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 transactions you make overseas using your ASB Visa card. For purchases refunded back to your ASB Visa card, we charge Offshore Service Margins of 2.10% of the converted New Zealand dollar amount of the transaction, to your card account. The margins that are charged to your card account may differ from the margins that were charged for the original transaction due to fluctuations in the conversion rate.
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.
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