Schemes›FX Currency Pairs

FX Currency Pair Matrix

How foreign exchange works in card payments. Direct pairs vs triangulation, settlement currencies by scheme, and practical conversion scenarios.

How Card FX Works

When a cardholder pays in a foreign currency, the card scheme (Visa or Mastercard) converts the amount during clearing - not at the time of authorization. The scheme applies its own wholesale FX rate, and the issuing bank may add a markup (typically 0–3%).

✓Direct Pair

The scheme has a direct exchange rate between the transaction currency and the cardholder’s billing currency. One conversion. Example: NOK → EUR.

△Triangulated (via USD)

No direct rate exists. The scheme converts through an intermediary currency (usually USD). Two FX conversions, potentially slightly worse rates. Example: THB → USD → NOK.

Key Differences: Visa vs Mastercard

Visa: ~180 TX currencies, ~26 settlement currencies

Mastercard: ~150 TX currencies, ~48 settlement currencies

Visa FX rate publish: ~01:00 GMT daily

MC FX rate publish: ~18:00 GMT daily

Triangulation: Both use USD as primary intermediary. EU IFR requires ECB reference rates as benchmark.

Settlement Currency Matrix

Visa: 26|Mastercard: 48|Both: 24|Visa only: 2|MC only: 24

AED

United Arab Emirates

ARS

Argentina

AUD

Australia

BHD

Bahrain

BRL

Brazil

CAD

Canada

CHF

Switzerland

CLP

Chile

CNY

China

COP

Colombia

CZK

Czech Republic

DKK

Denmark

EGP

Egypt

EUR

Eurozone

GBP

United Kingdom

HKD

Hong Kong

HRK

Croatia

HUF

Hungary

IDR

Indonesia

ILS

Israel

INR

India

ISK

Iceland

JOD

Jordan

JPY

Japan

KRW

South Korea

KWD

Kuwait

MAD

Morocco

MXN

Mexico

MYR

Malaysia

NGN

Nigeria

NOK

Norway

NZD

New Zealand

OMR

Oman

PEN

Peru

PHP

Philippines

PKR

Pakistan

PLN

Poland

QAR

Qatar

RON

Romania

RUB

Russia

SAR

Saudi Arabia

SEK

Sweden

SGD

Singapore

THB

Thailand

TRY

Turkey

TWD

Taiwan

USD

United States

USDC

Stablecoin

VND

Vietnam

ZAR

South Africa

Direct vs Triangulated Pairs

If both billing and transaction currencies are in the scheme’s settlement currency list, conversion is direct. Otherwise, it triangulates through USD.

Bill \ TX	USD	EUR	GBP	NOK	SEK	DKK	CHF	JPY	AUD	CAD	HKD	SGD	THB	INR	CNY	KRW
USD	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
EUR	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
GBP	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
NOK	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
SEK	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
DKK	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	△	△	△
CHF	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	△	△	△
JPY	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	△	△	△
AUD	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	△	△	△
CAD	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	△	△	△
HKD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	△	△	△
SGD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	△	△	△
THB	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	△	△	△
INR	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△	△
CNY	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△
KRW	△	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—

✓ Direct pair△ Triangulated via USD— Same currency

Practical FX Scenarios

Interactive examples showing how FX conversion works in practice. Edit the transaction amount to recalculate.

Norwegian cardholder in London✓ Direct

Visa debit · NOK billing

Amount:GBP

1 GBP = 13.42 NOK

£50 × 13.42 = 671.00 NOK

Issuer markup: 1.75%

671.00 × 1.0175 = 682.74 NOK

Cardholder payskr682.74

Norwegian cardholder in Bangkok△ Triangulated

Mastercard credit · NOK billing

Amount:THB

Step 1: THB → USD (1 USD = 34.50 THB)

฿5,000 ÷ 34.50 = $144.93

Step 2: USD → NOK (1 USD = 10.85 NOK)

$144.93 × 10.85 = 1572.46 NOK

Issuer markup: 2%

1572.46 × 1.0200 = 1603.91 NOK

Cardholder payskr1603.91

American cardholder in Tokyo✓ Direct

Visa credit · USD billing

Amount:JPY

1 USD = 149.50 JPY

¥10,000 × (1/149.50) = 66.89 USD

Issuer markup: 1.5%

66.89 × 1.0150 = 67.89 USD

Cardholder pays$67.89

Swedish cardholder in Brazil△ Triangulated

Visa debit · SEK billing

Amount:BRL

Step 1: BRL → USD (1 USD = 5.05 BRL)

R$500 ÷ 5.05 = $99.01

Step 2: USD → SEK (1 USD = 10.45 SEK)

$99.01 × 10.45 = 1034.65 SEK

Issuer markup: 1.75%

1034.65 × 1.0175 = 1052.76 SEK

Cardholder payskr1052.76

Dynamic Currency Conversion (DCC)

DCC is when a merchant terminal offers to charge you in your home currency instead of the local currency. The terminal operator (or their DCC provider) applies their own FX rate, which typically includes a 3–5% markup - much higher than the scheme’s rate (0–2%).

Rule of thumb

Always pay in the local currency. Let your card scheme do the conversion.

Same £50 London purchase, Norwegian cardholder

Pay in GBP (local currency)682.72 NOK

Scheme rate + 1.75% issuer markup

Pay in NOK (DCC)705.00 NOK

DCC rate with ~4% markup

Cost of choosing DCC+22.28 NOK (3.3% more expensive)

Bill \ TX	USD	EUR	GBP	NOK	SEK	DKK	CHF	JPY	AUD	CAD	HKD	SGD	THB	INR	CNY	KRW
USD	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
EUR	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
GBP	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
NOK	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
SEK	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
DKK	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	△	△	△
CHF	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	△	△	△
JPY	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	△	△	△
AUD	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	△	△	△
CAD	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	△	△	△
HKD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	△	△	△
SGD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	△	△	△
THB	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	△	△	△
INR	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△	△
CNY	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△
KRW	△	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—

Bill \ TX	USD	EUR	GBP	NOK	SEK	DKK	CHF	JPY	AUD	CAD	HKD	SGD	THB	INR	CNY	KRW
USD	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
EUR	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
GBP	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
NOK	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
SEK	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
DKK	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	△	△	△
CHF	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	△	△	△
JPY	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	△	△	△
AUD	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	△	△	△
CAD	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	△	△	△
HKD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	△	△	△
SGD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	△	△	△
THB	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	△	△	△
INR	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△	△
CNY	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△
KRW	△	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—

Bill \ TX	USD	EUR	GBP	NOK	SEK	DKK	CHF	JPY	AUD	CAD	HKD	SGD	THB	INR	CNY	KRW
USD	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
EUR	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
GBP	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
NOK	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
SEK	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	✓	△	△	△
DKK	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	✓	△	△	△
CHF	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	✓	△	△	△
JPY	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	✓	△	△	△
AUD	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	✓	△	△	△
CAD	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	✓	△	△	△
HKD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	✓	△	△	△
SGD	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	✓	△	△	△
THB	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	✓	—	△	△	△
INR	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△	△
CNY	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—	△
KRW	△	△	△	△	△	△	△	△	△	△	△	△	△	△	△	—