The Financial Review reports that MasterCard and Visa agreed to provide banks that issue credit cards with more detailed information on the composition of foreign currency conversion fees.Thew newspaper also reported that Visa would cut its international service assessment fee to 0.85 per cent of transaction value, from one per cent. MasterCard will provide more detailed transaction information to banks. MasterCard, however, will maintain its multiple currency conversion rate at 1.1 per cent.Most banks charge credit cardholders between 1.5 per cent to 2 per cent of the transaction amount for overseas purchases, and some consumer watchdogs have challenged the adequacy of disclosure to card holders over these fees.In New Zealand, the Commerce Commission has begun proceedings against the two credit card brands and six banks for failing to disclose embedded conversion fees.