Why did my card get charged for FX fee?

FX fees are applied when you purchase in a currency different from the currency of your virtual card. 

For example, we offer dollar cards. So when you shop or make payments on non-US apps/websites using your Palremit dollar card, you get charged an FX fee.

It’s an unavoidable standard charge from financial networks directly mandated by card processors.

Here’s why this happens:

• Currency conversion:

  When you use your card for a purchase in a different currency, a conversion takes place.

• Exchange rate:

  As stated in our terms, “The exchange rate used for the conversion will be determined by taking into consideration the prevailing market rates as at the applicable processing date.”

• Fee application:

  An FX fee is typically charged to cover the costs associated with this currency conversion process.

Please remember that this fee (3% of the transaction amount) is ONLY charged on card transactions that are not in USD and is not a fee from Palremit. This fee also applies to refunds from non-USD websites/merchants.

It’s also important to note:

• FX fees are standard for many international transactions

• The exact fee amount is 3% on non-USD transactions 

• These fees help us provide you with the convenience of using your card globally

To minimize FX fees:

• Try to make purchases in the same currency as your card when possible.

• Consider creating a virtual card in the currency you frequently use for purchases. Though you can only use a dollar card on Palremit at this moment, we’re bringing more usability to all our users in the coming months.

If you believe an FX fee was charged incorrectly, please do not hesitate to contact our support team. We’ll be happy to review the transaction with you.