FREQUENTLY ASKED QUESTIONS

 

1. What are the BPI Credit Cards that I can use abroad to avail the low foreign conversion rate?

Except for BPI Express Credit Classic and BPI Corporate Credit Classic, you may use the following BPI Credit Cards abroad to enjoy the low foreign currency rate of 1.75%:

2. How do I compute for my foreign transactions when I use my BPI Credit card abroad? 

You can compute the Peso equivalent of your purchases abroad by first checking Mastercard/Visa foreign exchange rate applicable on the posting date of the transaction. Afterwards, a 1.75% foreign exchange conversion rate will be applied, which are comprised of the 1% Mastercard/Visa assessment fee and the 0.75% BPI foreign exchange conversion fee.

 

3. How do I enjoy BPI’s low foreign currency conversion fee of 1.75%?

When making a payment with your credit card abroad, the cashier will ask you if you will pay in Philippine Peso or the foreign currency of the country you’re in. Advise the cashier to have your transaction always billed in the foreign currency.  Refuse the offer to convert the transaction to Philippine Peso. This way, you will not be imposed with  unfavorable rate from the country’s local bank versus BPI’s offer. 

 

4. Which foreign conversion rate will be applied to my foreign transactions?

Transactions not in Philippine Peso shall be converted to PHP based on Mastercard or Visa’s currency conversion rate at the time of posting.

 

5. Why is BPI the best in foreign conversion rate?

Compared with other banks’ service conversion fee from 2% to as high as 3.525%, BPI Credit Card rate is only at 1.75%! With your BPI credit card, you could save as much as P1,172 for every USD1,500 purchase.

 

To illustrate the comparison: If you purchase abroad and charge $1500 using your credit card, your total transaction amount would be as follows:

 

      A. Visa Credit Card:

 Bank     

Purchase Amount
(in USD)

Visa Foreign Exchange Conversion Rate¹

Purchase Amount

Add: Visa Cross Border Assessment Fee

Add: Bank’s Foreign Exchange Service Fee

Total Service Fee

TOTAL TRANSACTION AMOUNT² 

BPI

$1,500

Php44

Php66,000

1%

0.75%

Php1,155

Php67,155

Bank C

$1,500

Php44

Php66,000

1%

2.525%

Php2,327

Php68,327

Savings with BPI

 

Php1,172

¹ May vary based on the Visa daily conversion rates
² Purchase Amount plus Service Fee

      B. Mastercard Credit Card:

Bank

Purchase Amount
(in USD)

Mastercard Foreign Exchange Conversion Rate¹

Purchase Amount

Mastercard Currency Conversion Assessment Amount²
(1.002 x USD Purchase Amount)

Add: Mastercard Cross Border Assessment Fee³  

Add: Bank’s Foreign Exchange Service Fee

Total Service Fee

TOTAL TRANSACTION AMOUNT*

BPI

$1,500

Php44

Php66,000

$1,503

0.8%

0.75%

Php1,155

Php67,155

Bank C  

$1,500

Php44

Php66,000

$1,503

0.8%

2.525%

Php2,327

Php68,327

Savings with BPI

 

Php1,172

¹ May vary based on the Mastercard’s daily conversion rates
² Purchase Amount plus Service Fee
³ Assessment and Service Fees are multiplied by the Purchase Amount in Php of 66,000 (excluding Mastercard Currency Conversion Assessment Amount)

6. What are the rates of other banks?

The fees of other banks range from 2% to as high as 3.525%. BPI has the low foreign conversion fee of only 1.75% amongst 8 surveyed banks.

Banks

Foreign Exchange Service Fee

Bank “C”

3.525%

Bank “H”

3.50%

Bank “M”

3.50%

Bank “R”

3.50%

Bank “S”

3.00%

Bank “U”

3.00%

Bank “E”

3.00%

Bank “P”

3.00%

*Note: Foreign exchange Service Fee above includes the assessment fees of Mastercard or Visa

 

7. Does the 1.75% Foreign Exchange Service Fee include the assessment fees charged by Mastercard or Visa?

Yes, the above 1.75% foreign conversion fee includes the 1% assessment fee charged by Mastercard/Visa. This processing or service fee applies to all transactions involving foreign currencies converted to PHP at point of sale, whether executed abroad, in the Philippines or online.

 

8. If my foreign transaction is not in US dollars, how will the conversion to Peso be?

BPI will first convert your foreign transactions to US dollars prior to converting to Philippine peso.

        To illustrate: a transaction in Yen using a BPI credit card Mastercard

MasterCard with Dual Currrencies








Purchase Amount 

 (in JPN Yen)

Mastercard Foreign Exchange Conversion Rate1

Purchase Amount  (YEN to USD)

Mastercard Currency Conversion Assessment Amount2 (1.002 x USD Purchase Amount)

Settlement Amount 3

Add: Mastercard Cross Border Assessment Fee(0.8%)

Add: Bank’s Foreign Exchange Service Fee(0.75%)

Total Service Fee

TOTAL TRANSACTION AMOUNT5

Yen to USD

USD to Php

¥1,500

$114

Php44

$13.16

$13.18

Php579.92

Php4.63

Php4.34

Php10.13

Php588.89

1 May vary based on the Mastercard daily conversion rates
2
1.002 Mastercard Currency Conversion Assessment fee multiplied by the purchase Amount in USD ($13.16)
3
Mastercard Currency Conversion Assessment Amount of $13.18 multiplied by P44 USD to Php conversion rate
4
Assessment and Service Fees are  multiplied by the Purchase Amount in Php ($13.16 x Php 44) excluding Mastercard Currency Conversion Assessment Amount
5
Purchase amount plus total Assessment and Service fees

 

9.  Is my BPI Credit Card accepted worldwide?

Except for BPI Classic, all other BPI Mastercard and Visa credit cards are accepted in over 40 million establishments worldwide. Inform us of your travel plans to ensure that the card transactions made within and outside the country are valid and authorized by you. Call our customer service hotline (89-100) prior to your departure so we can assist you in all your travel-related card transaction inquiries.

 

10. Where can I check Mastercard and Visa’s daily foreign conversion rates? 

The foreign exchange rates are available from Mastercard and Visa websites and are updated daily. Directly access through these links:

 

For more Real Thrills by BPI,

For any concerns, you may contact Bank of the Philippine Islands at (02) 89-100 for Metro Manila; 1-800-188-89100 for domestic toll-free calls (available to PLDT subscribers); 63 + 2 + 89-10000 for mobile phone and international access; and International Toll-Free Numbers (refer to www.bpiexpressonline.com at Contact Us link for details) or email expressonline@bpi.com.ph.

Bank of the Philippine Islands is supervised by the Bangko Sentral ng Pilipinas with telephone number (02) 708-7087 and email address: consumeraffairs@bsp.gov.ph.