What is the Offshore Service Margin on my credit card statement?
An Offshore Service Margin is a fee charged by us when you make a transaction in a currency other than New Zealand Dollars.
Overseas transactions will either first be converted into US dollars and then into New Zealand dollars or converted directly at an exchange rate selected by Visa, MasterCard or ASB (as the case may be) from available wholesale rates (or, if applicable, the Government mandated rate).
Visa Cards
We charge Offshore Service Margins of 2.10% of the converted New Zealand dollar amount for overseas transactions using your ASB Visa card.
MasterCard
For overseas transactions made using your ASB MasterCard Card, excluding those withdrawals made using Commonwealth Bank of Australia ATMs, we charge an Offshore Service Margin.
The amount of the Offshore Service Margin is:
1.45% of the converted New Zealand dollar amount; and
an additional 0.80% of the converted New Zealand dollar amount of the transaction where the transaction is made in a country other than New Zealand.
For purchases refunded back to your ASB MasterCard we refund 1.45% Offshore Service Margin of the converted New Zealand dollar amount of the transaction 0.80% of the Offshore Service Margin (of the converted New Zealand dollar amount of the transaction) is not refunded. The margins that are refunded back to your card account may differ from the margins that were charged for the original transaction due to fluctuations in the conversion rate.
For overseas cash withdrawals made using your ASB MasterCard at a Commonwealth Bank of Australia ATM, we charge an ASB Retail Exchange Margin of 0.7% of the converted New Zealand dollar amount of the transaction.
You will be charged ASB FastCash card fees and margins if you select cheque or savings when using your ASB credit card overseas.
Related Answers
-
Additional or supplementary card fees are charged for each additional card linked to your credit card account. These are charged ...
-
Our credit card interest rates vary, as we issue more than one type of card and the rates can be ...
-
Credit card fees are charged to your account every six months. Check the current ASB Visa credit card rates and ...
-
A cash advance fee is only charged when you withdraw cash from your credit card at a teller in New ...
-
As of 15 May 2017, there is no True Rewards fee charged on eligible ASB Visa credit cards. The True ...
-
This is a surcharge that is charged by the Merchant when you use your credit card to make a payment. ...
-
You’ll incur a late payment fee if you do not make (at least) the minimum payment due by the date ...
-
Rather than prevent a payment going out of your account, we will sometimes allow transactions or payments to go through ...
-
Calculate what Resident Withholding Tax rate you should use. Withholding tax is tax that is deducted from interest that you ...
-
Yes you can. You can use your card in any ATM machine that carries the International Plus symbol. Please be ...
