According to reports, there are two kinds of credit cards that can be used in China to study abroad at present: one is the universal dual-currency card, such as the dual-currency credit cards of Bank of China, Industrial and Commercial Bank of China, Bank of Communications and China Merchants Bank. The US dollar can be used in almost all countries and regions. If it is consumed in non-US regions, although 1%-2% exchange handling fee is required, the exchange rate settlement of international credit cards is based on the exchange rate cleared by international credit card organizations on the same day, so it is still more cost-effective than the exchange rate used by individuals to purchase foreign exchange.
the other is a single currency card, such as USD card, HKD card, Euro card and GBP card which are only introduced by BOC at present. The settlement currencies are USD, HKD, Euro and GBP respectively.
So, how to choose these two cards is in line with the principle of "convenience and minimum cost"? Zhangyan said that it is necessary to apply for a credit card in any country. If the goods are not in the right version, it will not only be troublesome, but also pay a currency exchange fee.
For example, if you take a dual-currency RMB/USD card to the euro zone, you will pay in euros, and the customer's account will be deducted in dollars, which will result in some exchange fees. For example, suppose a customer spent 1, euros on credit cards in France in September 25. On that day, the selling prices of cash in US dollars and euros were 811.59 and 13.18 respectively. The consumption amount was 1, euros × (13.18/811.59) = 1,236.7 dollars (the clearing quotation of international credit card organizations is not announced, and the above quotation is not provided officially). Plus the currency exchange fee of USD 1236.7× 1% = USD 12.367. In this way, the deduction amount shown on the US dollar card bill is 1236.7+12.367=1248.43 USD. It is equivalent to RMB 1248.43 × (811.59/1) = RMB 1132.14.
however, if the euro card is directly used, the repayment amount is 1, euros × (13/1) = 1,31.8 yuan, which eliminates the currency exchange fee. In this way, the latter will save 1132.14-131.8=1.34 RMB than the former.
zhangyan said that due to the high cash withdrawal fee for international cards abroad, a 3% handling fee is usually required. Therefore, overseas students can apply for a local card at the local bank and deposit a certain amount of foreign currency for use. "Domestic credit card+local account" is often the method adopted by many overseas students.
She also reminded that the first important thing in studying abroad is to pay tuition fees. Therefore, students and friends can first ask overseas schools whether they can use credit cards to collect tuition fees, and the international card organizations to which credit cards belong, such as VISA and MasterCard, to determine what kind of international credit cards to apply in China. In addition, after receiving the card, the applicant should sign on the back of the card in time, and try to keep a copy of the signature in case there is a voucher to follow in case of an accident.