Common use of FOREIGN CHARGES Clause in Contracts

FOREIGN CHARGES. a. All Transactions (including Cash Withdrawals) that are performed in a currency which is not the billing currency using prevailing interbank rates selected from usual industry sources on the business day prior to the date of processing the Transaction. b. After conversion of the Transaction amount to the Account’s billing currency, We will charge the Cardmember and/or the Company a foreign exchange conversion fee on the converted amount at the rate specified in Annex “A” of this Agreement. The conversion will be made on the date of debiting the Transactions to the Account and this may not be the same date on which the Cardmember performed the Transaction at the Service Establishment. All Transactions performed in currencies other than the Account billing currency or US Dollars will be first converted to US Dollars before being converted to the Account’s billing currency. Amounts converted by independent third parties are billed as converted by them.