Common use of IN FOREIGN CURRENCIES Clause in Contracts

IN FOREIGN CURRENCIES. If you make a charge in a currency other than Canadian dollars that charge will be converted into Canadian dollars. The conversion will take place on the date the charge is processed by us, which may not be the same date on which you made your charge as it depends on when the charge was submitted to us. If the charge is not in U.S. dollars, the conversion will be made through U.S. dollars, by converting the charge amount into U.S. dollars and then by converting the U.S. dollar amount into Canadian dollars. If the charge is in U.S. dollars, it will be converted directly into Canadian dollars. Unless a specific exchange rate is either required by law, or is used as a matter of local custom or convention, conversion rates are based on interbank rates selected by the American Express treasury system from customary industry sources on the business day prior to the processing date, increased by a single conversion commission as specified on the information box and disclosure statement or as otherwise disclosed by us. If charges are converted by third parties prior to being submitted to us, any conversions made by those third parties will be at rates selected by them. If a charge is refunded in a currency other than Canadian dollars, • the conversion on the refund will take place on the date it is processed by us, • any conversion commission charged on the original charge will not be returned on the refund, and • the currency conversion rate applied to the refund may differ from the conversion rate applied to the original charge. As a result, the amount of the refund will generally differ from the amount of the original charge. However, we do not charge an additional currency conversion commission on a refund.