From April 28, the Mir payment system will change the currency conversion rules: the exchange rate will be used for the conversion on the date of the payment, and not on the date of clearing (settlement between banks). This is stated in the technological bulletin of the payment system, which was sent to credit institutions (Izvestia has it). The innovation is introduced to improve the transparency and convenience of foreign exchange transactions.
The changes will affect settlements directly with participating banks from foreign countries, specified in the National Payment Card System (NSPK – the operator of Mir cards). The company added that a similar principle of conversion at the rate at the time of payment is already applied in intersystem interaction with a number of partners (including with ArCa and Uzcard).
“The Central Bank welcomes decisions aimed at protecting consumer interests. In our opinion, carrying out the conversion at the time of purchase, and not later when clearing is carried out, makes the conversion process more understandable for citizens and meets, first of all, their interests, “the Bank of Russia told Izvestia.
MasterCard introduced similar changes in the approach to currency conversion from August 2020. On April 1, new requirements come into force for Visa cards, Izvestia wrote earlier.
More details – in the exclusive material of Izvestia:
Exchange rate concern: “Mir” will change the rules of currency conversion by cards