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.
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.
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