FOREIGN CURRENCY TRANSACTIONS

The following are the incidences where Foreign Exchange conversion may apply either during card Load/Reload or Usage:

• During the Initial Load or Subsequent Reloads where the cardholder opts to move Funds from the Base currency wallet to any other currency wallets; the applicable rate to be applied would be determined on daily basis by the Bank based on the day’s currency buying or selling rate.
• During the Point of Sale, Internet or ATM transaction where the transaction currency is not available on the card amongst the defined card currencies in which case the bank will convert the transaction into the next available currency as defined in the currency priority set- up by the cardholder; the bank will adopt Foreign Exchange rate defined and set by MasterCard as above.
• When the Cardholder allocates funds from one currency wallet to another currency wallet for subsequent usage; the applicable rate to be applied would be determined on daily basis by the bank based on the day’s currency buying or selling rate.
• Where the Bank allocates Funds from one currency wallet to another currency wallet in accordance with these Terms and Conditions; the bank would adopt its set day’s rate.
• Where the cardholder closes the card and requests for refund of the balance on the card which is in currency other than the Base Currency; the bank will convert the foreign currency balance into Base currency using the day’s rate determined by the bank.

  Foreign exchange rates applied on Load/reload or Usage are subject to variation and subsequent day’s rate may vary. The cardholder may however contact any I&M Branch or our Call Centre team on +254-20+3221111 to enquire of the applicable foreign exchange rate on a given date.