Hello All,
I have the following query related to the payment of CAD 1040 i.e. Primary applicant fee of CAD 550 and right for PR fee of CAD 490:
I wanted to know if there are any additional charges the merchant applies (in this case the Canadian government) to convert the payment from currency A (Rs) to currency B (CAD)
Background:
I called up Bank A to ask what additional charges I would incur if I am making an online payment via their credit card in a different currency. I was told they would charge me 3.5% of the total amount + 18% GST on top of it. By today's (2nd Dec) conversion rate 1040 amounts to 54575.52. Thus 3.5% equals 1910.13 and 18% GST on this amounts to 343.82 and thus making a sum of 2253 approx
I called up Bank B to ask what additional charges I would incur if I am making an online payment via their credit card in a different currency. I was told they would charge me 2.5% of the total amount + 18% GST on top of it. By today's (2nd Dec) conversion rate 1040 amounts to 54575.52. Thus 2.5% equals 1364.37 and 18% GST on this amounts to 245.58 and thus making a sum of 1609 approx
However, If I make an online payment via debit card of Bank A, I was told that I would not incur any additional charges (cool stuff, I know B-) ) However the merchant (which in this case is the Canadian government) might charge me for the conversion rate since I'll be making the payment in Rs and not in CAD. Now does anyone have any clue how much does the government charge?
The entire point of this is to identify which is the cheapest possible way to make the payment.
Any help would be highly appreciated.
Thanks
I have the following query related to the payment of CAD 1040 i.e. Primary applicant fee of CAD 550 and right for PR fee of CAD 490:
I wanted to know if there are any additional charges the merchant applies (in this case the Canadian government) to convert the payment from currency A (Rs) to currency B (CAD)
Background:
I called up Bank A to ask what additional charges I would incur if I am making an online payment via their credit card in a different currency. I was told they would charge me 3.5% of the total amount + 18% GST on top of it. By today's (2nd Dec) conversion rate 1040 amounts to 54575.52. Thus 3.5% equals 1910.13 and 18% GST on this amounts to 343.82 and thus making a sum of 2253 approx
I called up Bank B to ask what additional charges I would incur if I am making an online payment via their credit card in a different currency. I was told they would charge me 2.5% of the total amount + 18% GST on top of it. By today's (2nd Dec) conversion rate 1040 amounts to 54575.52. Thus 2.5% equals 1364.37 and 18% GST on this amounts to 245.58 and thus making a sum of 1609 approx
However, If I make an online payment via debit card of Bank A, I was told that I would not incur any additional charges (cool stuff, I know B-) ) However the merchant (which in this case is the Canadian government) might charge me for the conversion rate since I'll be making the payment in Rs and not in CAD. Now does anyone have any clue how much does the government charge?
The entire point of this is to identify which is the cheapest possible way to make the payment.
Any help would be highly appreciated.
Thanks
