I got nailed with a dynamic currency conversion charge at Schiphol Airport in Amsterdam last weekend, although I had sworn I wouldn’t let that happen. I’m talking about the practice of converting a transaction in a foreign currency to the customer’s native currency for a fee – usually 2 or 3 percent of the transaction amount. Paying for dynamic currency conversion gets you absolutely nothing except the illusory comfort of paying in a familiar currency. When I got the credit card charge slip for some chocolates I bought at a duty-free shop, the charge had been converted to dollars. Visa requires that you be provided a meaningful choice at the point of sale and you have the right to buy your purchase in the local currency to avoid any additional fees the merchant may assess. So from now on, whenever charging something on a credit card outside the United States, I will specify in advance that I want the charge made in the local currency. read more
[Tags]currency, charge, card, credit, choice, conversion, forex news[/Tags]
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