International purchases with credit cards will begin to block trade

All international purchases made with credit cards will lock the exchange rate in effect on the date of the expenditure and at most on the due date of the invoice, as it is currently the case . However, this change will take effect on March 1, 2020.

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Benefits of the International Credit Card

International Credit Card Purchases Will Begin to Block Trade

This new standard has was announced by the President of the Central Bank, Ilan Goldfajn. The decision was published in Circular 3,918, which states that it will only come into force in early 2020. This will require banks to adapt to the new collection system.

The new rule is important for the consumer, according to Goldfajn. because he will be able to plan more correctly. "Normally, the consumer buys and pays the exchange rate of the due date of the invoice.It sometimes happens that what he buys is not what he pays because the rate of We are now establishing that the rate must be from the day the customer buys it, "said the President of British Columbia.

Still according to a British Columbia note, the change "increases transparency and comparability by providing service by standardizing information on historical conversion rates on invoices and will have to be disclosed as open data so that the ranking of rates can be structured and disclosed. "

Some cards do it already

However, some credit cards have been blocking the exchange for some time for international purchases. Nubank, for example, has changed the way it bills these purchases in September of this year.

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