Option to disable GBP transactions to block dynamic currency conversion


#41

As I wrote before - it’s odd as DCC can’t be select automatically on terminal, someone (you or merchant) must select it manually you want to use it or not.


#42

I am from Hungary so there is no PLN involved in this. I had EUR on my Revolut in the time of this transaction and I opened a EUR account outside of my country to be able to top up for free.
The only opportunity was given to me to enter the pin and press the OK green button.


#43

I cannot remember whether he chose that option about the DCC. What I payed attention to was that it was always the rupee amount on the display…but it seems that was not the right focus point.


#44

I did not have the opportunity to choose anything. I saw the correct amount on the terminal, entered my PIN and that was it. Revolut and Mastercard should ensure this sharp practice is not possible in the first place. Simple.


#45

It’s hard to judge in your case, but I can see two options

  1. merchant did choose to use DCC without your permission (not sure if it possible after you entered pin)
  2. POS provider which merchant use did DCC without your permission

Can you post your Revolut receipt for this transaction?


#46

Strange thing is that I never had such problem with my Hungarian debit master card…only with this Revolut.
What I can do really is just to fight until I get my loss covered. And maybe they realize such practices are not worth it.


#47

Here is the Revolut statement.


#48

You’re along the right lines. Merchants’ banks can see that the country of issue is the UK, and they falsely assume that every card issued in the UK is denominated in GBP. There is no way for a merchant’s bank to identify the currency of the card, only the country. This has happened to me with a EUR-denominated Visa card issued in Jersey, which uses the same country identifier as the UK.


#49

I also was not sure in which currency to park my money in India (USD or EUR) but in restaurants always the EUR was the deduction so I moved all my USD to EUR to try to minimize any cost before checking out in the hotel…


#50

Looks like Revolut received payment in EUR instead in INR.
You can’t blame Revolut that you fall into a DCC trap, especially if you pay for unfair merchant or POS provider.
Revolut can’t even see if there was DCC used, it’s transparent process for card holder bank.

This how looks statement when I paid in USD having only PLN and EUR account in Revolut.


#51

Do not take this to be investment or financial advice

In my opinion the USD is far more stable as a currency, as compared to the pound sterling or the Euro.


#52

You are absolutely right about the USD stability and fully agree with you.
But since I am Hungarian I think Revolut will always deduct my spendings from my EUR. At least in India I saw that even if 90% of my money was in USD it always deducted my spendings from the EUR. I would prefer to determine from where it takes the deduction when I spend in a third currency but it is how it is now.


#53

As NFH sais, the solution would be relatively easy for Revolut to implement: They need to introduce a simple GBP togglebutton, which allows blocking GBP-transactions altogether.

It’s not Revolut’s fault that DCC cannot be switched off altogether, that’s a thing only Mastercard could and should do, but declining all GBP-transactions would effectively have the same result, and this is something Revolut can do.

When genuinely using Revolut in the UK the user would have to switch this feature off, effectively allowing GBP, and in all other cases just leave the feature on. Merchants would then be able to charge in their local currency or nothing.

Personally I took an easy way out: In notorious DCC-ripoff countries like Spain I just use my EUR-denominated credit card. Something I don’t like to do, I would prefer to stick to Revolut, but I´m just not having DCC-ripoff. Sorry!


#54

It looks pretty easy and I seriously don’t get why they didn’t do that already.


#55

I very very much like the idea of having a feature to be able to block GBP payments. I haven’t yet seen anyone from the Revolut team comment in this thread to say whether this idea is possible and whether they will consider it; can anyone from Revolut please comment?


#56

Depends on your definition of “stable” but the Dollar Index direction YTD has been downwards! IMO it will continue downwards even if the Fed raises their interest rates.


#57

If the dollar is unstable, what is the pound sterling?


Charged +10% by ATM in Barcelona!
#58

Why doesn’t Revolut go one better than FairFX and implement functionality to block DCC and then advertise that?


#59

An even better implementation of this could be an option to restrict transactions to one specific currency (as opposed to allowing every currency except GBP). An added benefit of this would be users who are travelling throughout multiple countries with different currencies in one trip. Upon leaving one country and entering another, the user could restrict transactions to the new country’s currency, thereby preventing any fraudulent transactions from the previous country/ies.


#60

That is a brilliant idea NFH!