|Foreign Currency Charges||
- How does Diners Club establish the rate of exchange by day or
Foreign charges are converted on the day of receipt by the local
business or on the day of billing
- Is the FX percentage fee calculation based on foreign or US dollars?
Diners Club will convert foreign currencies to U.S. dollars using
the Wall Street Journal rate. The Wall Street Journal rates represent
competitive rates based on large currency trades among banks. The
Wall Street Journal carries exchange rates for over 50 different
currencies. If a transaction is made in a currency not published
in the Wall Street Journal, a competitive foreign conversion rate
will be provided by Dow Jones News/Retrieval.
- How is the foreign purchase converted based on the fee?
In the United States, Diners Club converts foreign currency charges
using the rate published in the Wall Street Journal at the time
of charge processing. A one-percent foreign exchange conversion
charge is added to the final amount. Internationally, currencies
are handled at three separate levels: the original currency, the
billed currency, and the reporting currency. The original currency
reflects the currency, in which the actual charge was incurred,
while the billed currency is that which was billed on the statement.
The reporting currency matches the currency of the international
headquarters to provide consolidated global MIS.