MasterCard Rules (PDF)

Settlement
9.3 Currency Conversion
9.3 Currency Conversion
The Corporation converts all Transactions and cash disbursements processed
through use of the Interchange System into the applicable settlement currency.
The Acquirer must submit each Transaction or cash disbursement in the currency
in which it occurred. However, if two Customers elect not to settle a Transaction
or cash disbursement by using the Interchange System and instead elect to
settle directly between themselves in accordance with a bilateral agreement,
any currency that the Corporation supports is acceptable for settlement.
NOTE
An addition to this Rule appears in Chapter 13, “Latin America and the Caribbean
Region Rules.“
9.4 Interchange and Service Fees
A Transaction or cash disbursement cleared and settled between Customers
gives rise to the payment of the appropriate interchange fee or service fee,
as applicable. The Corporation has the right to establish default interchange
fees and default service fees (hereafter referred to as “interchange fees,”
“service fees,” or collectively, “fees”), it being understood that all such
fees set by the Corporation apply only if there is no applicable bilateral
interchange fee or service fee agreement between two Customers in place. The
Corporation establishes all fees for Interregional Transactions and interregional
cash disbursements and Intraregional Transactions and intraregional cash
disbursements, and may establish fees for Intracountry Transactions and
intracountry cash disbursements. The Corporation will inform Customers, as
applicable, of all fees it establishes and may periodically publish fee tables.
Unless an applicable bilateral interchange fee or service fee agreement between
two Customers is in place, any intraregional or interregional fees established
by the Corporation are binding on all Customers.
NOTE
A variation to this Rule appears in Section 10a, “New Zealand Rules.”
9.5 Establishment of Intracountry Interchange and Service
Fees
This Rule 9.5 is applicable only to Intracountry Transactions and intracountry
cash disbursements.
If intracountry interchange and service fees are not established by the
Corporation, such fees may be established in one of two ways: by agreement
of Customers in the country as set forth in Rule 9.5.1, or by application of
intraregional interchange and service fees to Intracountry Transactions and
intracountry cash disbursements as set forth in Rule 9.5.2. Such fees may also
be established by bilateral agreement between two Customers as set forth in
Rule 9.5.3.
©1969–2012 MasterCard. Proprietary. All rights reserved.
9-2 12 December 2012 • MasterCard Rules