Dynamic Currency Conversion (beware)


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Postby Trishah on Wed Aug 09, 2006 16:02 pm

DCC is a system where by the bank of the country you are in can convert your money at a cost to you .

I have a Nationwide Flex (debit) card which is the best way to get currency abroad, if you use an ATM you get the exchange rate of the day (not the tourist rate) and it is commission free.

We were taken in by DCC in Tenerife, during the transaction of getting some euros at an ATM we were asked to choose between Euros and GBP, because we were using a British D.C we keyed in GBP big mistake :-(
That gives the bank permission to convert your money instead of your Visa bankand they take a big commission for doing it.

Apparently when you pay for goods in the shops and restaurants etc they may ask you ifyou want to pay in Euros or GBP's : always say Euros.

I only found out this a week ago, we couldn't understand why we got such a poor rate of exchange in Tenerife compared to Greece, and here's an article I found from last November published by Nationwide, click on the fact sheet to find out more.

http://www.nationwide.co.uk/mediacentre ... asp?ID=751
Trishah
 
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