[Resolved]  HDFC Bank — withdrawal of cash without my notice from the bank

Feb 23, 2018

HDFC Bank Customer Care's response Dear Customer,

The debit pertains to cross currency conversion, markup and service tax towards the international POS transaction done on February 08, 2018 at Campus Living. 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 the 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 the transaction. You can also refer the following link on our website for the charges applicable: https://goo.gl/1Dt5fY 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% of 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). In case 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 to 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.

-Bejoy
HDFC Bank Customer Assistance