How is Visa different from MasterCard?

2017-10-02 00:00:00:

In the banking system, the most widespread are two payment systems - Visa and MasterCard. Ordinary users of bank cards, who use them mainly within Russia, receive salary transfers to it, withdraw cash and sometimes pay for purchases in stores, do not see much difference between these payment systems. Each of them offers similar products in terms of conditions and features. The difference may be in the promotions that the payment system offers, for example, for purchases of goods in certain stores.

A significant difference between the cards appears when you travel around the world and use the card in other countries. The main currency for Visa is the US dollar. But for MasterCard, the base currency can be either the euro or the dollar. Regarding Russia, MasterCard is used here pegged to the European currency, while Visa is used exclusively to the dollar.

If a bank client with a ruble account performs operations in foreign currency (this includes withdrawing currency from an ATM abroad, a cashless payment in a store or a purchase in a foreign online store), then rubles from the account will be converted into currency not directly, but through the main currency of the system ... For example, if you make purchases in Greece with a MasterCard, the conversion will take place as follows: Ruble - Euro (one conversion). If from a Visa card: Ruble - Dollar - Euro (two conversions), from a card. And if you make transactions with a Visa card in a country where you use the local currency, for example, Sweden, the conversion may look like this: Ruble - Dollar - Euro - Swedish Krona (3 conversions). The more conversions, the more you will spend on bank commissions. You can get rid of commissions by opening a card account in the currency you need.

When traveling to countries such as Canada, Australia, the United States of America or Thailand, you should prioritize the more common Visa today. If you plan to travel to African countries, Cuba or Europe, then MasterCard looks more preferable from the standpoint of saving on conversion.

In Russia, there is no difference for holders of a ruble account, it is worth focusing on personal requirements for the card, special offers from banks, promotions and service costs.