[Resolved]  HDFC Bank — Dc intl pos txn markup & post national digital pos debit - amount deducted

Jul 05, 2017

HDFC Bank Customer Care's response Dear Customer,

The debit of Rs. 510.00 is a POS transaction done by you at merchant National Digital. In case this transaction is not done by you, please block your Debit Card permanently and log a complaint with our Phonebanking team for the disputed transaction.

Further, we have checked your account and note that the debit of Rs. 2227.08 pertains to cross currency conversion, markup and taxes towards international POS transaction done by you on June 09, 2017.

There is a currency conversion markup of 3.5 % on foreign currency transactions carried out on debit cards as Transaction amount + 3.5% Foreign Currency markup + Difference in foreign currency Rate( Its the difference in foreign currency rate on date of transaction and on the date of settlement {Receipt of claim from acquiring bank}).

Charges are applicable for ATM withdrawals and also for POS transaction. The exchange rate used will be the Visa/MasterCard wholesale exchange rate prevailing at the time of transaction.

You can also refer the following link on our website for the charges applicable: http://www.hdfcbank.com/assets/pdf/savings_charges.pdf

We wish to confirm that the International transactions are converted into Indian Rupees using the exchange rate established by the VISA / Master International for such transaction on the date when the charges are processed by the member bank, plus any applicable conversion charges. These rates are determined by VISA / Master for such interbank/inter country settlement and the same would apply in addition to the bank markup rates for transactions on the credit card for international transactions. The Cross currency Markup' @ 3 .5% on the transaction amount is currently charged for international transactions and the same has been mentioned on the schedule of charges' in the card statement.

As part of a regulatory compliance, the markup charges similar to all other Fees & Charges will also be levied with Goods & Service Tax (GST) at 18% (revised with effect from 01/07/2017).

Incase if there are multiple foreign currency transactions posted during the month, then markup amounts across the multiple transactions would be cumulated and Tax will be applied at Goods & Service Tax (GST) at 18%
We also take this opportunity to clarify that in the case of transactions in other foreign currencies, the transactions are converted to a globally accepted currency value (USD) and then to Indian rupees, which may result in a net difference in the charge amount, when compared to the rate arrived at using regular RBI rate.

-Anay
HDFC Bank Customer Assistance