Can UnionBank do international transactions?

International Transactions with UnionBank: Fees and Considerations

UnionBank offers international transaction services, allowing customers to send and receive funds globally. However, these transactions come with associated fees that must be taken into account.

1. Mastercard and Visa Fees

When using UnionBank cards for international transactions, Mastercard and Visa charge an assessment fee of 1% on the converted amount. This fee is automatically added to the transaction value.

2. UnionBank Service Fee

UnionBank also imposes a service fee on international transactions. This fee varies depending on the transaction type and amount. The maximum service fee is 2.525% of the converted amount.

3. Transaction Costs

The total transaction cost for an international transfer consists of both the Mastercard/Visa assessment fee and the UnionBank service fee. For example, a $1,000 international transaction made with a UnionBank card will incur a $10 Mastercard/Visa fee and a potential $25.25 UnionBank service fee, resulting in a total transaction cost of $35.25.

Fee Considerations

When planning an international transaction with UnionBank, it is essential to consider the following:

• Transaction Amount: The larger the transaction amount, the higher the transaction costs.
• Frequency of Transactions: Recurring international transactions can add up to significant fees over time.
• Alternative Payment Options: There may be alternative payment methods with lower fees for international transactions, such as wire transfers or online payment platforms.

Conclusion

UnionBank offers international transaction services, but it is important to be aware of the associated fees. By carefully considering the transaction amount, frequency, and alternative payment options, customers can minimize their transaction costs and ensure efficient international payments.