[Resolved]  HDFC Bank — amount deducted without my knowledge

May 29, 2019

HDFC Bank Customer Care's response Dear Customer,

We wish to confirm that the International transactions are converted into Indian Rupees using the exchange rate established by the VISA / Master International for such transaction on the date when the charges are processed by the member bank, plus any applicable conversion charges. These rates are determined by VISA / Master for such interbank/inter country settlement and the same would apply in addition to the bank markup rates for transactions on the credit card for international transactions. The Cross currency Markup' @ XX% on the transaction amount is currently charged for international transactions and the same has been mentioned on the schedule of charges' in the card statement. As part of a regulatory compliance, the markup charges similar to all other Fees & Charges will also be levied with Goods & Service Tax (GST) at 18% (revised with effect from 01/07/2017). Incase if there are multiple foreign currency transactions posted during the month, then markup amounts across the multiple transactions would be cumulated and Tax will be applied at Goods & Service Tax (GST) at 18% We also take this opportunity to clarify that in the case of transactions in other foreign currencies, the transactions are converted to a globally accepted currency value (USD) and then to Indian rupees, which may result in a net difference in the charge amount, when compared to the rate arrived at using regular RBI rate.

-Zubin
HDFC Bank Customer Assistance