Touch 'n Go eWallet will start charging a 1% conversion fee for QR payments made overseas, which will be included as a markup on the daily exchange rate of the travel destination.
will soon impose an extra 1% overseas transaction conversion fee if you use the eWallet for QR payments overseas. The 1% charge will be included startingand 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.transactions, there are no further changes as Touch ‘n Go eWallet has been charging a 1% transaction fee for card payments since the beginning.
TNG Digital CEO Alan Ni shared that the conversion fee or FX markup is a market practice for all overseas transactions. He said all banks and eWallets are charging it for a simple reason: They can’t impose MDR on foreign merchants, therefore payment providers including TNG eWallet would markup as a primary income.
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.
TNG eWallet is currently accepted in over 40 countries worldwide via the Alipay+ network. Mainland China is its biggest crossborder market which has
Touch 'N Go Ewallet Conversion Fee QR Payments Overseas Transactions Exchange Rate
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