Currency conversion fee refers to the fee charged by international card organizations and card-issuing banks as remuneration for currency exchange when consumers use dual-currency credit cards or single foreign currency credit cards to consume foreign currencies on international settlement lines.

When cardholders of "UnionPay Standard Card" make purchases abroad, UnionPay will perform a one-time conversion (without intermediary currency transfer), and only perform currency conversion at the prescribed exchange rate without charging any currency conversion fees. This is also a major advantage that distinguishes UnionPay cards from other international cards such as VISA.

Currently, UnionPay cardholders can not only withdraw money at as many as 368,000 ATM machines in 45 countries and regions overseas, but also at nearly 150,000 merchants and merchants in 27 countries and regions overseas. UnionPay cards can be used to make purchases directly at nearly 200,000 POS machines.

Currency conversion fee refers to the fee charged by international card organizations and card-issuing banks as remuneration for currency exchange when consumers use dual-currency credit cards or single foreign currency credit cards to consume foreign currencies on international settlement lines.

Currently, the currency conversion fee charged by card-issuing banks in my country is between 1% and 2%, and the more common one is 1.5%.

At present, the only card organization that clearly does not charge for money transfer is UnionPay. If you have activated international roaming, you can receive a text message as soon as you swipe your card, telling you how much foreign currency you spent, and how much it is converted into RMB. It is very convenient for those students who don’t want to spend more time studying and saving money.

As friends around us have more and more opportunities to go abroad, many banks have launched targeted credit cards with free transfers, such as China CITIC Bank’s all-currency credit cards and China Merchants Bank’s all-currency credit cards. Currency card. These are all exempt from currency conversion fees. If you are a large overseas credit card user, it is still worth it. If you use a large number of credit cards, the 1-1.5% saving on currency conversion is also a big amount.

When shopping overseas, it is recommended to pay with a UnionPay card; if you use a bank card with other card brands to pay, please verify whether there is a UnionPay logo on the card. If there is a UnionPay logo, it is recommended to ask the cashier whether it can be passed. If you can settle through the UnionPay channel, you can also enjoy the "no currency conversion fee" discount.

Effective January 1, 2016, the cumulative overseas cash withdrawals for each UnionPay RMB card in China shall not exceed the equivalent of RMB 100,000 per year. From October 1 to December 31, 2015, the accumulated value of each card shall not exceed the equivalent value of RMB 50,000. For credit cards, due to credit limit and other reasons, the card-issuing bank may set a separate limit. Please consult the card-issuing bank for details. Various overseas countries and regions also have different limits on the amount of a single ATM withdrawal. Please refer to the instructions of the local machine for details.

Reference: Baidu Encyclopedia - Currency Conversion Fee