![]() International Cash AdvancesExample
Assuming that the Bank which is acquiring the withdrawal charges the customer TT$10 to use its ATM, the following will apply. If the customer wishes to withdraw the equivalent of TT$1,000 at an international ATM, then TT$1,085 must be available on the account for authorisation to occur, i.e. (i) TT$1,000 plus (ii) 6% of TT$1,000 = TT$60 plus (iii) TT$15 plus (iv) TT$10, totalling TT$1,085.
When the transaction is posted, $1,039.50 will be deducted from the account, i.e. (i) the transaction amount of TT$1,000 plus (ii) the currency conversion fee of 1.45% or $14.50 (iii) the TT$15 fee from First Citizens and (iv) the TT$10 fee from the acquiring bank.
|
|
|