TNG eWallet to impose 1pc conversion fee for overseas QR payments

KUALA LUMPUR, April 8 — Touch ‘n Go eWallet will soon impose an extra 1 per cent overseas transaction conversion fee if you use the eWallet for QR payments overseas. The 1 per...

KUALA LUMPUR, April 8 — Touch ‘n Go eWallet will soon impose an extra 1 per cent overseas transaction conversion fee if you use the eWallet for QR payments overseas. The 1 per cent charge will be included starting 25th April 2024.

According to TNG eWallet, this 1 per cent overseas transaction fee is not a separate charge and will be included as a markup on the daily exchange rate of your travel destination. This means your crossborder transaction will use the displayed currency exchange rate with no additional fees. Take note that the new 1 per cent conversion fee doesn’t affect local QR payments including DuitNow QR codes. The transaction conversion fee only applies to foreign QR payments such as using Alipay+ for international markets including Mainland China, Japan, Thailand and Singapore.

For TNG Visa transactions, there are no further changes as Touch ‘n Go eWallet has been charging a 1 per cent transaction fee for card payments since the beginning. Despite the 1 per cent conversion fee, TNG eWallet is confident that TNG eWallet users will continue to enjoy one of the best competitive overseas transaction rates in the market, which is lower than your typical credit cards.

Alan also said that TNG eWallet has been waiving the overseas transaction fee from the beginning to promote cross-border payments. With a high volume growth, it is not commercially viable to subsidise the overseas transaction fee forever. He also shared that TNG eWallet is more transparent as users can view the effective exchange rate immediately while users of other payment methods may have to wait until they receive their monthly statements.

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Touch ‘N Go Crossborder Transaction Conversion Fee

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