CURRENCY CONVERSION RATES

Obtaining of Funds in a currency other than the currency in respect of which the Card was issued (or subsequently changed), the Funds will be converted to such new currency at the Currency Conversion Rates. This would include the situation of the Cardholder obtaining Funds from an ATM in a currency other than the currency in which the Card was issued (or subsequently changed)

The Currency conversion rate would be the amount that will be deducted from the Funds for conversion from currency of the Card to the new currency as per VISA policy and procedures in force at the time that such a transaction is processed.

Currently VISA policy and procedures inter alia provide that where the transaction is processed on the same day (by effecting of withdrawal of Funds or otherwise), the Currency conversion rate to be used is either:

• A wholesale market rate in effect the day before processing, or
• A government-mandated rate in effect the day before processing, increased in either case, by a fee established from time to time by VISA. As specified in an earlier section, I&M Bank levies additional currency conversion rate/fees and which will be deducted from the Funds. This is independent of the currency conversion rates/fees/ costs/charges or otherwise as required by VISA in terms of the above.