Touch ‘n Go eWallet to Charge 1% Fee for Overseas QR Payments
by Fintech News Malaysia April 8, 2024Touch ‘n Go eWallet will implement a 1% conversion fee for overseas transactions starting 25 April 2024, according to its recently updated FAQ page.
This new charge will be integrated into the daily exchange rate for the user’s travel destination, ensuring that the total amount paid is inclusive of the conversion fee.
According to Lowyat.net, the conversion fee applies only to overseas QR code payments, not to transactions using the Touch ‘n Go Visa debit card.
There will be no foreign transaction fee when spending in a local currency that the user holds compared to multi-currency wallets such as Wise.
Currently there are 47 countries that has enabled the Touch ‘n Go eWallet cross border payment service including Mainland China, Singapore, Indonesia, Japan, Hong Kong, Thailand, South Korea, Macau, Philippines, Australia, United Kingdom, United Arab Emirates, and the United States among others.
There is an existing monthly and annual transaction limit on cross-border transactions according to the e-wallet user’s tiering.
Alan Ni
Alan Ni, Chief Executive Officer of TNG Digital Sdn. Bhd, expressed,
“Although it has always been an industry standard for credit and debit cards as well as other eWallets to charge the overseas transaction conversion fee, we have subsidised these costs in the past to promote the cross-border payment feature on TNG eWallet.
However, with the increase in overseas travel, we understand the need to ensure our business sustains in the long run. We are committed to continue to provide a seamless cross-border payments to our users. We have partnered with international businesses to create a strong network of merchants in over 40 countries, making it easy to use TNG eWallet for payments outside Malaysia.”
Editors note: This article has been updated on 9th April 2024, to include a statement from TNG Digital CEO, Alan Ni
Featured image credit: Edited from Freepik
