What foreign exchange rate is used for foreign credit card and bank transactions?
What foreign exchange rate is used for foreign credit card and bank transactions?
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Bala teja · External communityPost link
External question — Personal Finance Stack Exchange
Author: Bala teja
Original post: https://money.stackexchange.com/questions/23871
License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/
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I am an Indian. I would like to know about how foreign transactions work.
I have paid my GRE $185 fees through my SBI credit card. I was charged something around 11k rupees.
How is the dollar rate determined for the above transaction? Is it set by RBI or bank? Will this dollar rate remain constant throughout the day or does it fluctuate every minute?
How do I find out what fees were charged by SBI? Apart from the bank fees, will there be forex charges or exchange charges?
Besides these, will the dollar rate (as used above for paying) remains the same when I am receiving dollars into my SBI bank account? How is this rate determined, if it's different?
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Quoted from Forex.com.bd-Editorial External question — Personal Finance Stack Exchange Author: Bala teja Source score (net votes, not local likes): 5 Original post: https://money.stackexchange.com/questions/23871 License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I am an Indian. I would like to know about how foreign transactions work. I have paid my GRE $185 fees through my SBI credit card. I was charged something around 11k rupees. How is the dollar rate determined for the above transaction? Is it set by RBI or bank? Will this dollar rate remain constant throughout the day or does it fluctuate every minute? How do I find out what fees were charged by SBI? Apart from the bank fees, will there be forex charges or exchange charges? Besides these, will the dollar rate (as used above for paying) remains the same when I am receiving dollars into my SBI bank account? How is this rate determined, if it's different?
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