“Worse, there is no realistic way for the consumer to make an informed decision when presented with the DCC option,” the group continued.
When paying in local currency, the cardholder’s bank will navigate the conversion rate automatically, according to the ECO.
However, when opting for DCC, the merchant’s service provider creates the conversion — likely with the subtle fee included.
Visa also has a warning about DCC ploys for customers abroad.
“If you don’t see the required details or feel pressure to choose one currency over the other, Visa recommends that you decline the currency conversion offer and report the incident to your card issuer,” the company stated.
“Opting to accept or decline DCC will not impact your ability to make purchases or withdraw cash internationally,” Visa shared.
Source link : https://nypost.com/2024/03/04/lifestyle/travel-expert-warns-of-european-currency-exchange-scam/
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Publish date : 2024-03-04 08:00:00
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