversion on ATM withdrawals by offering you the option of converting to your country currency.
CREDIT CARD TERMINAL RATES PLUS
For example, Hong Leong Bank charges RM12.72 for international ATM withdrawal via both Cirrus and Plus network.Īnother thing to take note of withdrawals at ATM when you are abroad is to avoid converting it on the spot. The charge for international ATM withdrawal range between RM8 – RM12. You have to make sure that your card supports the Cirrus or PLUS network as this will enable you to take out money from your account no matter which country you are at. These charges and their exact amounts should be listed in your bank’s terms and conditions. Withdrawing money from an ATM overseas will incur withdrawal fee and a foreign exchange fee per transaction. Related: 5 Tips To Get The Most Out Of Your Credit Card 2. Remember, this is the interest rate that will be charged daily on the remaining balance of your cash advance debt! On top of the hefty daily interest rate, you will also be charged a one-time fee for taking cash advance. Most of the time, the interest charge rate is 18%, the maximum chargeable interest rate. First, the interest charge will begin from the day of cash advance withdrawal until you have paid it back in full. This is because there are many charges incurred when you use a cash advance. However, cardholders should think of cash advance as a very expensive loan. The cash is then deducted from your credit limit or funds on deposits, and are subject to a certain limit. This feature allows you to withdraw cash from ATMs or over the counter using your credit card. Some credit cards offer cash advance to the cardholder. Here are 9 fees and charges that you must know to avoid being charged unnecessarily when using a credit card. Credit cards provide convenience, but if you don’t use it the right way, you may be losing out without realising it.
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