Mastercard international payment system since August 11, changing the rules of conversion when paying in foreign currency: conversion into euros and dollars will occur on the day of surgery, but not after one to three days, as it is now. Newsletter payment system has sent the Russian banks, according to RBC.
At the moment, the conversion to Mastercard when you purchase goods in a currency other than that in which the issued card occurs at the rate of the payment system is not at the date of transaction the cardholder, and the date of payment between banks. In his message addressed to the banks Mastercard indicates that the payment system implements changes to improve the consumer experience by providing transparency of currency exchange rate.
For comparison, according to the rules of payment system Visa currency conversion occurs on the date of acceptance of Visa cards clearing record. The very conversion can be made either at market rate or at the rate established by its regulatory governmental Agency.
In the payment system “World” of cross-border operations there are two options of applying the conversion rate: for inter-system interaction conversion occurs at the rate established at the time of authorization; the standard interaction with foreign banks-participants at the rate set on the date of payment between banks.
it is Assumed that other payment systems after the Mastercard will also change the rules of currency conversion on payment cards.
