Common use of FOREIGN CHARGES Clause in Contracts

FOREIGN CHARGES. a. All Transactions (including Cash Withdrawals) that are performed in a currency other than Saudi Arabian Riyals (the Account’s billing currency) will be converted into Saudi Arabian Riyals 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/Company/ Establishment 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 Transaction to the Account and this may not be the same date on which the Cardmember/Company/ Establishment 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. Any transactions in US Dollars being converted to Saudi Arabian Riyals will not incur a foreign exchange conversion fee. Amounts converted by independent third parties are billed as converted by them. An illustrative example is provided below: Transaction Value EUR 100 EUR 100 Assumed EUR / US$ Exchange Rate EUR 1 = US$ 1.05 EUR 1 = US$ 1.05 US$ Equivalent US$ 105 US$ 105 Foreign Exchange Conversion Fee @ 2.50% US$ 2.63 US$ 2.63 Total Transaction Value in US$ US$ 107.63 US$ 107.63 Assumed US$ / SAR Exchange Rate US$ 1 = SAR 3.75 US$ 1 = SAR 3.75 Total Transaction Value in SAR SAR 403.61 SAR 403.61 Cash Advance Fee (Billed Separately on the Statement) Not Applicable SAR 75.00 Total Transaction Value including Cash Advance Fee Not Applicable SAR 478.61 *The illustration above excludes VAT