Common use of Foreign Currency Conversion Clause in Contracts

Foreign Currency Conversion. Transactions on the Account will be billed in Canadian currency. Transactions in a foreign currency are converted to Canadian dollars at the rate established by Mastercard International in effect on or after the date of the Transaction and no later than the date the Transaction is posted to the Account (which may not be the same date as the date of the Transaction). The rate that applies to amounts charged to the Account (“debits”) may be different than the rate that applies to amounts credited to the Account (“credits”), as the rates established by Mastercard International are different for debits and credits and such rates are subject to change from time to time. This means that if you make a Purchase in a foreign currency (a debit) and then return the Purchase and the merchant credits your Account (a credit), the Canadian Dollar amount debited to the Account for the Purchase may be different (and could be higher) than the Canadian Dollar amount credited to the Account for the Purchase return. We will also charge you the foreign currency conversion fee as set out in the Disclosure Summary. We will not refund any part of a foreign currency conversion fee on Purchase returns.