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Why would I be billed for an overseas transaction by a merchant and on receiving my statement notice that I am being billed more than the agreed amount?

I was overseas and the merchant agreed to charge me $1200 in local Singapore currency but on receiving my statement I noticed that I am being billed more than the agreed SGD$1200. Why is that the case please?

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    The answer to your question may lie in the fact that certain overseas merchants or websites may list products and services in Singapore dollars or offer to convert your foreign currency transactions into Singapore dollars, the latter being called dynamic currency conversion. The exchange rates used to convert these transactions into local currency are determined by the merchants and their payment processors. Customers are encouraged to check that the exchange rate offered is reasonable prior to performing the transaction. The difference between the amount listed by merchant and the actual amount billed in your statement is due to an international transaction fee which is levied on all SGD transactions made using Visa or MasterCard and processed outside Singapore.

    2019.08.01 6:11

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