𝗗𝘆𝗻𝗮𝗺𝗶𝗰 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗖𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝗯𝗮𝗰𝗸 𝗼𝗻 𝘁𝗵𝗲 𝗿𝗶𝘀𝗲 ?
Dynamic #Currency Conversion aka #dcc is a service provided to merchants, which offers the #cardholder the option of paying in their billing currency when making an overseas transaction with #retailers, restaurants etc.
For customers the benefits to opt for DCC are:
The fees are known upfront instead of waiting to see the total cost on their bank statement.
DCC is offered as on opt-in / opt-out option, therefore customers are given full transparency into the associated fees of a transaction. The consent of the cardholder must always be sought prior to processing a transaction.
The exchange rate is guaranteed at the time of purchase, with some DCC providers offering a guaranteed that if the cardholder could seek a refund if they can prove that their bank conversion rate was more competitive on the same day/type of purchase.
