MasterCard has decided that there will be two transaction lines appear for every International transaction made on the University Purchasing Card. The first line will be for the transaction and the second will be a 1% “International Transaction Fee“. Reallocators should reallocate the fee the same as they would the transaction.
This fee has always been a part of every international transaction but now MasterCard will be separating the fee for ease of disclosure. The fee charged is a convenience fee, which is allowed under MasterCard (and Visa) rules. It truly is a convenience to the University to have the international exchange rate applied by them at the best rate possible. The Purchasing Card is by far the most efficient mechanism of procuring supplies in a foreign currency. The fee does not appear to be associated with Canadian purchases.
Please call or send an email to pcard@purchasing.utah.edu if you have questions regarding this or any other Purchasing Card issue.
