What is Cross Currency Markup?
A cross-currency markup is a fee charged by banks or financial institutions when you make an international transaction in a currency different from the one loaded on your card or account. This fee is typically a percentage of the transaction amount and can go up to 3.5%.
How does Zero Cross Currency Markup impact foreign currency payments?
Zero cross currency markup means no additional fee is charged when you make international transactions in a foreign currency. This benefit allows you to save significantly on global purchases, travel expenses, and online shopping from international merchants.
What is the benefit offered on cross currency markup fee across AU Programs?
Program | AU Debit Card Variant | Cross Currency Markup |
AU ivy (RI & NRI) | AU ivy Debit Card | 0% |
AU Eternity (RI & NRI) | AU Eternity Debit Card & AU Eternity Business Debit Card | 0.90% |
AU Royale (RI & NRI) | AU Royale Debit Card & AU Royale Business Debit Card | 2.5%* |
All other debit cards | AU Debit Card & AU Business Debit Card | 3.5% |
*Chartered Account and Company secretary programs offer debit card cross currency mark-up of 1.5%
How to Avail Cross Currency Markup Waiver?
To enjoy reduced or zero markup fees:
- 1. Enable international transactions for eCommerce & POS.
- 2. Transact in foreign currency only (not INR).
- 3. Choose the local currency of the country you're in while transacting abroad.
What is Dynamic Currency Conversion?
Dynamic Currency Conversion (DCC) enables international cardholders to transact in their home currency at the point of sale, offering enhanced transparency and convenience.
This DCC fee varies from 1% - 2% and in some cases as high as 7%, plus applicable taxes, and it depends on various factors like merchant and location etc.
Avoid Dynamic Currency Conversion (DCC) by selecting the foreign currency option at ATMs or POS machines.
What Exchange Rate is Applied?
- 1. VISA Debit Cards: VISA wholesale exchange rate at the time of transaction. To check VISA rates, click here
- 2. MasterCard Debit Cards: MasterCard wholesale exchange rate at the time of transaction. To check MasterCard rates, click here
How is Cross Currency Markup Fee Calculated?
Let’s say you make a purchase worth $100 USD using a card with a 1.5% markup:
Transaction amount: $100 USD
- Exchange rate: ₹83/USD (example)
- INR equivalent: ₹8,300
- Markup fee: ₹8,300 × 1.5% = ₹124.50
Total debited: ₹8,424.50
Why Use a Debit Card for International Transactions?
- 1. Low or no fees
- 2. Convenient – no need to carry multiple cards
- 3. No currency pre-loading required
- 4. Widely accepted across countries and supports all major currencies
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