As of this Sunday (1st), expenses made with a credit card abroad will be charged according to the exchange rate of the dollar equivalent to the day. Therefore, it begins to be worth no longer according to the rate exchange rates in the days preceding the closing of the invoice.
The new rule was defined by the Central Bank (BC) at the end of last year and should avoid scares when paying the bills.
The option to lock the exchange rate so that expenses are paid according to the dollar rate defined for the day. Now it is not new and had already been authorized by the BC since 2016. However, few banks passed on the possibility to the consumer.
Before, the amount to be paid on the invoice was defined only ten days before the closing date, which left the consumer unsure of the exchange rate used for the conversion.
However, with the new rule, the amount in reais of the expenses will be equivalent to the dollar exchange rate on the day the transaction is carried out, which can also vary between banks or card brands, since each one has its own calculation formula. .
Another important detail is that the BC also stipulated that banks and financial institutions must disclose daily in their service channels, until 10 am, the quotation that will be applied for that day.
The measure, as disclosed in a note, aims to combat “the reduced possibility of comparing conversion rates practiced by card issuers, which discourages competition”.
International card precautions
Excited to take a trip to the United States? Despite the practicality of the new rule, there are still some aspects related to the credit card that must be carefully observed. See what they are below:
How is the IOF charged for an international credit card?
In addition to the dollar exchange rate, it is worth remembering that expenses made with a credit card in international territories are subject to an IOF fee, the Tax on Financial Operations, of 6.38% per purchase. For example: imagine that a tourist made a transaction in dollars, in the amount of R$ 1,000.
When paying the invoice, a fee of 6,38% will be charged on the purchase amount. To calculate how much tax will be paid, just do R$ 1,000 x 0.0638 = R$ 63.80. Therefore, the final amount to be paid will be R$ 1,063.80.
And there's no use trying to escape: debit cards or the famous prepaid cards are also subject to an IOF of 6.38% per purchase, if they are used to pay international debts.
So, if you are going to travel and are only thinking about the financial side, the tip is: take physical money.
“If we momentarily leave aside the issue of security, then the best option is to take the currency in cash. Thus, the transaction is only subject to a fee of 1.1% for foreign exchange transactions, instead of the 6.38% for cards”, details Henrique Erbolato, lawyer specializing in tax law and partner at Santos Neto Advogados.
How to use your credit card abroad
In addition to worrying about the exchange rate and the IOF amount to be paid, there are some precautions that must be taken before the card is used on trips abroad.
1) Firstly, it is always important to check if the credit card is international and can be used in other countries; generally, the information is described on the card itself;
2) Another important detail is to notify the bank, in advance, that an international trip will be made, so that it can unlock the function. Otherwise, the card may be blocked for 'suspicious use' – a security measure that is commonly adopted by different financial institutions;
3) Here, an alert: to avoid negative surprises, it is important to always inform yourself in advance about the payment method that will be used in the invoice, since the other forms of calculation also do not become illegal and can be used, provided that the customer expressly chooses to accept them;
4) Credit card ownership is also an issue that cannot go unnoticed: although the chip is the most used option in Brazil. Because there are still many countries or stores abroad that prefer reading by magnetic stripe, which must obligatorily be signed by the owner of the card. And like many establishments abroad, you only make the purchase upon presentation of your identity document. Thus, the transaction may not be carried out if the card belongs to a third party.
