Option to disable GBP transactions to block dynamic currency conversion


#222

But then you are talking about a proper ban of DCC. Everything else would not be so much a currency conversion but rather a charge in a different currency.

Fair enough, I am not absolutely familiar what all the different terminals are capable of, respectively what the bank in the background will do.

Anyhow, you seem to be talking of a complete ban of DCC, which is what I originally mentioned but deemed as unlikely to happen.


#223

What EUR-IBAN disaster?


#224

@AndreasK, please could we have an update on this? It has been almost a year since your very welcome and positive comment, but nothing has changed.


#225

Lets check after 5 years :rofl:


#226

Just received the following email from CaxtonFX:

The great news is that we have been working with Mastercard to stop this practice and we can announce today that DCC will come to an end for Caxton Cardholders on 12th April 2019 , wherever you are in the world. So that’s one less thing to worry about. You can carry on using your Caxton Card, free of charge. Happy travels.

Can find any news to indicate this being legislation as opposed to a deal with MC and Cax. So, come on Revolut!


#227

It doesn’t say how they are preventing DCC. A card issuer doesn’t know whether a charge was converted from the currency in which the goods or services were priced to another currency. For example, I doubt that they will prevent Ryanair’s particularly underhand method of DCC.


#228

@AndreasK @DavidRevolut are there any updates on this? I think the main point of Revolut is for being a card you can carry anywhere and rely on, this should be extremely high priority. DCC is quite evil when it’s applied to a card that has very preferable exchange rates.


#229

This is actually what’s stopping me from using Revolut widely. I’m using it with online purchases and linked to Curve, because I think Curve acts as a successful “filter” for this issue.


#230

I’ve had this happen in various countries - namely that I specifically ask to pay in the local currency, am shown a terminal displaying an amount in euros and yet somehow I am charged in GBP.

Being able to automatically reject GBP transactions when I’m abroad would solve this for me.


#231

This just happened to me in Athens. I specifically mentioned Euro as the means of payment and when the currency option came up on screen I saw them hit F1 (EUR) instead of F4 (GBP). And yet I still got whacked with DCC for a GBP conversion rate?!

As someone else said, being hit with DCC on cards which offer close to wholesale FX rates seems especially evil (and maddeningly frustrating).


#232

Or even worse when there should be no FX at all, because you’re transacting in EUR from a EUR balance.


#233

It was also Athens (and Rhodes) where this happened to me last.


#234

I’ve incurred on DCC today once again, because of a merchant error. This is very annoying and I vote for being able to block it.


#235

I’ve heard that they’re in development of something to defeat DCC. No ETA as of yet.


#236

Where did you hear that? And what, very generally, is the proposed solution?


#237

From a source that I won’t name, namely because they haven’t said it publicly. The source is reliable.

As in the conversation in this thread in regards to CatonFX talking to MasterCard was mentioned, I assume they’ll take a similar route to that (although they didn’t specify). Please don’t poke for more information - there’s nothing else to give.


#238

It’s not clear what that method is either. If there was a simple flag to indicate that DCC had been used, then card issuers would have simply introduced functionality to block all DCC transactions a long time ago. There’s no way for a card issuer to detect whether a transaction is denominated in a different currency from the currency in which the contract for goods or services was concluded.

A case in point is Ryanair, which:

  • Correctly charges cards in many currencies based on the country of departure, in common with most airlines.
  • Disingenuously charges cards in many currencies based on the card’s country of issue (DCC).

It would be impossible for a card issuer to distinguish between the first case and the second case.


#239

Perhaps MasterCard and VISA are going to be implementing similar flags for this. At this point I reckon all of the banks will disable DCC by default :wink: because then they can get all of that sweet foreign transaction fee money :slight_smile:

Maybe one of the Revolut staff could elaborate on how they’d tackle this? @AndreasK


#240

Hi, can you please give the source for this information? It’s a feature we really need.


#241

I’ve also incurred on DCC twice in the recent months ; First one was in a Supermarket in Morocco and last week in a restaurant TGI Fridays in Dubaï
The worth is that in both cases the correct amount was stated in the Local currency before I typed my security code but unfortunately I was then debited in GBP at a very bad rate ! This is very annoying and I vote for being able to block it.