When the Cardholder performs a payment transaction, the debit would take place on the priority as per the different scenarios provided below:
Scenario 1 - if the customer possesses a local currency wallet with an adequate balance, the transaction will be carried out using the funds available in the local currency wallet.
Scenario 2 – if the local currency is one of the multiple currencies offered on the card but the customer does not have enough funds in the local currency wallet, an alternative solution is provided. In case the customer has sufficient balance in their default currency wallet, which is in USD, the transaction will be processed using the funds from the default currency wallet. The value from the default currency will be converted to local currency using a cross-currency conversion rate decided by BookMyForex.
Scenario 3 – If the local currency is part of the offered multiple currencies on the Card but the customer does not have sufficient balance in the local currency wallet as well as default currency wallet (USD) and the customer has sufficient balance (equivalent to local currency) on any other currency wallet then the transaction will be processed using the balances from the respective currency wallet. The Card will look for balances across all the currency wallets in the following order of priority as decided by the bank 1. USD 2. GBP 3. EUR 4. CAD 5. AUD 6. SGD 7. AED 8. SAR 9. THB, 10. JPY. The value of the respective currency will be converted to local currency using a cross-currency conversion rate decided by BookMyForex.
Scenario 4 - If the customer transacts in a currency that is not offered on the Card, the transaction will be processed by debiting the default currency (USD) wallet. Cross-currency conversion would take place as per existing Visa / MasterCard rates as applicable. In case the default currency wallet does not have sufficient balance then funds would be pulled from the wallet with sufficient funds and converted to the default currency using the Bank’s currency conversion rate. Partial transactions in different currency wallets are not allowed. If the customer does not have sufficient balance to process the transactions individually in any of the currency wallets, the transaction is declined even if the collective balances on the Card across all currencies are sufficient to process the transaction.