Business, Legal & Accounting Glossary
A fee that credit card companies charge to convert foreign currency into that of the homeland of the cardholder when purchases occur in another country. Typically, the surcharge is a set percentage of the purchase. Confusion sometimes occurs when this fee applies to purchases made on a cruise ship in foreign waters, even though the transactions occurred in the currency of cardholder’s own country.
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This glossary post was last updated: 20th November, 2021 | 0 Views.