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Consolidated FCY Markup Fee

Consolidated FCY Markup fee is the charges which are deducted by credit card company from customer. Its full name is consolidated foreign currency markup fees. When a customer will pay in foreign currency through his credit card, he has to pay the consolidated FCY markup fees to his credit card company.



In my case, I recently, paid $25 for one time google developer account through my HDFC credit card. So, HDFC has deducted 3.5% consolidated FCY markup fees on my payment of $ 25. Reason behind this is to give the forex service. Company has taken me Rs. 1503 which is equal to $ 25 on the current $ and Rs. currency rate. Now, it convert it to $ 25 and my payment was done to my service provider.

Now, my credit card company HDFC will take Rs. 1503 +  consolidated FCY markup fee which is 3.5% on Rs. 1503. So, total amount Rs. 1503 + Rs. 52.64 = Rs. 1555.64 will be deducted from my HDFC saving account.

Related : Credit Card Journal Entries

Comments

: 17
  1. very helpful, thanks

    ReplyDelete
  2. Nice Info... same with me. I also surprised what is and why this Consolidate FCY markup fee is levied on me by HDFC ? Your article really helped me to understand. Thanks again

    ReplyDelete
  3. NOw i get it why am i being charged mark up fees

    ReplyDelete
  4. Thanks for the information, very helpful and makes sense.
    Very sad to pay such service charges.

    ReplyDelete
  5. I have to pay around Rs 1600 as FCY mark up fee

    ReplyDelete
  6. Helpful information. Why only few banks are charging this and not all. I have ICICI and HDFC'r Credit Card, ICICI never charged my anything like this whereas HDFC did :(

    ReplyDelete
    Replies
    1. are they charging the same exchange rate as HDFC?

      Delete
  7. "So, total amount Rs. 1503 + Rs. 52.64 = Rs. 1555.64 will be deducted from my HDFC saving account."

    Why your savings bank account? Shouldn't it be your credit card?

    ReplyDelete
  8. Thanks, its helpful information.

    ReplyDelete
  9. thank you its very useful.. is it same for all other credit cards (e.g. Standard chartered)

    ReplyDelete
  10. THIS MUST BE STOPED, BANKS ARE LOOTING US.

    ReplyDelete
  11. If I'm paying with debit card/netbanking? same will be charged?

    ReplyDelete
  12. Thanks for useful info

    ReplyDelete
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Accounting Education: Consolidated FCY Markup Fee
Consolidated FCY Markup Fee
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Accounting Education
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