Sunday, December 09, 2012  

[Cross-border fees...]

I keep all my credit card receipts, be it physical copies or soft-copies when I purchase things online. I wait for my statement to arrive, match the items to the receipts, before discarding or deleting the receipts.

I have been doing this ever since I got credit cards. For the first time today, the amount on my receipt did not match the amount on my statement.

It's a transaction between me and Paypal, for an item I bought on eBay from a UK seller. It was just 9-cents more, but I decided to call my bank and ask them why was the amount different.

I was told that it was due to cross-border fees. This is something levied by Visa and MC when transactions in SGD are processed overseas. I suppose this is their response to Paypal converting the amount to the buyer's local currency and depriving credit card operators of the currency conversion fees.

I would have accepted the explanation, if not for another transaction I made on the same day, through Paypal for an eBay transaction, this time with a HK seller. Shouldn't the cross-border fee be applied to this transaction as well? It was not.

If anyone knows anymore information about this, leave a comment. Thanks.

^^^ by Locksley @ 8:27 PM. 0 comments.
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