Bank Alfalah charges various fees for international transactions depending on the specific type of transaction and the card used. Here's a breakdown of the key charges:
Table of Contents
Introduction:
Overview of Bank Alfalah's International Transaction Options
Importance of understanding associated fees
Fees for Different
Card Types:
Debit Cards:
Cash withdrawal fees
Purchase fees
Annual fees (depending on card type)
Credit Cards:
International transaction fee
Foreign currency conversion fee
Cash advance fee
Card Type:
Visa/MasterCard
Debit Cards:
Cash Withdrawal: Rs. 350 or 3.5% of the withdrawal
amount, whichever is higher.
Purchase: Up to 5% over prevailing market rate or as per
SBP directive. Third currency transactions will be converted to USD first, then
charged as per Visa/MasterCard rules.
Annual Fee: Rs. 2,800 (Visa Gold) or no annual fee (Standard Debit Card).
Visa Signature
Debit Card:
Purchase: Same as Visa/MasterCard Debit Cards.
Annual Fee: Rs. 14,000.
Credit Cards:
International Transaction Fee: 2% of the transaction
amount.
Foreign Currency Conversion Fee: Up to 1% additional.
Cash Advance: Rs. 350 or 3.5% of the advance amount, whichever is higher, plus acquiring bank charges (1%).
Additional
Charges:
Cross-border transaction fee: Charged as per
Visa/MasterCard rules.
DCC (Dynamic Currency Conversion) fee: This may be charged by
the merchant, not Bank Alfalah.
SMS alert fee: Rs. 5 per transaction.
Paper receipt printing fee: Rs. 3.13 per receipt.
Does Bank Alfalah
allow international transactions?
Yes, Bank Alfalah does allow international transactions
for both debit and credit cards. However, there are some fees associated with
these transactions, which vary depending on the specific type of transaction
and the card used.
You can use your Bank Alfalah debit card to make
purchases and withdraw cash at ATMs abroad.
There will be a cash withdrawal fee of Rs. 350 or 3.5% of
the withdrawal amount, whichever is higher.
There will also be a purchase fee of up to 5% over the
prevailing market rate. Annual fees may also apply, depending on the type of
debit card you have.
For Credit Cards:
You can use your Bank Alfalah credit card to make
purchases abroad.
There will be an international transaction fee of 2% of
the transaction amount.
There may also be a foreign currency conversion fee of up
to 1%.
If you use your credit card to get a cash advance abroad,
you will be charged a cash advance fee of Rs. 350 or 3.5% of the advance
amount, whichever is higher, plus acquiring bank charges (1%).
In addition to the fees mentioned above, there may also
be other charges, such as:
Cross-border transaction fee: Charged as per
Visa/MasterCard rules.
DCC (Dynamic Currency Conversion) fee: This may be charged by
the merchant, not Bank Alfalah.
SMS alert fee: Rs. 5 per transaction.
Paper receipt printing fee: Rs. 3.13 per receipt.
Frequently Asked
Questions:
How much will I be charged for using my Bank Alfalah
debit card to withdraw cash in the US?
You'll face a double whammy: a Rs. 350 fee or 3.5% of the
withdrawal amount, whichever is higher, plus a purchase fee of up to 5% over
the current exchange rate.
So, withdrawing $100 would roughly cost you Rs. 500 in
fees. Remember, currency conversion fees might also apply on top of this.
Are there any ways
to avoid international transaction fees with my Bank Alfalah credit card?
Look for cards with lower fees: Some premium cards offer
waived or reduced international transaction fees. Check Bank Alfalah's card
options and compare before traveling.
Opt out of DCC: When shopping abroad, decline any offered
"dynamic currency conversion" deals. These often come with hidden
fees and unfavorable exchange rates. Stick to your card's standard conversion
to avoid surprises.
Pay in local currency: Whenever possible, choose to pay
directly in the local currency instead of your home currency. This minimizes
the number of conversions and potentially reduces fees.
I plan to make
regular international payments online. Is there a cheaper alternative to using
my Bank Alfalah card?
Yes, consider online money transfer services! Platforms like Wise or Skrill offer competitive exchange rates and often lower fees than traditional bank transfers.
For recurring payments, some services even allow setting up automatic transfers at favorable rates. However, compare options and transaction limits before diving in.
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