Common use of Transactions in Foreign Currencies and Transactions Processed Clause in Contracts

Transactions in Foreign Currencies and Transactions Processed. Outside Singapore a. Foreign currency transactions (i) Card transactions (including online and overseas transactions) effected in US dollars will be converted into Singapore dollars. Card transactions effected in foreign currencies other than US dollars will be converted to US dollars before being converted into Singapore dollars. The conversion will take place on the date on which the transaction is received and recorded by us (“posting date”). The currency conversion will be based on our prevailing foreign exchange rate or an exchange rate determined by American Express depending on whether the conversion is done by us or American Express. (ii) In addition, the card transaction will be subject to an administrative fee of up to 3.3% on the converted Singapore dollar amount, of which 1.5% will be retained by American Express, or such other rate(s) as determined by us and notified to you.