I'm one of many paying credit card bills without verifying every bit of the details. I do look at overall charges and if it's in range of actual usage I go ahead with the payment. In the process of getting things organized started using a financial application. This is where problem started, there were minor charges for every transaction I made using PayPal and I'm unable to figure out how those charges are calculated.
For example, made a payment of Rs.543.08 through PayPal. Over the next few days there were three more charges
- EDU CESS - Rs 0.05
- SERVICE TAX - Rs 1.90
- FCY CONVERSION FEE - Rs. 19.01
And all these transaction had text 'MARKUP FEE' in their description. No idea what it meant. Last charge may be for forex conversion from USD to INR, but still not clear if PayPal charged or it was Visa or my bank.
Searching all over the web to solve this. Wish bank statement was much clear on why these charges were incurred. Help much appreciated.
Update: Got reply from my bank customer support. Will update later today.
1. For currency conversion my bank charges 3.5%
2. Charges + conversion fee are charged service tax as usual
3. Monthly credit bill is much clear than the unfilled transaction listed in netbanking.
To find out Visa forex rates check here. The page has an field to enter bank fee. I find 3.5% to be unreasonable though. Not sure how much other bank charges.