Cross-border and cross-currency fees (FX fees) involved in the transaction are usually inclusive of:
1. Fx-conversion charges
2. Administrative fees
3. Markup fees of banks
Volopay does not earn anything out of these, this money is eaten up by networks and the banks fully.
We assure you that these charges are charged on every single corporate card out there and is always more than the rates indicated below:
This is one of the biggest revenue channels for every bank in SG.
We are working hard with networks to totally eliminate these charges, and we can assure you within the next few months you will be able to make USD (and all other major currency) transactions with zero markups. We will be enabling multi-currency pockets in our cards and budgets, for you to take full advantage of.
If you have any additional questions, please feel free to chat in with us so we can assist you!