What FX rate will I be charged on my transactions?

•     If you use your Card for a transaction in a currency other than the currency in which your card is issued, the transaction will be transferred from the Mastercard payment network to that of Mastercard International Incorporated and converted into the currency in which Your card is issued at a rate shown at https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html

•     You can compare the rate being applied to your transaction with the rates published by the European Central Bank by using this link: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html

This will allow you to readily identify any difference between the FX rate and fees applied by Us with the applicable ECB rate using the following example, which is based on data obtained from 30/4/2020:

•     You will need to be aware of the 2.5% fee that we charge and will apply to all Foreign Exchange transactions.

•     Go to the Mastercard link https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html and select the date of your transaction.

These rates change on a daily basis at 14:05 USA Central Time Zone and last for 24 hours. The time difference with Central European Time is typically +7 hours (there may be seasonal differences due to Summer Time Daylight Saving) meaning they would typically be set at 9:05 PM CET. So, for example, if your transaction took place on 1st May 2020 at 12:00 noon CET, this would convert to a date and time of 1/5/2020 03:00 AM USA CTZ. This would be covered by the rate set on 30/4/2020 covering the period 30/04/2020 14:05 PM CTC to 01/05/2020 14:05 PM CTZ (30/4/2020 9:05 PM CET to 01/05/2020 9:05 PM CET) so you would in this instance select the rate for the 30/4/2020.

• Input any fee you have been advised of that applies to the transaction, select the relevant currency for the transaction, for example Great British Pound, and the currency of your card, for example EURO.

• Enter the value of the transaction into the ‘Transaction Amount’ field and press the ‘Calculate’ button.

• The amount charged will be shown under the ‘Your Card Currency Amount’ heading and also displayed will be the rate applied. This will for example display in the format 1 GBP = 1.186 EUR •     You can compare this rate by using the link:


https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html. This shows the exchange rate of the Euro against a number of currencies.

Click on the required currency (GBP in our example) and the current day’s rate is shown at the top of the screen along with a graph and table of previous rates. This can be displayed in either EUR to GBP or GBP to EUR format, in our example you would select GBP to EUR and would see a rate such as 1 GBP = 1.186 EUR. The historic rates can be obtained by Clicking on the shown graph. The ECB rate shown can now be readily compared with the rate obtained from the Mastercard site.

•     To establish the difference as a percentage of the ECB rate, please complete the following calculation:

- Deduct the ECB rate from the returned Mastercard value. In our example this would be 1.186 – 1.1507 = 0.0353 difference.

- Divide the difference by the ECB rate, in our example this would be 0.0353/1.1507 = 0.030677.

- This can be converted to a percent by multiplying by 100 so that the rate difference in this example is 3.0677%.