Visa has effected a change in the conditions under which financial Institutions are charged International Service Assessment (ISA). ISA was only charged on international transactions that involved currency conversion. You should be aware that Visa defines an international transaction as: A transaction where the Issuers country (i.e., the card-issuing financial institutions country) is different than the merchant’s country.” Thus, a transaction over the Internet could qualify as an international transaction.

To explain how this change affects you, we should explain the previous manner in which ISA was handled. If a charge is made internationally in one currency and has to be converted to US dollars, Visa would charge the Card-Issuing company an ISA of 1%. But, if the charge is settled in US dollars, the ISA would not apply. For example, even though your charge to Carib might have been considered an International transaction, the charge was settled in US dollars and as such would not be charged an ISA. Effective April 2008; however, whether or not there is a currency conversion Visa will now charge financial institutions.

The fee charged by your bank may vary from 1% up to 9% -depending on your Issuer. As such, subsequent to a successful deposit you may notice an additional transaction labeled: “Foreign Currency Conversion Fee”.

Carib, in an effort to assist you our valued customer, will be taking measures to resolve this situation as soon as possible.

Thank You,

CARIB SPORTS OFF SHORE
Customer Service Team